Civic Intelligence

Greater Holyoke Chamber of Commerce

EIN 04-1448580 • 501(c)6 • Holyoke, MA

Profile

To strengthen the economy of greater holyoke by representing and involving the business community in public policy decisions affecting the business climate, by helping individual businesses prosper, and by creating a community environment conducive to economic opportunity.

177 High StreetHolyoke, MA 01040

www.holyokechamber.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

97th percentile

1.41x

Higher debt load relative to assets than 97% of similar nonprofits.

501(c)6 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

88th percentile

0.29x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)6 • <$500k nonprofits • Source year 2020

Net Margin

19th percentile

-25%

Higher net margin than 19% of similar nonprofits.

501(c)6 • <$500k nonprofits • Source year 2020

Top Officer Pay

91st percentile

$57,858

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 29.5% of source-year revenue.

501(c)6 • <$500k nonprofits • Source year 2020

Asset Growth

10th percentile

-75%

Faster asset growth than 10% of similar nonprofits.

501(c)6 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

16th percentile

-38%

Faster revenue growth than 16% of similar nonprofits.

501(c)6 • <$500k nonprofits • Annualized from 2019 to 2020

Assets

Down

$40,230

Down $121,785 (-75%) from 2019

Liabilities

Down

$56,686

Down $71,888 (-56%) from 2019

Net Assets

Down

-$16,456

Down $49,897 (-149%) from 2019

Revenue

Down

$196,029

Down $118,540 (-38%) from 2019

Expenses

Down

$245,926

Down $66,772 (-21%) from 2019

Net Income

Down

-$49,897

Down $51,768 (-2767%) from 2019

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$200K$100K$0-$100KAssets 2010: $146,052Liabilities 2010: $177,444Net Assets 2010: -$31,3922010Assets 2011: $119,508Liabilities 2011: $154,546Net Assets 2011: -$35,0382011Assets 2012: $91,258Liabilities 2012: $134,920Net Assets 2012: -$43,6622012Assets 2013: $103,324Liabilities 2013: $143,941Net Assets 2013: -$40,6172013Assets 2014: $138,803Liabilities 2014: $161,071Net Assets 2014: -$22,2682014Assets 2015: $158,441Liabilities 2015: $186,662Net Assets 2015: -$28,2212015Assets 2016: $100,043Liabilities 2016: $136,417Net Assets 2016: -$36,3742016Assets 2017: $147,932Liabilities 2017: $129,606Net Assets 2017: $18,3262017Assets 2018: $176,679Liabilities 2018: $145,109Net Assets 2018: $31,5702018Assets 2019: $162,015Liabilities 2019: $128,574Net Assets 2019: $33,4412019Assets 2020: $40,230Liabilities 2020: $56,686Net Assets 2020: -$16,4562020

Highlighted filing

2020

Assets$40,230
Liabilities$56,686
Net Assets-$16,456

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KRevenue 2010: $309,794Expenses 2010: $301,255Net Income 2010: $8,5392010Expenses 2011: $319,0282011Expenses 2012: $334,3592012Revenue 2013: $288,782Expenses 2013: $285,737Net Income 2013: $3,0452013Revenue 2014: $23,116Expenses 2014: $20,245Net Income 2014: $2,8712014Revenue 2015: $353,735Expenses 2015: $359,688Net Income 2015: -$5,9532015Revenue 2016: $388,581Expenses 2016: $396,734Net Income 2016: -$8,1532016Revenue 2017: $442,484Expenses 2017: $387,784Net Income 2017: $54,7002017Revenue 2018: $436,753Expenses 2018: $423,509Net Income 2018: $13,2442018Revenue 2019: $314,569Expenses 2019: $312,698Net Income 2019: $1,8712019Revenue 2020: $196,029Expenses 2020: $245,926Net Income 2020: -$49,8972020

Highlighted filing

2020

Revenue$196,029
Expenses$245,926
Net Income-$49,897

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Jun 8, 2021
Return Version
2019v5.2
Gross Receipts
$196,029
Mission and Program Overview

Mission

To strengthen the economy of greater holyoke by representing and involving the business community in public policy decisions affecting the business climate, by helping individual businesses prosper, and by creating a community environment conducive to economic opportunity.

