Elgin 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

1908

Legal Domicile

Principal Officer

Carol Gieske

Phone

8477415660

Tax Period

2025-01-01 to 2025-12-31

Elgin Area Chamber of Commerce, founded in 1908, is a small nonprofit in the Community Improvement sector that reported $787K in total revenue in fiscal year 2025. Expenses of $935K exceeded revenue, resulting in a 19% operating deficit.

Mission

The Elgin Area Chamber connects communities through engagement, advocacy, collaboration, and leadership.

Program Service Accomplishments

Program 1

Expenses: $430,011 Revenue: $344,792

Economic Development Division cultivates a highly skilled workforce through building education and training initiatives, attracting new businesses with a supportive environment, and retaining...

Economic Development Division cultivates a highly skilled workforce through building education and training initiatives, attracting new businesses with a supportive environment, and retaining existing ones. EAC is committed to improving transportation infrastructure. EAC actively promotes Elgin, IL quality of life to attract not just businesses, but residents and visitors alike. This comprehensive program positions Elgin for long-term economic growth and a vibrant community.

Program 2

Expenses: $163,712 Revenue: $88,405

Programs and Events Established programs and events are a two-pronged approach to supporting local businesses and fostering community growth. The programs focus on initiatives with long-term impact, like developing a skilled workforce through education workshops or providing professional development opportunities. Meanwhile events create opportunities for immediate engagement. We organize networking events for businesses to connect, share ideas, and discover potential partnerships. Together, these initiatives create a synergy that strengthens the local business ecosystem and promotes economic prosperity.

Program 3

Expenses: $19,466 Revenue: $10,500

Advancing Progress Program is a multifaceted initiative designed to propel the chamber and economic developments programs of work. This program helps to position Elgin for a prosperous future with a...

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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 (2025)

Revenue Breakdown

Contributions & Grants $297,842

Program Service Revenue $443,697

Investment Income $30,769

Other Revenue $14,488

TOTAL REVENUE $786,796

Expense Breakdown

Grants Paid $0

Salaries & Benefits $611,312

Fundraising Expenses $0

Program Expenses $613,189

Other Expenses $324,183

TOTAL EXPENSES $935,495

Year-over-Year Comparison

	2025	2024	Change
Revenue	$786,796	$823,855	0.0%
Expenses	$935,495	$736,323	+0.3%
Net Income	$-148,699	$87,532	-2.7%

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

155

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

$316,556

Total Directors

$182,300

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Carol Gieske	President and CEO	040.00	Officer Director Highest	$172,314	$9,986	$182,300
Anatol Lucenko Jr	Director of Economic Development	040.00	Highest	$138,104	$30,854	$168,958
Theresa Gajewski	VP Accounting and Operations	040.00	Officer Highest	$115,800	$18,456	$134,256
Mike Warren	Director	000.25	Director	$0	$0	$0
Sara Vaince	Director	000.25	Director	$0	$0	$0
John Talkington	Director	000.25	Director	$0	$0	$0
Antje Simm	Director	000.25	Director	$0	$0	$0
George Santiago	Director	000.25	Director	$0	$0	$0
Ron ONeal	Director	000.25	Director	$0	$0	$0
Jennifer Sellers Wong	Director	000.25	Director	$0	$0	$0
Steven Migala	Vice Chair	000.25	Officer Director	$0	$0	$0
Jeni Lyon	Past Chair	000.25	Officer Director	$0	$0	$0
Eva Balderrama	Director	000.25	Director	$0	$0	$0
Gabe Grzeskiewicz	Treasurer	000.25	Officer Director	$0	$0	$0
Sheri DeShazo	Director	000.25	Director	$0	$0	$0
Rolando Guerrero	Board Chair	000.25	Officer Director	$0	$0	$0
Amanda Garcia	Vice Chair, Membership	000.25	Officer Director	$0	$0	$0
Leslie Maloney	Director	000.25	Director	$0	$0	$0
Peggy Heinrich	Director	000.25	Director	$0	$0	$0
Suzanne Johnson	Director	000.25	Director	$0	$0	$0
Kerry Klein	Director	000.25	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
2025	$786,796	$935,495	$791,591	$-148,699
2024	$823,855	$736,323	$941,390	$87,532
2023	$790,393	$725,581	$851,247	$64,812
2022	$666,068	$617,161	$786,435	$48,907
2021	$627,074	$509,174	$742,026	$117,900
2020	$613,793	$522,723	$628,466	$91,070
2019	$628,177	$589,369	$540,528	$38,808