The financially struggling Franklin County Chamber of Commerce could be broke as early as Aug. 15 unless members come to the rescue with cash donations, according to the group's leaders.

The organization is now conducting a mail-in referendum in which it gives members two choices: officially close the chamber on Dec. 31, or keep it open and make a $470 donation.

According to a Tuesday letter the chamber's board of directors sent to its 162 members, 98 active members will have to vote, and it will take 50 votes and donations to keep the chamber open. Fifty $470 donations would raise $23,500, enough to allow the chamber to operate at full staff for the rest of the year. Without the donations the chamber will run out of money to pay for operations by Aug. 15, according to the letter.

The donation would be on top of the annual membership dues, which run from $75 to $250.

While the chamber awaits the result of the referendum -- responses are due by Aug. 6 -- it has opened up talks with the Smith Mountain Lake Chamber of Commerce about a possible merger, said Danny Reynolds, president of the Franklin County Chamber of Commerce.

"We're looking at every option possible, because it's vital that the chamber stay open," Reynolds said. "The chamber is the welcome mat of the business community. When people move here or think about moving here, one of the first places they go for information is the chamber."

Annette Stamus, marketing and communications manager for the lake chamber, said discussions with the county chamber are in their very early stages. She declined to say more and referred questions to the lake chamber director, Vicki Gardner, who was out of town Friday.

The county chamber is struggling financially because membership dues have declined along with the economy. In 2007, the last year for which figures are available, the chamber brought in $66,257 in membership dues. The same year, expenses topped $105,000. Since then membership has dropped dramatically, according to the chamber.

Reynolds said the chamber's board members have embarked on an old-fashioned arm-twisting campaign to persuade merchants to vote to keep the chamber in business. "Nobody with any sense wants the chamber to no longer be in existence," he said. "We know 80 percent of businesses have cut everything they can to make ends meet, but the chamber is a vital part of turning things around."

The chamber hosts various events such as the Business Expo and Come Home to a Franklin County Christmas; lists member businesses in an online directory; and provides a community leadership development program.

Should the chamber close, other organizations remain to promote local businesses, including the Community Partnership for Revitalization and the Franklin County Retail Merchants Association.