Civic Intelligence

Greater Phoenix Chamber Foundation

990 • Fiscal year 2022 • EIN 81-1367313

Jul 01, 2021 to Jun 30, 2022 • Filed on Feb 13, 2023

2575 E Camelback Rd Ste 410Phoenix, AZ 85016

(602) 495-6486

Siviq Scores

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

Liabilities / Assets

61st percentile

0.13x

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

49th percentile

0.08x

Higher debt load relative to revenue than 49% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

73rd percentile

23%

Higher net margin than 73% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

97th percentile

$396,134

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 12.7% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

92nd percentile

77%

Faster asset growth than 92% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

97th percentile

310%

Faster revenue growth than 97% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Up

$1,770,473

Up $772,972 (+77%) from 2021

Net Assets

Up

$1,534,014

Up $707,444 (+86%) from 2021

Liabilities

Up

$236,459

Up $65,528 (+38%) from 2021

Revenue

Up

$3,108,838

Up $2,350,699 (+310%) from 2021

Expenses

Up

$2,401,394

Up $542,108 (+29%) from 2021

Net Income

Up

$707,444

Up $1,808,591 (+164%) from 2021

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2017: $247,538Liabilities 2017: $89,572Net Assets 2017: $157,9662017Assets 2018: $369,666Liabilities 2018: $100,977Net Assets 2018: $268,6892018Assets 2019: $1,829,362Liabilities 2019: $201,519Net Assets 2019: $1,627,8432019Assets 2020: $2,189,246Liabilities 2020: $261,529Net Assets 2020: $1,927,7172020Assets 2021: $997,501Liabilities 2021: $170,931Net Assets 2021: $826,5702021Assets 2022: $1,770,473Liabilities 2022: $236,459Net Assets 2022: $1,534,0142022Assets 2023: $2,799,947Liabilities 2023: $642,618Net Assets 2023: $2,157,3292023Assets 2024: $2,715,973Liabilities 2024: $862,189Net Assets 2024: $1,853,7842024

Highlighted filing

2022

Assets$1,770,473
Liabilities$236,459
Net Assets$1,534,014

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $446,586Expenses 2017: $288,620Net Income 2017: $157,9662017Revenue 2018: $440,835Expenses 2018: $330,112Net Income 2018: $110,7232018Revenue 2019: $2,060,769Expenses 2019: $701,615Net Income 2019: $1,359,1542019Revenue 2020: $1,805,989Expenses 2020: $1,506,115Net Income 2020: $299,8742020Revenue 2021: $758,139Expenses 2021: $1,859,286Net Income 2021: -$1,101,1472021Revenue 2022: $3,108,838Expenses 2022: $2,401,394Net Income 2022: $707,4442022Revenue 2023: $4,300,750Expenses 2023: $3,624,935Net Income 2023: $675,8152023Revenue 2024: $4,641,689Expenses 2024: $4,945,234Net Income 2024: -$303,5452024

Highlighted filing

2022

Revenue$3,108,838
Expenses$2,401,394
Net Income$707,444
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Feb 13, 2023
Return Version
2021v4.0
Gross Receipts
$3,108,838
Mission and Program Overview

Mission

The foundation, a 501c3 nonprofit organization, leads the charitable and education initiatives of the greater phoenix chamber under the four pillars of education, workforce development, wellness, and research. Through strong alignment between education, business, and community, the foundation prepares individuals for college and career and serves as an intermediary to convey workforce needs and champion scalable workforce solutions. In addition, the foundation makes arizona and the greater phoenix region known as destinations for healthy talent and healthy communities through workplace wellness efforts and publishes data-driven research to inform policymakers, business leaders, and the general public.

The greater phoenix chamber foundation (the foundation) convenes and catalyzes business, education, and community to enhance college and career readiness, develop a stronger workforce, and build healthier communities throughout arizona.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$706,550$1,074,843▲ $368,293
Cash and Non-Interest-Bearing Accounts$255,620$680,151▲ $424,531
Accounts Receivable$12,395--
Prepaid Expenses and Deferred Charges$10,105$9,307▼ $798
Land, Buildings, and Equipment, Net$12,831$6,172▼ $6,659
Total Assets$997,501$1,770,473▲ $772,972
Liabilities
Accounts Payable and Accrued Expenses$66,118$161,720▲ $95,602
Other Liabilities$89,456$53,051▼ $36,405
Deferred Revenue$15,357$21,688▲ $6,331
Total Liabilities$170,931$236,459▲ $65,528
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,069,553$1,390,355▲ $320,802
Net Assets Without Donor Restrictions$-242,983$143,659▲ $386,642
Total Net Assets Fund Balance$826,570$1,534,014▲ $707,444
Total Liabilities and Net Assets / Fund Balance$997,501$1,770,473▲ $772,972

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$6,172$27,532$33,704
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Todd SandersPresident &$51,670$344,464$396,134
Jennifer MellorChief Innova$156,104$43,554$199,658
Jennifer MellorChief Innovation Off$113,604$51,432$169,709
Todd SandersPresident & CEO$38,245$19,906$53,478

Board Members and Trustees

NameTitle
Stacy DerstineChair
Mike BontragerVice Chair/s
Brad ClothierBoard Member
De Anne RussellBoard Member
Jay KaprosyBoard Member
Kim SamuelBoard Member
Laura Lynn SmithBoard Member
Phillip HuhtaBoard Member
Sara GordonBoard Member
Phyllis SensemanTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Ideas CollideMarketing6125 E INDIAN SCHOOL RD 1001, Scottsdale, AZ 85251$447,414
Revenue and Support

Revenue Composition

Contributions and Grants
$3,073,196
Program Service Revenue
$34,790
Investment Income
$0
Other Revenue
$852
All Other Contributions
$3,073,196
Change in Net Assets
$707,444

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,108,838
Revenue Not Reported on Form 990
$6,074
Total Revenue per Audited Statements
$3,114,912
Total Revenue per Form 990
$3,108,838
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,250,511
Salaries, Compensation, and Employee Benefits$1,150,883
Total Fundraising Expense$8,966
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$716,540--$716,540
Advertising$585,836$3,528-$589,364
Fees for Services Other$233,937$22,747-$256,684
Current Officers, Directors, Trustees, and Key Employees$187,879$32,853$2,455$223,187
Other Employee Benefits$118,550-$6,511$125,061
Occupancy$80,351$28,217-$108,568
Payroll Taxes$63,199--$63,199
All Other Expenses$22,181$26,629-$48,810
Other Expenses$11,331$12,779-$24,110
Pension Plan Contributions$22,896--$22,896
Insurance$13,299$3,480-$16,779
Travel$13,995$630-$14,625
Depreciation Depletion$3,742$2,917-$6,659
Office Expenses$3,309$737-$4,046
Information Technology$70$1,137-$1,207
Total Functional Expenses$2,231,652$160,776$8,966$2,401,394

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,407,468
Expenses per Audited Statements$2,401,394
Total Expenses per Form 990$2,401,394
Expenses Not Reported on Form 990$6,074
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Related Party$53,051
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Page 6, Part VI, Line 3

The foundation is currently managed under an employee lease agreement with the chamber in which jennifer mellor, chief innovation officer oversees the day to day management. Community relations, marketing, and finance employee services are also leased under the arrangement.

Form 990, Page 6, Part VI, Line 6

The organization's single member is greater phoenix chamber of commerce (ein 86-0046963), which is tax-exempt pursuant to section 501(c)(6) of the internal revenue code.

Form 990, Page 6, Part VI, Line 7A

As the single member, greater phoenix chamber of commerce shall approve the elected directors of the foundation and fulfill all duties as may be required under the bylaws, the articles, and the act. Unless provided otherwise, the member will act through its board of directors. No stock or other evidence of ownership of an interest in the foundation shall be issued by this foundation and no pecuniary profit shall be paid to its member.

Form 990, Page 6, Part VI, Line 7B

See the response to form 990 part vi line 7a.

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

The 990 is reviewed by the chief innovation officer (cio) and the foundation board before submission.

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

Legal counsel distributes the conflict of interest policies every june and reviews the submitted annual statements before turning them over to the foundation staff. The staff files these statements in our permanent records. The chambers conflict of interest policy covers directors, officers and members of committees with board-delegated powers. All covered persons have a duty to disclose any actual or possible conflict of interest to the directors or other committee members. In the event of a conflict, the board or committee will meet, discuss and vote upon the transaction or arrangement. The interested person may participate in the discussions on the matter but is prohibited from voting on the matter. The minutes of the board and committee meetings document all disclosures of substantial interests by covered persons.

