Quad Cities Chamber loses $980,000 in FY 2016 alone
MOLINE- The Quad Cities Chamber is looking to bounce back after a rough financial year in 2015-2016.
According to the group’s 990 from available online, the group lost more than $979,000 from July 1, 2015 to June 30, 2016. The form states the organization made $3,543,953 in revenue that year but had $4,523,765 in expenses.
Since that time, former CEO Tara Barney, who made more than $292,000 that year along with $27,000 in ‘other compensation,’ has resigned. Kristin Glass is now holding the interim position and has held it since July of 2016. Glass answered why the Chamber lost that much money in fiscal year 2016 during our Breakfast With Thursday, January 11, on Good Morning Quad Cities. She says the direct flight to Washington D.C. was one of the reasons why it lost so much, but there were a number of other other reasons that lead to the loss. See her response below.
"If we receive a five-year grant, we have to recognize that revenue in the year we find out about it, and then spend it in the course of the time of that grant," Glass said Thursday. "That also in turn shows on paper that we're losing money, when in fact we're not."
Glass says the Chamber is sitting better financially now than it was two to three years ago. She says her team is managing the transition well away from Barney too. Glass is not applying for the new CEO position, but she says the Chamber should have a new person in place by this Spring. See her response to questions about the new CEO below.
Thursday, January 18, Eric is having Breakfast With...Donna Dubberke, a Warning Coordination Meteorologist for the National Weather Service. We'll show you the center's brand new facility plus discuss improvements that could help you keep you safe during severe weather season. If you have a question for Dubberke, click here.