Civic Intelligence

Lake Champlain Regional Chamber of of Commerce Inc

990 • Fiscal year 2014 • EIN 03-0108780

Oct 01, 2013 to Sep 30, 2014 • Filed on Feb 10, 2015

60 Main Street Suite 100Burlington, VT 05401

(802) 863-3489

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

61st percentile

0.28x

Higher debt load relative to assets than 61% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

71st percentile

0.37x

Higher debt load relative to revenue than 71% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Net Margin

54th percentile

4.3%

Higher net margin than 54% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

70th percentile

$187,995

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 7.1% of source-year revenue.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Asset Growth

36th percentile

0.3%

Faster asset growth than 36% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

11th percentile

-11%

Faster revenue growth than 11% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Assets

Up

$3,544,633

Up $12,186 (+0.3%) from 2013

Net Assets

Up

$2,555,617

Up $110,505 (+4.5%) from 2013

Liabilities

Down

$989,016

Down $98,319 (-9.0%) from 2013

Revenue

Down

$2,661,508

Down $318,073 (-11%) from 2013

Expenses

Down

$2,546,565

Down $306,911 (-11%) from 2013

Net Income

Down

$114,943

Down $11,162 (-8.9%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0M$4.0M$2.0M$0Assets 2011: $3,222,839Liabilities 2011: $1,112,851Net Assets 2011: $2,109,9882011Assets 2012: $3,416,717Liabilities 2012: $1,067,127Net Assets 2012: $2,349,5902012Assets 2013: $3,532,447Liabilities 2013: $1,087,335Net Assets 2013: $2,445,1122013Assets 2014: $3,544,633Liabilities 2014: $989,016Net Assets 2014: $2,555,6172014Assets 2015: $3,616,992Liabilities 2015: $1,090,209Net Assets 2015: $2,526,7832015Assets 2016: $3,803,326Liabilities 2016: $1,175,864Net Assets 2016: $2,627,4622016Assets 2017: $3,838,919Liabilities 2017: $1,169,477Net Assets 2017: $2,669,4422017Assets 2018: $4,033,359Liabilities 2018: $1,254,408Net Assets 2018: $2,778,9512018Assets 2019: $4,043,493Liabilities 2019: $1,165,504Net Assets 2019: $2,877,9892019Assets 2020: $3,429,202Liabilities 2020: $780,323Net Assets 2020: $2,648,8792020Assets 2021: $3,918,208Liabilities 2021: $886,748Net Assets 2021: $3,031,4602021Assets 2022: $3,496,080Liabilities 2022: $545,883Net Assets 2022: $2,950,1972022Assets 2023: $4,085,756Liabilities 2023: $1,246,186Net Assets 2023: $2,839,5702023Assets 2024: $4,476,205Liabilities 2024: $1,280,598Net Assets 2024: $3,195,6072024

Highlighted filing

2014

Assets$3,544,633
Liabilities$989,016
Net Assets$2,555,617

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $3,341,884Expenses 2011: $3,190,326Net Income 2011: $151,5582011Revenue 2012: $3,113,340Expenses 2012: $2,866,695Net Income 2012: $246,6452012Revenue 2013: $2,979,581Expenses 2013: $2,853,476Net Income 2013: $126,1052013Revenue 2014: $2,661,508Expenses 2014: $2,546,565Net Income 2014: $114,9432014Revenue 2015: $2,532,174Expenses 2015: $2,513,686Net Income 2015: $18,4882015Revenue 2016: $2,508,693Expenses 2016: $2,486,646Net Income 2016: $22,0472016Revenue 2017: $2,549,642Expenses 2017: $2,564,478Net Income 2017: -$14,8362017Revenue 2018: $2,365,940Expenses 2018: $2,347,244Net Income 2018: $18,6962018Revenue 2019: $2,452,835Expenses 2019: $2,407,007Net Income 2019: $45,8282019Revenue 2020: $1,933,886Expenses 2020: $2,213,711Net Income 2020: -$279,8252020Revenue 2021: $2,090,973Expenses 2021: $1,804,445Net Income 2021: $286,5282021Revenue 2022: $2,593,316Expenses 2022: $2,211,091Net Income 2022: $382,2252022Revenue 2023: $2,271,489Expenses 2023: $2,378,774Net Income 2023: -$107,2852023Revenue 2024: $2,862,395Expenses 2024: $2,516,748Net Income 2024: $345,6472024