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

The gpcf hr committee approves the salary and bonuses for the ceo and cio.

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

The greater phoenix chamber of commerce hr committee approves the salary and bonuses for the ceo and cio.

Form 990, Page 6, Part VI, Line 19

The governing documents are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Greater Phoenix Chamber Foundation
EIN
81-1367313
Phone
6024956486
Address
2575 E CAMELBACK RD STE 410, PHOENIX, AZ 85016

Signing Officer

Name
Todd Sanders
Title
President & CEO
Phone
6024956466
Signed
2023-02-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Todd Sanders
Formed
2016
Legal Domicile
Az
Voting Board Members
10
Independent Board Members
10
Employees
0

Preparer

Firm
Fester & Chapman Pllc
Address
9019 E BAHIA DR STE 100, SCOTTSDALE, AZ 85260
Preparer
Rachel R Locke CPA
Phone
6022643077
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The foundation, a 501c3 nonprofit organization, leads the charitable and education initiatives of the greater phoenix chamber under the four pillars of education, workforce development, wellness, and research. Through strong alignment between education, business, and community, the foundation prepares individuals for college and career and serves as an intermediary to convey workforce needs and champion scalable workforce solutions. In addition, the foundation makes arizona and the greater phoenix region known as destinations for healthy talent and healthy communities through workplace wellness efforts and publishes data-driven research to inform policymakers, business leaders, and the general public.

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

Wellness atoz aims to make arizona and the greater phoenix region known as a destination for healthy talent and a healthy community through free toolkits that provide resources for creating or enhancing an employee wellness program. Wellness atoz works with companies located in the greater phoenix region and across arizona to identify key areas in enhancing employee participation in wellness programs, driving down costs associated with unhealthy lifestyles and increasing overall employee productivity and satisfaction. Wellness atoz is the foundation's initiative to attract and retain talent by making arizona known as a destination for healthy living and through several key programs, wellness atoz has reached a diverse population in the greater phoenix region.

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

In an effort to promote prosperity, the foundation focuses on workforce development. The foundation serves as a link between industry and education, helping companies address growing workforce needs and providing people access to quality career opportunities. The foundation convenes six employer-led workforce collaboratives in the areas of construction, cybersecurity, financial services, health care, advanced manufacturing, and it to build more robust talent pipelines. In total, the workforce collaboratives engage with over 200 arizona employers, focusing on enhanced career awareness, improved educational alignment and new opportunities for workplace learning. During the past year, the foundation launched azcareersnow in partnership with career connectors, a local company helping connect job seekers to jobs. Through azcareersnow, we are hosting a series of industry focused hiring events.

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

Elevateedaz prepares individuals for college and career through stronger alignment between education, business, and the community. Elevateedaz transforms education through the following objectives: - increase the number of students completing high-wage, high-demand career pathways through stronger pathway articulation and career awareness activities. - increase attainment of industry-recognized credentials and early post- secondary credit by removing barriers to dual enrollment and incentivizing students and teachers for improved outcomes. - provide more students with work-based learning experience by applying academics through internships and job shadows. - empower educators to reimagine classroom learning through educator externships where teachers learn skillsets industry leaders are seeking in job candidates and can access pathways and support systems to integrate these skills into their curriculum.

