DULUTH 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

1970

Legal Domicile

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.

Program Service Accomplishments

Program 1

CHAMBER PROVIDES PROGRAMS FOR MEMBER TO PROMOTE ECONOMIC DEVELOPMENT IN THE AREA AND TO EXPAND EACH INDIVIDUALS BUSINESS RELATIONSHIP WITH OTHER MEMBERS.

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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 (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

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

$158,401

Total Directors

Key Employees

Highest Compensated

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