Greater Minneapolis Convention and Visitors Association

Nonprofit profile at a glance

EIN
363568407
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6127678090
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$13,522,995
Expenses
$14,688,005
Assets
$6,062,166
Liabilities
$4,620,646

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

44 people listed

Executive titles in this filing

  • MELVIN TENNANT (PRESIDENT)

Highest reported compensation

  • MELVIN TENNANT (PRESIDENT): $408,785 total reported compensation
  • SANDRA CHRISTENSEN (SVP FINANCE & BUSINESS OPS): $253,874 total reported compensation
  • COURTNEY RIES (SVP DESTINATION BRANDING & STRATEGY): $246,474 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

At meet minneapolis, our mission is to positively impact the economic and social prosperity of our minneapolis community. By attracting visitors, meetings and events, our work directly supports local workers and businesses, and generates critical revenues.

What it reported doing in 2024

The integrated sales and marketing plan includes detailed initiatives, all designed to promote the minneapolis convention center and the city of minneapolis overall. The minneapolis convention center is promoted as a venue for trade shows and conventions and the city of minneapolis is marketed as both a convention site as well as a desirable tourist destination. In 2024, 528,034 room nights were booked in the city, $21.4 million in revenue was generated for the convention center (a 16% increase from the prior year) including 199 events bringing in 719,756 attendees. Also in 2024, 7.4 billion media impressions were achieved, while meet minneapolis' work influenced more than 1,200 media stories and grew social media followers to 192,100 across all channels. Sporting events that meet minneapolis procured and/or executed in 2024 included the ncaa men's and women's big 10 basketball championships, as well as the USA gymnastics olympic trials, generating an estimated $74.9 million in economic impact. Hotel performance broke record in both demand and revenue.

Operating model

Revenue model
Grant-funded. 91% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 91
  • Accountability: 94
  • Sustainability: 13
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.9%; rating input score 78
  • Program expense ratio: 71.6%; rating input score 72
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 14th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • 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: 97.4%; rating input score 97; 31st percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -8.6%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 0.41; rating input score 12; 12th percentile among comparable filings
  • Liabilities to assets ratio: 0.76; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 11.2%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 12% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: 1.9% per year; rating input score 100; 17th percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: 77.9% of revenue deployed · 71.6% of spending went to programs
  • Governance: 37 of 38 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $10.5M in reported program spending
  • Leadership: top reported pay $409K · 44 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 12/100.
  • High — Sustainability: Total-asset coverage ratio scored 12/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.