Civic Intelligence

Worcester Regional Chamber of Commerce

EIN 04-1988780 • 501(c)6 • Worcester, MA

Profile

The organization is dedicated to being the leading business organization in central massachusetts by providing valuable membership services and programs and events to its members and in advancing and advocating on behalf of economic development initiatives and public policy issues important to the regional business community.

311 Main Street 200Worcester, MA 01608

www.worcesterchamber.org

Siviq Scores

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

Liabilities / Assets

88th percentile

0.57x

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

501(c)6 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

58th percentile

0.23x

Higher debt load relative to revenue than 58% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Net Margin

29th percentile

-1.5%

Higher net margin than 29% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

90th percentile

$321,840

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 10.3% of source-year revenue.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Asset Growth

19th percentile

-6.3%

Faster asset growth than 19% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

14th percentile

-11%

Faster revenue growth than 14% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Down

$1,244,886

Down $84,319 (-6.3%) from 2023

Liabilities

Down

$707,747

Down $38,128 (-5.1%) from 2023

Net Assets

Down

$537,139

Down $46,191 (-7.9%) from 2023

Revenue

Down

$3,116,944

Down $365,982 (-11%) from 2023

Expenses

Down

$3,163,135

Down $548,212 (-15%) from 2023

Net Income

Up

-$46,191

Up $182,230 (+80%) from 2023

Trend Graphs

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0-$500KAssets 2010: $321,296Liabilities 2010: $304,304Net Assets 2010: $16,9922010Assets 2011: $161,188Liabilities 2011: $264,713Net Assets 2011: -$103,5252011Assets 2012: $191,750Liabilities 2012: $254,750Net Assets 2012: -$63,0002012Assets 2013: $462,897Liabilities 2013: $156,012Net Assets 2013: $306,8852013Assets 2014: $798,553Liabilities 2014: $185,681Net Assets 2014: $612,8722014Assets 2015: $993,081Liabilities 2015: $282,552Net Assets 2015: $710,5292015Assets 2016: $873,958Liabilities 2016: $227,963Net Assets 2016: $645,9952016Assets 2017: $454,129Liabilities 2017: $223,456Net Assets 2017: $230,6732017Assets 2018: $477,337Liabilities 2018: $308,234Net Assets 2018: $169,1032018Assets 2019: $573,438Liabilities 2019: $406,678Net Assets 2019: $166,7602019Assets 2020: $568,988Liabilities 2020: $166,841Net Assets 2020: $402,1472020Assets 2021: $985,381Liabilities 2021: $316,283Net Assets 2021: $669,0982021Assets 2022: $1,705,934Liabilities 2022: $894,183Net Assets 2022: $811,7512022Assets 2023: $1,329,205Liabilities 2023: $745,875Net Assets 2023: $583,3302023Assets 2024: $1,244,886Liabilities 2024: $707,747Net Assets 2024: $537,1392024

Highlighted filing

2024

Assets$1,244,886
Liabilities$707,747
Net Assets$537,139

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,624,3972010Expenses 2011: $1,406,3062011Expenses 2012: $1,396,9852012Revenue 2013: $2,138,290Expenses 2013: $1,768,405Net Income 2013: $369,8852013Revenue 2014: $2,392,810Expenses 2014: $2,086,823Net Income 2014: $305,9872014Revenue 2015: $2,387,804Expenses 2015: $2,290,149Net Income 2015: $97,6552015Revenue 2016: $2,534,322Expenses 2016: $2,598,856Net Income 2016: -$64,5342016Revenue 2017: $2,640,978Expenses 2017: $3,056,300Net Income 2017: -$415,3222017Revenue 2018: $2,746,595Expenses 2018: $2,813,215Net Income 2018: -$66,6202018Revenue 2019: $2,835,119Expenses 2019: $2,837,462Net Income 2019: -$2,3432019Revenue 2020: $2,682,359Expenses 2020: $2,446,972Net Income 2020: $235,3872020Revenue 2021: $3,231,295Expenses 2021: $2,964,344Net Income 2021: $266,9512021Revenue 2022: $4,028,685Expenses 2022: $3,886,032Net Income 2022: $142,6532022Revenue 2023: $3,482,926Expenses 2023: $3,711,347Net Income 2023: -$228,4212023Revenue 2024: $3,116,944Expenses 2024: $3,163,135Net Income 2024: -$46,1912024

