GREATER RALEIGH CHAMBER OF COMMERCE

EIN: 560370850

RALEIGH, NC

Total Revenue
$10,273,551
Total Expenses
$8,673,105
Total Assets
$8,228,849
Net Assets
$6,191,913
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1916
Legal Domicile
NC
Principal Officer
ADRIENNE H COLE
Phone
9196647012
Tax Period
2023-10-01 to 2024-09-30

GREATER RALEIGH CHAMBER OF COMMERCE, founded in 1916, is a mid-sized nonprofit that reported $10.3M in total revenue in fiscal year 2023. Revenue surged 40% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.6M, a strong 16% operating margin.

Mission

TO BUILD A THRIVING REGIONAL ECONOMY, ENHANCE THE COMMUNITY'S QUALITY OF LIFE, AND STRENGTHEN MEMBER BUSINESSES.

Program Service Accomplishments

Program 1
Expenses: $2,555,443 Revenue: $138,988

THE ORGANIZATION MAINTAINS AN ECONOMIC DEVELOPMENT PROGRAM WHOSE FUNCTION IS TO ATTRACT NEW BUSINESSES TO THE RALEIGH AREA.

Program 2
Expenses: $1,922,682 Revenue: $2,651,483

THE ORGANIZATION PROVIDES SUPPORT TO ITS MEMBERSHIP THROUGH PROVIDING VARIOUS SEMINARS AND NETWORKING OPPORTUNITIES.

Program 3
Expenses: $513,658 Revenue: $53,525

THE ORGANIZATION ADVOCATES AND SUPPORTS TRANSPORTATION AND INFRASTRUCTURE PRIORITIES THROUGH THE REGIONAL TRANSPORTATION ALLIANCE.

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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 $7,109,354
Program Service Revenue $3,011,956
Investment Income $145,456
Other Revenue $6,785
TOTAL REVENUE $10,273,551

Expense Breakdown

Grants Paid $0
Salaries & Benefits $4,773,231
Fundraising Expenses $912,047
Program Expenses $4,991,783
Other Expenses $3,899,874
TOTAL EXPENSES $8,673,105

Year-over-Year Comparison

2023 2022 Change
Revenue $10,273,551 $7,329,901 +0.4%
Expenses $8,673,105 $7,987,620 +0.1%
Net Income $1,600,446 $-657,719 -3.4%
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
18
Independent Members
18
Employees
48
Volunteers
250

