This building at 353 Chestnut St. houses the Tennessee Multicultural Chamber of Commerce in Suite 200.NEGATIVE WORTHThe Multicultural Chamber of Commerce went in the hole for tens of thousands of dollars over a five-year-period, a city review states. The total negative equity was:• 2005: $48,418• 2006: $71,871• 2007: $80,277• 2008: $131,761• 2009: $191,382Source: ChattanoogaLOCAL MONEYChattanooga and Hamilton County taxpayers have given the Tennessee Multicultural Chamber of Commerce $2.3 million since its inception in 1999.• Hamilton County: $802,500• City of Chattanooga: $1,510,000Source: Chattanooga, Hamilton County
Sherrie Gilchrist is the executive director of the Tennessee Multicultural Chamber of Commerce.The Tennessee Multicultural Chamber of Commerce fell into a financial hole six years ago that has only grown deeper since then, a city review shows.
In 2005, the Multicultural Chamber’s unrestricted assets exceeded its liabilities by $48,418, City Auditor Stan Sewell’s July 12 review states.
By 2009 that figure had grown to $191,382 – a 295 percent increase, the review shows.
During the same time period, the chamber’s line of credit increased from $42,741 to $96,294, records show.