Miami Beach Chamber of Commerce

Nonprofit profile at a glance

EIN
590358295
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Miami Beach, FL, USA
Phone
3056741300
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$783,639
Expenses
$1,210,759
Assets
$834,060
Liabilities
$650,918

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

Leadership & pay

68 people listed

Executive titles in this filing

  • BRITTNIE R BASSANT (PRESIDENT/CEO)

Highest reported compensation

  • BRITTNIE R BASSANT (PRESIDENT/CEO): $210,693 total reported compensation

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

Overview

Mission

The chamber is organized for the purpose of advancing the economic, professional, cultural, educational and civic welfare of miami beach and the area surrounding miami beach, Florida. The chamber is committed to encouraging the growth of existing industries and businesses, while giving assistance to new businesses located in miami beach and the immediate surroundings. The chamber is equally committed to the orderly progress and development of miami beach and to promote the welfare of its citizens, business interest and good government.

What it reported doing in 2024

Badass women of the year awards luncheon: the chamber hosts the annual badass women of the year awards luncheon to recognize and celebrate exceptional women who have demonstrated outstanding leadership, professional achievement, and service within their respective fields. Now in its fifth year, the event honors award recipients selected through a community nomination process across multiple award categories. The luncheon brings together approximately 450 attendees, including business leaders, community members, elected officials, and nonprofit organizations throughout miami-dade county. The program promotes the recognition of women's contributions to the business and civic community while fostering leadership, networking, and community engagement.

Operating model

Revenue model
Earned-program. 75% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 99% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 83
  • Accountability: 90
  • Sustainability: 14
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 76.8%; rating input score 77
  • Fundraising efficiency: $2.28 raised per $1 spent on fundraising; rating input score 6; 6th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -54.5%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.69; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.78; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 17.4%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: -1.5% per year; rating input score 0; 13th percentile among comparable filings
  • Revenue growth: -4.2% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: -3.2% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 76.8% of spending went to programs
  • Governance: 68 of 68 board members independent · 6 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $929K in reported program spending
  • Leadership: top reported pay $211K · 68 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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 — Financial Efficiency: Fundraising efficiency scored 6/100.
  • High — Sustainability: Operating margin scored 3/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.