GREATER ELGIN CHAMBER OF COMMERCE (EIN 740607348) - Form 990 Financial Analysis & Trantor Score

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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

1935

Legal Domicile

Principal Officer

VERONICA SEEVER

Phone

5122854515

Tax Period

2023-01-01 to 2023-12-31

GREATER ELGIN CHAMBER OF COMMERCE, founded in 1935, is a small nonprofit that reported $296K in total revenue in fiscal year 2023. Revenue surged 62% from the prior year, signaling strong growth momentum. Expenses of $264K left a modest 11% surplus.

Mission

To promote business and tourism in the Elgin area.

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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 $139,355

Program Service Revenue $116,646

Investment Income $114

Other Revenue $39,446

TOTAL REVENUE $295,561

Expense Breakdown

Grants Paid $0

Salaries & Benefits $122,816

Fundraising Expenses $0

Program Expenses $261,403

Other Expenses $140,845

TOTAL EXPENSES $263,661

Year-over-Year Comparison

	2023	2022	Change
Revenue	$295,561	$181,906	+0.6%
Expenses	$263,661	$230,410	+0.1%
Net Income	$31,900	$-48,504	-1.7%

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

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

$65,004

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Veronica Seever	President	40.00	Key Emp	$65,004	$0	$65,004
Ed Rivers	Past Chairman	2.00	Officer Director	$0	$0	$0
Candace Elliott	Chairman	2.00	Officer Director	$0	$0	$0
Ericka Greenfield	Treasurer	2.00	Officer Director	$0	$0	$0
Stacey Gruetzner	Chair Elect	2.00	Officer Director	$0	$0	$0
TIM SCHULTZ	PAST CHAIRMAN	2.00	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	$295,561	$263,661	$46,775	$31,900
2022	$181,906	$230,410	$36,217	$-48,504

GREATER ELGIN CHAMBER OF COMMERCE