To help businesses prosper and create a community environment conducive to economic opportunity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$69,824$16,826▼ $52,998
Cash and Non-Interest-Bearing Accounts$22,322$11,916▼ $10,406
Savings and Temporary Cash Investments$33,960$7,097▼ $26,863
Inventories for Sale or Use$2,827$2,732▼ $95
Prepaid Expenses and Deferred Charges$4,261$1,386▼ $2,875
Land, Buildings, and Equipment, Net$467$35▼ $432
Total Assets$162,015$40,230▼ $121,785
Other Assets Total$28,354$238▼ $28,116
Liabilities
Accounts Payable and Accrued Expenses$38,411$36,089▼ $2,322
Other Liabilities$8,164$10,226▲ $2,062
Deferred Revenue$81,999$7,371▼ $74,628
Unsecured Notes Loans Payable-$3,000-
Total Liabilities$128,574$56,686▼ $71,888
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$33,441$-16,456▼ $49,897
Total Net Assets Fund Balance$33,441$-16,456▼ $49,897
Total Liabilities and Net Assets / Fund Balance$162,015$40,230▼ $121,785

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$35$52,951$52,986
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Soniah GonzalezFinancial ManagerFT$46,728$11,130$57,858

Board Members and Trustees

NameTitle
Kevin MccaffreyChairperson
Margaret MantoniPast Chairperson
Andrea MarionPresident
Michael Filomeno2nd Vice-chairperson
Harry MontalvoFirst Vice Chairperson
Amanda SbrasciaDirector
Brian SullivanDirector
Eileen LeahyDirector
George MulryDirector
Jacob PerkinsDirector
Jessica DupontDirector
Lauren TabinDirector
Lisa WrayDirector
Maria FerrerDirector
Mason LebronDirector
Patricia SpradleyDirector
Patrick McintyreDirector
James LavelleAssitant Treasurer
John DriscollClerk
Revenue and Support

Revenue Composition

Contributions and Grants
$14,946
Program Service Revenue
$167,848
Investment Income
$341
Other Revenue
$12,894
All Other Contributions
$300
Change in Net Assets
$-49,897
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$160,964
Other Expenses$78,962
Grants and Similar Amounts Paid$6,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$108,574
Occupancy---$22,463
Other Employee Benefits---$18,638
Current Officers, Directors, Trustees, and Key Employees---$16,769
Payroll Taxes---$15,305
All Other Expenses---$10,825
Fees for Services Legal---$9,605
Grants to Domestic Orgs---$6,000
Insurance---$4,169
Other Expenses---$3,789
Advertising---$3,595
Fees for Services Accounting---$2,900
Office Expenses---$2,798
Pension Plan Contributions---$1,678
Travel---$1,376
Fees for Services Other---$975
Depreciation Depletion---$433
Total Functional Expenses$0$0$0$245,926
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
JAY'S BED AND BREAKFASTHolyoke, MA-Financial Assistance During Pandemic Based on Hud Eligibility Standardsassist Holyoke Base Business to Withstand and Mitigage the Effects of the Covid-19 Public Health Emergency.$5,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Others$6,860
Accrued Pension$3,366
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 1

The chamber has an executive committee which consists of the chairman, first and second vice-chairman, treasurer, assistant treasurer, clerk of the corporation, past chairman president, and three additional members selected by the chairman. The executive committee shall act for the board of directors between meetings of the board or in absence of a quorum thereof.

Form 990, Part VI, Section A, Line 6

The chamber has members who consist of local business owners in the greater holyoke community.

Form 990, Part VI, Section A, Line 7A

Members elect the officers and the board members at the annual meeting.

Form 990, Part VI, Section B, Line 11B

The organization distributes the tax return to all members of the governing body via email. Questions are reviewed and addressed and then approval for filing is given.

Form 990, Part VI, Section B, Line 12C

The chamber requires directors and key employees to disclose any and all conflicts of interest on an annual basis.

