2024-06-25T12:28:39-05:00 2023-12-31 411360831 OLSEN THIELEN & CO LTD 2675 LONG LAKE ROAD ST PAUL MN 55113 990 2023-01-01 391451032 HUDSON AREA CHAMBER OF COMMERCE & TOURISM BUREAU HUDS 7153868411 219 2ND STREET HUDSON WI 54016 MARIA MACHTEMES TREASURER 7153868411 2024-06-07 1 MARIA MACHTEMES XXX-XX-XXXX 0 ALLISON L BOYD CPA P00535697 6514834521 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z MARY CLAIRE OLSON POTTER 219 2ND STREET HUDSON WI 54016 720239 0 X WWW.HUDSONWI.ORG X 1953 WI TO PROVIDE VALUE TO AND SERVE OUR MEMBERS, PROMOTE A STRONG LOCAL ECONOMY, ADVOCATE FOR THE INTERESTS OF THE BUSINESS COMMUNITY, CHAMPION SUSTAINABILITY, AND MARKET THE RECREATIONAL AND CULTURAL OPPORTUNITIES IN THE HUDSON AREA. 13 13 5 35 5000 0 622763 565868 58192 13685 5950 9971 -156747 -25763 530158 563761 0 0 0 0 234366 223562 0 0 0 301836 402857 536202 626419 -6044 -62658 994177 901481 433629 397728 560548 503753 TO PROVIDE VALUE TO AND SERVE OUR MEMBERS, PROMOTE A STRONG LOCAL ECONOMY, ADVOCATE FOR THE INTERESTS OF THE BUSINESS COMMUNITY, CHAMPION SUSTAINABILITY, AND MARKET THE RECREATIONAL AND CULTURAL OPPORTUNITIES IN THE HUDSON AREA. 0 0 COMMUNITY DEVELOPMENT - PROMOTED COMMUNITY SPIRIT AND DEVELOPMENT THROUGH SPECIAL EVENTS THROUGHOUT THE YEAR. TOURISM DEVELOPMENT - PROMOTED HUDSON TO INCREASE THE NUMBER OF TOURISTS AND VISITORS TO SUPPORT BUSINESSES IN THE AREA. WELCOMED 66 NEW MEMBERS AND ACHIEVED 90% RETENTION RATE, RESULTING IN A YEAR END MEMBERSHIP OF 461.EDUCATION - LEADERSHIP AND BUSINESS EDUCATION THROUGH LEADERSHIP HUDSON AND TRAINING PROGRAMS. 0 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 16 0 1 5 1 1 1 0 0 0 1 1 0 0 0 X 13 13 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 WI X MARY CLAIRE OLSON POTTER 7153868411 219 2ND STREET HUDSON WI 54016 ANGEL DURATTI PAST CHAIR 1.00 X X 0 0 0 JOEL LARSEN TREASURER 1.00 X X 0 0 0 LEANNE VAN ALLEN CHAIR 1.00 X X 0 0 0 MARIA MACHTEMES DIRECTOR 1.00 X 0 0 0 KATIE KRANZ DIRECTOR 1.00 X 0 0 0 MARK HEIN DIRECTOR 1.00 X 0 0 0 CHRIS KOST DIRECTOR 1.00 X 0 0 0 LINDA LA KOSKY ENG CHAIR ELECT 1.00 X X 0 0 0 MARK MCNAMEE DIRECTOR 1.00 X 0 0 0 DEB PITTMAN DIRECTOR 1.00 X 0 0 0 KEVIN URBIK DIRECTOR 1.00 X 0 0 0 BLAKE WILLMAN DIRECTOR 1.00 X 0 0 0 HEATH EHRNREITER DIRECTOR (THROUGH 11/23) 1.00 X 0 0 0 MARY CLAIRE OLSON POTTER PRESIDENT 40.00 X 111509 0 9917 111509 0 9917 1 0 0 0 0 189951 156785 219132 565868 PUBLICATIONS 513120 11834 6834 5000 1851 1851 13685 9971 9971 130715 156785 156478 -25763 -25763 563761 8685 5000 -15792 X 121426 76556 11278 14302 2335 47622 837 140984 54857 9769 48567 499 8741 7811 UTILITIES & MAINTENANCE 34194 PRINTING & POSTAGE 26780 DUES & SUBSCRIPTIONS 9945 BANK CHARGES 7730 2186 626419 145117 139153 190000 188175 100203 30000 45653 58446 6357 6154 143750 61089 91402 82661 137359 143953 278086 252939 994177 901481 44870 30159 110864 111137 277895 256432 433629 397728 X 420516 366819 140032 136934 560548 503753 994177 901481 -62658 5863 0 X X 1 X 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 70336 8864 61472 56964 40775 16189 16450 11450 5000 82661 OPERATING LEASE RIGHT-OF-USE ASSET 250292 SECURITY DEPOSIT 2647 252939 OPERATING LEASE OBLIGATION 256432 256432 X PART X, LINE 2: ASC 740 DISCLOSURE FROM REVIEWED FINANCIAL STATEMENTS: THE CHAMBER IS