Civic Intelligence

Wake Forest Area Chamber of Commerce

990 • Fiscal year 2017 • EIN 56-1122169

Jul 01, 2016 to Jun 30, 2017 • Filed on Jan 06, 2018

Organization ProfileWWW.WAKEFORESTCHAMBER.ORG
350 S White StreetWake Forest, NC 27587

(919) 556-1519

Siviq Scores

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

Liabilities / Assets

55th percentile

0.11x

Higher debt load relative to assets than 55% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

58th percentile

0.11x

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

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

Net Margin

46th percentile

2.7%

Higher net margin than 46% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2017

Asset Growth

23rd percentile

-5.0%

Faster asset growth than 23% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

52nd percentile

3.4%

Faster revenue growth than 52% of similar nonprofits.

2017 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets55th percentile

Assets

Down

$451,767

Down $23,758 (-5.0%) from 2016

Net Assets

Up

$403,754

Up $12,294 (+3.1%) from 2016

Liabilities

Down

$48,013

Down $36,052 (-43%) from 2016

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin46th percentile

Revenue

Up

$456,775

Up $14,984 (+3.4%) from 2016

Expenses

Up

$444,481

Up $25,993 (+6.2%) from 2016

Net Income

Down

$12,294

Down $11,009 (-47%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

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

$1.0M$500K$0Assets 2011: $421,609Liabilities 2011: $111,131Net Assets 2011: $310,4782011Assets 2012: $402,466Liabilities 2012: $64,216Net Assets 2012: $338,2502012Assets 2013: $565,425Liabilities 2013: $237,819Net Assets 2013: $327,6062013Assets 2014: $510,378Liabilities 2014: $122,623Net Assets 2014: $387,7552014Assets 2015: $484,332Liabilities 2015: $116,175Net Assets 2015: $368,1572015Assets 2016: $475,525Liabilities 2016: $84,065Net Assets 2016: $391,4602016Assets 2017: $451,767Liabilities 2017: $48,013Net Assets 2017: $403,7542017Assets 2018: $490,620Liabilities 2018: $3,006Net Assets 2018: $487,6142018Assets 2019: $491,626Liabilities 2019: $14,845Net Assets 2019: $476,7812019Assets 2020: $563,443Liabilities 2020: $158,987Net Assets 2020: $404,4562020Assets 2021: $494,559Liabilities 2021: $7,132Net Assets 2021: $487,4272021Assets 2022: $565,817Liabilities 2022: $391Net Assets 2022: $565,4262022Assets 2023: $641,472Liabilities 2023: $12,032Net Assets 2023: $629,4402023Assets 2024: $773,160Liabilities 2024: $2,251Net Assets 2024: $770,9092024Assets 2025: $802,087Liabilities 2025: $20,450Net Assets 2025: $781,6372025

Highlighted filing

2017

Assets$451,767
Liabilities$48,013
Net Assets$403,754
Open 2017 Filing

Operations Trend

Revenue Growth52nd percentile

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

$600K$400K$200K$0-$200KRevenue 2011: $322,394Expenses 2011: $315,228Net Income 2011: $7,1662011Revenue 2012: $357,803Expenses 2012: $330,031Net Income 2012: $27,7722012Revenue 2013: $342,960Expenses 2013: $353,604Net Income 2013: -$10,6442013Revenue 2014: $365,094Expenses 2014: $304,945Net Income 2014: $60,1492014Revenue 2015: $327,632Expenses 2015: $347,230Net Income 2015: -$19,5982015Revenue 2016: $441,791Expenses 2016: $418,488Net Income 2016: $23,3032016Revenue 2017: $456,775Expenses 2017: $444,481Net Income 2017: $12,2942017Revenue 2018: $534,042Expenses 2018: $450,182Net Income 2018: $83,8602018Revenue 2019: $505,447Expenses 2019: $516,280Net Income 2019: -$10,8332019Revenue 2020: $475,246Expenses 2020: $547,571Net Income 2020: -$72,3252020Revenue 2021: $494,682Expenses 2021: $411,711Net Income 2021: $82,9712021Revenue 2022: $514,574Expenses 2022: $439,866Net Income 2022: $74,7082022Revenue 2023: $517,284Expenses 2023: $453,270Net Income 2023: $64,0142023Revenue 2024: $545,798Expenses 2024: $404,329Net Income 2024: $141,4692024Revenue 2025: $500,456Expenses 2025: $489,729Net Income 2025: $10,7272025

Highlighted filing

2017

Revenue$456,775
Expenses$444,481
Net Income$12,294
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Jan 6, 2018
Return Version
2016v3.1
Gross Receipts
$570,528
Mission and Program Overview

Mission

To unite the business efforts and promote economic development in the wake forest, nc area toward the betterment of the community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$391,460$403,754▲ $12,294
Land, Buildings, and Equipment, Net$253,646$271,448▲ $17,802
Savings and Temporary Cash Investments$128,107$97,269▼ $30,838
Cash and Non-Interest-Bearing Accounts$45,163$49,389▲ $4,226
Accounts Receivable$32,118$20,358▼ $11,760
Prepaid Expenses and Deferred Charges$14,961$12,014▼ $2,947
Intangible Assets$1,530$1,289▼ $241
Total Assets$475,525$451,767▼ $23,758
Liabilities
Accounts Payable and Accrued Expenses$13,276$22,059▲ $8,783
Other Liabilities$34,431$15,458▼ $18,973
Deferred Revenue$36,358$10,496▼ $25,862
Total Liabilities$84,065$48,013▼ $36,052
Net Assets / Fund Balance
Total Net Assets Fund Balance$391,460$403,754▲ $12,294
Total Liabilities and Net Assets / Fund Balance$475,525$451,767▼ $23,758

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$136,310$243,720$380,030
Land$135,138-$135,138
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Rondi FurgasonChair
Bill HarrisonDirector
Cathy EsopDirector
Cindy HammondDirector
David Williams JrDirector
Don BowmanDirector
Jennifer RayDirector
Jodi DarrohnDirector
Mike OlsonDirector
Mike PerryDirector
Ron LancasterDirector
Ryan HutchinsonDirector
Seth AsbillDirector
Terrence EverittDirector
Jeff WilliamsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$331,202
Investment Income
$55
Other Revenue
$125,518
Change in Net Assets
$12,294
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$293,942
Other Expenses$150,539
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$265,172
Occupancy---$28,115
All Other Expenses---$27,678
Payroll Taxes---$21,354
Fees for Services Accounting---$14,723
Other Expenses---$7,648
Pension Plan Contributions---$5,587
Travel---$3,759
Other Employee Benefits---$1,829
Total Functional Expenses$0$0$0$444,481
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$218,047
Fundraising Direct Expenses$99,964
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Meet in the Str$67,903$67,903$22,677$45,226
Business Expo$64,296$64,296$20,213$44,083
Total Events$215,782$215,782$95,185$120,597
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long Term Note Payable$15,458
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Wake Forest Area Chamber of
EIN
56-1122169
Phone
9195561519
Address
350 S WHITE STREET, WAKE FOREST, NC 27587

Signing Officer

Name
Jeff Williams
Title
Treasurer
Phone
9195561519
Signed
2018-01-06

Organization Details

Principal Officer
Rondi Furgason
Voting Board Members
15
Independent Board Members
0
Employees
8

Preparer

Firm
Mitchell & Nemitz Pa
Address
12324 HAMPTON WAY DR STE 201, WAKE FOREST, NC 27587-6543
Preparer
Robert H Mitchell Jr CPA
Phone
9195569500
Supplemental Narrative

Additional Explanations

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

“To unite the business efforts and promote economic development in the wake forest, nc area toward the betterment of the community.”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 3,532”

Raw XML Appendix367 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.

