Panama City Beach Convention And Vistors Bureau Inc
- Assets
- $9.1m
- Revenue
- $20.3m
- Investments
- $0.0
- Employees
- 23
- Location
- Panama City Beach, FL
- Founding
- 02/1999
- Data as of
- 09/2023
- EIN
- 59-3507881
Organization Overview
Panama City Beach Convention And Vistors Bureau Inc is located in Panama City Beach, FL. The organization was established in 1999. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Panama City Beach Convention And Vistors Bureau Inc employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Panama City Beach Convention And Vistors Bureau 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 09/2023, Panama City Beach Convention And Vistors Bureau Inc generated $20.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $19.2m during the year ending 09/2023. While expenses have increased by 0.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE DESTINATION SALES AND PROMOTIONAL SERVICES, DEVELOP SPECIAL EVENTS, AND WORK TO ENHANCE THE IMAGE OF PANAMA CITY BEACH AND ITS ATTRACTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONDUCT A COMPREHENSIVE MARKETING PROGRAM WHICH ENHANCES THE IMAGE OF PANAMA CITY BEACH AND ATTRACTS MAXIMUM NUMBER OF VISITORS TO THE PCB TOURIST TAX DISTRICT. MANAGE, STAFF AND RESTOCK WITH COLLATERAL MATERIALS ALL OFFICIALLY DESIGNATED VISITOR CENTERS OPERATED ON BEHALF OF THE BAY COUNTY TDC AND THE PCBCVB.
PROVIDE PROFESSIONAL SALES MANAGEMENT AND SUPPORT STAFF TO SEEK OUT AND DISTRIBUTE GROUP TOUR AND CONFERENCE SALES LEADS TO PANAMA CITY BEACH LODGING FACILITIES WITHIN THE SPECIAL TAXING DISTRICT.
ATTRACTING SPORTS TOURISM TOURNAMENTS AND OTHER EVENTS, THE OPERATION OF THE PUBLIX SPORTS PARK SUPPORTS, AND IS A FUNCTION OF, THE PANAMA CITY BEACH CONVENTION AND VISITORS BUREAU DESTINATION MARKETING EFFORTS.
PROVIDE PROFESSIONAL SPECIAL EVENT MANAGEMENT AND SUPPORT STAFF TO PRODUCE SPECIAL EVENTS THAT WILL ATTRACT ADDITIONAL VISITORS DURING SHOULDER AND OFF-PEAK SEASONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phil Chester Chairman | OfficerTrustee | 5 | $0 |
Clair Pease Vice Chair | OfficerTrustee | 2 | $0 |
Yonnie Patronis Secretary/tr | OfficerTrustee | 2 | $0 |
Mike Jansen Board Member | Trustee | 2 | $0 |
Reggie Johns Board Member | Trustee | 2 | $0 |
Andy Phillips Board Member | Trustee | 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 | $65,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $65,000 |
| Total Program Service Revenue | $20,747,342 |
| Investment income | $67,739 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$592,188 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,287,893 |
| 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. | $308,783 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,303,977 |
| Pension plan accruals and contributions | $70,680 |
| Other employee benefits | $5,066 |
| Payroll taxes | $111,778 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $85,541 |
| Fees for services: Accounting | $24,458 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $875,150 |
| Advertising and promotion | $9,960,612 |
| Office expenses | $288,181 |
| Information technology | $6,692 |
| Royalties | $0 |
| Occupancy | $839,148 |
| Travel | $95,537 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $249,791 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $99,663 |
| Insurance | $39,139 |
| All other expenses | $1,619,029 |
| Total functional expenses | $19,152,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,367,269 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,805,784 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $19,163 |
| Prepaid expenses and deferred charges | $707,244 |
| Net Land, buildings, and equipment | $66,217 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $259,125 |
| Other assets | $917,016 |
| Total assets | $9,141,818 |
| Accounts payable and accrued expenses | $2,250,784 |
| Grants payable | $0 |
| Deferred revenue | $769,950 |
| 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 | $250,000 |
| Total liabilities | $3,270,734 |
| Net assets without donor restrictions | $5,871,084 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $9,141,818 |