GREATER MADISON CHAMBER OF COMMERCE

EIN: 460160860

MADISON, SD

Total Revenue
$418,044
Total Expenses
$424,681
Total Assets
$80,826
Net Assets
$46,750
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Financial Trends

Organization Details

Formation Year
1930
Legal Domicile
SD
Principal Officer
ERIC HORTNESS
Phone
6052562454
Tax Period
2024-01-01 to 2024-12-31

GREATER MADISON CHAMBER OF COMMERCE, founded in 1930, is a small nonprofit that reported $418K in total revenue in fiscal year 2024.

Mission

TO PROMOTE MEMBERS, THE COMMUNITY, AND ECONOMIC DEVELOPMENT RESULTING IN A BETTER QUALITY OF LIFE IN THE MADISON, SD AREA

Program Service Accomplishments

Program 1
Expenses: $66,443 Revenue: $70,226

THE MAIN PURPOSE OF THE EVENT COMMITTEE IS TO INCREASE INTERACTION BETWEEN MEMBERS AND THE COMMUNITY AND TO PROMOTE A GENUINE CAMARADERIE AMONG THE CITIZENS OF LAKE COUNTY. THE LARGEST EVENT IN 2024...

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THE MAIN PURPOSE OF THE EVENT COMMITTEE IS TO INCREASE INTERACTION BETWEEN MEMBERS AND THE COMMUNITY AND TO PROMOTE A GENUINE CAMARADERIE AMONG THE CITIZENS OF LAKE COUNTY. THE LARGEST EVENT IN 2024 WAS AN EVENT CALLED DOWNTOWN IN MADTOWN, WHICH IS A FAMILY FRIENDLY SUMMER CONCERT SERIES THAT INCLUDES KIDS ACTIVITIES AND FOOD BOOTHS FROM APPROXIMATELY 20 MADISON VENDORS. THE OBJECTIVE OF THE EVENT IS TO GET PEOPLE INTO DOWNTOWN MADISON. THE EVENT AVERAGED ABOUT 3000 PEOPLE IN EACH OF THE SIX WEEKS IT WAS HELD.

Program 2
Expenses: $12,044 Revenue: $15,575

THE AG COMMITTEE IS A PROGRAM TASKED WITH SUPPORTING LOCAL AGRICULTURE, ALONG WITH PROVIDING EDUCATION TO THE GENERAL PUBLIC ON AGRICULTURAL TOPICS. EVENTS HOSTED BY THIS COMMITTEE INClUDE A HARVEST...

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THE AG COMMITTEE IS A PROGRAM TASKED WITH SUPPORTING LOCAL AGRICULTURE, ALONG WITH PROVIDING EDUCATION TO THE GENERAL PUBLIC ON AGRICULTURAL TOPICS. EVENTS HOSTED BY THIS COMMITTEE INClUDE A HARVEST APPRECIATION EVENT, AGRICULTURE TOURS, AND AG IN THE CLASSROOM. THE PROGRAM ALSO SUPPORTS THE EFFORTS OF THE LOCAL FFA CHAPTERS.

Program 3
Expenses: $3,875 Revenue: $11,570

LEADERSHIP MADISON IS A 12 SESSION PROGRAM THAT HELPS TO GROW FUTURE LEADERS IN THE COMMUNITY. SESSIONS INVOLVE PERSONALITY TESTS, LOCAL BUSINESS TOURS, EFFECTIVE COMMUNICATION, A TRIP TO THE STATES...

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LEADERSHIP MADISON IS A 12 SESSION PROGRAM THAT HELPS TO GROW FUTURE LEADERS IN THE COMMUNITY. SESSIONS INVOLVE PERSONALITY TESTS, LOCAL BUSINESS TOURS, EFFECTIVE COMMUNICATION, A TRIP TO THE STATES CAPITOL. THE PROGRAM HAS BEEN RUNNING SINCE 2002 AND HAS 400 GRADUATES.

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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 (2024)

Revenue Breakdown

Contributions & Grants $110,881
Program Service Revenue $287,077
Investment Income $1,238
Other Revenue $18,848
TOTAL REVENUE $418,044

Expense Breakdown

Grants Paid $9,378
Salaries & Benefits $196,019
Fundraising Expenses $0
Program Expenses $225,121
Other Expenses $219,284
TOTAL EXPENSES $424,681

Year-over-Year Comparison

2024 2023 Change
Revenue $418,044 $406,991 +0.0%
Expenses $424,681 $406,049 +0.0%
Net Income $-6,637 $942 -8.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Governance

Voting Members
10
Independent Members
10
Employees
3
Volunteers
100

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
3
$0
Total Directors
11
$95,683
Key Employees
1
$95,683
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ERIC HORTNESS EXECUTIVE DIRECTOR 040.00
Director Key Emp
$95,683 $0 $95,683
SARAH CRONIN DIRECTOR 001.00
Director
$0 $0 $0
SAVANNAH OLINGER VICE PRESIDENT 001.00
Officer Director
$0 $0 $0
BETH BERNARD DIRECTOR 001.00
Director
$0 $0 $0
TRAVIS OLSON PRESIDENT 001.00
Officer Director
$0 $0 $0
MELISSA PALMQUIST DIRECTOR 001.00
Director
$0 $0 $0
RANDY MOREHOUSE DIRECTOR 001.00
Director
$0 $0 $0
TYLER RUHD DIRECTOR 001.00
Director
$0 $0 $0
DEB ROACH DIRECTOR 001.00
Director
$0 $0 $0
JESSE LETSCHE DIRECTOR 001.00
Director
$0 $0 $0
TAYLOR BLOOM SECRETARY/TREASURER 001.00
Officer 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 $418,044 $424,681 $80,826 $-6,637
2023 $406,991 $406,049 $71,990 $942
2022 $385,406 $392,186 $68,231 $-6,780
2021 $441,367 $452,253 $82,840 $-10,886
2020 $407,412 $419,486 $126,515 $-12,074
2019 $321,996 $324,645 $101,356 $-2,649
2018 $325,227 $348,217 $88,084 $-22,990
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