Highlighted filing

2024

Revenue$3,116,944
Expenses$3,163,135
Net Income-$46,191

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.24$0.71$0.54$3.12$3.16$0.05
2023Detailed filing. Detailed filing data is available for this year.$1.33$0.75$0.58$3.48$3.71$0.23
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.71$0.89$0.81$4.03$3.89$0.14
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.99$0.32$0.67$3.23$2.96$0.27
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.57$0.17$0.40$2.68$2.45$0.24
2019Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$0.57$0.41$0.17$2.84$2.84$0.00
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.48$0.31$0.17$2.75$2.81$0.07
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.45$0.22$0.23$2.64$3.06$0.42
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.87$0.23$0.65$2.53$2.60$0.06
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.99$0.28$0.71$2.39$2.29$0.10
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$0.80$0.19$0.61$2.39$2.09$0.31
2013Detailed filing. Detailed filing data is available for this year.$0.46$0.16$0.31$2.14$1.77$0.37
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.19$0.25$0.06$1.40
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.16$0.26$0.10$1.41
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.32$0.30$0.02$1.62
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2023 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$3,482,926
Mission and Program Overview

Mission

The organization is dedicated to being the leading business organization in central massachusetts by providing valuable membership services and programs and events to its members and in advancing and advocating on behalf of economic development initiatives and public policy issues important to the regional business community.

To foster and improve the general economic conditions of the central massachusetts area through promotional and educational efforts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$783,838$596,498▼ $187,340
Accounts Receivable$199,629$167,288▼ $32,341
Prepaid Expenses and Deferred Charges$115,918$35,165▼ $80,753
Land, Buildings, and Equipment, Net$7,839$3,300▼ $4,539
Total Assets$1,705,934$1,329,205▼ $376,729
Other Assets Total$598,710$526,954▼ $71,756
Liabilities
Other Liabilities$671,799$572,593▼ $99,206
Deferred Revenue$162,226$95,470▼ $66,756
Accounts Payable and Accrued Expenses$60,158$77,812▲ $17,654
Total Liabilities$894,183$745,875▼ $148,308
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$660,451$432,030▼ $228,421
Net Assets With Donor Restrictions$151,300$151,300→ $0
Total Net Assets Fund Balance$811,751$583,330▼ $228,421
Total Liabilities and Net Assets / Fund Balance$1,705,934$1,329,205▼ $376,729

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,300$130,374$133,674
Other Assets Org$457,896--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Timothy P MurrayPresident/CEOFT$328,598$1,901$330,499
Karen PelletierExecutive Vice PresidentFT$149,108$13,398$162,506
Linda Salem PervierVP Membership DevelopmentFT$101,057$10,843$111,900
Caitlyn LubelczykVP Marketing and CommunicationsFT$101,935-$101,935

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$2,244,384
Program Service Revenue
$1,232,984
Investment Income
$5,558
Other Revenue
$0
All Other Contributions
$2,244,384
Change in Net Assets
$-228,421
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,205,540
Other Expenses$1,255,807
Grants and Similar Amounts Paid$250,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$1,535,310-$1,535,310
Current Officers, Directors, Trustees, and Key Employees-$328,598-$328,598
Grants to Domestic Orgs$250,000--$250,000
Other Employee Benefits-$207,840-$207,840
Payroll Taxes-$133,792-$133,792
Occupancy-$111,035-$111,035
Fees for Services Other-$99,044-$99,044
Conferences and Meetings-$77,237-$77,237
Advertising-$68,777-$68,777
All Other Expenses-$60,051-$60,051
Office Expenses-$52,983-$52,983
Other Expenses$594,270$28,156-$28,156
Fees for Services Accounting-$25,710-$25,710
Insurance-$20,090-$20,090
Information Technology-$10,395-$10,395
Depreciation Depletion-$4,539-$4,539
Fees for Services Legal-$1,335-$1,335
Total Functional Expenses$844,270$2,867,077$0$3,711,347
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Worcester Regional Strategic Opportunities FoundationWorcester, MA501(c)(3)Grant to Supporting Organization.$250,000
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liabilities$467,456
Accrued Expenses$85,137
Due From Related Party$20,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

Form 990 is reviewed by the executive committee prior to its filing.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Worcester Regional Chamber of Commerce
EIN
04-1988780
Phone
5087532924
Address
311 MAIN STREET 200, WORCESTER, MA 01608

Signing Officer

Name
Timothy P Murray
Title
President/CEO
Phone
5087532924
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Timothy P Murray
Formed
1875
Legal Domicile
Ma
Voting Board Members
50
Independent Board Members
49
Employees
40
Volunteers
150

Preparer

Firm
Stolberg Ebbeling & Blanchette Llp
Address
41 ELM STREET, WORCESTER, MA 01609-2573
Preparer
Glenn M Creaven CPA
Phone
5083633000
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

Form 990 is reviewed by the executive committee prior to its filing.

Financial Statement Notes

PART X, LINE 2:

The organization evaluates all significant tax positions as required by u.s. Gaap. As of december 31, 2023, the organization does not believe it has taken any tax positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would increase or decrease within the next 12 months. The organization's income tax and information returns are subject to examination by the internal revenue service.

Raw XML AppendixShowing 400 of 810 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/AccountsReceivableGrp/EOYAmt0167288
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0TO FOSTER AND IMPROVE THE GENERAL ECONOMIC CONDITIONS OF THE CENTRAL MASSACHUSETTS AREA THROUGH PROMOTIONAL AND EDUCATIONAL EFFORTS.
IRS990/AdvertisingGrp/ManagementAndGeneralAmt068777
IRS990/AdvertisingGrp/TotalAmt068777
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IRS990/BooksInCareOfDetail/PhoneNum05087532924
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IRS990/BooksInCareOfDetail/USAddress/CityNm0WORCESTER
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0MA
IRS990/BooksInCareOfDetail/USAddress/ZIPCd001608
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IRS990/Form990PartVIISectionAGrp/PersonNm3ERIC A BUSENBURG
IRS990/Form990PartVIISectionAGrp/PersonNm4DON BOURQUE
IRS990/Form990PartVIISectionAGrp/PersonNm5RALPH CROWLEY III
IRS990/Form990PartVIISectionAGrp/PersonNm6LIBIS R BUENO
IRS990/Form990PartVIISectionAGrp/PersonNm7KOLA AKINDELE
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IRS990/Form990PartVIISectionAGrp/PersonNm9HARRIS BERENSON
IRS990/Form990PartVIISectionAGrp/PersonNm10MIKE FLAHERTY
IRS990/Form990PartVIISectionAGrp/PersonNm11ROBERT COX
IRS990/Form990PartVIISectionAGrp/PersonNm12CHE ANDERSON
IRS990/Form990PartVIISectionAGrp/PersonNm13DAN BONNETTE
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IRS990/Form990PartVIISectionAGrp/PersonNm15KERRI CUNNINGHAM
IRS990/Form990PartVIISectionAGrp/PersonNm16PATRICK BALIVA
IRS990/Form990PartVIISectionAGrp/PersonNm17LAUREN CROSSMAN-NANOF
IRS990/Form990PartVIISectionAGrp/PersonNm18GARETH CHARTER
IRS990/Form990PartVIISectionAGrp/PersonNm19JAMES GLICKMAN
IRS990/Form990PartVIISectionAGrp/PersonNm20ELIZABETH CRUZ
IRS990/Form990PartVIISectionAGrp/PersonNm21JESSICA MCGARRY
IRS990/Form990PartVIISectionAGrp/PersonNm22CHIZOMA NOSIKE
IRS990/Form990PartVIISectionAGrp/PersonNm23MICHAEL GARAND
IRS990/Form990PartVIISectionAGrp/PersonNm24CHARRAN FISHER
IRS990/Form990PartVIISectionAGrp/PersonNm25KATHLEEN GAGNE
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IRS990/Form990PartVIISectionAGrp/PersonNm27PAUL KELLY
IRS990/Form990PartVIISectionAGrp/PersonNm28MEGHAN LIDDY
IRS990/Form990PartVIISectionAGrp/PersonNm29KEVIN HAYES
IRS990/Form990PartVIISectionAGrp/PersonNm30MICHAEL MCDONALD
IRS990/Form990PartVIISectionAGrp/PersonNm31ROBERT MORTON
IRS990/Form990PartVIISectionAGrp/PersonNm32DIANE GIAMPA
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IRS990/Form990PartVIISectionAGrp/PersonNm36MARIE MOURADIAN
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IRS990/Form990PartVIISectionAGrp/PersonNm43MICHAEL WELCH
IRS990/Form990PartVIISectionAGrp/PersonNm44HAMID MOHAGHEGH
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IRS990/Form990PartVIISectionAGrp/PersonNm51LINDA SALEM PERVIER
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