Memphis Convention And Visitors Bureau
- Assets
- $38.6m
- Revenue
- $17.2m
- Investments
- $1.7k
- Employees
- 60
- Location
- Memphis, TN
- Founding
- 08/1978
- Data as of
- 06/2020
- EIN
- 62-1025301
Organization Overview
Memphis Convention And Visitors Bureau is located in Memphis, TN. The organization was established in 1978. 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 06/2020, Memphis Convention And Visitors Bureau employed 60 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Convention And Visitors Bureau 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 06/2020, Memphis Convention And Visitors Bureau generated $17.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $14.8m during the year ending 06/2020. While expenses have increased by 7.3% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONVENTION SALES & SERVICES - PROMOTE MEMPHIS TO VARIOUS SEGMENTS OF MEETING AND CONVENTION MARKETS, AMATEUR SPORTS MARKETS AND TOUR AND TRAVEL MARKETS TO ATTRACT GROUPS, MEETINGS AND EVENTS TO THE CITY.
DESTINATION MARKETING - PROMOTE MEMPHIS AS A TOURIST DESTINATION BY GENERATING MEDIA COVERAGE, ADVERTISING MEMPHIS WORLDWIDE AND PRODUCING MAP AND TOURIST GUIDES.
VISITOR INFORMATION CENTERS - PROVIDE HOSPITABLE FACILITIES WITH STAFF THAT OFFERS FRIENDLY SERVICE AND ACCURATE INFORMATION WHICH ENCOURAGES VISITORS TO CONSIDER MEMPHIS A DESIRABLE TRAVEL DESTINATION AND INCREASE THE LENGTH OF STAY IN MEMPHIS AND SHELBY COUNTY.
MEMBER SERVICES; COMMUNITY DEVELOPMENT; SPORTS DEVELOPMENT; GOVERNMENT RELATIONS; CONVENTION SERVICES; TRAINING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin G Kane President/ceo | Officer | 40 | $510,049 |
Linda Sawyer Cao/cfo | Officer | 40 | $237,453 |
Jeffrey V Homad VP Sales & Services | Officer | 40 | $221,505 |
Regena Bearden Cmo | Officer | 40 | $215,280 |
Kermit Madison Sr. National Sales Director | 40 | $145,608 | |
Malvin Gipson Exec Director - Sports | 40 | $138,790 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Miles Partnership Lllp Digital & Print Advertising | 6/29/20 | $1,881,558 |
Grey Group Advertising | 6/29/20 | $143,000 |
Arrivalist Media Programs | 6/29/20 | $113,750 |
Wgc Fedex St Jude Invitational Advertising | 6/29/20 | $205,343 |
Running Pony Productions Audio & Visual Services | 6/29/20 | $111,773 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,985,750 |
| Investment income | $751,498 |
| 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 | $21,503 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,172,027 |
| Statement of Expenses | |
|---|---|
| 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. | $1,350,614 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,027,304 |
| Pension plan accruals and contributions | $195,154 |
| Other employee benefits | $356,045 |
| Payroll taxes | $266,740 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $33,832 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,919 |
| Fees for services: Other | $449,119 |
| Advertising and promotion | $8,100,251 |
| Office expenses | $404,949 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $125,377 |
| 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 | $230,288 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $14,759,905 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,086,469 |
| Savings and temporary cash investments | $11,441,376 |
| Pledges and grants receivable | $13,451,298 |
| Accounts receivable, net | $159,154 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $41,862 |
| Prepaid expenses and deferred charges | $159,121 |
| Investments—publicly traded securities | $7,726,655 |
| Investments—other securities | $1,702 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $51,973 |
| Total assets | $38,589,779 |
| Accounts payable and accrued expenses | $3,740,407 |
| Grants payable | $0 |
| Deferred revenue | $81,242 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $51,973 |
| 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 | $0 |
| Total liabilities | $3,873,622 |
| 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 |
| Total liabilities and net assets/fund balances | $34,716,157 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Mississippi Planning And Development District Inc Gulfport, MS | $44,385,657 | $33,837,059 |
Metro Atlanta Host Committee Inc Atlanta, GA | $222,399 | $14,582,853 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |