Belfast Area Chamber of Commerce

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1972

Legal Domicile

Phone

2073385900

Tax Period

2024-01-01 to 2024-12-31

Belfast Area Chamber of Commerce, founded in 1972, is a small nonprofit that reported $306K in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $283K left a modest 8% surplus.

Mission

Our Mission is to promote a dynamic economy and strong communities through economic development, promotion of our region, business advocacy, and member services for Waldo County and beyond.

Program Service Accomplishments

Program 1

Produced area guide book to advertise and market the area. Promoted the Belfast area in regional travel guides, at regional trade shows, and through link to regional websites for tourism. Connected...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $154,692

Program Service Revenue $149,109

Investment Income $2,646

Other Revenue $0

TOTAL REVENUE $306,447

Expense Breakdown

Grants Paid $0

Salaries & Benefits $131,892

Fundraising Expenses $0

Other Expenses $150,772

TOTAL EXPENSES $282,664

Year-over-Year Comparison

	2024	2023	Change
Revenue	$306,447	$269,397	+0.1%
Expenses	$282,664	$241,881	+0.2%
Net Income	$23,783	$27,516	-0.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Megan Day	Secretary	1.00	Officer Director	$0	$0	$0
Arnaud Lessard	Director	1.00	Officer Director	$0	$0	$0
Ryan Hardnen	Director	1.00	Officer Director	$0	$0	$0
Paul Dean	Director	1.00	Director	$0	$0	$0
Michelle Curtis	Treasurer	1.00	Director	$0	$0	$0
John McKeith	Director	1.00	Director	$0	$0	$0
Mary Tripp	Director	1.00	Director	$0	$0	$0
Chris Nickerson	Vice Chair	1.00	Director	$0	$0	$0
Erin Merrifield	President	1.00	Director	$0	$0	$0
Elaine Potoker	Director	1.00	Director	$0	$0	$0
Terri Tower	Director	1.00	Director	$0	$0	$0
Dorothy Havey	Executive Dir.	40.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$306,447	$282,664	$241,748	$23,783
2023	$269,397	$241,881	$215,968	$27,516
2022	$215,337	$209,437	$186,339	$5,900
2021	$210,498	$208,611	$190,778	$1,887
2020	$189,649	$165,234	$168,478	$24,415