Richmond Metropolitan Convention & Vistors Bureau
- Assets
- $10.0m
- Revenue
- $18.5m
- Investments
- $0.0
- Employees
- 58
- Location
- Richmond, VA
- Founding
- 07/1989
- Data as of
- 06/2024
- 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 06/2024, Richmond Region Tourism employed 58 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 06/2024, Richmond Region Tourism generated $18.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.5% each year . All expenses for the organization totaled $13.0m during the year ending 06/2024. While expenses have increased by 11.8% 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
2024
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 HOSTED 17.9 MILLION VISITORS (11.1 MILLION DAY TRIPS & 6.8 MILLION OVER NIGHT TRIPS) IN 2023 WHO SPENT 3.7 BILLION. MANY OF THEM ARE TOURISTS. SPORTS TOURISM ACCOUNTED FOR 71% OF THE HOTEL ROOM NIGHTS. THE TOURISM IMPROVEMENT DISTRICT COMPLETED ITS FIRST YEAR OF OPERATION, ALLOWING FOR 14 NEW AD CAMPAIGNS, 56 BID INCENTIVES AND ATTENDANCE AT 11 NEW TRADE SHOWS. 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, VISITORS' GUIDES, NEWSLETTERS AND MAINTAINS A WEBSITE IN ORDER TO PROMOTE THE DESTINATION.
VISITOR CENTERS - DURING THE YEAR, RICHMOND REGION TOURISM MANAGED TWO VISITOR CENTERS IN THE RICHMOND AREA 1 AT AIRPORT AND 2 AT ROBINSON HOUSE ON THE CAMPUS OF THE VMFA.
CONVENTIONS - ACTIVELY SOLICITING GROUPS TO HOLD STATE, REGIONAL OR NATIONAL MEETINGS IN THE RICHMOND REGION. IN FISCAL YEAR 2023-2024 WE BOOKED THE FOLLOWING: - ESTIMATED ECONOMIC IMPACT: 76,103,972; ASSOCIATED HOTEL ROOM NIGHTS: 91,884.
COMMUNITY RELATIONS - THE COMMUNITY RELATIONS DEPARTMENT FORMED IN 2012 TO INCREASE RICHMOND REGION TOURISM'S 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 ORGANIZATION'S BUDGET BY SECURING SPONSORSHIPS AND PARTNERSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John F Berry Jr President/ce | OfficerTrustee | 40 | $249,146 |
Katherine O'donnell Executive VP | 40 | $147,537 | |
Michelle G Lovatt VP Of Admini | 40 | $138,735 | |
Jerrine Lee VP Of Sales | 40 | $135,961 | |
Thomas Loftus VP Of Market | 40 | $120,657 | |
Matthew Robinette VP Of Visito | 40 | $104,324 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergy Technical Llc It Consulting | 6/29/24 | $173,982 |
Miles Partnership Lllp Marketing/adver | 6/29/24 | $735,972 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $16,774,294 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,389,562 |
| All other contributions, gifts, grants, and similar amounts not included above | $46,550 |
| Noncash contributions included in lines 1a–1f | $26,550 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,210,406 |
| Total Program Service Revenue | $27,292 |
| Investment income | $264,370 |
| 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 | $18,502,068 |
| 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. | $203,284 |
| Compensation of current officers, directors, key employees. | $203,284 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,125,958 |
| Pension plan accruals and contributions | $373,877 |
| Other employee benefits | $283,796 |
| Payroll taxes | $237,962 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,691 |
| Fees for services: Accounting | $26,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $399,754 |
| Advertising and promotion | $2,936,671 |
| Office expenses | $109,066 |
| Information technology | $124,773 |
| Royalties | $0 |
| Occupancy | $250,812 |
| Travel | $235,746 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $63,030 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,015 |
| Insurance | $19,726 |
| All other expenses | $207,493 |
| Total functional expenses | $13,005,517 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,512,406 |
| Pledges and grants receivable | $1,868,111 |
| Accounts receivable, net | $0 |
| 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 | $381,795 |
| Net Land, buildings, and equipment | $258,931 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,021,243 |
| Accounts payable and accrued expenses | $1,177,852 |
| 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 | $1,177,852 |
| Net assets without donor restrictions | $8,562,320 |
| Net assets with donor restrictions | $281,071 |
| 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 | $10,021,243 |