Greater Hot Springs Chamber of Commerce

Nonprofit profile at a glance

EIN
710089940
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Hot Springs, AR, USA
Phone
5013211700
Rating
56
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$1,001,691
Expenses
$1,017,939
Assets
$590,007
Liabilities
$56,689

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

42 people listed

Executive titles in this filing

  • GARY TROUTMAN (PRESIDENT)

Highest reported compensation

  • GARY TROUTMAN (PRESIDENT): $178,680 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Community and membership services

What it reported doing in 2024

I. Programs and events: business after hours-a popular monthly networking event which provides members the opportunity to network and develop new business contacts. Business expo-a yearly exposition designed to provide local businesses the opportunity to expose their products and services to the community. Small business seminars-seminars are conducted throughout the year to provide management assistance, useful business information and business contacts. Committee and tax force participation-on an annual basis, members are asked to indicate their area of volunteer interest, and as needs arise, members are notified and asked to participate in projects. Ii. Publications: the chamber produces a number of publications for members and is constantly working to improve the chamber's website to benefit the members. The e- newsletters and membership directory are sent to all members. All other publications are available upon request. Iii. Services: the chamber is unique in the services it provides its members and the business community such as the following: market and demographic research services target market trips - encourage business/industry relocation reply to requests for relocation/retirement information advocate for local businesses and area for legislation improve local transportation system encourage involvement of members in chamber activities business networking opportunities host special events to bring tourists to the area

Operating model

Revenue model
Earned-program. 87% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 48
  • Transparency & Controls: 60
  • Accountability: 69
  • Sustainability: 30
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 54.1%; rating input score 54
  • Program expense ratio: 53.3%; rating input score 53
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -1.6%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 0.58; rating input score 27; 27th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 17.6%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: 13.7% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 1.5% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: -1.2% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: 54.1% of revenue deployed · 53.3% of spending went to programs
  • Governance: 42 of 42 board members independent · 2 of 8 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $179K · 42 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Mission deployment rate scored 54/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Financial Efficiency: Program expense ratio scored 53/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 31/100.
  • High — Sustainability: Total-asset coverage ratio scored 27/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.