Loudoun Convention & Visitors Association Inc
- Assets
- $3.5m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 20
- Location
- Leesburg, VA
- Founding
- 02/1992
- Data as of
- 06/2024
- EIN
- 54-1593470
Organization Overview
Loudoun Convention & Visitors Association Inc is located in Leesburg, VA. The organization was established in 1992. 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 06/2024, Loudoun Convention & Visitors Association Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loudoun Convention & Visitors Association 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 06/2024, Loudoun Convention & Visitors Association Inc generated $4.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $4.2m during the year ending 06/2024. While expenses have increased by 4.4% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE ASSOCIATION IS ORGANIZED TO STRENGTHEN THE TRAVEL AND TOURISM INDUSTRY IN LOUDOUN COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOUDOUN CONVENTION AND VISITORS ASSOCIATION, INC. IS ORGANIZED TO COORDINATION AND COOPERATION IN ORDER TO EFFECTIVELY MARKET LOUDOUN COUNTY AS A PREFERRED DESTINATION FOR BUSINESS AND LEISURE TRAVELERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beth M H Erickson President & | Officer | 40 | $200,308 |
Gregory S Harp Director Of | 40 | $126,815 | |
Ann Hayes Employee | 40 | $114,096 | |
Torye Hurst Employee | 40 | $110,906 | |
Jennifer Sigal Employee | 40 | $102,527 | |
Thomas M Gates Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,879,260 |
| All other contributions, gifts, grants, and similar amounts not included above | $33,828 |
| Noncash contributions included in lines 1a–1f | $33,828 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,913,088 |
| Total Program Service Revenue | $95,508 |
| Investment income | $61,795 |
| 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 | $4,105,661 |
| 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. | $228,537 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,039,438 |
| Pension plan accruals and contributions | $62,371 |
| Other employee benefits | $94,065 |
| Payroll taxes | $77,067 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,167 |
| 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 | $0 |
| Advertising and promotion | $978,721 |
| Office expenses | $138,320 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $276,390 |
| Travel | $0 |
| 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 | $20,777 |
| Insurance | $11,525 |
| All other expenses | $0 |
| Total functional expenses | $4,197,091 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $952,290 |
| Pledges and grants receivable | $237,154 |
| Accounts receivable, net | $768 |
| 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 | $4,051 |
| Net Land, buildings, and equipment | $106,025 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,298 |
| Other assets | $2,184,508 |
| Total assets | $3,488,094 |
| Accounts payable and accrued expenses | $51,582 |
| Grants payable | $0 |
| Deferred revenue | $12,844 |
| 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 | $2,374,626 |
| Total liabilities | $2,439,052 |
| Net assets without donor restrictions | $709,775 |
| Net assets with donor restrictions | $339,267 |
| 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 | $3,488,094 |