Form 990, Part VI, Section B, Line 15

The executive committee of the board of directors monitors performance of organization officers as well as reviews and approves the compensation of officers of the organization.

Form 990, Part VI, Section C, Line 19

The organization makes their governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Greater Holyoke Chamber of Commerce
EIN
04-1448580
Phone
4135343376
Address
177 HIGH STREET, HOLYOKE, MA 01040

Signing Officer

Name
Harry Montalvo
Title
Chairman
Phone
4135343376
Signed
2021-06-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Harry Montalvo
Formed
1996
Legal Domicile
Ma
Voting Board Members
18
Independent Board Members
18
Employees
5
Volunteers
22

Preparer

Firm
Meyers Brothers Kalicka Pc
Address
330 WHITNEY AVE SUITE 800, HOLYOKE, MA 01040
Preparer
Howard L Cheney
Phone
4135368510
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

See description of program #3. This will only be a temporaray program service offered by the chamber in coordination with the city of holyoke.

LINE 2A: WERE THE ORGANIZATION'S FINANCIAL STATEMENTS COMPILED OR REVIEWED?

The organization's financial statements will be compiled for the year but as of the date of the 990 filing the statements were not final.

Part XII, Question 2C

The organization has not changed its process from the prior year regarding the oversight of the review of the financial statments by an independent accountant.

Financial Statement Notes

PART X, LINE 2:

Professional accounting standards provide detailed guidance for the financial statements recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise's financial statements, in accordance with professional standards related to the accounting for income taxes. They require an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. A tax position is deemed to include such things as the chamber's tax exempt status. Management has evaluated significant tax positions against the criteria established by professional standards and believes there are no such tax positions requiring accounting recognition. The chamber's tax returns are subject to examination by taxing authorities for all years ending on or after june 30, 2017.

