Experience Sioux Falls

What it reported doing in 2024

Experience sioux falls, formerly the sioux falls convention and visitors bureau, is funded by two sources. When the organization was created in the early 70's, the city agreed to fund the group through a 1% room tax plus 500,000 from the general fund. This room rax was collected from all sioux falls hotels and directed to the organization. In 2011, a bid (business improvement district) was formed by sioux falls hotels, in cooperation with the city of sioux falls, to further fund experience sioux falls for the purpose of remaining competitive in sales and marketing. The bid became effective on january 1, 2011, via city ordinance and is collected from all hotels with 40+ rooms in the city limits of sioux falls. It was at this time that the 500,000 was no longer provided to experience sioux falls. Experience sioux falls (esf) - formerly known as convention & visitors bureau (cvb), exists to bring visitors to sioux falls to create economic impact throughout the city, i.e.: hotel room tax, sales tax, and jobs. In 2024, esf booked 111 conventions, meetings, and events involving 55,633 people. Esf distributed 76,489 visitor guides via mail, direct mail, reader response, downloads, and online views to leisure travelers across the united states, as well as distributed locally to approximately 200 locations in sioux falls. In 2024, the total number of visitors to sioux falls estimated by esf is 1,117,647. Esf serviced 56 conventions, meetings and events involving 187,767 people. Esf prints publications such as sioux falls visitor guide (130,000). Esf travels nationwide making sales calls and bid presentations to bring new business to the city. Digital and print sales and marketing programs are completed to advertise the city throughout the country. The visitor information center at falls park is also managed by esf.

Financial Efficiency

• Mission deployment rate: 0%; rating input score 0
• Program expense ratio: 0%; rating input score 0
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 1 of 6 controls in place; rating input score 17
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 3 of 8 controls in place; rating input score 38
  • Conflict-of-interest policy: Fail
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 8.4%; rating input score 59; 59th percentile among comparable filings
• Total-asset coverage ratio: 1.63; rating input score 55; 55th percentile among comparable filings
• Liabilities to assets ratio: 0.13; rating input score 54; 54th percentile among comparable filings
• Officer compensation ratio: 5.3%; rating input score 51; 51st percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: -14.1% per year; rating input score 0; 1st percentile among comparable filings
• Asset growth: 10.1% per year; rating input score 100; 59th percentile among comparable filings