Salem Area Chamber of Commerce

Nonprofit profile at a glance

EIN
930138235
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Salem, OR, USA
Phone
5035811466
Rating confidence
Limited

Official website

Reported finances

Revenue
$1,485,288
Expenses
$1,453,469
Assets
$1,215,303
Liabilities
$271,623

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

Leadership & pay

26 people listed

Executive titles in this filing

  • MIKE HERRON (PRESIDENT)
  • TED FERRY (PRESIDENT-ELECT)
  • JIM VU (VICE PRESIDENT - EVENTS & PROGRAMMING)
  • THOMAS A HOFFERT (CEO)

Highest reported compensation

  • THOMAS A HOFFERT (CEO): $209,572 total reported compensation

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

Overview

Mission

To develop, encourage, promote and protect the commercial, professional, industrial, agricultural, financial, economic and general business interests of the city of salem, Oregon, and area tributary thereto; to foster, develop and protect its industry; to encourage the development of the transportation and commercial faciliites and the various resources of the area; to study, encourage, develop, investigate and research plans and projects for the business and economic welfare of the area and to promote the civic interests and general welfare of the community.

What it reported doing in 2024

The organization serves as an advocate for businesses and their employees, in the salem, or region. We actively support economic and workforce development initiatives designed to sustain and improve economic conditions within the region, allowing for strategic growth in job opportunities for salem area residents. The chamber serves over 1,000 member businesses who employ approximately 45,000 people throughout the region by providing small business advocacy, networking and connection, leadership development training, business forums, and various monthly and yearly key events which provides networking and connection within the salem business community.

Operating model

Revenue model
Earned-program. 87% of the money available for current operations came from fees and other program revenue.
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

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 65
  • Accountability: 95
  • Sustainability: 37
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 8th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 2.1%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 0.84; rating input score 37; 37th percentile among comparable filings
  • Liabilities to assets ratio: 0.22; rating input score 30; 30th percentile among comparable filings
  • Officer compensation ratio: 14.4%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 3.8% per year; rating input score 100; 36th percentile among comparable filings
  • Asset growth: 5.7% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 25 of 25 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $210K · 26 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • 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.

  • Moderate — Sustainability: Operating margin scored 42/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 37/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 30/100.