2024-11-06T10:03:38-06:00 2023-12-31 571157523 Aprio LLP 1200 Corporate Dr Suite 200 Birmingham AL 35242 990 2023-01-01 131893850 German American Chamber Of Commerce Inc GERM 2129748847 80 Pine Street 24th Floor New York NY 10005 MARTIN KAISER Vice President & Treasurer 2129748847 2024-11-10 1 1 Stacy Cullen P00974308 2059915506 2024-11-05 2023 2024-10-15 13:58:12Z Susanne Gellert 80 Pine Street 24th Floor New York NY 10005 7819043 0 X gaccny.com X 1947 NY The German American Chamber of Commerce, Inc. supports, promotes, and maximizes trade and investment relationships between the federal republic of Germany & the U.S. 36 34 51 5 2102019 0 2898250 3032032 4373733 4552638 200 2689 29780 66783 7301963 7654142 0 0 0 0 4560276 4346767 0 0 0 2817246 2736812 7377522 7083579 -75559 570563 4887127 5454618 3158815 3155743 1728312 2298875 X The German American Chamber of Commerce ("GACC") fosters the economic ties between Germany and the United States of America. Founded in 1947 it now also comprises of representation in Philadelphia and California. The GACC offers a wide range of services to the northeastern and western states. Benefiting from being close to Silicon Valley, the California branch mainly supports trendsetting industry sectors such as information technology, biotechnology, renewable energies, semi-conductors and nanotechnology. 0 0 1581913 954221 As part of our services in establishing business presence in the U.S., we offer consulting services. These services include a wide range of integrative options, from detailed market studies to business correspondence services to potential partners. We customize our services according to each client's needs so that we are able to offer the best business partner referrals and the most options for commercial trade show preparations. Furthermore, we coordinate incentive programs to facilitate companies in exporting to the U.S. we also provide support for companies in their search for qualified bilingual employees. Consulting services include: market studies; office representations; individual business partner arrangement; U.S. market development; VHP USA; and recruitment service. 1202585 725407 The chamber is promoting the exchange of German and American interns to increase the mutual understanding of the two business cultures. Career services offers internship exchange programs for the U.S. and Germany and is an official department of state designated J-1 visa sponsor organization. The internship program USA promotes the placement of student and young professional trainees from Germany with companies located throughout the U.S. these trainees are highly-qualified English-speakers who are available to actively train with a host-company for up to 18 months, when sponsored by the GACC J-1 exchange visitor visa program. Please apply online at our job exchange. The internship program Germany promotes the placement of American trainees from leading universities in the U.S. with companies in Germany. GACC career services assists in the procurement of the required work and residency permits for Germany. J-1 exchange visitor visa: the GACC career services operates an official state department designated J-1 visa program, by issuing a certificate of eligibility form DS-2019. The GACC can assist companies in the U.S. who have recruited their own trainees from Germany in obtaining the necessary J-1 visa for their candidates. 6465 3900 The Chamber organizes and coordinates various events and seminars for young business leaders. 3035811 833874 3035811 833874 5826774 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 19 0 1 51 1 1 1 1 GM 0 0 0 0 0 0 0 0 X 36 34 0 0 0 0 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 0 NY CA DC IL X Martin Kaiser 2129748847 80 Pine Street 24th Floor New York NY 10005 X Jan Heck Chairman 1.00 X X 0 0 0 Bonnie Tully Vice Chairman 1.00 X X 0 0 0 Christian C Brune Vice Chairman 1.00 X X 0 0 0 Hilde Holland Esq Secretary 1.00 X X 0 0 0 Rudiger Albers Director 1.00 X 0 0 0 Volker Baer Director 1.00 X 0 0 0 Attila Arian Director 1.00 X 0 0 0 Andrew Campbell Director 1.00 X 0 0 0 Sven Doerge Director 1.00 X 0 0 0 Marc Ehrhardt Director 1.00 X 0 0 0 Jean-Claude Dubacher Director 1.00 X 0 0 0 Stephan Born Director 1.00 X 0 0 0 Jaroslav Gabor Director 1.00 X 0 0 0 Dr Alexander P Imberg Director 1.00 X 0 0 0 Christian Jagenberg Director 1.00 X 0 0 0 Rick Kasnick Director 1.00 X 0 0 0 Ragnar Kruse Director 1.00 X 0 0 0 Uve Kupka Director 1.00 X 0 0 0 Lars Leitner Director 1.00 X 0 0 0 Ralph-Peter Mueller Director 1.00 X 0 0 0 Sebastian Mackensen Director 1.00 X 0 0 0 Uwe Scharfy Director 1.00 X 0 0 0 Marco Schnabl Director 1.00 X 0 0 0 Jan-Patrick Schmitz Director 1.00 X 0 0 0 James H Sullivan Director 1.00 X 0 0 0 Christofer Von Nagel Director 1.00 X 0 0 0 Susanne von Turk Director 1.00 X 0 0 0 Kerstin Wagner Director 1.00 X 0 0 0 Bruce R White Director 1.00 X 0 0 0 Reinhard Wieck Director 1.00 X 0 0 0 Anthony Williams Director 1.00 X 0 0 0 Susannne Witte-Settineri Director 1.00 X 0 0 0 Katrin Zimmermann Director 1.00 X 0 0 0 Dr Siegfried Buschmann Honorary Director 1.00 X 0 