DULUTH AREA CHAMBER OF COMMERCE

EIN: 410225910

DULUTH, MN

Total Revenue
$1,198,550
Total Expenses
$1,203,422
Total Assets
$1,344,616
Net Assets
$730,580
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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
1970
Legal Domicile
MN
Principal Officer
JENNIFER CADY
Phone
2187225501
Tax Period
2023-01-01 to 2023-12-31

DULUTH AREA CHAMBER OF COMMERCE, founded in 1970, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

PROMOTE ECONOMIC DEVELOPMENT AND BUSINESS RELATIONSHIPS IN THE DULUTH AREA.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $936,649
Investment Income $15,454
Other Revenue $246,447
TOTAL REVENUE $1,198,550

Expense Breakdown

Grants Paid $0
Salaries & Benefits $679,676
Fundraising Expenses $0
Other Expenses $523,746
TOTAL EXPENSES $1,203,422

Year-over-Year Comparison

2023 2022 Change
Revenue $1,198,550 $1,093,913 +0.1%
Expenses $1,203,422 $1,193,244 +0.0%
Net Income $-4,872 $-99,331 -1.0%
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

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Governance

Voting Members
34
Independent Members
34
Employees
12
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
4
$158,401
Total Directors
33
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATT BAUMGARTNER PRESIDENT 40.00
Officer
$158,401 $0 $158,401
JEFF ANDERSON BOARD 1.00
Director
$0 $0 $0
AJ AXTELL BOARD 1.00
Director
$0 $0 $0
DAN BERG BOARD 1.00
Director
$0 $0 $0
JON BIRKELAND TREASURER 1.00
Director
$0 $0 $0
SUE BOSELL BOARD 1.00
Director
$0 $0 $0
JENNIFER CADY CHAIR 1.00
Officer Director
$0 $0 $0
SCOTT CHRISTENSEN BOARD 1.00
Director
$0 $0 $0
SARA COLE BOARD 1.00
Director
$0 $0 $0
DAN COLLISON BOARD 1.00
Director
$0 $0 $0
KATE VAN DAELE BOARD 1.00
Director
$0 $0 $0
PAT DEGROOD BOARD 1.00
Director
$0 $0 $0
DR CHIAMAKA ENEMUOH CHAIR ELECT 1.00
Officer Director
$0 $0 $0
CHRISTIE ERICKSON BOARD 1.00
Director
$0 $0 $0
BEN FAGERLIE BOARD 1.00
Director
$0 $0 $0
MORGAN FRITZINGER BOARD 1.00
Director
$0 $0 $0
STEVE GLONCHAK BOARD N/A
Director
$0 $0 $0
STEVE GLONCHAK BOARD 1.00
Director
$0 $0 $0
BRIANNA VANDER HEYDEN BOARD 1.00
Director
$0 $0 $0
KENZIE HOHMAN BOARD 1.00
Director
$0 $0 $0
JEFF HOLMES BOARD 1.00
Director
$0 $0 $0
TIFFANY HUGHES BOARD 1.00
Director
$0 $0 $0
BRIANA JOHNSON BOARD 1.00
Director
$0 $0 $0
RACHEL JOHNSON BOARD N/A
Director
$0 $0 $0
RACHEL JOHNSON BOARD 1.00
Director
$0 $0 $0
AARON KELLY PAST CHAIR 1.00
Officer Director
$0 $0 $0
JILL KEPPERS BOARD 1.00
Director
$0 $0 $0
LINDSAY KERN BOARD 1.00
Director
$0 $0 $0
JOHN MAGAS BOARD 1.00
Director
$0 $0 $0
RENEE APPEL MATTSON BOARD 1.00
Director
$0 $0 $0
DR BARBARA MCDONALD BOARD 1.00
Director
$0 $0 $0
DYLAN MERRIMAN BOARD 1.00
Director
$0 $0 $0
BEN NORTON BOARD 1.00
Director
$0 $0 $0
ANDY WHEELER BOARD 1.00
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 No data No data No data No data
2023 $1,198,550 $1,203,422 $1,344,616 $-4,872
2022 $1,093,913 $1,193,244 $1,181,414 $-99,331
2021 $1,040,213 $989,086 $1,263,625 $51,127
2020 $1,199,187 $970,450 $1,226,417 $228,737
2019 $1,146,956 $1,175,567 $1,036,086 $-28,611
2018 $1,116,490 $1,436,505 $1,113,464 $-320,015
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