Virginia Beach Restaurant Association
- Assets
- $77.0k
- Revenue
- $190.6k
- Investments
- $0.0
- Employees
- 1
- Location
- Virginia Beach, VA
- Founding
- 06/2001
- Data as of
- 12/2023
- EIN
- 54-1953160
Organization Overview
Virginia Beach Restaurant Association is located in Virginia Beach, VA. The organization was established in 2001. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Beach Restaurant Association 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 12/2023, Virginia Beach Restaurant Association generated $190.6k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $196.4k during the year ending 12/2023. While expenses have increased by 8.1% per year over the past 9 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
THE VIRGINIA BEACH RESTAURANT ASSOCIATION IS ORGANIZED FOR THE FOLLOWING PURPOSES: TO DEVELOP AND FOSTER PROFESSIONAL STANDARDS AMONG THOSE PEOPLE ACTIVELY ENGAGED IN THE FOODSERVICE INDUSTRY; TO EXCHANGE IDEAS THROUGH EDUCATIONAL PROGRAMS AND FREE DISCUSSION OF MATTERS OF PROFESSIONAL INTEREST DIRECTLY AFFECTING THE ECONOMIC VITALITY OF THE FOODSERVICE INDUSTRY; TO CONTINUOUSLY PROMOTE THE CONCEPT OF FREE ENTERPRISE; AND TO KEEP THE FOODSERVICE COMMUNITY INFORMED OF LEGISLATIVE AND REGULATORY ISSUES THAT WILL AFFET THE WAY MEMBERS DO BUSINESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO HELP MEMBER BUSINESSES BECOME MORE SUCCESSFUL, PROMOTE EDUCATION, FREE ENTERPRISE, AND THE COLLECTIVE MARKETING OF VIRGINIA BEACH RESTAURANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bj Baumann Immediate Past President | OfficerTrustee | 6 | $0 |
Bob Hughes Vice President | OfficerTrustee | 6 | $0 |
Michael Mauch President | OfficerTrustee | 6 | $0 |
Chris Savvides Director | Trustee | 4 | $0 |
Dave Cox Director | Trustee | 4 | $0 |
Bill Gambrell Director | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $28,799 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $28,799 |
| Total Program Service Revenue | $146,837 |
| Investment income | $12 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $14,967 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $190,615 |
| 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. | $68,383 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,231 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,380 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,900 |
| Advertising and promotion | $84,966 |
| Office expenses | $3,929 |
| Information technology | $9,141 |
| Royalties | $0 |
| Occupancy | $5,481 |
| Travel | $21 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,812 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,971 |
| All other expenses | $0 |
| Total functional expenses | $196,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,149 |
| Savings and temporary cash investments | $10,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,500 |
| 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 | $386 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $77,035 |
| Accounts payable and accrued expenses | $0 |
| 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 | $48,494 |
| Total liabilities | $48,494 |
| Net assets without donor restrictions | $28,541 |
| 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 | $77,035 |