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IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18FINANCIAL MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt19PRESIDENT
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/Form990TFiledInd01
IRS990/FormationYr01996
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt018
IRS990/GovernmentGrantsAmt014646
IRS990/GrantsToDomesticOrgsGrp/TotalAmt06000
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd01
IRS990/GrossReceiptsAmt0196029
IRS990/GrossRentsGrp/RealAmt01200
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt018
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/TotalAmt04169
IRS990/InventoriesForSaleOrUseGrp/BOYAmt02827
IRS990/InventoriesForSaleOrUseGrp/EOYAmt02732
IRS990/InvestmentIncomeGrp/ExclusionAmt0341
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0341
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt052951
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0467
IRS990/LandBldgEquipBasisNetGrp/EOYAmt035
IRS990/LandBldgEquipCostOrOtherBssAmt052986
IRS990/LegalDomicileStateCd0MA
IRS990/LessRentalExpensesGrp/RealAmt00
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO STRENGTHEN THE ECONOMY OF GREATER HOLYOKE BY REPRESENTING AND INVOLVING THE BUSINESS COMMUNITY IN PUBLIC POLICY DECISIONS AFFECTING THE BUSINESS CLIMATE, BY HELPING INDIVIDUAL BUSINESSES PROSPER, AND BY CREATING A COMMUNITY ENVIRONMENT CONDUCIVE TO ECONOMIC OPPORTUNITY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt033441
IRS990/NetAssetsOrFundBalancesEOYAmt0-16456
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt01200
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt01200
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt033441
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-16456
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt022463
IRS990/OfficeExpensesGrp/TotalAmt02798
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt028354
IRS990/OtherAssetsTotalGrp/EOYAmt0238
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt018638
IRS990/OtherExpensesGrp/Desc0REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc1FARMERS MARKET EXPENSE
IRS990/OtherExpensesGrp/Desc2CHAMBER SPECIAL EVENTS
IRS990/OtherExpensesGrp/Desc3BAD DEBT EXPENSE
IRS990/OtherExpensesGrp/TotalAmt06166
IRS990/OtherExpensesGrp/TotalAmt15501
IRS990/OtherExpensesGrp/TotalAmt24367
IRS990/OtherExpensesGrp/TotalAmt33789
IRS990/OtherLiabilitiesGrp/BOYAmt08164
IRS990/OtherLiabilitiesGrp/EOYAmt010226
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900009
IRS990/OtherRevenueMiscGrp/Desc0ADMINISTRATIVE FEES
IRS990/OtherRevenueMiscGrp/Desc1MISCELLANEOUS SALES
IRS990/OtherRevenueMiscGrp/ExclusionAmt0204
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt011490
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1204
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt011490
IRS990/OtherRevenueTotalAmt011694
IRS990/OtherSalariesAndWagesGrp/TotalAmt0108574
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt015305
IRS990/PensionPlanContributionsGrp/TotalAmt01678
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt04261
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01386
IRS990/PrincipalOfficerNm0HARRY MONTALVO
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0561499
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0MEMBER DUES/ASSESSMENT
IRS990/ProgramServiceRevenueGrp/Desc1CHAMBER SPECIAL EVENTS
IRS990/ProgramServiceRevenueGrp/Desc2FARMERS MARKET
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0150911
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt110749
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt26188
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0150911
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt110749
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt26188
IRS990/ProgSrvcAccomActy2Grp/Desc0VARIOUS EVENTS PROVIDING MEMBERS WITH OPPORTUNITIES TO DEVELOP MARKETS, EXPERTISE AND PROFITABILITY AND TO NETWORK WITH OTHER BUSINESSES. SOME OF THE EVENTS TYPICALLY HELD BY THE CHAMBER WERE POSTPONED DUE TO COVID RESTRICTIONS.
IRS990/ProgSrvcAccomActy3Grp/Desc0ASSISTED CITY OF HOLYOKE WITH COVID-19 HOLYOKE BUSINESS EMERGENCY OPERATIONS GRANT PROGRAM. TWO BOARD MEMBERS OF THE CHAMBER SERVED AS REPRESENTATIVES ON A COMMITTEE THAT REVIEWED APPLICATIONS SUBMITTED FOR THIS FUNDING TO DETERMINE ELIGIBILITY. THE CHAMBER WILL BE RESPONSIBLE FOR COORDINATING THE PAYOUT OF THE PROGRAM FUNDS TO THE ELIGIBLE APPLICANTS.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt08425
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0320
IRS990/PYOtherExpensesAmt0114260
IRS990/PYOtherRevenueAmt099355
IRS990/PYProgramServiceRevenueAmt0206469
IRS990/PYRevenuesLessExpensesAmt01871
IRS990/PYSalariesCompEmpBnftPaidAmt0198438
IRS990/PYTotalExpensesAmt0312698
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0314569
IRS990/ReconcilationRevenueExpnssAmt0-49897
