Virginia Beach Hotel Association
- Assets
- $482.0k
- Revenue
- $400.2k
- Investments
- $0.0
- Employees
- 3
- Location
- Virginia Beach, VA
- Founding
- 10/1989
- Data as of
- 06/2022
- EIN
- 54-0857374
Organization Overview
Virginia Beach Hotel Association is located in Virginia Beach, VA. The organization was established in 1989. According to its NTEE Classification (N32) the organization is classified as: Parks & Playgrounds, under the broad grouping of Recreation & Sports and related organizations. As of 06/2022, Virginia Beach Hotel Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Beach Hotel Association 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, Virginia Beach Hotel Association generated $400.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $446.8k during the year ending 06/2022. While expenses have increased by 4.3% 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
THE VIRGINIA BEACH HOTEL ASSOCIATION IS A REPRESENTATIVE TRADE ASSOCIATION SERVING THE VIRGINIA BEACH HOTEL INDUSTRY TO ADVANCE AND PROMOTE ETHICAL PRACTICES; EDUCATION AND TRAINING OF EMPLOYEES; COOPERATION WITH LOCAL GOVERNMENT OFFICIALS AND CITY LEADERS; AND A SPIRIT OF FRIENDLY COOPERATION AMONG MEMBERS TO BETTER SERVE THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING TOURISM AND EDUCATING THE COMMUNITY TO THE BENEFIT OF THE HOSPITALITY INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Zirkle President | OfficerTrustee | 2 | $0 |
Duane Gauthier Vice President | OfficerTrustee | 2 | $0 |
Linwood Branch VP Through 12/31/21 | OfficerTrustee | 2 | $0 |
Varshid Vachhani Treasurer | OfficerTrustee | 2 | $0 |
Oliver Joyner Treasurer Through 12/31/21 | OfficerTrustee | 2 | $0 |
Ellen Ruane Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $388,032 |
| Investment income | $0 |
| 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 | $10,326 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $400,248 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,863 |
| 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. | $132,744 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $50,824 |
| Pension plan accruals and contributions | $1,358 |
| Other employee benefits | $17,739 |
| Payroll taxes | $14,251 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,800 |
| Fees for services: Accounting | $5,355 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $365 |
| Office expenses | $4,064 |
| Information technology | $16,207 |
| Royalties | $0 |
| Occupancy | $12,459 |
| Travel | $905 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $885 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $385 |
| Insurance | $6,310 |
| All other expenses | $974 |
| Total functional expenses | $446,760 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,640 |
| Savings and temporary cash investments | $399,487 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,992 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $5,385 |
| Other assets | $11,499 |
| Total assets | $482,003 |
| Accounts payable and accrued expenses | $0 |
| 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 | $960 |
| Total liabilities | $960 |
| Net assets without donor restrictions | $0 |
| 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 | $481,043 |
| Total liabilities and net assets/fund balances | $482,003 |
Grants Awarded
Over the last fiscal year, Virginia Beach Hotel Association has awarded $17,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA MUSEUM OF CONTEMPORARY ART PURPOSE: BOARDWALK ART SHOW | $7,500 |
VIRGINIA AQUARIUM & MARINE SCIENCE CENTER FOUNDATION PURPOSE: SUPPORT MISSION OF ORGANIZATION | $10,000 |