Richmond Metropolitan Convention & Vistor's Bureau
Nonprofit profile at a glance
- EIN
- 541249192
- IRS 990 coverage
- 2011–2024
- Forms available
- Form 990 2024
- Location
- Richmond, VA, USA
- Phone
- 8047822777
- Rating
- 73
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $19,243,460
- Expenses
- $13,686,814
- Assets
- $15,970,053
- Liabilities
- $1,570,016
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
32 people listed
Executive titles in this filing
- KATHERINE O'DONNELL (PRESIDENT/CE)
- JOHN F BERRY JR (FORMER CEO)
Highest reported compensation
- KATHERINE O'DONNELL (PRESIDENT/CE): $279,391 total reported compensation
- JOHN F BERRY JR (FORMER CEO): $219,180 total reported compensation
- JERRINE LEE (VP OF SALES): $192,178 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Grow the economy of the richmond region by attracting conventions, meetings, sports tournaments, and visitors while ensuring that they all have an unforgettable experience. Share a passion for the richmond region with the world.
What it reported doing in 2024
Tourism communications - the local tourism industry added 326 jobs in 2024, now totaling 29,631 positions. The region welcomed over 18.3 million visitors during the year who spent 3.93 billion, a 4.7% increase over 2023. Many of the visitors are tourists. Sports tourism accounted for 77% of the hotel room nights. The tourism improvement district completed its second year of operation, approving 119 event incentives, booking 21 more events, creating a 12% increase in contracted room nights and a 17 million increase in estimated economic impact from 2023. The promotion of the destination is through hosting travel writers, attending trade shows, meeting with tour operators and bus companies. Richmond region tourism produces maps, visitors guides, newsletters and maintains a website in order to promote the destination.
Operating model
- Revenue model
- Membership-supported. 97% of the money available for current operations came from membership dues.
- 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.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 62
- Transparency & Controls: 71
- Accountability: 95
- Sustainability: 65
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 61.3%; rating input score 61
- Program expense ratio: 84.9%; rating input score 85
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 66th 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: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 28.9%; rating input score 88; 88th percentile among comparable filings
- Total-asset coverage ratio: 1.17; rating input score 42; 42nd percentile among comparable filings
- Liabilities to assets ratio: 0.1; rating input score 74; 74th percentile among comparable filings
- Officer compensation ratio: 10%; rating input score 20; 20th percentile among comparable filings
Growth
- Program expense growth: 10.4% per year; rating input score 100; 72nd percentile among comparable filings
- Revenue growth: 11.1% per year; rating input score 100; 78th percentile among comparable filings
- Asset growth: 19.1% per year; rating input score 100; 88th percentile among comparable filings
Details
- Where the money goes: 61.3% of revenue deployed · 84.9% of spending went to programs
- Governance: 25 of 25 board members independent · 8 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $11.6M in reported program spending
- Leadership: top reported pay $279K · 32 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 3 contractors listed · $340K reported
- Consistency: 33 of 33 current checks pass
- 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 — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
- High — Sustainability: Officer compensation ratio scored 20/100.