Florida Tourism Industry Marketing Corporation Inc
- Assets
- $39.3m
- Revenue
- $89.9m
- Investments
- $0.0
- Employees
- 73
- Location
- Tallahassee, FL
- Founding
- 07/1996
- Data as of
- 06/2022
- EIN
- 59-3359293
Organization Overview
Florida Tourism Industry Marketing Corporation Inc, operating under the name Visit Florida, is located in Tallahassee, FL. The organization was established in 1996. 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 06/2022, Visit Florida employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Visit Florida 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, Visit Florida generated $89.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.8%) each year. All expenses for the organization totaled $92.2m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (2.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Visit Florida has awarded 106 individual grants totaling $5,904,084. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE VISITATION TO FLORIDA BY STRENGTHENING FLORIDA'S SHARE OF THE GLOBAL TRAVEL MARKET WITH THE GOAL OF MAXIMIZING THE ECONOMIC IMPACT OF TRAVEL AND TOURISM TO FLORIDA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVERTISING - VISIT FLORIDA CONDUCTS MULTI-CHANNEL MARKETING INITIATIVES TO REACH POTENTIAL VISITORS AND DRIVE VISITATION FROM TRAVELERS ALL ACROSS THE UNITED STATES AND INTERNATIONALLY. THESE INITIATIVES ARE MAINLY INTEGRATED MARKETING CAMPAIGNS THAT CONSIST OF ADVERTISING, PUBLIC RELATIONS, CONTENT DEVELOPMENT AND DISTRIBUTION, SPONSORSHIP, DIGITAL MARKETING AND SOCIAL MEDIA.ADVERTISING IMPACT: THE TOURISM INDUSTRY WAS RESPONSIBLE FOR WELCOMING 133.4 MILLION VISITORS IN FY 2021-22, WHICH MAKES THE INDUSTRY ONE OF THE LEADING TAX REVENUE AND JOBS PRODUCERS IN FLORIDA. BASED ON THE LATEST ECONOMIC IMPACT STUDY, FLORIDA VISITORS CONTRIBUTED $101.9 BLLION TO FLORIDA'S ECONOMY IN 2021, GENERATING $13.6 BILLION IN STATE AND LOCAL TAXES AND SUPPORTING 1.7 MILLION FLORIDA JOBS. VISITORS CONTRIBUTE AN AVERAGE OF $279 MILLION PER DAY TO FLORIDA'S ECONOMY. EVERY 70 VISITORS TO THE STATE SUPPORT ONE TOURISM JOB. VISIT FLORIDA HAS SIGNIFICANTLY CONTRIBUTED TO THE CONTINUED INCREASE IN VISITOR SPENDING, TAX REVENUE, AND JOB CREATION. FOR EVERY $1 THE STATE INVESTS IN VISIT FLORIDA, $3.27 IN TAX REVENUE IS RETURNED. IN FISCAL YEAR 2021-22, 65.8 PERCENT OF VISITORS WERE SIGNIFICANTLY INFLUENCED BY VISIT FLORIDA MARKETING EFFORTS.
COOPERATIVE PROMOTIONAL PROGRAMS: VISIT FLORIDA ASSISTS INTERESTED PARTIES IN ORGANIZING FLORIDA PROMOTIONAL PACKAGES. IN RETURN FOR VISIT FLORIDA'S ASSISTANCE, VISIT FLORIDA AND OTHER PARTICIPANTS RECEIVE COMPLIMENTARY ADVERTISING IN VARIOUS PRINT, TELEVISION, DIGITAL AND RADIO MEDIA USED IN PROMOTING THE PACKAGE.
