Hearne Chamber of Commerce

Nonprofit profile at a glance

EIN
740676120
IRS 990 coverage
2010–2023
Forms available
Form 990 2023
Location
Hearne, TX, USA
Phone
9795958150
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$134,787
Expenses
$105,046
Assets
$101,209
Liabilities
$685

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • FONDELL ADAMS (PRESIDENT)
  • TIM CHARRON (VICE PRESIDENT)
  • MARGARET SALVAGGIO (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MARGARET SALVAGGIO (EXECUTIVE DIRECTOR): $31,362 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the hearne chamber of commerce is to promote and improve the business environment, promote tourism, stimulate a vibrant local economy and produce a cooperative effore to enhance the overall quality of life in hearne to its highest potential.

What it reported doing in 2023

Promote civic, commercial and industrial development of local community by providing information and assistance. Promotes local tourism by sponsoring festivals and providing brochures

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 85
  • Accountability: 69
  • Sustainability: 55
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.9%; rating input score 74
  • Program expense ratio: 94.8%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 13th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • 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: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 22.1%; rating input score 77; 77th percentile among comparable filings
  • Total-asset coverage ratio: 0.96; rating input score 39; 39th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 29.9%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: 5.3% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: -0.4% per year; rating input score 0; 24th percentile among comparable filings

Details

  • Where the money goes: 73.9% of revenue deployed · 94.8% of spending went to programs
  • Governance: 10 of 10 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $100K in reported program spending
  • Leadership: top reported pay $31K · 10 people listed
  • Consistency: 16 of 17 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 13 filing years from 2010 to 2023
  • 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.

  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 39/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.