0 0 David Detjen Honorary Director 1.00 X 0 0 0 Caroll H Neubauer Honorary Director 1.00 X 0 0 0 Standford Warshawsky Honorary Director 1.00 X 0 0 0 Andreas Fibig Honorary Director 1.00 X 0 0 0 Dirk Janzen Director 1.00 X 0 0 0 Dietmar Rieg President & CEO 40.00 X 315263 60050 52870 Susanne Gellert President & CEO 40.00 X 240909 45887 90847 Martin Kaiser Vice President & Treasurer 40.00 X 159449 30371 69258 Claus Habermeier Director GTAI 40.00 X 170558 0 50866 Nicholas Anderson Director IT Administration 40.00 X 129635 26552 37239 Matthew Allen Director Career & Education 40.00 X 166289 0 97327 Irene Fucks Director Membership/Events 40.00 X 160118 0 56858 1342221 162860 455265 7 0 1 0 0 371908 2660124 3032032 Consulting Services 541610 1488565 529407 959158 Career Services 561300 925912 925912 Legal Service 541100 837580 837580 Administrative Services 561000 697749 588000 109749 Membership Services 900099 361128 361128 241704 53627 188077 4552638 2689 2689 164901 164901 0 Currency Fluctuation 900099 59328 59328 Career Svcs-Recruitment 900099 7455 7455 66783 7654142 2517402 2102019 2689 1052468 2425156 256469 304303 308371 52062 426444 11793 25018 175841 531233 243871 337560 41478 44947 Miscellaneous 295143 Consulting Services & M 195835 Startup Expense 136019 Career Service Expense 85571 133997 7083579 2431501 3147495 125871 183363 383799 496020 118834 120513 1279227 1185770 58536 93457 1768586 1413770 4887127 5454618 777042 750742 106110 480404 2275663 1924597 3158815 3155743 X 0 0 0 0 1728312 2298875 1728312 2298875 4887127 5454618 570563 0 X X 0 1 X 1 0 0 1 0 73302 68913 4389 749115 661548 87567 456810 455309 1501 93457 Intercompany GACC Philadelphia/Trade show services 465974 Security deposit 17298 Right of Use Assets 930498 1413770 Unearned Revenue 154050 Exchange Accounts 46857 Other Liabilities 1723690 1924597 X Part X, Line 2: The Internal Revenue Service has determined that the Chamber's New York Branch and the Philadelphia Branch are exempt from federal income tax under Section 501(c)(6) of the IRC and from state and Iocal income taxes under comparable laws. As these two branches are nonprofit entities, this subjects the Chamber to Unrelated Business Income Tax (UBIT), if applicable. For the years ended December 31, 2023 and 2022, these branches of the Chamber did not owe any UBIT. The Chamber is tax exempt for most of its operations; however, it is liable for income tax on Unrelated Business Income which it generates from certain consulting, legal and other services. In prior years, the Chamber generated significant losses from this business thereby creating net operating loss carryforwards ("NOL's") that will be utilized to offset any net income generated by these services. As of December 31, 2023 and 2022, the Chamber had NOL's totaling approximately $1,052,000 and $1,066,000, respectively. Approximately $664,000 of these NOL's will expire in various amounts between 2024 and 2036. Because of the uncertainty of the realization of the NOL carryforwards, the Chamber has not recorded a provision for income taxes nor the associated deferred tax asset on the accompanying consolidated statements of financial position or the consolidated statements of activities and changes in net assets as of December 31, 2023 and 2022. Trade Show Services is a for-profit entity and is subject to federal, state and local income taxes. There were $0 and $79,688 tax provisions for the years ended December 31, 2023 and 2022, respectively. PART X, LINE 2: Liability For Uncertain Tax Positions Income Taxes: The internal revenue service has determined that the chamber's New York branch is exempt from federal income tax under section 501 (c)(6) of the IRC and from state and local income taxes under comparable laws. Since the branch is a not-for-profit entity, this subjects the chamber to unrelated business income tax (UBIT), if applicable. For the tax years ended December 31, 2023 and 2022, the New York branch did not owe any UBIT. Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 1 2 Program Services The goal of the position is to promote startup entrepreneurs from Germany who are interested to explore the us market for their product. For that the GACC offers a 5 day program in New York where the interested parties can gain practical business experience, meet business angels and venture capital investors and qualify for the German accelerator in New York. 183944 1 2 0 0 1 2 183944 0 183944 0 0 0 0 0 0 X X 0 0 0 Dietmar Rieg President & CEO 315263 60050 0 0 0 0 27720 5280 16691 3179 359674 68509 0 0 Susanne Gellert President & CEO 240909 45887 0 0 0 0 64581 12301 11731 2234 317221 60422 0 0 Matthew Allen Director Career & Education 166289 0 0 0 0 0 55854 0 41473 0 263616 0 0 0 Martin Kaiser Vice President & Treasurer 159449 30371 0 0 0 0 48221 9185 9956 1896 217626 41452 0 0 Claus Habermeier Director GTAI 170558 0 0 0 0 0 27265 0 23601 0 221424 0 0 0 Irene Fucks Director Membership/Events 160118 0 0 0 0 0 55174 0 1684 0 216976 0 0 0 Nicholas Anderson Director IT Administration 129635 26552 0 0 0 0 29507 6044 1401 287 160543 32883 0 0 Part I, Line 3 