BOONE AREA CHAMBER OF COMMERCE ECONOMIC DEVELOPMENT COMMISSION INC (EIN 920859710) - 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

2022

Legal Domicile

Principal Officer

JOSEPH FURMAN

Phone

8282642225

Tax Period

2024-07-01 to 2025-06-30

BOONE AREA CHAMBER OF COMMERCE ECONOMIC DEVELOPMENT COMMISSION INC, founded in 2022, is a community nonprofit in the Public & Societal Benefit sector that reported $1.5M in total revenue in fiscal year 2024. Revenue surged 666% from the prior year, signaling strong growth momentum. Expenses of $1.5M left a modest 4% surplus.

Mission

TO SOLICIT, MANAGE, AND DISTRIBUTE FUNDS AND RESOURCES TO FURTHER THE DEVELOPMENT AND WELFARE OF THE BOONE AND WATAUGA COUNTY, NC AREA THROUGH ACTIVITIES WHICH ARE EXCLUSIVELY CHARITABLE, EDUCATIONAL, OR SCIENTIFIC.

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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 (2024)

Revenue Breakdown

Contributions & Grants $1,439,450

Program Service Revenue $68,889

Investment Income $993

Other Revenue $0

TOTAL REVENUE $1,509,332

Expense Breakdown

Grants Paid $0

Salaries & Benefits $42,232

Fundraising Expenses $29,157

Program Expenses $1,394,589

Other Expenses $1,408,188

TOTAL EXPENSES $1,450,420

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,509,332	$197,058	+6.7%
Expenses	$1,450,420	$172,573	+7.4%
Net Income	$58,912	$24,485	+1.4%

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

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

$38,358

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARK GOULD	MEMBER	1.00	Director	$0	$0	$0
HEIDI RAGAN	MEMBER	1.00	Director	$0	$0	$0
TARA BROSSA	MEMBER	1.00	Director	$0	$0	$0
JOE NASH	MEMBER	1.00	Director	$0	$0	$0
DAVID JACKSON	MEMBER	3.00	Director	$0	$0	$0
EDWARD HINSON	MEMBER	1.00	Director	$0	$0	$0
AMY CRABBE	MEMBER	1.00	Director	$0	$0	$0
DR LESLIE ALEXANDER	MEMBER	1.00	Director	$0	$0	$0
CHUCK EYLER	MEMBER	1.00	Director	$0	$0	$0
DR HARRY DAVIS	MEMBER	1.00	Director	$0	$0	$0
TALIA FREEMAN	MEMBER	1.00	Director	$0	$0	$0
JASON TRIPLETT	MEMBER	1.00	Director	$0	$0	$0
JOSEPH FURMAN	EXECUTIVE DIRECTOR	20.00	Officer	$38,358	$0	$38,358

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
2025	$1,509,332	$1,450,420	$90,806	$58,912

BOONE AREA CHAMBER OF COMMERCE ECONOMIC DEVELOPMENT COMMISSION INC