Fargo Moorhead Convention & Visitors Bureau Inc
- Assets
- $3.7m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 26
- Location
- Fargo, ND
- Founding
- 09/1981
- Data as of
- 08/2021
- EIN
- 45-0363220
Organization Overview
Fargo Moorhead Convention & Visitors Bureau Inc is located in Fargo, ND. The organization was established in 1981. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 08/2021, Fargo Moorhead Convention & Visitors Bureau Inc employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fargo Moorhead 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 08/2021, Fargo Moorhead Convention & Visitors Bureau Inc generated $2.5m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $2.4m during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (4.3%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Fargo Moorhead Convention & Visitors Bureau Inc has awarded 223 individual grants totaling $4,940,522. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FARGO-MOORHEAD CONVENTION & VISITORS BUREAU FUNCTIONS IN A METROPOLITAN COMMUNITY MADE UP OF TWO INDIVIDUAL COMMUNITIES IN TWO STATES. WE EXIST TO PROMOTE THE FARGO-MOORHEAD AREA AS A DESTINATION FOR GROUPS OF VISITORS INVOLVED WITH CONVENTIONS, TRADE SHOWS, AND OTHER BUSINESS TRAVEL, AS WELL AS INDIVIDUAL VISITORS AND TOUR GROUPS, SO THAT OUR MEMBERS AND THE COMMUNITY MAY SERVE THEM WHILE THEY ARE HERE. WE DO THIS TO STRENGTHEN THE COMMUNITIES' ECONOMY, CREATE EMPLOYMENT, AND GENERATE TAX REVENUE FOR THE METROPOLITAN COMMUNITY.WE INTEND TO PROVIDE MARKETING OPPORTUNITIES FOR THE PRIVATE HOSPITALITY SECTOR SO THAT OUR MEMBERS MIGHT HAVE ACCESS TO POTENTIAL CLIENTS. WE WILL PROVIDE ASSISTANCE TO ORGANIZATIONS AND INDIVIDUALS IN THE COMMUNITY IN SOLICITING AND IMPLEMENTING MEETINGS OF THEIR AFFILIATIONS. WE WILL ALSO HELP TO CREATE EXTERNALLY-DIRECTED COMMUNITY MARKETING EFFORTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FISCAL YEAR 2021 WAS A REBOUND YEAR FOR THE FMWF CVB, AS IT WAS FOR MANY ORGANIZATIONS. AS THE PANDEMIC WOUND DOWN (IN FITS AND STARTS) WE WERE ABLE TO ASSIST WITH THE RAPID RETURN OF YOUTH AND ADULT SPORTS ACTIVITIES IN THE COMMUNITY, EVEN AS WE SAW THE VERY SLOW RETURN OF MEETINGS AND CONFERENCES. DUE TO OUR HEALTHY FINANCIAL POSITION, OUR BOARD WAS ABLE TO CONTINUE TO PROVIDE CAPITAL GRANTS FOR COMMUNITY PROJECTS THAT PROMOTE IN-BOUND TOURISM. WE ALSO ENGAGED WITH THE ND LEGISLATURE (VIA WRITTEN AND ORAL COMMUNICATION, INCLUDING TESTIMONY) IN SUPPORT OF INCREASED FUNDING FOR STATE LEVEL TOURISM PROGRAMS. TRAFFIC THROUGH THE VISITOR INFORMATION CENTER WE OPERATE IN OUR BUILDING REBOUNDED FROM THE PANDEMIC, AS WE SAW THE NUMBER OF SUMMER TRAVELERS BOUNCE BACK UP TO WHAT WE CONSIDER NORMAL LEVELS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Johnson President/ceo | Officer | 40 | $118,709 |
Doug Peters Vice Chair | OfficerTrustee | 1 | $0 |
Tom Kasper Chair | OfficerTrustee | 1 | $0 |
Kember Anderson Secretary/treasurer | OfficerTrustee | 1 | $0 |
Mike Prekel Past Chair | OfficerTrustee | 1 | $0 |
Konrad Olson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,250 |
| 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 | $2,250 |
| Total Program Service Revenue | $2,485,515 |
| Investment income | $42,484 |
| 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 | $13,777 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,547,498 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $769,506 |
| 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. | $133,208 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $469,108 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $132,254 |
| Payroll taxes | $0 |
| 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 | $80,227 |
| Advertising and promotion | $312,499 |
| Office expenses | $0 |
| Information technology | $56,062 |
| Royalties | $0 |
| Occupancy | $161,219 |
| Travel | $20,205 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,411 |
| Insurance | $0 |
| All other expenses | -$123,470 |
| Total functional expenses | $2,432,574 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $700 |
| Savings and temporary cash investments | $3,138,686 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $370,398 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $36,414 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $139,413 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,700 |
| Total assets | $3,704,311 |
| Accounts payable and accrued expenses | $101,576 |
| Grants payable | $1,299,765 |
| 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 | $1,401,341 |
| Net assets without donor restrictions | $2,302,970 |
| 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 | $3,704,311 |
Grants Awarded
Over the last fiscal year, Fargo Moorhead Convention & Visitors Bureau Inc has awarded $388,534 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Moorhead, MN PURPOSE: 3RD SHEET OF ICE AT CULLEN HOCKEY CENTER | $100,000 |
CITY OF WEST FARGO PURPOSE: EQUIPMENT FOR ICE SHEET AT THE LIGHTS | $85,375 |
Fargo, ND PURPOSE: PRIDE OF THE PRAIRIE BISON EXHIBIT | $62,500 |
Fargo, ND PURPOSE: GRANDSTAND PROJECT | $54,000 |
Fargo, ND PURPOSE: FIT-UP OF THEATER SPACE AT THE HJEMKOMST CENTER | $50,000 |
Moorhead, MN PURPOSE: REFRESH OF HJEMKOMST SHIP AND HOPPERSTAD CHURCH | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |
Minnesota Business Finance Corporation St Cloud, MN | $6,710,385 | $3,673,437 |
Glacier Country Regional Tourism Commission Inc Missoula, MT | $1,843,193 | $3,815,172 |
South Segment Community Development Corporation Halliday, ND | $18,333,660 | $2,595,332 |
Fargo Moorhead Convention & Visitors Bureau Inc Fargo, ND | $3,704,311 | $2,547,498 |