CLASSIFIED AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND IS SUBJECT TO FEDERAL AND STATE INCOME TAX ONLY ON NET UNRELATED BUSINESS INCOME. THE CHAMBER GENERATES UNRELATED BUSINESS INCOME FROM ADVERTISING IN ITS MONTHLY NEWSLETTER AND ON ITS WEBSITE. THE CHAMBER INCURRED NO INCOME TAX IN DECEMBER 31, 2023 AND 2022. THE CHAMBER REVIEWS INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN INCOME TAX RETURNS TO DETERMINE IF THERE ARE ANY INCOME TAX UNCERTAINTIES. THIS INCLUDES POSITIONS THAT THE ENTITY IS EXEMPT FROM INCOME TAXES OR NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME. THE CHAMBER RECOGNIZES TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES. THE CHAMBER HAS IDENTIFIED NO SIGNIFICANT INCOME TAX UNCERTAINTIES. THE CHAMBERS FEDERAL AND STATE INCOME TAX RETURNS ARE OPEN TO EXAMINATION FOR TAX YEARS 2020 THROUGH 2022. THE CHAMBER HAS FEDERAL AND STATE NET OPERATING LOSS CARRYFORWARDS RELATED TO UNRELATED BUSINESS INCOME OF APPROXIMATELY $76,200 WHICH WILL EXPIRE BETWEEN 2024 AND 2038. DEFERRED TAX ASSETS RELATED TO THE LOSS CARRY FORWARDS OF APPROXIMATELY $22,800 AND $19,700 HAVE BEEN RECORDED AND ARE REFLECTED NET OF A VALUATION ALLOWANCE OF 100% AT DECEMBER 31, 2023 AND 2022, RESPECTIVELY. A VALUATION ALLOWANCE HAS BEEN RECORDED FOR THE ENTIRE DEFERRED TAX ASSET DUE TO THE UNCERTAINTY OF REALIZING THE TAX BENEFITS OF THE NET OPERATING LOSS CARRYFORWARDS IN THE FUTURE. GOLF 53262 31638 21624 13958 9992 3877 TOUR OF HOMES 51428 5400 46028 -53 13381 14 182810 119747 63063 1639 20128 93556 287500 156785 130715 15544 30120 110814 156478 -25763 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE BUSINESSES THAT SERVE THE HUDSON AREA. FORM 990, PART VI, SECTION A, LINE 7A A NOMINATING COMMITTEE CONSISTING OF THE CHAIR OF THE BOARD OF DIRECTORS, THE CHAIR-ELECT OF THE BOARD OF DIRECTORS AND THREE (3) MEMBERS OF THE CHAMBER PRESENTS A SLATE OF AN APPROPRIATE NUMBER OF CANDIDATES TO REPLACE THE DIRECTORS WHOSE REGULAR TERMS ARE EXPIRING IN A GIVEN YEAR. THE PRESIDENT THEN NOTIFIES ALL MEMBERS OF THE SELECTED CANDIDATES, AND MEMBERS CAN NOMINATE ADDITIONAL CANDIDATES BY PETITION IF THEY WISH TO DO SO. IN THE EVENT THAT A PETITION IS FILED, ALL ACTIVE MEMBERS ARE ELIGIBLE TO VOTE FOR THEIR CANDIDATE OF CHOICE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHAMBER'S DIRECTOR OF FINANCE AND PRESIDENT PRIOR TO FILING WITH THE IRS. THE ORGANIZATION PROVIDES A COPY OF FORM 990 TO ALL EXECUTIVE BOARD MEMBERS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, AT A REGULARLY SCHEDULED BOARD MEETING, BOARD MEMBERS VERBALLY AGREE TO THE TERMS OF THE CONFLICT OF INTEREST AGREEMENT AS NOTED IN THE BY-LAWS. BOARD MEMBERS ARE REQUIRED TO ABSTAIN FROM VOTES THAT INVOLVE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT IS BASED ON MARKET TRENDS AND GOALS. THE MID-AMERICA CHAMBER EXECUTIVE SURVEY IS ALSO USED FOR BOTH THE PRESIDENT AND OTHER CHAMBER POSITIONS AT TURNOVER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 140,984. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR. HUDSON CHAMBER OF COMMERCE FOUNDATION INC 502 2ND STREET HUDSON WI 54016 822583113 CHARITABLE, SCIENTIFIC AND EDUCATIONAL PURPOSES TO BEFENIT THE PUBLIC WI 501(C)(3) LINE 7 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0