Waxahachie Chamber of Commerce

Nonprofit profile at a glance

EIN
750641430
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Waxahachie, TX, USA
Phone
9729350539
Rating
82
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,595,571
Expenses
$532,079
Assets
$1,135,540
Liabilities
$9,202

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

Leadership & pay

20 people listed

Executive titles in this filing

  • MICHAEL STRENGTH (PRESIDENT)
  • JULIE FARRAR (VICE PRESIDENT)

Highest reported compensation

  • MICHAEL STRENGTH (PRESIDENT): $122,499 total reported compensation
  • SHANNA DUNN (COO): $80,000 total reported compensation
  • JULIE FARRAR (VICE PRESIDENT): $80,000 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 comprised of a network of business civic and community leaders with the goal of contibuting to the community to help business and the community to thrive

What it reported doing in 2024

Community and economic development: the chamber welcomed over 50 new member businesses and conducted multiple ribbon-cutting ceremonies to celebrate new openings. These activities promoted local entrepreneurship and increased community awareness of new business services and resources additionally, through participation in leadership ellis countya county-wide leadership program overseen by the waxahachie chamber that brings together leaders from multiple citieswe expanded regional collaboration and strengthened partnerships aimed at improving and enhancing our communities

Operating model

Revenue model
Membership-supported. 81% of the money available for current operations came from membership dues.
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 reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 84
  • Accountability: 91
  • Sustainability: 73
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.9%; rating input score 87
  • Program expense ratio: 81.3%; rating input score 81
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th 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: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 66.7%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 2.13; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 70; 70th percentile among comparable filings
  • Officer compensation ratio: 58.7%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 43.4% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 19.1% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 6.8% per year; rating input score 100; 47th percentile among comparable filings

Details

  • Where the money goes: 86.9% of revenue deployed · 81.3% of spending went to programs
  • Governance: 20 of 20 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $433K in reported program spending
  • Leadership: top reported pay $122K · 20 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 1/100.