Form 990, Part IX, Line 11G

Professional fees 233,937 22,747 0

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IRS990/ProgSrvcAccomActy2Grp/Desc0IN AN EFFORT TO PROMOTE PROSPERITY, THE FOUNDATION FOCUSES ON WORKFORCE DEVELOPMENT. THE FOUNDATION SERVES AS A LINK BETWEEN INDUSTRY AND EDUCATION, HELPING COMPANIES ADDRESS GROWING WORKFORCE NEEDS AND PROVIDING PEOPLE ACCESS TO QUALITY CAREER OPPORTUNITIES. THE FOUNDATION CONVENES SIX EMPLOYER-LED WORKFORCE COLLABORATIVES IN THE AREAS OF CONSTRUCTION, CYBERSECURITY, FINANCIAL SERVICES, HEALTH CARE, ADVANCED MANUFACTURING, AND IT TO BUILD MORE ROBUST TALENT PIPELINES. IN TOTAL, THE WORKFORCE COLLABORATIVES ENGAGE WITH OVER 200 ARIZONA EMPLOYERS, FOCUSING ON ENHANCED CAREER AWARENESS, IMPROVED EDUCATIONAL ALIGNMENT AND NEW OPPORTUNITIES FOR WORKPLACE LEARNING. DURING THE PAST YEAR, THE FOUNDATION LAUNCHED AZCAREERSNOW IN PARTNERSHIP WITH CAREER CONNECTORS, A LOCAL COMPANY HELPING CONNECT JOB SEEKERS TO JOBS. THROUGH AZCAREERSNOW, WE ARE HOSTING A SERIES OF INDUSTRY FOCUSED HIRING EVENTS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0ELEVATEEDAZ PREPARES INDIVIDUALS FOR COLLEGE AND CAREER THROUGH STRONGER ALIGNMENT BETWEEN EDUCATION, BUSINESS, AND THE COMMUNITY. ELEVATEEDAZ TRANSFORMS EDUCATION THROUGH THE FOLLOWING OBJECTIVES: - INCREASE THE NUMBER OF STUDENTS COMPLETING HIGH-WAGE, HIGH-DEMAND CAREER PATHWAYS THROUGH STRONGER PATHWAY ARTICULATION AND CAREER AWARENESS ACTIVITIES. - INCREASE ATTAINMENT OF INDUSTRY-RECOGNIZED CREDENTIALS AND EARLY POST- SECONDARY CREDIT BY REMOVING BARRIERS TO DUAL ENROLLMENT AND INCENTIVIZING STUDENTS AND TEACHERS FOR IMPROVED OUTCOMES. - PROVIDE MORE STUDENTS WITH WORK-BASED LEARNING EXPERIENCE BY APPLYING ACADEMICS THROUGH INTERNSHIPS AND JOB SHADOWS. - EMPOWER EDUCATORS TO REIMAGINE CLASSROOM LEARNING THROUGH EDUCATOR EXTERNSHIPS WHERE TEACHERS LEARN SKILLSETS INDUSTRY LEADERS ARE SEEKING IN JOB CANDIDATES AND CAN ACCESS PATHWAYS AND SUPPORT SYSTEMS TO INTEGRATE THESE SKILLS INTO THEIR CURRICULUM.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1JENNIFER MELLOR
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION, A 501C3 NONPROFIT ORGANIZATION, LEADS THE CHARITABLE AND EDUCATION INITIATIVES OF THE GREATER PHOENIX CHAMBER UNDER THE FOUR PILLARS OF EDUCATION, WORKFORCE DEVELOPMENT, WELLNESS, AND RESEARCH. THROUGH STRONG ALIGNMENT BETWEEN EDUCATION, BUSINESS, AND COMMUNITY, THE FOUNDATION PREPARES INDIVIDUALS FOR COLLEGE AND CAREER AND SERVES AS AN INTERMEDIARY TO CONVEY WORKFORCE NEEDS AND CHAMPION SCALABLE WORKFORCE SOLUTIONS. IN ADDITION, THE FOUNDATION MAKES ARIZONA AND THE GREATER PHOENIX REGION KNOWN AS DESTINATIONS FOR HEALTHY TALENT AND HEALTHY COMMUNITIES THROUGH WORKPLACE WELLNESS EFFORTS AND PUBLISHES DATA-DRIVEN RESEARCH TO INFORM POLICYMAKERS, BUSINESS LEADERS, AND THE GENERAL PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WELLNESS ATOZ AIMS TO MAKE ARIZONA AND THE GREATER PHOENIX REGION KNOWN AS A DESTINATION FOR HEALTHY TALENT AND A HEALTHY COMMUNITY THROUGH FREE TOOLKITS THAT PROVIDE RESOURCES FOR CREATING OR