Highlighted filing

2014

Revenue$2,661,508
Expenses$2,546,565
Net Income$114,943
Jump To
Filing Snapshot
Filing Period
Oct 1, 2013 to Sep 30, 2014
Signed
Feb 10, 2015
Return Version
2013v4.0
Gross Receipts
$2,686,138
Mission and Program Overview

Mission

The lake champlain regional chamber of commerce advocates for a thriving private sector economy for the benefit of its members and the community through education, advocacy and programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$1,308,553$1,318,933▲ $10,380
Investments in Publicly Traded Securities$520,754$670,117▲ $149,363
Cash and Non-Interest-Bearing Accounts$1,031,720$661,460▼ $370,260
Accounts Receivable$526,129$624,148▲ $98,019
Land, Buildings, and Equipment, Net$98,490$66,990▼ $31,500
Prepaid Expenses and Deferred Charges$7,081$63,285▲ $56,204
Total Assets$3,532,447$3,544,633▲ $12,186
Other Assets Total$39,720$139,700▲ $99,980
Liabilities
Deferred Revenue$901,561$727,407▼ $174,154
Other Liabilities$143,311$168,478▲ $25,167
Accounts Payable and Accrued Expenses$42,463$93,131▲ $50,668
Total Liabilities$1,087,335$989,016▼ $98,319
Net Assets / Fund Balance
Unrestricted Net Assets$2,445,112$2,555,617▲ $110,505
Total Net Assets Fund Balance$2,445,112$2,555,617▲ $110,505
Total Liabilities and Net Assets / Fund Balance$3,532,447$3,544,633▲ $12,186

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$66,990$118,054$185,044
Closely Held Equity Interests$1,318,933--
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Thomas TortiPresident$179,240$8,755$187,995
Revenue and Support

Revenue Composition

Contributions and Grants
$104,511
Program Service Revenue
$2,392,998
Investment Income
$4,411
Other Revenue
$159,588
All Other Contributions
$104,511
Change in Net Assets
$114,943

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table400$59,817Fair Market Value
Total Noncash Contributions400$59,817-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,997,627
Salaries, Compensation, and Employee Benefits$548,938
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses---$893,680
Other Salaries and Wages---$278,449
Current Officers, Directors, Trustees, and Key Employees---$177,646
Other Expenses---$148,630
Occupancy---$133,644
Payroll Taxes---$44,416
Office Expenses---$41,360
Other Employee Benefits---$35,260
Depreciation Depletion---$20,212
Advertising---$16,649
Fees for Services Accounting---$15,925
Pension Plan Contributions---$13,167
Insurance---$11,669
Travel---$2,188
Fees for Service Investment Mgmnt Fees---$1,186
Fees for Services Legal---$780
Total Functional Expenses$0$0$0$2,546,565
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$10,245
Fundraising Direct Expenses$5,154
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes

Reported Spending and Taxes

Line ItemAmount
Current Year Nondeductible Lobbying and Political Cost$60,822
Total Nondeductible Lobbying and Political Cost$-124,737
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Compensation Liability$168,478
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

Lake champlain regional chamber of commerce makes the 990 available for all board members to review prior to filing via their secure portal, via email or in hardcopy.

Form 990, Page 6, Part VI, Line 12C

We have a conflict of interest policy in our employee manual - the entire manual is reviewed, acknowledged and signed off on by the employee upon hiring. The employee manual is updated by outside council and reviewed by staff - last time formally - 2007 and is available in our database for employees to review/print/etc., at any time. We encourage and foster open communications between staff & management.

Form 990, Page 6, Part VI, Line 15A

The chair of the board solicits feedback on the president's performance from board members and others that are deemed appropriate. The chair also confers with members of the executive committee in making salary adjustments. The chair reviews salary and benefit comparables for both in-state and out of state non-profit businesses.

Form 990, Page 6, Part VI, Line 15B

Each year every employee compiles a list of their accomplishments compared to the goals set by their supervisor. The supervisor then reviews this list with the employee. Compensation usually increases across the board anywhere between 3-5% per year. On an occasion, if the wages seem way out of line, they will be adjusted to more be in line with that position, responsibilities and comparables.

Form 990, Page 6, Part VI, Line 19

AVAILABLE UPON REQUEST.

