CRANBERRY TWP — Coming off a year of major transition, the Pittsburgh North Regional Chamber has hard work ahead to get back on track.

However, the organization’s leaders are optimistic for a quick turnaround.

Jim Boltz, the 2014 board chairman, on Tuesday evening addressed about 140 members with a frank message about the organization’s finances during the annual meeting at the Hilton Garden Inn.

The chamber, the third- largest in the region with 1,000 to 1,100 members, in 2013 brought in a new leader — president and CEO Becca Martin — changed its name and rebranded.

The organization also hired a new staff and revised its mission and vision statements to take more of a regional approach in promoting business growth.

“The transition did not go as smoothly as we had planned,” Boltz said. “Consequently, our financial performance suffered.”

Boltz said preliminary numbers for the 2013 fiscal year, which ended Dec. 31, show a loss of about $83,000.

He attributed that to three key factors:

n Advertising revenue was $30,000 less than expected;

n Event income was $20,000 less than expected;

n Membership dues that was expected to produce $248,000 came in $48,000 under budget.

He said the Chamber Education Foundation, which is a charitable scholarship organization the chamber runs, also lost about $5,800. However, that was because of a one-time legal fee for trademarking in addition to other documentation required of all nonprofits operating in Allegheny County.

But, Boltz said, “We had the financial strength to weather this storm.”

He said cash reserves for the chamber and foundation combined are more than $124,000, and the organization has about $500,000 in the equity of its main office in Wexford.

“We are determined not to let it happen again,” he said.

“We have a lot of hard work ahead of us, but we’re the group of people who can do it, and with your help, we can have a very bright future.”

Tax forms filed with the IRS for years 2009 through 2011, the most recent years available, show the organization has experienced some ups and downs dating before its 2010 formation through the merger of the Cranberry and Northern Allegheny County chambers.

The organization showed a profit of about $10,000 in 2010, but expenses exceeded revenue by $27,000 in 2008, $59,000 in 2009 and $21,000 in 2011.

In an interview after the meeting, Boltz said the chamber turned a profit in 2012.

“I’m confident we’ll be on the plus side next year,” he said of the current fiscal year.

Boltz said the board is dedicated to making sure the chamber reduces expenditures and returns to profitability.

It has started to address that through increased promotional options, including a relocation guide, a printed regional map and an integrative directory application.

Sponsorships will remain key to the chamber’s finances, and it has partnered with the accounting firm BookSmarts to continually monitor performance.

It also wrote off about $47,000 in bad debt from nonpaying members who were still on the books.

Featured speaker Dewitt Peart, executive vice president of the Allegheny Conference on Community Development, which promotes and tracks development in Western Pennsylvania, also stressed the importance of thinking regionally.

He said collaboration is in the DNA of Western Pennsylvania, and people visit the area from all over the world to learn why we are successful.

The chamber also honored members for their accomplishments and recognized key sponsors during the past year.

Award recipients were:

n Distinguished Business Awards: Alcoa Traco Cranberry, and North Hills Toyota Scion

n Prestigious Business Leaders Award: Mike Hall, Dave Hall and Kimberly Gilliland, all of General Rental Center

n Women Entrepreneur Excellence Award: Sally Power, Treasure House Fashions

n Young Professional of the Year: Annie Davies, Huntington Bank

n Outstanding Volunteer Service of the Year: Hank Compenolle, Universal Solutions Group.