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
$399,994
Total Directors
53
$399,994
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
GARY GREENE CHAIR 4.00
Officer Director
$0 $0 $0
DAN CAHILL IMMEDIATE PAST CHAIR 2.00
Director
$0 $0 $0
KEVIN HOWELL PAST CHAIR 4.00
Director
$0 $0 $0
O'HARA MACKEN PAST CHAIR 4.00
Director
$0 $0 $0
KRISTEN HESS TREASURER 4.00
Officer Director
$0 $0 $0
RUSSELL KILLEN GENERAL COUNSEL 4.00
Director
$0 $0 $0
SHAN TEEL CHAIR-ELECT 4.00
Director
$0 $0 $0
TAMARA TERRY VICE CHAIR-DEI 4.00
Director
$0 $0 $0
DAVID CROSBY VICE CHAIR-ECONOMIC DEVELOPMENT 4.00
Director
$0 $0 $0
TIA MCLAURIN VICE CHAIR-ENTREPRENEURSHIP 4.00
Director
$0 $0 $0
DON MCCORQUODALE VICE CHAIR-GOVERNMENT AFFAIRS 4.00
Director
$0 $0 $0
COURTNEY WHITE VICE CHAIR-LEADERSHIP DEVELOPMENT 4.00
Director
$0 $0 $0
LAURA BUNN VICE CHAIR-MEMBERSHIP DEVELOPMENT 4.00
Director
$0 $0 $0
ABHA BOWERS EXECUTIVE COMMITTEE AT LARGE 4.00
Director
$0 $0 $0
ALLYSON DICKENS EXECUTIVE COMMITTEE AT LARGE 4.00
Director
$0 $0 $0
BAKER GLASGOW EXECUTIVE COMMITTEE AT LARGE 4.00
Director
$0 $0 $0
BONNER GAYLORD EXECUTIVE COMMITTEE AT LARGE 4.00
Director
$0 $0 $0
KEVIN MCLAUGHLIN EXECUTIVE COMMITTEE AT LARGE 4.00
Director
$0 $0 $0
ADRIA JERVAY DIRECTOR 2.00
Director
$0 $0 $0
BRIAN RALPH DIRECTOR 2.00
Director
$0 $0 $0
CHERYL SCANLAN DIRECTOR 2.00
Director
$0 $0 $0
CHRIS HEAGARTY DIRECTOR 2.00
Director
$0 $0 $0
COURTNEY CROWDER DIRECTOR 2.00
Director
$0 $0 $0
BARBARA GRIFFITH DIRECTOR 2.00
Director
$0 $0 $0
FRANCIE GOTTSEGEN DIRECTOR 2.00
Director
$0 $0 $0
JASON SANDNER DIRECTOR 2.00
Director
$0 $0 $0
JENNIFER ALLEN DIRECTOR 2.00
Director
$0 $0 $0
JOEL DAVIS DIRECTOR 2.00
Director
$0 $0 $0
JOEL GRAYBEAL DIRECTOR 2.00
Director
$0 $0 $0
JOHN WARD DIRECTOR 2.00
Director
$0 $0 $0
JULE SMITH DIRECTOR 2.00
Director
$0 $0 $0
KADE ROSS DIRECTOR 2.00
Director
$0 $0 $0
KEVIN WALKER DIRECTOR 2.00
Director
$0 $0 $0
KURT HEUSNER DIRECTOR 2.00
Director
$0 $0 $0
LAURA GWYN DIRECTOR 2.00
Director
$0 $0 $0
MARK CARLTON DIRECTOR 2.00
Director
$0 $0 $0
MARK JOHNSON DIRECTOR 2.00
Director
$0 $0 $0
MARY-ANN BALDWIN DIRECTOR 2.00
Director
$0 $0 $0
MITCH PERRY DIRECTOR 2.00
Director
$0 $0 $0
HYUNNA COELHO DIRECTOR 2.00
Director
$0 $0 $0
PATRICIA BURCH DIRECTOR 2.00
Director
$0 $0 $0
SCOTT LEVITAN DIRECTOR 2.00
Director
$0 $0 $0
SHARON MOE DIRECTOR 2.00
Director
$0 $0 $0
SHINICA THOMAS DIRECTOR 2.00
Director
$0 $0 $0
STEVE HEPLER DIRECTOR 2.00
Director
$0 $0 $0
SUSAN SANFORD DIRECTOR 2.00
Director
$0 $0 $0
TED KLINCK DIRECTOR 2.00
Director
$0 $0 $0
TIMOTHY HUMPHREY DIRECTOR 2.00
Director
$0 $0 $0
TERRENCE HOLT DIRECTOR 2.00
Director
$0 $0 $0
TOM FRITSCH DIRECTOR 2.00
Director
$0 $0 $0
TRAVIS BRISBON DIRECTOR 2.00
Director
$0 $0 $0
JAY IRBY EX OFFICIO 4.00
Director
$0 $0 $0
ADRIENNE COLE EXECUTIVE DIRECTOR 32.00
Officer Director
$366,994 $33,000 $399,994
JANET POTTER GENERAL MGR./SENIOR VP 32.00
Highest
$196,407 $19,641 $216,048
JOE MILAZZO II EXECUTIVE DIRECTOR 40.00
Highest
$181,802 $18,180 $199,982
MICHAEL HALEY SVP OF ECONOMIC DEVELOPMENT 35.00
Highest
$179,363 $17,936 $197,299
EVELYN LUCAS RELATIONSHIP MANAGER 40.00
Highest
$147,406 $14,741 $162,147
JACQUELINE HUITT SVP OF REVENUE DEVELOPMENT 40.00
Highest
$127,698 $12,770 $140,468
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 $10,273,551 $8,673,105 $8,228,849 $1,600,446
2023 $7,329,901 $7,987,620 $7,175,691 $-657,719
2022 $6,900,668 $7,362,830 $7,407,410 $-462,162
2021 $6,316,198 $5,912,611 $8,171,303 $403,587
2020 $7,607,411 $6,078,560 $7,488,970 $1,528,851
2019 $8,373,631 $7,562,409 $6,229,335 $811,222
2018 $6,276,653 $6,681,229 $5,154,007 $-404,576
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