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Gallatin Chamber Foundation

Tax-deductible

Gallatin, TN501(c)(3)Community DevelopmentEIN 46-0883999Revenue $187K in FY2024

On file with the IRSgallatintn.org/chamber-foundation117 W Main St, 37066-3231 · Gallatin, TNTax-exempt since Apr 2014Publicly supported charity — 170(b)(1)(A)(vi)

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To encourage, promote, and support innovative enhancement projects and creative initiatives within the city of Gallatin.

501(c)(3) charity; gifts are tax-deductible.
23¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 2
filings with a surplus
Average surplus $121K a year · 71% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
23%
of spending
Concern: 23% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
38 mo
of spending, in cash
Looks good: 38.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$187K
+21% vs prior year
Spent
$78K
To programs
23%
Net assets
$256K
By yearFY2023–FY2024
Revenue
$187K
FY2024▲ +21%
Tap a bar for its year
Revenue by fiscal year
FY2023$155K
FY2024$187K
Expenses
$78K
FY2024▲ +265%
Tap a bar for its year
Expenses by fiscal year
FY2023$21K
FY2024$78K
Net assets
$256K
FY2024▲ +74%
Tap a bar for its year
Net assets by fiscal year
FY2023$147K
FY2024$256K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2014.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

23 cents of each dollar spent went to programs.

Program services 23% · $18K Management & general 77% · $60K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation
Claire Bolinger
Board Member
$0Pt VII · Sec A
Rachel Brown
Chamber Boar
$0Pt VII · Sec A
Deanna Dewitt
Board Member
$0Pt VII · Sec A
Kathryn Good
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Michael Lajoie
Chamber Boar
$0Pt VII · Sec A
Scott Langford
Vice Chair
$0Pt VII · Sec A
Lynda Love
Board Member
$0Pt VII · Sec A
See Gallatin Chamber Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Supports creative projects and innovative enhancements for Gallatin City.

Questions for Gallatin Chamber Foundation

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Provided by the organization

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1 program · $18K · in their own filed words · FY2024
01

The gallatin chamber foundation is the gallatin area chamber of commerce's 501(c)3 component to encourage, promote, and support innovative enhancement projects and creative initiatives within the city of gallatin.

$18Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$187K
Ln 12
Gifts and grantsLn 1h$171K
Other incomeLn 4–11$15K
Investment incomeLn 3$83
Money outPt IX
$78K
Ln 25
Programscol B$18K
Managementcol C$60K
Owns and owesPt X
$256K
net assets · Ln 32
Cash and savingsLn 1–2$248K
Total assetsLn 16$256K
LiabilitiesLn 26$0
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$171K
Investment incomeLn 3$83
Other incomeLn 4–11$15K
Total revenueLn 12$187K
Assets in detailPt X, end of year
CashLn 1$148K
SavingsLn 2$100K
Cash and savings togetherLn 1–2$248K
Total assetsLn 16$256K
LiabilitiesLn 26$0
Net assetsLn 32$256K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$144K$248K
Total assetsLn 16$147K$256K
LiabilitiesLn 26$0$0
Net assetsLn 32$147K$256K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$750$750
OccupancyLn 16$58K$58K
InsuranceLn 23$1K$1K
Other expenses (24a–d)Ln 24$18K$18K
Total functional expensesLn 25$78K$18K$60K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $187K$78K$109K$256K 990 PDF
FY2023 $155K$21K$133K$147K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $186,829 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $141,861$171,447
I-9 Program service revenue$0
I-10 Investment incomePrior year $41$83
I-11 Other revenuePrior year $12,759$15,299
I-12 Total revenuePrior year $154,661$186,829
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $21,393$78,018
I-18 Total expensesPrior year $21,393$78,018
I-19 Revenue less expensesPrior year $133,268$108,811
Part VI · Governance 10 of 10 board members independent, 4 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $186,829 across 5 lines filed
VIII-1f All other contributions, gifts and grants$171,447
VIII-1h Total contributions, gifts and grants$171,447
VIII-3 Investment incomeRelated to mission $83$83
VIII-8 Net income from fundraising events$15,299
VIII-12 Total revenueRelated to mission $83$186,829
Part IX · Statement of functional expenses $78,018 across 4 lines filed
IX-11c Accounting feesManagement $750$750
IX-16 OccupancyManagement $58,500$58,500
IX-23 InsuranceManagement $1,193$1,193
IX-24 Other expenses (24a–d)Programs $17,575$17,575
IX-25 Total functional expensesPrograms $17,575 · Management $60,443 · Fundraising $0$78,018
Part X · Balance sheet $255,655 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $144,183$147,525
X-2 Savings and temporary cash investments$100,000
X-4 Accounts receivableStart of year $2,660$8,130
X-16 Total assetsStart of year $146,843$255,655
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $7,888$207,625
X-28 Net assets with donor restrictionsStart of year $138,955$48,030
X-32 Total net assets or fund balancesStart of year $146,843$255,655
X-33 Total liabilities and net assetsStart of year $146,843$255,655
Part XI · Reconciliation of net assets $255,655 net assets at year end
XI-1 Total revenue$186,829
XI-2 Total expenses$78,018
XI-3 Revenue less expenses$108,811
XI-4 Net assets at start of year$146,843
XI-8 Prior period adjustments$1
XI-10 Net assets at end of year$255,655

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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