HARBOR SPRINGS 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

1999

Legal Domicile

Principal Officer

DAMON WHITFIELD

Phone

2315267999

Tax Period

2024-01-01 to 2024-12-31

HARBOR SPRINGS CHAMBER OF COMMERCE, founded in 1999, is a small nonprofit in the Community Improvement sector that reported $305K in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. The organization ran a surplus of $53K, a strong 18% operating margin.

Mission

TO PROMOTE, ENHANCE AND CONTRIBUTE TO THE WELL-BEING OF THE BUSINESS COMMUNITY AND VISITOR EXPERIENCE, WHILE PRESERVING THE CHARACTER AND TRADITION OF THE GREATER HARBOR SPRINGS AREA.

Program Service Accomplishments

Program 1

Expenses: $13,760

HARBOR STARS PROGRAM BROUGHT THE COMMUNITY TOGETHER FOR AN AWARDS DINNER RECOGNIZING COMMUNITY LEADERS AND ACKNOWLEDGING NEW INDIVIDUALS TO THE BUSINESS COMMUNITY.

Program 2

Expenses: $14,396

TASTE OF HARBOR SPRINGS WAS AN AFTERNOON TASTING OFFERINGS FROM DIFFERENT LOCAL RESTAURANTS AND BROUGHT VISITORS AND LOCALS TOGETHER FOR DELECTABLE FOOD.

Program 3

Expenses: $5,655

FRIDAY/TUESDAY PARK EVENTS OFFERED TUESDAY NIGHT MOVIES IN THE PARK AND FRIDAY NIGHT MUSIC IN THE PARK.

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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 $114,674

Program Service Revenue $161,295

Investment Income $2,977

Other Revenue $26,013

TOTAL REVENUE $304,959

Expense Breakdown

Grants Paid $0

Salaries & Benefits $117,432

Fundraising Expenses $0

Program Expenses $75,059

Other Expenses $134,139

TOTAL EXPENSES $251,571

Year-over-Year Comparison

	2024	2023	Change
Revenue	$304,959	$271,576	+0.1%
Expenses	$251,571	$222,524	+0.1%
Net Income	$53,388	$49,052	+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

$70,083

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT LANGTON	DIRECTOR	6.00	Director	$0	$0	$0
AMANDA GRAY	DIRECTOR	6.00	Director	$0	$0	$0
KATIE HAMMOND	DIRECTOR	6.00	Director	$0	$0	$0
BRANDI MESNER	DIRECTOR	6.00	Director	$0	$0	$0
ELLIE JOLES	DIRECTOR	6.00	Director	$0	$0	$0
ELAINE KEISER	DIRECTOR	6.00	Director	$0	$0	$0
BARBARA WOODWARD-BEAR	DIRECTOR	6.00	Director	$0	$0	$0
DAMON WHITFIELD	DIRECTOR	6.00	Director	$0	$0	$0
NOLEN PULLIAM	DIRECTOR	6.00	Director	$0	$0	$0
ELAINE WARNER	PAST CHAIR	6.00	Director	$0	$0	$0
BRANDON LEESTMA	CHAIR	6.00	Officer Director	$0	$0	$0
DERRICK BROWN	VICE CHAIR	6.00	Officer Director	$0	$0	$0
REBECCA ADAMS	TREASURER	6.00	Officer Director	$0	$0	$0
DOUG BROWN	SECRETARY	6.00	Officer Director	$0	$0	$0
BONNIE KULP	EXECUTIVE DIRECTOR	40.00	Officer	$70,083	$0	$70,083

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	No data	No data	No data	No data
2024	$304,959	$251,571	$284,746	$53,388
2023	$271,576	$222,524	$226,487	$49,052
2022	$259,065	$229,125	$176,445	$29,940
2021	$234,210	$211,697	$148,998	$22,513
2020	$200,546	$168,330	$120,746	$32,216
2019	$159,632	$163,215	$88,418	$-3,583
2018	$154,358	$153,230	$82,273	$1,128