Wake Forest Area Chamber Foundation: Nonprofit Profile, Financials & Form 990 (EIN 47-1878507)

Revenue by fiscal year
FY2021	$182K
FY2022	$223K
FY2023	$275K
FY2024	$153K
FY2025	$16K

Expenses by fiscal year
FY2021	Not on file
FY2022	$179K
FY2023	$275K
FY2024	$185K
FY2025	$18K

Net assets by fiscal year
FY2021	$57K
FY2022	$101K
FY2023	$101K
FY2024	$68K
FY2025	$66K

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2015.

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

Where the money goes

81 cents of each dollar spent went to programs.

81%

19%

Program services 81% · $15K Management & general 19% · $3K

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

1 person listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Jim Thompson

Executive Di

$0Pt VII · Sec A

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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

Offers education in leadership, entrepreneurship, financial literacy, and workforce development for all ages.

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Provided by the organization

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1 program · $15K · in their own filed words · FY2024

01

To provide educational opportunities for both adults and youth focusing on leadership, entrepreneurship, financial literacy, and workforce development initiatives.

$15Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2022

Truist Foundation Fka Suntrust FoundationFY2022$15K

Total grants receivedfrom 1 funder$15K

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$16K

Ln 12

Fees for servicesLn 2g$15K

Gifts and grantsLn 1h$667

Investment incomeLn 3$138

Money outPt IX

$18K

Ln 25

Programscol B$15K

Managementcol C$3K

Owns and owesPt X

$66K

net assets · Ln 32

Cash and savingsLn 1–2$66K

Total assetsLn 16$66K

LiabilitiesLn 26$0

PeoplePt VI, VII

1

listed · VII A

PaidVII A0

Voting boardVI 1a8

IndependentVI 1b8

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$667

Fees for servicesLn 2g$15K

Investment incomeLn 3$138

Total revenueLn 12$16K

Assets in detailPt X, end of year

CashLn 1$66K

Cash and savings togetherLn 1–2$66K

Total assetsLn 16$66K

LiabilitiesLn 26$0

Net assetsLn 32$66K

OperationsPt I, VI

EmployeesI 50

Fiscal year endsHeaderJune

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$68K	$66K
Total assetsLn 16	$68K	$66K
LiabilitiesLn 26	$20	$0
Net assetsLn 32	$68K	$66K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Accounting feesLn 11c	$3K		$3K
Advertising and promotionLn 12	$21		$21
Office expensesLn 13	$164		$164
Information technologyLn 14	$362		$362
Other expenses (24a–d)Ln 24	$15K	$15K
Total functional expensesLn 25	$18K	$15K	$3K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$16K	$18K	−$2K	$66K	990 PDF
FY2024	$153K	$185K	−$33K	$68K	990 PDF
FY2023	$275K	$275K	−$267	$101K	990 PDF
FY2022	$223K	$179K	$44K	$101K	990 PDF
FY2021	$182K			$57K	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 FY2025 990 (6 parts)

Part I · Summary $15,805 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $66,806$667

I-9 Program service revenuePrior year $50,000$15,000

I-10 Investment incomePrior year $538$138

I-11 Other revenuePrior year $35,470$0

I-12 Total revenuePrior year $152,814$15,805

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 $185,428$17,910

I-18 Total expensesPrior year $185,428$17,910

I-19 Revenue less expensesPrior year −$32,614−$2,105

Part VI · Governance 8 of 8 board members independent, 4 to look at

VI-1a Voting members of the governing body8

VI-1b Independent voting members8

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 $15,805 across 5 lines filed

VIII-1f All other contributions, gifts and grants$667

VIII-1h Total contributions, gifts and grants$667

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,000$15,000

VIII-3 Investment incomeRelated to mission $138$138

VIII-12 Total revenueRelated to mission $15,138$15,805

Part IX · Statement of functional expenses $17,910 across 5 lines filed

IX-11c Accounting feesManagement $2,855$2,855

IX-12 Advertising and promotionManagement $21$21

IX-13 Office expensesManagement $164$164

IX-14 Information technologyManagement $362$362

IX-24 Other expenses (24a–d)Programs $14,508$14,508

IX-25 Total functional expensesPrograms $14,508 · Management $3,402 · Fundraising $0$17,910

Part X · Balance sheet $66,224 assets, 6 lines filed

X-1 Cash, non-interest-bearingStart of year $68,349$66,224

X-16 Total assetsStart of year $68,349$66,224

X-26 Total liabilitiesStart of year $20$0

X-27 Net assets without donor restrictionsStart of year $68,329$66,224

X-32 Total net assets or fund balancesStart of year $68,329$66,224

X-33 Total liabilities and net assetsStart of year $68,349$66,224

Part XI · Reconciliation of net assets $66,224 net assets at year end

XI-1 Total revenue$15,805

XI-2 Total expenses$17,910

XI-3 Revenue less expenses−$2,105

XI-4 Net assets at start of year$68,329

XI-10 Net assets at end of year$66,224

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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