RICHMOND CHAMBER OF COMMERCE INC

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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

Legal Domicile

Principal Officer

COLLEEN SPENCER

Phone

8596231720

Tax Period

2023-01-01 to 2023-12-31

RICHMOND CHAMBER OF COMMERCE INC is a small nonprofit in the Community Improvement sector that reported $223K in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year.

Mission

THE RICHMOND CHAMBER OF COMMERCE PROVIDES VISION AND LEADERSHIP THROUGH COLLABORATION AND SUPPORT TO ADD VALUE TO OUR MEMBERSHIP.

Program Service Accomplishments

Program 1

THE ORGANIZATION WAS ESTABLISHED IN NOVEMBER 1931 TO PROVIDE VISION AND LEADERSHIP FOR RICHMOND AND MADISON COUNTY WITH FIRM COMMITMENT TO SUPPORT ECONOMIC DEVELOPMENT, A POSITIVE BUSINESS CLIMATE...

THE ORGANIZATION WAS ESTABLISHED IN NOVEMBER 1931 TO PROVIDE VISION AND LEADERSHIP FOR RICHMOND AND MADISON COUNTY WITH FIRM COMMITMENT TO SUPPORT ECONOMIC DEVELOPMENT, A POSITIVE BUSINESS CLIMATE AND STABILITY AND GROWTH FOR ITS 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 $90,935

Program Service Revenue $130,451

Investment Income $563

Other Revenue $735

TOTAL REVENUE $222,684

Expense Breakdown

Grants Paid $0

Salaries & Benefits $126,498

Fundraising Expenses $0

Other Expenses $97,472

TOTAL EXPENSES $223,970

Year-over-Year Comparison

	2023	2022	Change
Revenue	$222,684	$236,450	-0.1%
Expenses	$223,970	$187,073	+0.2%
Net Income	$-1,286	$49,377	-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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEREMY BROWN	VOTING MEMBE	1.00	Director	$0	$0	$0
MATT BROWNING	VOTING MEMBE	1.00	Director	$0	$0	$0
COLLEEN CHANEY	VOTING MEMBE	1.00	Director	$0	$0	$0
RODNEY DAVIS	PAST CHAIR	1.00	Officer Director	$0	$0	$0
JEFF FULTZ	VOTING MEMBE	1.00	Director	$0	$0	$0
GREG D GERARD	BOARD CHAIR	5.00	Officer Director	$0	$0	$0
AMANDA MARCUM	FIRST CHAIR	5.00	Officer Director	$0	$0	$0
DR THOMAS MARTIN	VOTING MEMBE	1.00	Director	$0	$0	$0
RANDY PERRY	VOTING MEMBE	1.00	Director	$0	$0	$0
ERIN JONES ROTH	VOTING MEMBE	1.00	Director	$0	$0	$0
AMY SCARBOROUGH	VOTING MEMBE	1.00	Director	$0	$0	$0
COLLEEN SPENCER	PRESIDENT &	5.00	Officer Director	$0	$0	$0
JOHN TUEL	VOTING MEMBE	1.00	Director	$0	$0	$0
JILL WILLIAMS	SECOND CHAIR	5.00	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	No data	No data	No data	No data
2023	$222,684	$223,970	$210,326	$-1,286
2022	$236,450	$187,073	$201,589	$49,377
2021	$258,963	$204,463	$184,196	$54,500
2020	$224,101	$195,996	$118,120	$28,105
2019	$254,636	$269,716	$108,803	$-15,080
2018	$259,082	$265,358	$111,918	$-6,276