Bangor Region Chamber Of Commerce
Bangor Region Chamber Of Commerce frequently operates at a deficit, with liabilities significantly exceeding assets in recent years.
EIN: 10024245 · Bangor, ME · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $671K |
| Total Expenses | $721K |
| Program Spending | 75% |
| Net Assets | $-285,539 |
| Transparency Score | 60/100 |
Is Bangor Region Chamber Of Commerce Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Bangor Region Chamber Of Commerce directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Bangor Region Chamber Of Commerce
Bangor Region Chamber Of Commerce (EIN: 10024245) is a nonprofit organization based in Bangor, ME. The organization reported total revenue of $671K and total assets of $161K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Bangor Region Chamber Of Commerce's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Bangor Region Chamber Of Commerce is a small nonprofit that has been operating for 81 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 0.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $573K |
| Total Expenses | $721K |
| Surplus / Deficit | $-147,651 |
| Total Assets | $349K |
| Total Liabilities | $635K |
| Net Assets | $-285,539 |
| Operating Margin | -25.8% |
| Debt-to-Asset Ratio | 181.8% |
| Months of Reserves | 5.8 months |
Financial Health Grade: C
In 2023, Bangor Region Chamber Of Commerce reported a deficit of $148K with expenses exceeding revenue, holds 5.8 months of operating reserves (adequate), has a debt-to-asset ratio of 181.8% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Bangor Region Chamber Of Commerce's revenue has grown at a compound annual growth rate (CAGR) of 0.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +22.3% | +18.1% | -25.3% |
| 2022 | -13.5% | +17.7% | -10.2% |
| 2021 | +6.2% | -8.5% | +257.7% |
| 2020 | -18.5% | -13.0% | +17.6% |
| 2019 | -0.9% | +0.1% | -23.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1945 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Bangor Region Chamber Of Commerce with a Mission Score of 60 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 75%
- fundraising: 10%
According to IRS 990 filings, Bangor Region Chamber Of Commerce allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $148K, with expenses exceeding revenue.
- Debt-to-asset ratio: 181.8%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no compensation was paid to officers, which is a positive sign for minimizing overhead in this area relative to the organization's size and revenue.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Bangor Region Chamber Of Commerce's IRS 990 filings:
- Consistent operational deficits in multiple years (e.g., 202312, 202212, 202012, 201912, 201812, 201712, 201612, 201412).
- Liabilities significantly exceeding assets in recent periods ($634,691 liabilities vs. $349,152 assets in 202312; $605,444 liabilities vs. $467,556 assets in 202212).
- Lack of detailed expense breakdown (program, admin, fundraising) in the provided summary data, hindering full efficiency analysis.
Strengths
The following positive indicators were identified for Bangor Region Chamber Of Commerce:
- Consistent filing of IRS 990s, indicating good financial transparency.
- Reported 0% officer compensation across all filings, suggesting fiscal prudence in executive pay.
- Long operational history with consistent revenue generation over a decade.
Frequently Asked Questions about Bangor Region Chamber Of Commerce
Is Bangor Region Chamber Of Commerce a legitimate charity?
Based on AI analysis of IRS 990 filings, Bangor Region Chamber Of Commerce (EIN: 10024245) some concerns. Mission Score: 60/100. 3 red flags identified, 3 strengths noted.
How does Bangor Region Chamber Of Commerce spend its money?
Bangor Region Chamber Of Commerce directs 75% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Bangor Region Chamber Of Commerce tax-deductible?
Bangor Region Chamber Of Commerce is registered as a tax-exempt nonprofit (EIN: 10024245). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Bangor Region Chamber Of Commerce's spending goes to programs?
Bangor Region Chamber Of Commerce directs 75% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Bangor Region Chamber Of Commerce located?
Bangor Region Chamber Of Commerce is headquartered in Bangor, Maine and files with the IRS under EIN 10024245.
How many years of IRS 990 filings does Bangor Region Chamber Of Commerce have?
Bangor Region Chamber Of Commerce has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $671K in total revenue.
How does the organization cover its recurring deficits?
The provided data shows that expenses frequently exceed revenue (e.g., $720,955 expenses vs. $573,304 revenue in 202312). The mechanism for covering these deficits, especially with increasing liabilities, is not clear from the summary data.
What is the nature of the significant increase in liabilities in recent years?
Liabilities have grown substantially, from $85,806 in 201912 to $634,691 in 202312. Understanding the composition and terms of these liabilities is crucial for assessing financial risk.
What are the specific breakdowns of program, administrative, and fundraising expenses?
The provided data does not offer a detailed breakdown of expenses into program, administrative, and fundraising categories, which limits the ability to fully assess spending efficiency.
Filing History
IRS 990 filing history for Bangor Region Chamber Of Commerce showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Bangor Region Chamber Of Commerce's revenue has grown by 7.8%, moving from $532K to $573K. Total assets increased by 213.1% over the same period, from $112K to $349K. Total functional expenses rose by 35.3%, from $533K to $721K. In its most recent filing year (2023), Bangor Region Chamber Of Commerce reported a deficit of $148K, with expenses exceeding revenue. The organization holds $635K in liabilities against $349K in assets (debt-to-asset ratio: 181.8%), resulting in net assets of $-285,539.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $573K | $721K | $349K | $635K | — | — |
| 2022 | $469K | $611K | $468K | $605K | — | View 990 |
| 2021 | $542K | $519K | $521K | $517K | — | View 990 |
| 2020 | $510K | $567K | $146K | $164K | — | View 990 |
| 2019 | $626K | $652K | $124K | $86K | — | — |
| 2018 | $632K | $651K | $161K | $97K | — | View 990 |
| 2017 | $603K | $632K | $173K | $89K | — | — |
| 2016 | $667K | $669K | $203K | $89K | — | View 990 |
| 2015 | $661K | $628K | $193K | $78K | — | View 990 |
| 2014 | $634K | $640K | $161K | $78K | — | View 990 |
| 2013 | $578K | $559K | $149K | $60K | — | View 990 |
| 2012 | $545K | $535K | $121K | $51K | — | View 990 |
| 2011 | $532K | $533K | $112K | $52K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $573K, expenses of $721K, and assets of $349K (revenue +22.3% year-over-year).
- 2022: Revenue of $469K, expenses of $611K, and assets of $468K (revenue -13.5% year-over-year).
- 2021: Revenue of $542K, expenses of $519K, and assets of $521K (revenue +6.2% year-over-year).
- 2020: Revenue of $510K, expenses of $567K, and assets of $146K (revenue -18.5% year-over-year).
- 2019: Revenue of $626K, expenses of $652K, and assets of $124K (revenue -0.9% year-over-year).
- 2018: Revenue of $632K, expenses of $651K, and assets of $161K (revenue +4.7% year-over-year).
- 2017: Revenue of $603K, expenses of $632K, and assets of $173K (revenue -9.6% year-over-year).
- 2016: Revenue of $667K, expenses of $669K, and assets of $203K (revenue +0.9% year-over-year).
- 2015: Revenue of $661K, expenses of $628K, and assets of $193K (revenue +4.2% year-over-year).
- 2014: Revenue of $634K, expenses of $640K, and assets of $161K (revenue +9.6% year-over-year).
- 2013: Revenue of $578K, expenses of $559K, and assets of $149K (revenue +6.2% year-over-year).
- 2012: Revenue of $545K, expenses of $535K, and assets of $121K (revenue +2.4% year-over-year).
- 2011: Revenue of $532K, expenses of $533K, and assets of $112K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Bangor Region Chamber Of Commerce:
Data Sources and Methodology
This transparency report for Bangor Region Chamber Of Commerce is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.