Memphis Convention & Visitors Bureau D/b/a Memphis Tourism Corp

Nonprofit profile at a glance

EIN
621025301
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Memphis, TN, USA
Phone
9015435300
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$10,630,308
Expenses
$23,688,113
Assets
$42,712,994
Liabilities
$7,899,258

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

Leadership & pay

30 people listed

Executive titles in this filing

  • DOUG BROWNE (PRESIDENT)
  • KEVIN G KANE (PRESIDENT/CEO)

Highest reported compensation

  • KEVIN G KANE (PRESIDENT/CEO): $678,307 total reported compensation
  • LINDA SAWYER (CAO/CFO): $309,973 total reported compensation
  • MALVIN GIPSON (EVP SALES, SPORTS & SERVIC): $307,916 total reported compensation

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

Overview

Mission

The official destination marketing organization dedicated to actively growing the memphis and shelby county economy by attracting visitors, conventions and events.

What it reported doing in 2024

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.

Operating model

Revenue model
Grant-funded. 83% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 75% for direct work, and 25% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 67
  • Accountability: 100
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.3%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -122.8%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 1.8; rating input score 58; 58th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 61; 61st percentile among comparable filings
  • Officer compensation ratio: 10.4%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 8.5% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: 5.3% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: 9.1% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.3% of spending went to programs
  • Governance: 21 of 21 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $20.7M in reported program spending
  • Leadership: top reported pay $678K · 30 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $5.8M reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 7 filed schedules · includes foreign activity, grants, and executive pay
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 10 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 58/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.