ENHANCING AN EMPLOYEE WELLNESS PROGRAM. WELLNESS ATOZ WORKS WITH COMPANIES LOCATED IN THE GREATER PHOENIX REGION AND ACROSS ARIZONA TO IDENTIFY KEY AREAS IN ENHANCING EMPLOYEE PARTICIPATION IN WELLNESS PROGRAMS, DRIVING DOWN COSTS ASSOCIATED WITH UNHEALTHY LIFESTYLES AND INCREASING OVERALL EMPLOYEE PRODUCTIVITY AND SATISFACTION. WELLNESS ATOZ IS THE FOUNDATION'S INITIATIVE TO ATTRACT AND RETAIN TALENT BY MAKING ARIZONA KNOWN AS A DESTINATION FOR HEALTHY LIVING AND THROUGH SEVERAL KEY PROGRAMS, WELLNESS ATOZ HAS REACHED A DIVERSE POPULATION IN THE GREATER PHOENIX REGION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2IN AN EFFORT TO PROMOTE PROSPERITY, THE FOUNDATION FOCUSES ON WORKFORCE DEVELOPMENT. THE FOUNDATION SERVES AS A LINK BETWEEN INDUSTRY AND EDUCATION, HELPING COMPANIES ADDRESS GROWING WORKFORCE NEEDS AND PROVIDING PEOPLE ACCESS TO QUALITY CAREER OPPORTUNITIES. THE FOUNDATION CONVENES SIX EMPLOYER-LED WORKFORCE COLLABORATIVES IN THE AREAS OF CONSTRUCTION, CYBERSECURITY, FINANCIAL SERVICES, HEALTH CARE, ADVANCED MANUFACTURING, AND IT TO BUILD MORE ROBUST TALENT PIPELINES. IN TOTAL, THE WORKFORCE COLLABORATIVES ENGAGE WITH OVER 200 ARIZONA EMPLOYERS, FOCUSING ON ENHANCED CAREER AWARENESS, IMPROVED EDUCATIONAL ALIGNMENT AND NEW OPPORTUNITIES FOR WORKPLACE LEARNING. DURING THE PAST YEAR, THE FOUNDATION LAUNCHED AZCAREERSNOW IN PARTNERSHIP WITH CAREER CONNECTORS, A LOCAL COMPANY HELPING CONNECT JOB SEEKERS TO JOBS. THROUGH AZCAREERSNOW, WE ARE HOSTING A SERIES OF INDUSTRY FOCUSED HIRING EVENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ELEVATEEDAZ PREPARES INDIVIDUALS FOR COLLEGE AND CAREER THROUGH STRONGER ALIGNMENT BETWEEN EDUCATION, BUSINESS, AND THE COMMUNITY. ELEVATEEDAZ TRANSFORMS EDUCATION THROUGH THE FOLLOWING OBJECTIVES: - INCREASE THE NUMBER OF STUDENTS COMPLETING HIGH-WAGE, HIGH-DEMAND CAREER PATHWAYS THROUGH STRONGER PATHWAY ARTICULATION AND CAREER AWARENESS ACTIVITIES. - INCREASE ATTAINMENT OF INDUSTRY-RECOGNIZED CREDENTIALS AND EARLY POST- SECONDARY CREDIT BY REMOVING BARRIERS TO DUAL ENROLLMENT AND INCENTIVIZING STUDENTS AND TEACHERS FOR IMPROVED OUTCOMES. - PROVIDE MORE STUDENTS WITH WORK-BASED LEARNING EXPERIENCE BY APPLYING ACADEMICS THROUGH INTERNSHIPS AND JOB SHADOWS. - EMPOWER EDUCATORS TO REIMAGINE CLASSROOM LEARNING THROUGH EDUCATOR EXTERNSHIPS WHERE TEACHERS LEARN SKILLSETS INDUSTRY LEADERS ARE SEEKING IN JOB CANDIDATES AND CAN ACCESS PATHWAYS AND SUPPORT SYSTEMS TO INTEGRATE THESE SKILLS INTO THEIR CURRICULUM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FOUNDATION IS CURRENTLY MANAGED UNDER AN EMPLOYEE LEASE AGREEMENT WITH THE CHAMBER IN WHICH JENNIFER MELLOR, CHIEF INNOVATION OFFICER OVERSEES THE DAY TO DAY MANAGEMENT. COMMUNITY RELATIONS, MARKETING, AND FINANCE EMPLOYEE SERVICES ARE ALSO LEASED UNDER THE ARRANGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION'S SINGLE MEMBER IS GREATER PHOENIX CHAMBER OF COMMERCE (EIN 86-0046963), WHICH IS TAX-EXEMPT PURSUANT TO SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE.

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