Filing and Contact Details

Filer

EIN
03-0108780
Phone
8028633489

Signing Officer

Name
Thomas Torti
Title
President
Phone
8028633489
Signed
2015-02-10

Organization Details

Formed
1911
Legal Domicile
Vt
Voting Board Members
50
Independent Board Members
50
Employees
52
Volunteers
120

Preparer

Preparer
Bret Hodgdon
Phone
8028781963
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 2

Management of the navigator grant through the lcllf.

Form 990, Page 2, Part III, Line 3

Healthcare benefits no longer offered through the lcrcc as a result of vermont health connect.

Form 990, Page 2, Part III, Line 4D

See attachment titled "program descriptions".

Form 990, Part IX, Line 24E

Golf ski passes expenses 119,991 0 0 information center exp 109,839 0 0 georgia rest area exp 92,442 0 0 coffee expense 56,078 0 0 annual dinner exp 50,154 0 0 leadership exp 49,439 0 0 ambassadors exp 46,726 0 0 wib exp 45,250 0 0 island office expense 38,845 0 0 experience burlington exp 33,913 0 0 taste of vt - dc exp 28,508 0 0 database development 24,578 0 0 maintenance 19,010 0 0 small biz vt summit exp 17,590 0 0 rta friends exp 17,500 0 0 professional development 16,851 0 0 waterfront wel ctr exp 16,272 0 0 board lunch exp 14,081 0 0 vcb - golf tournament exp 13,107 0 0 local promotion 11,422 0 0 legislative breakfast exp 11,131 0 0 welcome ctr exp 9,210 0 0 cb advertising expense 9,161 0 0 business after hours exp 6,896 0 0 dues & subsciptions 5,835 0 0 miscellaneous expense 4,574 0 0 ambassadors other 4,439 0 0 seminars expense 3,856 0 0 trips expense 3,648 0 0 outside services 3,394 0 0 tourism exp 3,275 0 0 world wide web exp 3,134 0 0 btv-ypg expenses 3,078 0 0 economic dev exp 1,863 0 0 scholarship expense 1,500 0 0 education vermont exp 388 0 0 labels expense 35 0 0 allocate cb advertising -3,333 0 0

Form 990, Part XI, Line 9

Event expense netted with income on 990 5,154 investment management fees netted with income on f/s -1,186 event expense netted with income on 990 -5,154 investment management fees netted with income on f/s 1,186

Financial Statement Notes

Schedule D, Page 3, Part X

The organization annually files an irs form 990, return of organization exempt from income tax, tax return in the u.s. Federal jurisdiction. The organization also annually files an irs form 990-t, exempt organization business income tax return, in the u.s. Federal jurisdiction. The organization is no longer subject to u.s. Federal income tax examination by tax authorities for the years prior to september 30, 2011. In the normal course of business, the oganization is subject to examination by various taxing authorities. Although the outcome of tax audits is always uncertain, the management of the organization beleives that there are no significant unrecognized tax liabilities at september 30, 2014 and 2013.

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.48$1.28$3.20$2.86$2.52$0.35
2023Detailed filing. Detailed filing data is available for this year.$4.09$1.25$2.84$2.27$2.38$0.11
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.50$0.55$2.95$2.59$2.21$0.38
2021Detailed filing. Detailed filing data is available for this year.$3.92$0.89$3.03$2.09$1.80$0.29
2020Detailed filing. Detailed filing data is available for this year.$3.43$0.78$2.65$1.93$2.21$0.28
2019Detailed filing. Detailed filing data is available for this year.$4.04$1.17$2.88$2.45$2.41$0.05
2018Detailed filing. Detailed filing data is available for this year.$4.03$1.25$2.78$2.37$2.35$0.02
2017Detailed filing. Detailed filing data is available for this year.$3.84$1.17$2.67$2.55$2.56$0.01
2016Detailed filing. Detailed filing data is available for this year.$3.80$1.18$2.63$2.51$2.49$0.02
2015Detailed filing. Detailed filing data is available for this year.$3.62$1.09$2.53$2.53$2.51$0.02
2014Detailed filing. Detailed filing data is available for this year.$3.54$0.99$2.56$2.66$2.55$0.11
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.53$1.09$2.45$2.98$2.85$0.13
2012Summary only. Only limited summary data is available for this year.$3.42$1.07$2.35$3.11$2.87$0.25
2011Summary only. Only limited summary data is available for this year.$3.22$1.11$2.11$3.34$3.19$0.15