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/RentalIncomeOrLossGrp/RealAmt01200
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt033960
IRS990/SavingsAndTempCashInvstGrp/EOYAmt07097
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleC/AgreeCarryoverPriorYearInd00
IRS990ScheduleC/OnlyInHouseLobbyingInd01
IRS990ScheduleC/SubstantiallyAllDuesNondedInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt035
IRS990ScheduleD/EquipmentGrp/DepreciationAmt052951
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt052986
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06860
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt13366
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO OTHERS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED PENSION
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PROFESSIONAL ACCOUNTING STANDARDS PROVIDE DETAILED GUIDANCE FOR THE FINANCIAL STATEMENTS RECOGNITION, MEASUREMENT AND DISCLOSURE OF UNCERTAIN TAX POSITIONS RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS, IN ACCORDANCE WITH PROFESSIONAL STANDARDS RELATED TO THE ACCOUNTING FOR INCOME TAXES. THEY REQUIRE AN ENTITY TO RECOGNIZE THE FINANCIAL STATEMENT IMPACT OF A TAX POSITION WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION. A TAX POSITION IS DEEMED TO INCLUDE SUCH THINGS AS THE CHAMBER'S TAX EXEMPT STATUS. MANAGEMENT HAS EVALUATED SIGNIFICANT TAX POSITIONS AGAINST THE CRITERIA ESTABLISHED BY PROFESSIONAL STANDARDS AND BELIEVES THERE ARE NO SUCH TAX POSITIONS REQUIRING ACCOUNTING RECOGNITION. THE CHAMBER'S TAX RETURNS ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES FOR ALL YEARS ENDING ON OR AFTER JUNE 30, 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt035
IRS990ScheduleD/TotalLiabilityAmt010226
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/RecipientTable/CashGrantAmt05000
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0FINANCIAL ASSISTANCE DURING PANDEMIC BASED ON HUD ELIGIBILITY STANDARDSASSIST HOLYOKE BASE BUSINESS TO WITHSTAND AND MITIGAGE THE EFFECTS OF THE COVID-19 PUBLIC HEALTH EMERGENCY.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0JAY'S BED AND BREAKFAST
IRS990ScheduleI/RecipientTable/RecipientEIN0811679359
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt01109 DWIGHT STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0HOLYOKE
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd001040
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/GrntAsstBnftInterestedPrsnGrp/AssistancePurposeTxt0FINANCIAL ASSISTANCE DURING PANDEMIC
IRS990ScheduleL/GrntAsstBnftInterestedPrsnGrp/BusinessName/BusinessNameLine1Txt0JAY'S BED & BREAKFAST
IRS990ScheduleL/GrntAsstBnftInterestedPrsnGrp/CashGrantAmt05000
IRS990ScheduleL/GrntAsstBnftInterestedPrsnGrp/RelationshipWithOrgTxt0FORMER OFFICER OF THE ORGANIZATION OWNS JAY'S BED & BREAKFAST
IRS990ScheduleL/GrntAsstBnftInterestedPrsnGrp/TypeOfAssistanceTxt0GRANT AWARDED FROM COVID-19 HOLYOKE BUSINESS EMERGENCY OPERATIONS PROGRAM
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SEE DESCRIPTION OF PROGRAM #3. THIS WILL ONLY BE A TEMPORARAY PROGRAM SERVICE OFFERED BY THE CHAMBER IN COORDINATION WITH THE CITY OF HOLYOKE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CHAMBER HAS AN EXECUTIVE COMMITTEE WHICH CONSISTS OF THE CHAIRMAN, FIRST AND SECOND VICE-CHAIRMAN, TREASURER, ASSISTANT TREASURER, CLERK OF THE CORPORATION, PAST CHAIRMAN PRESIDENT, AND THREE ADDITIONAL MEMBERS SELECTED BY THE CHAIRMAN. THE EXECUTIVE COMMITTEE SHALL ACT FOR THE BOARD OF DIRECTORS BETWEEN MEETINGS OF THE BOARD OR IN ABSENCE OF A QUORUM THEREOF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CHAMBER HAS MEMBERS WHO CONSIST OF LOCAL BUSINESS OWNERS IN THE GREATER HOLYOKE COMMUNITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MEMBERS ELECT THE OFFICERS AND THE BOARD MEMBERS AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION DISTRIBUTES THE TAX RETURN TO ALL MEMBERS OF THE GOVERNING BODY VIA EMAIL. QUESTIONS ARE REVIEWED AND ADDRESSED AND THEN APPROVAL FOR FILING IS GIVEN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE CHAMBER REQUIRES DIRECTORS AND KEY EMPLOYEES TO DISCLOSE ANY AND ALL CONFLICTS OF INTEREST ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS MONITORS PERFORMANCE OF ORGANIZATION OFFICERS AS WELL AS REVIEWS AND APPROVES THE COMPENSATION OF OFFICERS OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ORGANIZATION MAKES THEIR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE ORGANIZATION'S FINANCIAL STATEMENTS WILL BE COMPILED FOR THE YEAR BUT AS OF THE DATE OF THE 990 FILING THE STATEMENTS WERE NOT FINAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9THE ORGANIZATION HAS NOT CHANGED ITS PROCESS FROM THE PRIOR YEAR REGARDING THE OVERSIGHT OF THE REVIEW OF THE FINANCIAL STATMENTS BY AN INDEPENDENT ACCOUNTANT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 2

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