Worthington Area Chamber of Commerce

Nonprofit profile at a glance

EIN
311037348
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Worthington, OH, USA
Phone
6148883040
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$335,968
Expenses
$318,658
Assets
$159,870
Liabilities
$38,036

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

Leadership & pay

18 people listed

Executive titles in this filing

  • Matthew Lofy (Executive Director)

Highest reported compensation

  • Matthew Lofy (Executive Director): $82,423 total reported compensation

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

Overview

Mission

Assist local businesses and promote economic development in the Worthington area by providing promotional, business exposure and referral opportunities.

What it reported doing in 2024

Provide opportunities and activities for members to network and build strong relationships to stimulate business growth among members and to promote economic development that results in a strong, dynamic community.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 90
  • Accountability: 84
  • Sustainability: 35
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.2%; rating input score 87
  • Program expense ratio: 91.8%; rating input score 92
  • 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: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 5.2%; rating input score 51; 51st percentile among comparable filings
  • Total-asset coverage ratio: 0.5; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 25.9%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 0% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: -0.1% per year; rating input score 0; 23rd percentile among comparable filings
  • Asset growth: -5.1% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 87.2% of revenue deployed · 91.8% of spending went to programs
  • Governance: 11 of 11 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $293K in reported program spending
  • Leadership: top reported pay $82K · 18 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: 2 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 51/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.