Gilbert Chamber of Commerce

“Gilbert Chamber of Commerce is a Member organization”

“The Board of Directors, Executive Committe and President reviewed the 990”

“Conflicts of interest are monitored by the Organization.”

“The Presidents Salary is reviewed and set by the Executive Committee of the Board.”

“The 990 is available to the public on request as well as the Articles of Organization andthe exempt tax filing.”

“Partners in Progess is no longer a service, but is a service in the newly established Gilbert Foundation The Gilbert Chamber of Commerece formed a Foundation called Gilbert Chamber of Commerce Foundation, Inc which was approved by the IRS as a 501(c)(3) tax exempt organization. The chamber exercises significant control over the Foundation. The Foundation now operates the Gilbert Leadership program, golf tournament and other special events, as such the Revenue and expenses have decreased for the Chamber as they are now apart of the Foundation. The Foundation reports the income and pays a managaement fee to the Chamber for the staff managing the Foundation.”

“The Prior numbers on the summary page are reported on the Cash basis as this is how the Chamber had reported for the year ending June 30, 2017. For the year ending June 30, 2018; the Chamber is filing the 990 on the Accrual basis, like it keeps its books. Therefore, to have the Chamber 990 agree with the books and the accrual accounting method. A form 3115 is filed with this return to make that automatic change in accounting method from the cash basis to accrual basis. Thus there is a $9,729 increase in the Fund balance to account for the difference, if the Junde 30, 2017 balance was stated on the accrual basis.”