Rochester Mn Convention & Visitors Bureau
- Assets
- $4.7m
- Revenue
- $11.0m
- Investments
- $50.7k
- Employees
- 18
- Location
- Rochester, MN
- Founding
- 08/1990
- Data as of
- 12/2022
- EIN
- 41-1625680
Organization Overview
Rochester Mn Convention & Visitors Bureau is located in Rochester, MN. The organization was established in 1990. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Rochester MN Convention & Visitors Bureau employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rochester MN Convention & Visitors Bureau 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 12/2022, Rochester MN Convention & Visitors Bureau generated $11.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 20.2% each year . All expenses for the organization totaled $11.6m during the year ending 12/2022. While expenses have increased by 23.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ROCHESTER CONVENTION & VISITORS BUREAU STIMULATES ECONOMIC GROWTH THROUGH VISITOR SPENDING WITH AGGRESSIVE SALES, MARKETING, PARTNERSHIPS AND DESTINATION DEVELOPMENT STRATEGIES WHILE FACILITATING THE BEST POSSIBLE VISITOR EXPERIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE, ADVANCE, AND ADMINISTER ALL ACTS NECESSARY FOR THE CITY OF ROCHESTER, MINNESOTA IN MARKETING THE CITY FOR CONVENTIONS, EXHIBITIONS AND TOURIST DESTINATIONS.
ROCHESTER CONVENTION & VISITORS BUREAU WAS CONTRACTED BY THE CITY OF ROCHESTER TO MANAGE/OPERATE MAYO CIVIC CENTER (OWNED BY THE CITY OF ROCHESTER).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jacob Malwitz Chair | OfficerTrustee | 1.5 | $0 |
Marco Lanz Director | Trustee | 1.5 | $0 |
Jess Hemenway Director | Trustee | 1.5 | $0 |
William Wiktor Treasurer | OfficerTrustee | 1 | $0 |
Nashauna Johnson-Lenior Director | Trustee | 1 | $0 |
Joseph T Ward President | Officer | 40 | $168,603 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,014,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,014,600 |
| Total Program Service Revenue | $6,610,546 |
| Investment income | $2,597 |
| 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 | $10,988,617 |
| 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. | $205,770 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,108,385 |
| Pension plan accruals and contributions | $64,952 |
| Other employee benefits | $678,789 |
| Payroll taxes | $359,281 |
| Fees for services: Management | $206,834 |
| Fees for services: Legal | $17,043 |
| Fees for services: Accounting | $1,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $166,964 |
| Advertising and promotion | $676,897 |
| Office expenses | $485,767 |
| Information technology | $200,773 |
| Royalties | $0 |
| Occupancy | $2,005,158 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,585 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $163,103 |
| Insurance | $237,169 |
| All other expenses | $318,932 |
| Total functional expenses | $11,636,562 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,975,079 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,153,098 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $176,076 |
| Net Land, buildings, and equipment | $295,108 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $50,696 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,650,057 |
| Accounts payable and accrued expenses | $2,469,886 |
| Grants payable | $0 |
| Deferred revenue | $784,798 |
| 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 | $3,254,684 |
| Net assets without donor restrictions | $1,395,373 |
| Net assets with donor restrictions | $0 |
| 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 | $4,650,057 |