Norfolk Convention & Visitors Bureau Inc
- Assets
- $2.6m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 44
- Location
- Norfolk, VA
- Founding
- 06/2000
- Data as of
- 06/2023
- EIN
- 31-1678153
Organization Overview
Norfolk Convention & Visitors Bureau Inc is located in Norfolk, VA. The organization was established in 2000. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Norfolk Convention & Visitors Bureau Inc employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk Convention & Visitors Bureau Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Norfolk Convention & Visitors Bureau Inc generated $5.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $5.6m during the year ending 06/2023. While expenses have increased by 2.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE ECONOMIC VITALITY OF THE CITY OF NORFOLK VIRGINIA
Describe the Organization's Program Activity:
Part 3 - Line 4a
STIMULATE THE CITY OF NORFOLK VIRGINIA'S GROWTH OF INDUSTRY, TOURISM, AND USE OF CONVENTION AND ENTERTAINMENT FACILITIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kurt Krause President An | Officer | 40 | $224,262 |
Frank Reynolds Dir Finance | 40 | $137,915 | |
Maria Herring VP Sales & S | 40 | $112,733 | |
Kenny Alexander Member | Trustee | 0.5 | $0 |
Jack Ankerson Member | Trustee | 0.5 | $0 |
Sean Avery Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $530,648 |
| All other contributions, gifts, grants, and similar amounts not included above | $84,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $614,898 |
| Total Program Service Revenue | $4,842,282 |
| Investment income | $37,740 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$15,608 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,479,312 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $224,262 |
| Compensation of current officers, directors, key employees. | $224,262 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,016,252 |
| Pension plan accruals and contributions | $96,587 |
| Other employee benefits | $251,145 |
| Payroll taxes | $168,453 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,113,499 |
| Office expenses | $120,405 |
| Information technology | $87,442 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $83,845 |
| Interest | $1,853 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $108,008 |
| Insurance | $12,460 |
| All other expenses | $400,409 |
| Total functional expenses | $5,597,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $66,604 |
| Savings and temporary cash investments | $919,427 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $329,827 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $22,484 |
| Prepaid expenses and deferred charges | $49,320 |
| Net Land, buildings, and equipment | $428,259 |
| Investments—publicly traded securities | $779,642 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,595,563 |
| Accounts payable and accrued expenses | $727,997 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19,481 |
| Total liabilities | $747,478 |
| Net assets without donor restrictions | $1,396,696 |
| Net assets with donor restrictions | $451,389 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,595,563 |
Grants Awarded
Over the last fiscal year, Norfolk Convention & Visitors Bureau Inc has awarded $40,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NORFOLK TOURISM RESEACH FOUND PURPOSE: STRATEGIC/TRANSITION PLANNING | $30,000 |
NORFOLK TOURISM RESEARCH FOUN PURPOSE: TOURISM RESEARCH | $10,000 |