ORGANIZATIONAL INFORMATION
Greater Oklahoma City Chamber
Oklahoma City Economic Development Foundation
Tax Status
501(c)(6)
501(c)(3) The Foundation is a Type I supporting foundation of the Chamber
Year-End
December 31
December 31
Employees
Approx. 65 staff; 10 part-time registrars
None. All activities are carried out via Chamber staff
Governance
48 directors (various one and three year terms); all past chairs; one life member; six ex-officio (non-voting members)
Executive Committee of the Chamber, plus up to five additional persons designated by the Chair of the Chamber
Annual Audit is performed by RSM. The entities are presented on a consolidated basis due to the Board control and the interaction of the programming. Directors & Officers Liability, Employment Practices Liability and Fiduciary Liability insurance are maintained through Philadelphia Indemnity Insurance.
REVENUE SOURCES: Contracts with the City of Oklahoma City: •
Convention and Visitors Bureau (CVB) – funding to provide convention and tourism (visitor) services that encourage, promote and/or foster the development of Oklahoma City as a first-class convention and tourism (visitor) destination. The contract is funded from hotel/motel occupancy tax collections. Fiscal year contract (June 30) has been renewed annually since the City ordinance was passed in 1972. • Economic Development (ED) – funding to provide professional economic and community development services to encourage, promote and/or foster community and economic development through the creation of new jobs, expansion of existing industries and the promotion of a more diverse retail tax base, which will serve to reduce sales tax leakage in the City. Fiscal year contract (June 30) has been renewed annually since 1993. Contract with Oklahoma County: funding to support programs and activities which encourage economic development within Oklahoma County. Fiscal year contract (June 30) has been renewed annually since 1998. Forward Oklahoma City (FOKC): was created in 1995 to maximize our city’s economic potential, increase our competitive position and ensure our long-term success. Every five years, we re-evaluate the program and use input from existing companies, data analysis, the political environment, business trends, best practices and program results to make sure that we are moving Oklahoma City forward. FOKC is supported by the Greater Oklahoma City Chamber Partnership, the ten county regional partnership focused on economic development. Membership: annual dues to support programs and operations. Events and Programs: sponsorship and advertising revenues from member companies to support our events and publications while also promoting the member’s business to a wide variety of audiences.
14 • BOARD ORIENTATION 2023
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