TRADE SHOWS: VISIT FLORIDA HOSTS THE ANNUAL GOVERNOR'S CONFERENCE ON TOURISM. THE CONFERENCE OUTLINES THE MARKETING PLAN, PROVIDES EDUCATIONAL SPEAKERS, VENDORS AND NETWORKING OPPORTUNITIES. VISIT FLORIDA HOSTS FLORIDA ENCOUNTER, AN APPOINTMENT-BASED SHOW WHERE MEETING PROFESSIONALS MEET WITH FLORIDA SUPPLIERS TO BOOK FUTURE BUSINESS. VISIT FLORIDA HOSTS FLORIDA HUDDLE, ANOTHER APPOINTMENT-BASED SHOW WHERE TOUR OPERATORS FROM ACROSS THE STATE MEET WITH DOMESTIC AND INTERNATIONAL BUYERS TO BOOK FUTURE BUSINESS. IN ADDITION TO THESE VISIT FLORIDA-OWNED TRADE SHOWS, THE MARKETING AND EVENTS DEPARTMENT WORKS CLOSELY WITH KEY TRAVEL AGENTS, TOUR OPERATORS AND MEETING PROFESSIONALS TO KEEP FLORIDA IN THE DESTINATION FOREFRONT. THEY ALSO ORGANIZE EDUCATIONAL SEMINARS, RESERVATION TRAINING, FAMILIARIZATION TOURS, TRADE SHOWS AND CONSUMER SHOWS AND INVITE THE FLORIDA INDUSTRY TO PARTICIPATE IN THESE EVENTS TO CREATE A LARGER FLORIDA PRESENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andres Barry Director | Trustee | 1 | $0 |
Jennifer Berthiaume Director | Trustee | 1 | $0 |
Jose Cil Director | Trustee | 1 | $0 |
Merry Coffman Director | Trustee | 1 | $0 |
Greg Cook Vice Chair | OfficerTrustee | 1 | $0 |
Bobby Cornwell Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Miles Media Group Lllp Marketing | 6/29/22 | $1,620,173 |
Brand Networks Llc Social Marketing | 6/29/22 | $406,453 |
Development Councellors International L Pr & Trade Services | 6/29/22 | $402,474 |
Csfb Mtg Secs Corp Csmc Mtg Pt Ct Ser 20 Office Rent | 6/29/22 | $393,091 |
Thi Vi Diplomat Hotel Lessee Llc Governor's Conference Venue | 6/29/22 | $326,157 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $75,435,092 |
| 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 | $75,435,092 |
| Total Program Service Revenue | $14,263,649 |
| Investment income | $33,852 |
| 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 | $89,864,645 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,952 |
| 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. | $725,669 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,717,080 |
| Pension plan accruals and contributions | $267,751 |
| Other employee benefits | $1,110,635 |
| Payroll taxes | $372,399 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,574 |
| Fees for services: Accounting | $41,824 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,762,620 |
| Advertising and promotion | $70,488,964 |
| Office expenses | $205,967 |
| Information technology | $2,529,569 |
| Royalties | $0 |
| Occupancy | $470,187 |
| Travel | $1,518,467 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,017,224 |
| Interest | $5,024 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,270,294 |
| Insurance | $288,835 |
| All other expenses | $23,003 |
| Total functional expenses | $92,241,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $14,346,375 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,447,892 |
| 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 | $822,569 |
| Net Land, buildings, and equipment | $295,183 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $382,976 |
| Total assets | $39,295,195 |
| Accounts payable and accrued expenses | $23,257,451 |
| Grants payable | $0 |
| Deferred revenue | $1,054,926 |
| 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 | $385,859 |
| Total liabilities | $24,698,236 |
| Net assets without donor restrictions | $12,432,104 |
| Net assets with donor restrictions | $2,164,855 |
| 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 | $39,295,195 |
Grants Awarded
Over the last fiscal year, Florida Tourism Industry Marketing Corporation Inc has awarded $13,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GADSDEN ARTS CENTER & MUSEUM PURPOSE: SUPPORT PROGRAMS TO PROMOTE TOURISM TO FLORIDA | $7,000 |
ROMANZA ST AUGUSTINE INC PURPOSE: SUPPORT PROGRAMS TO PROMOTE TOURISM TO FLORIDA | $6,500 |