Norfolk Convention & Visitors Bureau Inc
- Assets
- $2.7m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 46
- Location
- Norfolk, VA
- Founding
- 06/2000
- Data as of
- 06/2022
- 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 06/2022, Norfolk Convention & Visitors Bureau Inc employed 46 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 06/2022, Norfolk Convention & Visitors Bureau Inc generated $5.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $5.2m during the year ending 06/2022. While expenses have increased by 1.5% per year over the past 7 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
2022
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 | $219,355 |
Frank Reynolds Dir Finance | 40 | $134,980 | |
Maria Herring VP Sales & S | 40 | $116,927 | |
Jim Carroll Secretary Tr | OfficerTrustee | 1 | $0 |
Jeff Miller Chair | OfficerTrustee | 1 | $0 |
Jack Ankerson Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $813,580 |
| All other contributions, gifts, grants, and similar amounts not included above | $69,109 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $882,689 |
| Total Program Service Revenue | $4,825,490 |
| Investment income | $23,606 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,731,785 |
| 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. | $219,355 |
| Compensation of current officers, directors, key employees. | $219,355 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,963,945 |
| Pension plan accruals and contributions | $95,875 |
| Other employee benefits | $226,160 |
| Payroll taxes | $159,929 |
| 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 | $1,039,738 |
| Office expenses | $92,431 |
| Information technology | $180,245 |
| 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 | $66,821 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $81,285 |
| Insurance | $12,448 |
| All other expenses | $339,296 |
| Total functional expenses | $5,248,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $95,538 |
| Savings and temporary cash investments | $754,759 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $329,848 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $20,416 |
| Prepaid expenses and deferred charges | $90,812 |
| Net Land, buildings, and equipment | $424,818 |
| Investments—publicly traded securities | $977,079 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,693,270 |
| Accounts payable and accrued expenses | $718,056 |
| 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 | $0 |
| Total liabilities | $718,056 |
| Net assets without donor restrictions | $1,463,043 |
| Net assets with donor restrictions | $512,171 |
| 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 | $2,693,270 |
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, VA PURPOSE: STRATEGIC/TRANSITION PLANNING | $30,000 |
Norfolk, VA PURPOSE: TOURISM RESEARCH | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Amt-The Association For Manufacturing Technology Mclean, VA | $46,538,427 | $7,983,774 |
Personal Care Products Council Washington, DC | $26,566,920 | $19,071,135 |
American Hotel & Lodging Association Directory Corporation Washington, DC | $39,158,961 | $23,973,024 |
Nashville Convention & Visitors Bureau Nashville, TN | $15,667,602 | $21,623,147 |
Responsible Business Alliance Inc Alexandria, VA | $17,217,182 | $20,384,843 |
Asis International Inc Alexandria, VA | $27,323,586 | $13,144,142 |
National Institute For Automotive Service Exellence Leesburg, VA | $25,163,895 | $18,755,834 |
International Masonry Institute Bowie, MD | $25,662,049 | $19,254,775 |
Association For Financial Professionals Inc Bethesda, MD | $30,134,135 | $15,069,162 |
Portland Cement Association Alexandria, VA | $21,852,055 | $18,216,465 |
American College Of Radiology Association Reston, VA | $28,168,186 | $16,951,008 |
Plastics Industry Association Inc Washington, DC | $19,265,703 | $12,261,158 |