Civic Intelligence

Lorain County Chamber

990 • Fiscal year 2021 • EIN 34-1557587

Jan 01, 2021 to Dec 31, 2021 • Filed on Jul 01, 2022

226 Middle Avenue - 5th FloorElyria, OH 44035

(440) 328-2550

Siviq Scores

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

Liabilities / Assets

81st percentile

0.23x

Higher debt load relative to assets than 81% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

79th percentile

0.20x

Higher debt load relative to revenue than 79% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Net Margin

31st percentile

-3.3%

Higher net margin than 31% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Top Officer Pay

96th percentile

$98,161

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 28.4% of source-year revenue.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Asset Growth

78th percentile

31%

Faster asset growth than 78% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

42nd percentile

-3.3%

Faster revenue growth than 42% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Assets

Up

$306,647

Up $72,033 (+31%) from 2020

Net Assets

Up

$236,948

Up $8,580 (+3.8%) from 2020

Liabilities

Up

$69,699

Up $63,453 (+1016%) from 2020

Revenue

Down

$345,590

Down $11,823 (-3.3%) from 2020

Expenses

Up

$357,010

Up $23,844 (+7.2%) from 2020

Net Income

Down

-$11,420

Down $35,667 (-147%) from 2020

Historical Trend

Balance Sheet Trend

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

$400K$300K$200K$100K$0Assets 2016: $138,830Liabilities 2016: $4,238Net Assets 2016: $134,5922016Assets 2017: $165,075Liabilities 2017: $1,550Net Assets 2017: $163,5252017Assets 2018: $186,336Liabilities 2018: $3,094Net Assets 2018: $183,2422018Assets 2019: $205,696Liabilities 2019: $1,575Net Assets 2019: $204,1212019Assets 2020: $234,614Liabilities 2020: $6,246Net Assets 2020: $228,3682020Assets 2021: $306,647Liabilities 2021: $69,699Net Assets 2021: $236,9482021Assets 2022: $238,548Liabilities 2022: $21,024Net Assets 2022: $217,5242022Assets 2023: $240,658Liabilities 2023: $74,858Net Assets 2023: $165,8002023Assets 2024: $163,249Liabilities 2024: $50,156Net Assets 2024: $113,0932024

Highlighted filing

2021

Assets$306,647
Liabilities$69,699
Net Assets$236,948

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2016: $381,968Expenses 2016: $316,987Net Income 2016: $64,9812016Revenue 2017: $389,827Expenses 2017: $360,894Net Income 2017: $28,9332017Revenue 2018: $391,555Expenses 2018: $371,876Net Income 2018: $19,6792018Revenue 2019: $405,281Expenses 2019: $382,608Net Income 2019: $22,6732019Revenue 2020: $357,413Expenses 2020: $333,166Net Income 2020: $24,2472020Revenue 2021: $345,590Expenses 2021: $357,010Net Income 2021: -$11,4202021Revenue 2022: $373,474Expenses 2022: $412,898Net Income 2022: -$39,4242022Revenue 2023: $342,422Expenses 2023: $394,146Net Income 2023: -$51,7242023Revenue 2024: $384,891Expenses 2024: $437,598Net Income 2024: -$52,7072024

Highlighted filing

2021

Revenue$345,590
Expenses$357,010
Net Income-$11,420
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jul 1, 2022
Return Version
2021v4.0
Gross Receipts
$381,094
Mission and Program Overview

Mission

To enhance the quality of life in lorain county through a unified and coordinated regional economic development program that provides leadership, maximizes resources, and emphasizes cooperation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$230,664$304,497▲ $73,833
Land, Buildings, and Equipment, Net$3,950$2,150▼ $1,800
Total Assets$234,614$306,647▲ $72,033
Liabilities
Unsecured Notes Loans Payable$6,246$29,202▲ $22,956
Grants Payable-$28,000-
Other Liabilities-$12,497-
Total Liabilities$6,246$69,699▲ $63,453
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$228,368$236,948▲ $8,580
Total Net Assets Fund Balance$228,368$236,948▲ $8,580
Total Liabilities and Net Assets / Fund Balance$234,614$306,647▲ $72,033

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,150$81,332$83,482
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Anthony GalloPresidentFT$98,161$98,161

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$225,672
Program Service Revenue
$45,307
Investment Income
$0
Other Revenue
$74,611
Change in Net Assets
$-11,420
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$263,035
Other Expenses$93,975
Total Fundraising Expense$76,736
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$104,497$35,730$47,661$187,888
Other Employee Benefits$34,033$11,636$15,522$61,191
Occupancy$12,000$6,000$2,000$20,000
Payroll Taxes$7,762$2,654$3,540$13,956
Information Technology$5,108$2,554$851$8,513
All Other Expenses$6,559$1,070$356$7,985
Office Expenses$4,385$2,816$731$7,932
Insurance$3,323$1,662$554$5,539
Other Expenses$3,227$1,615$537$5,379
Fees for Services Accounting$2,769$1,384$462$4,615
Fees for Services Legal$2,385$1,192$398$3,975
Depreciation Depletion$1,080$540$180$1,800
Total Functional Expenses$204,843$75,431$76,736$357,010
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$101,612
Fundraising Direct Expenses$35,504
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Business Expo$31,675$31,675$6,858$24,817
Golf Outing$29,910$29,910$13,607$16,303
Total Events$100,702$100,702$33,295$67,407
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$12,497
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

Will distribute draft copy to board before filing.

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

Per board review and approval.

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

Per board review and approval.

Form 990, Page 6, Part VI, Line 19

Upon request with the organization or executive committee.

Filing and Contact Details

Filer

Filer Name
Lorain County Chamber
EIN
34-1557587
Phone
4403282550
Address
226 MIDDLE AVENUE - 5TH FLOOR, ELYRIA, OH 44035

Signing Officer

Name
Anthony Gallo
Title
President
Phone
4403282550
Signed
2022-07-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Anthony Gallo
Formed
1988
Legal Domicile
Oh
Voting Board Members
24
Independent Board Members
23
Employees
3

Preparer

Firm
Elek & Noss LLC
Address
PO BOX 250, GRAFTON, OH 44044-0250
Preparer
Gregory J Elek CPA
Phone
4409269300
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To enhance the quality of life in lorain county through a unified and coordinated regional economic development program that provides leadership, maximizes resources, and emphasizes cooperation.

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

To enhance the quality of life in lorain county through a unified and coordinated regional economic development program that provides leadership, maximized resources, and emphasizes cooperation.

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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZES RESOURCES, AND EMPHASIZES COOPERATION.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt0228368
IRS990/NetAssetsOrFundBalancesEOYAmt0236948
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt066108
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0228368
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0236948
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt02000
IRS990/OccupancyGrp/ManagementAndGeneralAmt06000
IRS990/OccupancyGrp/ProgramServicesAmt012000
IRS990/OccupancyGrp/TotalAmt020000
IRS990/OfficeExpensesGrp/FundraisingAmt0731
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt02816
IRS990/OfficeExpensesGrp/ProgramServicesAmt04385
IRS990/OfficeExpensesGrp/TotalAmt07932
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt015522
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt011636
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt034033
IRS990/OtherEmployeeBenefitsGrp/TotalAmt061191
IRS990/OtherExpensesGrp/Desc0INTERNAL MANAGEMENT
IRS990/OtherExpensesGrp/Desc1AUTOMOBILE EXPENSE
IRS990/OtherExpensesGrp/Desc2PROFESIONAL DEVELOPMNET
IRS990/OtherExpensesGrp/Desc3FINANCE/CREDIT CARD FEES
IRS990/OtherExpensesGrp/FundraisingAmt02279
IRS990/OtherExpensesGrp/FundraisingAmt11665
IRS990/OtherExpensesGrp/FundraisingAmt2537
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03622
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt11708
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt21248
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt31615
IRS990/OtherExpensesGrp/ProgramServicesAmt09069
IRS990/OtherExpensesGrp/ProgramServicesAmt14996
IRS990/OtherExpensesGrp/ProgramServicesAmt23650
IRS990/OtherExpensesGrp/ProgramServicesAmt33227
IRS990/OtherExpensesGrp/TotalAmt012691
IRS990/OtherExpensesGrp/TotalAmt18983
IRS990/OtherExpensesGrp/TotalAmt26563
IRS990/OtherExpensesGrp/TotalAmt35379
IRS990/OtherLiabilitiesGrp/EOYAmt012497
IRS990/OtherRevenueMiscGrp/Desc0BOARD/STAFF
IRS990/OtherRevenueMiscGrp/Desc1MISCELLANEOUS REVENUE
IRS990/OtherRevenueMiscGrp/Desc2CERFIFICATES OF ORIGIN
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt06255
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt11267
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt2981
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt06255
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt11267
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2981
IRS990/OtherRevenueTotalAmt08503
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt047661
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt035730
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0104497
IRS990/OtherSalariesAndWagesGrp/TotalAmt0187888
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt03540
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt02654
IRS990/PayrollTaxesGrp/ProgramServicesAmt07762
IRS990/PayrollTaxesGrp/TotalAmt013956
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0ANTHONY GALLO
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0BUSINESS DEVELOPMENT
IRS990/ProgramServiceRevenueGrp/Desc1GOVERNMENT AFFAIRS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt040267
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt15040
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt040267
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt15040
IRS990/ProgSrvcAccomActyOtherGrp/Desc0TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZED RESOURCES, AND EMPHASIZES COOPERATION.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0236789
IRS990/PYOtherExpensesAmt0107965
IRS990/PYOtherRevenueAmt059675
IRS990/PYProgramServiceRevenueAmt060949
IRS990/PYRevenuesLessExpensesAmt024247
IRS990/PYSalariesCompEmpBnftPaidAmt0225201
IRS990/PYTotalExpensesAmt0333166
IRS990/PYTotalRevenueAmt0357413
IRS990/ReconcilationRevenueExpnssAmt0-11420
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt02150
IRS990ScheduleD/EquipmentGrp/DepreciationAmt081332
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt083482
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt012497
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OTHER LIABILITIES
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02150
IRS990ScheduleD/TotalLiabilityAmt012497
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt033295
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0BUSINESS EXPO
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0GOLF OUTING
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt031675
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt029910
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt039117
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0100702
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt031675
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt029910
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt039117
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt0100702
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt067407
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssOtherEventsAmt012830
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt033295
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt06858
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt013607
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt03
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZES RESOURCES, AND EMPHASIZES COOPERATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZED RESOURCES, AND EMPHASIZES COOPERATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2WILL DISTRIBUTE DRAFT COPY TO BOARD BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PER BOARD REVIEW AND APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PER BOARD REVIEW AND APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5UPON REQUEST WITH THE ORGANIZATION OR EXECUTIVE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0OH
IRS990/SubjectToExcsTaxNetInvstIncInd0false

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