Corona Chamber of Commerce

EIN: 950651175

Corona, CA

Total Revenue
$1,170,961
Total Expenses
$1,144,749
Total Assets
$618,816
Net Assets
$105,426
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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
1910
Legal Domicile
CA
Principal Officer
Robert Spiegel
Phone
9517373350
Tax Period
2023-01-01 to 2023-12-31

Corona Chamber of Commerce, founded in 1910, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2023. Revenue decreased 11% compared to the prior year.

Mission

The Corona Chamber promotes business, advocacy, community, and economic development while serving as a catalyst for improving the overall quality of life in our community and region.

Program Service Accomplishments

Program 1

The Corona Chamber continues to be the authoritative voice that advocates and represents Corona business interests and their viewpoints on issues affecting the greater Corona community. The Corona...

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The Corona Chamber continues to be the authoritative voice that advocates and represents Corona business interests and their viewpoints on issues affecting the greater Corona community. The Corona Chamber is a catalyst for business growth; we provide connections to business prospects, networking opportunities and relationships in a friendly, referral-based environment, access to business resources information, and training to support the growth and professional development of our business community and its employees, savings on products and services through member-only benefits, convener of leaders & influencers through our advocacy: Advocacy representation with elected officials, policy makers, and business leaders on local, regional, state, and federal platforms. Influence over issues that directly impact business. Collaborations of business and community leaders to identify and solve challenges, champion for a stronger community: inspire smart planning decisions for long-term community sustainability, identify strategic partnerships to benefit business retention.

Program 2

The Corona Chamber serves the business community by promoting quality services to the community and area businesses designed to promote and publicize the city, stimulate commerce, attract and serve...

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The Corona Chamber serves the business community by promoting quality services to the community and area businesses designed to promote and publicize the city, stimulate commerce, attract and serve the needs of new businesses and institutions, beautify the Corona Area, assist with fairs, festivals and events that celebrate Corona's rich history and diverse community, support education, retain established businesses, advocate legislation, enhance health and safety, improve relationships with local government, train new leaders, champion the advancement of women and minorities and promote the development of new technology. The Corona Chamber sponsors and conducts annual community events including: State of the City - Mayor's Event; Business Expo; Career Day; Salute to the Military; Honoring our Local heroes; Golf Tournament; Labor Law Seminar: current issues on new laws seminar; lunch and learn sessions; Women's Leadership Conference and an annual fund raiser for the Chamber Legislative Advocacy Outreach.

Program 3

Focused on future workforce, the Corona Chamber is developing the workforce in key industries, education programs in numerous outreaches - through our on-site visits to the various high schools to...

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Focused on future workforce, the Corona Chamber is developing the workforce in key industries, education programs in numerous outreaches - through our on-site visits to the various high schools to our combined career day activities. We have become involved and supportive of the Stem Academy (Science, Technology, Engineering and Mathematics) programs and will help develop the innovative center for the greater Corona area. Working with our member firms, providing connections for business community to partner with the school district while linking new skill-training programs are all part of the equation. The Corona Chamber also partners with the neighboring community college (Norco College). Created a strike force comprised of e3dcators and manufacturers to coordinate & implement new curriculum for training & educating students & local workforce. Workforce development through education in technology, the local school districts and private providers are partnering in an awareness campaign that directs enrollees to the most appropriate and efficient learning centers.

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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 $805,835
Program Service Revenue $233,483
Investment Income $0
Other Revenue $131,643
TOTAL REVENUE $1,170,961

Expense Breakdown

Grants Paid $0
Salaries & Benefits $517,222
Fundraising Expenses $0
Other Expenses $627,527
TOTAL EXPENSES $1,144,749

Year-over-Year Comparison

2023 2022 Change
Revenue $1,170,961 $1,320,369 -0.1%
Expenses $1,144,749 $1,347,644 -0.2%
Net Income $26,212 $-27,275 -2.0%
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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Governance

Voting Members
29
Independent Members
29
Employees
10
Volunteers
100

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
7
$196,585
Total Directors
29
$196,585
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Robert Spiegel Pres/CEO/Sec 40.00
Officer Director
$196,585 $0 $196,585
Dean Seif Chairman 5.00
Officer Director
$0 $0 $0
Anthony Pirritano Chair Elect 5.00
Officer Director
$0 $0 $0
Chad Miller Vice Chair 5.00
Officer Director
$0 $0 $0
Sam Buenrostro Treas/Fin Chair 5.00
Officer Director
$0 $0 $0
Ruth Jaffe Vice Chair Fin 5.00
Officer Director
$0 $0 $0
Palbinder Badesha Immed Past Chai 5.00
Officer Director
$0 $0 $0
Kathy Armstrong Director 1.00
Director
$0 $0 $0
David Brambila Director 1.00
Director
$0 $0 $0
Adam Cancellieri Director 1.00
Director
$0 $0 $0
Grace Clark Director 1.00
Director
$0 $0 $0
Marta Cortez Director 1.00
Director
$0 $0 $0
Jim Gore Director 1.00
Director
$0 $0 $0
Tim Grambling Director 1.00
Director
$0 $0 $0
Monica Green Director 1.00
Director
$0 $0 $0
Prabh Grewal Director 1.00
Director
$0 $0 $0
Sam Itani Director 1.00
Director
$0 $0 $0
Barry E Knight Director 1.00
Director
$0 $0 $0
Kim Mabon Director 1.00
Director
$0 $0 $0
Jeff Miller Director 1.00
Director
$0 $0 $0
Javier Montes Director 1.00
Director
$0 $0 $0
Cisco Perez Director 1.00
Director
$0 $0 $0
Lea Petersen Director 1.00
Director
$0 $0 $0
Lily Quiroa Director 1.00
Director
$0 $0 $0
Mike Quraishi Director 1.00
Director
$0 $0 $0
Jesse Ramirez Director 1.00
Director
$0 $0 $0
John Weyhgandt Director 1.00
Director
$0 $0 $0
Corry Shedd Director 1.00
Director
$0 $0 $0
Eugene Montanez Director 1.00
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 $1,170,961 $1,144,749 $618,816 $26,212
2022 $1,320,369 $1,347,644 $531,668 $-27,275
2021 $1,169,829 $1,175,615 $655,806 $-5,786
2020 $908,581 $817,047 $500,586 $91,534
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