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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0403754
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0128107
IRS990/SavingsAndTempCashInvstGrp/EOYAmt097269
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt0136310
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0243720
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0380030
IRS990ScheduleD/LandGrp/BookValueAmt0135138
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0135138
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt015458
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LONG TERM NOTE PAYABLE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0271448
IRS990ScheduleD/TotalLiabilityAmt015458
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt095185
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0MEET IN THE STR
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0BUSINESS EXPO
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt067903
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt064296
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt083583
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0215782
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt067903
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt064296
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt083583
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt0215782
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0120597
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssOtherEventsAmt052295
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt095185
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt022677
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt020213
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt03
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO UNITE THE BUSINESS EFFORTS AND PROMOTE ECONOMIC DEVELOPMENT IN THE WAKE FOREST, NC AREA TOWARD THE BETTERMENT OF THE COMMUNITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOOK / TAX DEPRECIATION DIFFERENCE 3,532
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0475525
IRS990/TotalAssetsEOYAmt0451767
IRS990/TotalAssetsGrp/BOYAmt0475525
IRS990/TotalAssetsGrp/EOYAmt0451767
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0444481
IRS990/TotalGrossUBIAmt0587
IRS990/TotalLiabilitiesBOYAmt084065
IRS990/TotalLiabilitiesEOYAmt048013
IRS990/TotalLiabilitiesGrp/BOYAmt084065
IRS990/TotalLiabilitiesGrp/EOYAmt048013
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0391460
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0403754
IRS990/TotalProgramServiceRevenueAmt0331202
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0338105
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0456775
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0587
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0475525
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0451767
IRS990/TravelGrp/TotalAmt03759
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/VotingMembersGoverningBodyCnt015
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0WWW.WAKEFORESTCHAMBER.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JEFF WILLIAMS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum09195561519
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-01-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WAKE FOREST AREA CHAMBER OF
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0COMMERCE
ReturnHeader/Filer/BusinessNameControlTxt0WAKE
ReturnHeader/Filer/EIN0561122169
ReturnHeader/Filer/PhoneNum09195561519
ReturnHeader/Filer/USAddress/AddressLine1Txt0350 S WHITE STREET
ReturnHeader/Filer/USAddress/CityNm0WAKE FOREST
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027587
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId031FA7595BB6053DF637EDBB0EBF08D03D524CA11
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0587FCC6340413E69D94E67185797D6EF0BA75DEF
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561952467
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MITCHELL & NEMITZ PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt012324 HAMPTON WAY DR STE 201
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WAKE FOREST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0275876543
ReturnHeader/PreparerPersonGrp/PhoneNum09195569500
ReturnHeader/PreparerPersonGrp/PreparationDt02018-01-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT H MITCHELL JR CPA
ReturnHeader/ReturnTs02018-01-30T10:02:31-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$451,767
Liabilities
$48,013
Net assets
$403,754
Revenue
$456,775
Expenses
$444,481
Net income
$12,294
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$8.02$0.20$7.82$5.00$4.90$0.11
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.73$0.02$7.71$5.46$4.04$1.41
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.41$0.12$6.29$5.17$4.53$0.64
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.66$0.00$5.65$5.15$4.40$0.75
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.95$0.07$4.87$4.95$4.12$0.83
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.63$1.59$4.04$4.75$5.48$0.72
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.92$0.15$4.77$5.05$5.16$0.11
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.91$0.03$4.88$5.34$4.50$0.84
2017Detailed filing. Detailed filing data is available for this year.$4.52$0.48$4.04$4.57$4.44$0.12
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.76$0.84$3.91$4.42$4.18$0.23
2015Detailed filing. Detailed filing data is available for this year.$4.84$1.16$3.68$3.28$3.47$0.20
2014Detailed filing. Detailed filing data is available for this year.$5.10$1.23$3.88$3.65$3.05$0.60
2013Summary only. Only limited summary data is available for this year.$5.65$2.38$3.28$3.43$3.54$0.11
2012Summary only. Only limited summary data is available for this year.$4.02$0.64$3.38$3.58$3.30$0.28
2011Summary only. Only limited summary data is available for this year.$4.22$1.11$3.10$3.22$3.15$0.07