Los Angeles Area Chamber of Commerce

“The chamber foundation updated their bylaws in the beginning of 2024.”

“La chamber draft of 990 tax and related schedules are prepared with outside support and coordination by chief financial officer. The draft form 990 is presented to members of the audit committee for their review and is further distributed to the entire board of directors prior to filing.”

“Persons covered under the organization's conflict of interest policy include its board of directors, executive committee, officers and key employees. Pursuant to the policy, persons have a duty to disclose real, perceived, and potential direct and indirect conflicts. The information is forwarded to the audit committee for review and determination. If a conflict is believed to exist, the audit committee determines whether to authorize or reject the transaction or take any other action deemed necessary to address the conflict and protect the organization's best interests. If the audit committee has reasonable cause to believe actual or possible conflicts were not disclosed, the audit committee is empowered to investigate and take appropriate disciplinary and corrective action.”

“The form 990 is also open for public inspection on www.guidestar.org”

“The organization's governing documents, conflict of interest policy, and financial statements are made available upon reasonable request.”

“Vision: the creation of a more diverse, equitable, and inclusive thriving region for all. Mission: advance and support efforts that eliminate barriers and maximize opportunities for economic prosperity. Initiatives: ensure the los angeles region is a desirable place to conduct business, and work to make the region an affordable place to live, work, and learn. Promote and support emerging industries, businesses and entrepreneurs. Promote investments in infrastructure and connectivity that drive the regional economy. Support the geographically diverse composition of the economy.”

“The chamber foundation implements technical assistance and procurement training, and conducts workshops to increase small business capacity for small business in communities that have been historically underserved. To date, the chamber foundation has assisted over 3,000 small businesses directly. The resilient business advisory provides one-on-one advisory and capacity building services to small businesses in areas such as business strategy, marketing, access to capital, and contracting. The onela inclusive procurement program trains and assists small business participants in contract opportunities with government agencies and private sector companies. The procurement training has resulted in a total impact of $44 million in awards and bonding capacity.”

“While the foundation does not issue its own form w-2 for employees, the foundation shares certain payroll and other administrative functions with los angeles area chamber of commerce, a related nonprofit organization. The foundation reimburses the los angeles area chamber of commerce for the costs of the payroll and administrative expenses it incurs on behalf of los angeles area chamber of commerce foundation. These are the costs reported on part ix lines 7-10.”