Richmond Metropolitan Convention & Vistors Bureau
- Assets
- $6.1m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 53
- Location
- Richmond, VA
- Founding
- 07/1989
- Data as of
- 06/2021
- EIN
- 54-1249192
Organization Overview
Richmond Metropolitan Convention & Vistors Bureau, operating under the name Richmond Region Tourism, is located in Richmond, VA. The organization was established in 1989. 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 06/2021, Richmond Region Tourism employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richmond Region Tourism 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 06/2021, Richmond Region Tourism generated $8.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $5.9m during the year ending 06/2021. While expenses have increased by 1.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
GROW THE ECONOMY OF THE RICHMOND REGION BY ATTRACTING CONVENTIONS, MEETINGS AND VISITORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOURISM COMMUNICATIONS - THE RICHMOND REGION TYPICALLY HOSTS OVER 7.7 MILLION VISTORS EACH YEAR. HOWEVER, BECAUSE COVID HAS HAD A TREMENDOUS IMPACT ON THE TRAVEL AND TOURISM INDUSTRY, IN 2020 THE NUMBER OF VISTORS DECREASED TO 4.9 MILLION VISTORS WHO SPENT 1.2 BILLION. MANY OF THEM ARE TOURISTS. THE PROMOTION OF THE DESTINATION IS THROUGH HOSTING TRAVEL WRITERS, ATTENDING TRADE SHOWS, MEETING WITH TOUR OPERATORS AND BUS COMPANIES. RICHMOND REGION TOURISM PRODUCES MAPS, VISTORS GUIDES, NEWSLETTERS AND MAINTAINS A WEBSITE IN ORDER TO PROMOTE THE DESTINATION.
CONVENTIONS - ACTIVELY SOLICITING GROUPS TO HOLD STATE, REGIONAL OR NATIONAL MEETINGS IN THE RICHMOND REGION. IN FISCAL YEAR 2020-2021WE BOOKED THE FOLLOWING FOR FUTURE YEARS - ESTIMATED ECONOMIC IMPACT 81,722,681 ASSOCIATED ATTENDEES 208,424 ASSOCIATED HOTEL ROOM NIGHTS 123,625 116 GROUPS HOWEVER DUE TO COVID THE FOLLOWING NUMBERS REFLECT THE LOST BUSINESS FROM THE NUMBERS ABOVE -ESTIMATED ECONOMIC IMPACT 22,483,230 ASSOCIATED ATTENDEES 47,824 ASSOCIATED HOTEL ROOM NIGHTS 23,027 38 GROUPS. IN 2020-2021 SPORTS ACCOUNTED FOR ALMOST 80 OF RICHMOND REGION TOURISMS BOOKINGS WITH OVER 110 SPORTING EVENTS THROUGHOUT THE REGION IN CALENDAR YEAR 2021.
COMMUNITY RELATIONS - THE COMMUNITY RELATIONS DEPARTMENT FORMED IN 2012 TO INCREASE RICHMOND REGION TOURISMS RELEVANCY LOCALLY BY ESTABLISHING A SOLID, WELL REGARDED PRESENCE FOR RICHMOND REGION TOURISM IN THE LOCAL COMMUNITY. THE DEPARTMENT DRIVES MEETING AND CONVENTION BUSINESS BY GENERATING INTEREST WITHIN THE RICHMOND REGION, SUPPORTS LEISURE TRAVEL BY ENHANCING THE VISITOR EXPERIENCE AND AUGMENTS THE ORGANIZATIONS BUDGET BY SECURING SPONSORSHIPS AND PARTNERSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John F Berry Jr President/ceo | Officer | 40 | $228,795 |
Katherine O'donnell Executive VP | 40 | $135,139 | |
Jennifer Hendren Chief Marketing Officer | 40 | $132,063 | |
Darya L Runyan VP Of Sales Services | 40 | $122,227 | |
Michelle G Lovatt VP Of Administration | 40 | $122,137 | |
Daniel J Schmitt Director/chairman | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Miles Partnership Lllp Marketing/advertising | 6/29/21 | $193,205 |
Lewis Media Partners Llc Marketing/advertising | 6/29/21 | $113,232 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,010,274 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,080,685 |
| 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 | $8,090,959 |
| Total Program Service Revenue | $36,543 |
| Investment income | $10,591 |
| 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 | $8,138,093 |
| 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. | $252,314 |
| Compensation of current officers, directors, key employees. | $252,314 |
| Compensation to disqualified persons | $2,268,866 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $278,945 |
| Other employee benefits | $242,224 |
| Payroll taxes | $187,034 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,411 |
| Fees for services: Accounting | $23,934 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,704 |
| Advertising and promotion | $2,070,203 |
| Office expenses | $124,282 |
| Information technology | $48,281 |
| Royalties | $0 |
| Occupancy | $229,530 |
| Travel | $43,350 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,205 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $40,640 |
| Insurance | $18,460 |
| All other expenses | $24,758 |
| Total functional expenses | $5,942,860 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $5,889,602 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,000 |
| 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 | $93,758 |
| Net Land, buildings, and equipment | $42,838 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $51,550 |
| Other assets | $14,043 |
| Total assets | $6,099,091 |
| Accounts payable and accrued expenses | $506,219 |
| 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 | $506,219 |
| Net assets without donor restrictions | $5,312,743 |
| Net assets with donor restrictions | $280,129 |
| 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 | $6,099,091 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Richmond Metropolitan Convention & Vistors Bureau has recieved totaling $17,500.
| Awarding Organization | Amount |
|---|---|
The Greater Richmond Chamber Foundation Richmond, VA PURPOSE: I AM AMBASSADOR RVA PROGRAM | $17,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
The Center For Kentucky Rural Economic Development Inc Somerset, KY | $52,726,644 | $7,680,890 |
Kentucky Highlands Investment Corporation London, KY | $130,461,604 | $9,285,837 |
National Skills Coalition Washington, DC | $13,426,049 | $8,828,304 |