The Staten Island Chamber of Commerce Foundation Inc

What it reported doing in 2024

Chamber assist / workforce development this program connects small businesses with interns, fosters work-based learning opportunities, and provides job screening and placement assistance. The foundation maintains an active job board, facilitates partnerships between employers and educational institutions, and supports businesses in developing talent pipelines. Key partners include local high schools, colleges, workforce programs, and community-based organizations. Leading ladies collective (llc) a six-month leadership development program bringing together a cohort of 12 women-owned businesses and nonprofit executives. Participants receive training in financial literacy, marketing, technology, business development, and leadership, along with one-on-one mentoring, networking opportunities, and resources to strengthen their enterprises. Young entrepreneurs academy (yea) a national, afterschool program that transforms local high school students into real, confident entrepreneurs. Over the course of 16 weeks, students develop business ideas, conduct market research, write business plans, present to an investor panel, and launch their own companies. The foundation has graduated more than 225 students over 11 years, building a robust alumni network that supports future program participants. National civics bee an annual competition for students in grades 6-8 that encourages civic engagement and knowledge. Participants submit essays addressing local challenges and solutions, with finalists competing in a live quiz event. Winners advance to state and national competitions. Lisc verizon small business accelerator program as a community champion, the foundation connects small and midsize businesses-especially bipoc and women-owned enterprises-to services provided through verizon's small business digital ready platform. This includes personalized learning plans, live coaching, mentoring, networking opportunities, and access to business development resources. Lisc wells fargo small business resiliency program a pilot initiative designed to prepare small businesses to withstand and recover from disasters, offering training, technical assistance, and access to a disaster infrastructure resilience fund for investments in energy, technology, communications, and mitigation measures. Borough president grant funding to support operations and provide technical assistance to small businesses. Clean up and beautification support for neighborhood cleanup and beautification efforts across staten island to improve commercial corridors and enhance community pride. The foundation acts as a conduit to local civic organizations and coordinates community cleanups in addition to its own downtown staten island (dtsi) cleanup and beautification efforts.

Financial Efficiency

• Mission deployment rate: 70%; rating input score 70
• Program expense ratio: 72.3%; rating input score 72
• Fundraising efficiency: Limited

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: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • 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: Fail
  • 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: Pass

Sustainability

• Operating margin: 25.1%; rating input score 81; 81st percentile among comparable filings
• Total-asset coverage ratio: 3.75; rating input score 80; 80th percentile among comparable filings
• Liabilities to assets ratio: 0.09; rating input score 44; 44th percentile among comparable filings
• Officer compensation ratio: 1.9%; rating input score 59; 59th percentile among comparable filings

Growth

• Program expense growth: 7% per year; rating input score 100; 51st percentile among comparable filings
• Revenue growth: 13.7% per year; rating input score 100; 76th percentile among comparable filings
• Asset growth: 13.3% per year; rating input score 100; 68th percentile among comparable filings