Sherwood Chamber of Commerce

Nonprofit profile at a glance

EIN
237298285
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Sherwood, AR, USA
Phone
5018357600
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$186,303
Expenses
$169,226
Assets
$74,626
Liabilities
$0

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

Leadership & pay

15 people listed

Executive titles in this filing

  • Veronica Vega (President)

People named in this filing

  • Drew Williams (Chairman)
  • Kim Housley (Incoming Chairman)
  • Kim Hibbard (Secretary)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The mission of the Sherwood Area Chamber of Commerce is to enhance the business environment, the economic well-being and quality of life for the Sherwood area. Our association consists of businesses, organizations, and individuals that work toward the interests of our business community. We continue to focus on growing the local economy, advocating on behalf of our members at all levels of government as well as our educational establishments.

What it reported doing in 2024

We offer a variety of events that provide valuable networking opportunities and avenues for business exposure. These events serve four primary functions for our members and the community: promote, honor, connect and grow. The events include a service awards luncheon to honor our local first responders, an annual banquet to honor chamber and community leaders, an Academic Signing Day recognizing student achievement in our local schools, a golf tournament showcasing out beautiful city-owned golf course, a community fish fry connecting the business community with local residents and a Veterans' Day parade to honor local and state veterans organizations.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

STRONG - 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 90
  • Accountability: 64
  • Sustainability: 52
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.8%; rating input score 91
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 9.2%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 0.44; rating input score 22; 22nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 27.7% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 0.8% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: -8.4% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 90.8% of revenue deployed · 100% of spending went to programs
  • Governance: 12 of 12 board members independent · 1 of 7 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • 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 6 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 22/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Operating margin scored 59/100.