The top management official of the organization, the President and CEO, has his compensation determined by the government of Germany and the Board of Directors of the GACC. All salary decisions for the officers of the organization are reviewed and approved by the DeUtscher Industrie-und Handelskammertag, which is acting on behalf of the German government. Form 990, Part VI, Section A, line 6 The German American Chamber of Commerce is established as a section 501(c)(6) membership organization. By definition, the organization has members. Form 990, Part VI, Section A, line 7a All members of the German American Chamber of Commerce are empowered to vote for, and elect, the organization's Board of Directors. According to the bylaws the management and the control of the property and the affairs of the chamber shall be vested in the Board of Directors. Furthermore, there are committees: nomination committee, executive committee, audit and finance committee. Each member has one voting right. No shares of profits or net assets are distributed. Form 990, Part VI, Section A, line 7b All members of the German American Chamber of Commerce are empowered to vote for, and elect, the organization's Board of Directors. According to the bylaws the management and the control of the property and the affairs of the Chamber shall be vested in the Board of Directors. Furthermore, there are committees: nomination committee, executive committee, audit and finance committee. Each member has one voting right. No shares of profits or net assets are distributed. Form 990, Part VI, Section B, line 11b Form 990 review The form 990 is prepared by an independent accounting firm in conjunction with the Chamber of Commerce's financial department. The form 990 is reviewed in detail by the chamber's financial personnel prior to its filing with the Internal Revenue Service. A copy of the form 990 is provided only to certain members of the organization's governing body for review as some of the members are located outside of the U.S. members who receive a copy of the form 990 are the President & CEO who is a director of the board and an officer of the organization. Additionally, the Treasurer of the organization reviews the form 990 as well. Part VI, Section A, Line 9 Secretary Hilde Holland, Partner at Wuersch & Gering LLP 100 Wall Street, 10th floor New York, NY 10005 Chairman Jan Heck, President and CEO of Miele, Inc. 9 Independence Way Princeton, NJ 08540 Vice-Chairman Christian C. Brune 101 Crawfords Corner RD Suite 1206 Holmdel, NJ 07733 Vice-Chairman Bonnie Tully, President Evonik Corporation 299 Jefferson RD. Parsippany, NJ 07054 Form 990, Part VI, Section B, line 12c A description of the conflict of interest policy is part of the employee handbook which every employee receives and has to sign at the beginning of employment. In addition, the policy is monitored and enforced on an annual basis. The GACC provides employees with a refresher of onboarding information, including conflict of interest, confidentiality, and sexual harassment. This is done in a company meeting format. There is no process in place to document that employees have received and agreed to this information, but rather simply a reminder that they have already agreed to these policies while employed by US. Form 990, Part VI, Section B, line 15 The top management official of the organization, the president and CEO, has his compensation determined by the government of Germany and the Board of Directors of the GACC. All salary decisions for the officers of the organization are reviewed and approved by the Deutscher Industrie-UND Handelskammertag, which is acting on behalf of the German government. Form 990, Part VI, Section C, line 19 The organization makes its financial statements available to the general public at its annual board meeting which is open to all members of the organization. The organization's conflict of interest policy and other governing documents are available upon request and at management's discretion. FORM 990, PART XII, LINE 2C: The organization has not changed any processes from the prior year. Bavarian US Offices For Economic Development 80 Pine Street 24th Floor New York NY 10005 273412923 Business Deveopment NY 859619 266717 German American Chamber Of Commerce Philadelphia-German American Chamber of Commerce 1635 Market Street Suite 1600 Philadelphia PA 19103 233258662 Support trade PA 501(c)(6) 0 Representative of German Business 101 Montgomery Street Suite 1900 San Francisco CA 94104 825425807 Support trade CA 501(c)(6) 0 Trade Show Services-GACC NY Inc 80 Pine Street 24th Floor New York NY 10005 201764606 Trade Show NY German American Chamber of Commerce C 1040432 304167 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 1 Trade Show Services GACC New York Inc A 49174 Intercompany Trade Show Services GACC New York Inc S 0 Cash Transfer Trade Show Services GACC New York Inc N 57892 Intercompany Philadelphia-German American Chamber of Commerce N 157786 Intercompany Representative of German Business P 0 Bank Tr/Check Representative of German Business Q 62215 Bank Tr/Check