KERNERSVILLE 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

1968

Legal Domicile

Principal Officer

CHRISTINE COMER

Phone

3369934521

Tax Period

2023-01-01 to 2023-12-31

KERNERSVILLE CHAMBER OF COMMERCE, founded in 1968, is a small nonprofit that reported $484K in total revenue in fiscal year 2023. Revenue decreased 9% compared to the prior year. Expenses of $545K exceeded revenue, resulting in a 12% operating deficit.

Mission

VISION STATEMENT - CONNECTING AND WORKING TOGETHER FOR THE PREMIER BUSINESS COMMUNITY IN THE TRIAD. MISSION STATEMENT - ORGANIZATION OF BUSINESSES AND PROFESSIONALS WORKING TOGETHER TO PROMOTE THE ECONOMIC PROGRESS OF OUR COMMUNITY.

Program Service Accomplishments

Program 1

ANNUAL SPRING FOLLY - A CHAMBER SPONSORED WEEKEND FESTIVAL FOR KERNERSVILLE TO SHINE AND WHERE THE ENTIRE COMMUNITY COMES TOGETHER TO HIGHLIGHT WHAT MAKES KERNERSVILLE SPECIAL. THE FESTIVAL PROVIDES AN OPPORTUNITY FOR LOCAL ORGANIZATIONS TO RAISE MONEY FOR THEIR CHARITABLE CAUSES AND PROVIDE A "QUALITY OF LIFE" FESTIVAL FOR THE RESIDENTS OF KERNERSVILLE.

Program 2

DOWNTOWN & COMMUNITY MARKETING AND DEVLOPMENT - THE KERNERSVILLE CHAMBER OF COMMERCE PARTNERS WITH THE TOWN OF KERNERSVILLE TO PROMOTE ECONOMIC DEVELOPMENT AND ENSURE THAT KERNERSVILLE IS INCLUDED IN REGIONAL PLANNING, PROVIDES BUSINESS DEVELOPMENT ASSISTANCE, INCLUDING PROMOTION, TRAINING, AND NETWORKING, AND PROMOTES KERNERSVILLE AS A PLACE TO LOCATE/RELOCATE BUSINESSES, PARTICIPATES IN LOCAL PLANNING EFFORTS, INCLUDING THE ECONOMIC DEVELOPMENT ADVISORY COMMITTEE, DOWNTOWN COMMITTEE, AND KERNERSVILLE DOWNTOWN PRESERVATION AND DEVELOPMENT COUNCIL, INC. BOARD.

Program 3

EDUCATION/TEACHER GRANTS - THE KERNERSVILLE CHAMBER OF COMMERCE IS COMMITTED TO CREATING A STRONG BUSINESS COMMUNITY - ONE OF THE WAYS TO ACCOMPLISH THIS IS IMPROVING THE EDUCATIONAL OPPORTUNITIES...

EDUCATION/TEACHER GRANTS - THE KERNERSVILLE CHAMBER OF COMMERCE IS COMMITTED TO CREATING A STRONG BUSINESS COMMUNITY - ONE OF THE WAYS TO ACCOMPLISH THIS IS IMPROVING THE EDUCATIONAL OPPORTUNITIES AVAILABLE TO OUR PUBLIC SCHOOL STUDENTS. THE CHAMBER HAS ESTABLISHED THE TEACHER GRANT PROGRAM IN AN EFFORT TO PROVIDE UNIQUE EDUCATIONAL EXPERIENCE FOR STUDENTS IN ELEMENTARY, MIDDLE AND HIGH SCHOOLS. FUNDS FOR UNIQUE EDUCATIONAL PROGRAMS ARE PROVIDED TO EDUCATORS SO THEY CAN PURCHASE MANY SUPPLIES AND MATERIALS TO FACILITATE CLASSROOM EXPERIENCE FOR THEIR STUDENTS. GRANTS ARE PROVIDED TO SUITABLE PROJECTS THAT ADD VALUE TO THE LEARNING EXPERIENCE IN THE CLASSROOM AND, WHERE POSSIBLE, FOR PROJECTS DIRECTLY BENEFITTING BOTH THE CLASS AND THE SCHOOL.

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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 $398,408

Program Service Revenue $52,353

Investment Income $7,686

Other Revenue $26,045

TOTAL REVENUE $484,492

Expense Breakdown

Grants Paid $8,164

Salaries & Benefits $294,952

Fundraising Expenses $0

Other Expenses $241,552

TOTAL EXPENSES $544,668

Year-over-Year Comparison

	2023	2022	Change
Revenue	$484,492	$530,576	-0.1%
Expenses	$544,668	$537,223	+0.0%
Net Income	$-60,176	$-6,647	+8.1%

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

220

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

$105,974

Total Directors