Lake County Visitors Bureau Inc
- Assets
- $1.3m
- Revenue
- $855.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Painesville, OH
- Founding
- 04/1989
- Data as of
- 12/2021
- EIN
- 34-1607639
Organization Overview
Lake County Visitors Bureau Inc is located in Painesville, OH. 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 12/2021, Lake County Visitors Bureau Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake County Visitors 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 12/2021, Lake County Visitors Bureau Inc generated $855.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $669.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 7 years. 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
PROMOTE TOURISM IN LAKE COUNTY OHIO
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCREASE OVERNIGHT STAYS IN LAKE COUNTY, OHIO BY PROMOTING TRAVEL AND TOURISM TO THE AREA IN PARTNERSHIP WITH OUR MEMBERS AND STAKEHOLDERS
PROMOTION OF THE ARTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neil Stein Director | Officer | 40 | $74,511 |
Kelly Webster Secretary | OfficerTrustee | 1 | $0 |
Artur Shamakian Treasurer | OfficerTrustee | 2 | $0 |
Amy Sabath President | OfficerTrustee | 1 | $0 |
Linda Wise Vice President | OfficerTrustee | 1 | $0 |
Robert Fiala Board Member | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $827,158 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,960 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $845,118 |
| Total Program Service Revenue | $0 |
| Investment income | $9,944 |
| 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 | $855,062 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $23,250 |
| 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. | $74,511 |
| Compensation of current officers, directors, key employees. | $74,511 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $99,968 |
| Pension plan accruals and contributions | $13,280 |
| Other employee benefits | $63,169 |
| Payroll taxes | $14,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,088 |
| Fees for services: Accounting | $4,748 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $198,243 |
| Office expenses | $10,710 |
| Information technology | $1,471 |
| Royalties | $0 |
| Occupancy | $28,216 |
| Travel | $579 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,719 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,557 |
| Insurance | $5,476 |
| All other expenses | $31,776 |
| Total functional expenses | $669,875 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $261,611 |
| Savings and temporary cash investments | $60,459 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $3,929 |
| Investments—publicly traded securities | $928,872 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,254,871 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $51,730 |
| 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 | $1,872 |
| Total liabilities | $53,602 |
| Net assets without donor restrictions | $0 |
| 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 | $1,201,269 |
| Total liabilities and net assets/fund balances | $1,254,871 |
Grants Awarded
Over the last fiscal year, Lake County Visitors Bureau Inc has awarded $18,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
WESTERN RESERVE RAILROAD ASSN PURPOSE: CAPITAL IMPROVEMENTS | $7,250 |
Painesville, OH PURPOSE: WOMENS RIGHT WALKWAY | $6,250 |
CITY OF PAINESVILLE PURPOSE: CITY FUTSAL COURTS | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |