LORAIN COUNTY CHAMBER OF COMMERCE INC (EIN 341557587) - Form 990 Financial Analysis & Trantor Score

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1988

Legal Domicile

Principal Officer

ANTHONY GALLO

Phone

4403282550

Tax Period

2024-01-01 to 2024-12-31

LORAIN COUNTY CHAMBER OF COMMERCE INC, founded in 1988, is a small nonprofit that reported $385K in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. Expenses of $438K exceeded revenue, resulting in a 14% operating deficit.

Mission

TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZES RESOURCES, AND EMPHASIZES COOPERATION.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $248,365

Program Service Revenue $41,425

Investment Income $0

Other Revenue $95,101

TOTAL REVENUE $384,891

Expense Breakdown

Grants Paid $0

Salaries & Benefits $358,013

Fundraising Expenses $0

Program Expenses $437,598

Other Expenses $79,585

TOTAL EXPENSES $437,598

Year-over-Year Comparison

	2024	2023	Change
Revenue	$384,891	$342,422	+0.1%
Expenses	$437,598	$394,146	+0.1%
Net Income	$-52,707	$-51,724	+0.0%

Key Indicators

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

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

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

$112,470

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANTHONY GALLO	PRESIDENT	40.00	Officer	$112,470	$0	$112,470
PHILIP AMOS	CHARIMAN	N/A	Director	$0	$0	$0
JOHN BRYAN	VICE CHAIRMA	N/A	Director	$0	$0	$0
JON CROMLING	TRUSTEE	N/A	Director	$0	$0	$0
JEREMY DAMSTRA	TRUSTEE	N/A	Director	$0	$0	$0
RYAN FLANIGAN	TRUSTEE	N/A	Director	$0	$0	$0
TRACY GREEN	TRUSTEE	N/A	Director	$0	$0	$0
MIKE HERRICK	TRUSTEE	N/A	Director	$0	$0	$0
MIKE HERRICK	TRUSTEE	N/A	Director	$0	$0	$0
MIKE HERRICK	TRUSTEE	N/A	Director	$0	$0	$0
MIKE HERRICK	TRUSTEE	N/A	Director	$0	$0	$0
LISA HUTSON	TRUSTEE	N/A	Director	$0	$0	$0
BRIAN JANKOWSKI	TRUSTEE	N/A	Director	$0	$0	$0
KEVIN KNIGHT	PAST CHAIRMA	N/A	Director	$0	$0	$0
TOM KRAMIG	TRUSTEE	N/A	Director	$0	$0	$0
KATIE KREPS	TRUSTEE	N/A	Director	$0	$0	$0
CHRIS MEAD	TREASURER	N/A	Director	$0	$0	$0
KEVIN NELSON	AT LARGE	N/A	Director	$0	$0	$0
GILBERT PALMER	TRUSTEE	N/A	Director	$0	$0	$0
SHARON PEARSON	SECRETARY	N/A	Director	$0	$0	$0
ED SKIMIN	AT LARGE	N/A	Director	$0	$0	$0
DARRYL TUCKER	TRUSTEE	N/A	Director	$0	$0	$0
MICHELE WILLIAMSON	TRUSTEE	N/A	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	$384,891	$437,598	$163,249	$-52,707
2023	$342,422	$394,146	$240,658	$-51,724
2022	$373,474	$412,898	$238,548	$-39,424
2021	$345,590	$357,010	$306,647	$-11,420
2020	$357,413	$333,166	$234,614	$24,247
2019	$405,281	$382,608	$205,696	$22,673
2018	$391,555	$371,876	$186,336	$19,679

LORAIN COUNTY CHAMBER OF COMMERCE INC