NORFOLK CONVENTION & VISITORS BUREAU INC D/B/A VISITNORFOLK

EIN: 311678153 Community Improvement

NORFOLK, VA

Total Revenue
$5,197,078
Total Expenses
$4,971,304
Total Assets
$2,894,040
Net Assets
$2,277,848
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Legal Domicile
VA
Principal Officer
FRANK REYNOLDS
Phone
7576646620
Tax Period
2024-07-01 to 2025-06-30

NORFOLK CONVENTION & VISITORS BUREAU INC D/B/A VISITNORFOLK is a community nonprofit in the Community Improvement sector that reported $5.2M in total revenue in fiscal year 2024. Expenses of $5.0M left a modest 4% surplus.

Mission

TO IMPROVE THE ECONOMIC VITALITY OF THE CITY OF NORFOLK VIRGINIA

Program Service Accomplishments

Program 1

STIMULATE THE CITY OF NORFOLK VIRGINIA'S GROWTH OF INDUSTRY, TOURISM, AND USE OF CONVENTION AND ENTERTAINMENT FACILITIES

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $5,130,189
Investment Income $66,889
Other Revenue $0
TOTAL REVENUE $5,197,078

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,513,015
Fundraising Expenses $0
Other Expenses $2,458,289
TOTAL EXPENSES $4,971,304

Year-over-Year Comparison

2024 2023 Change
Revenue $5,197,078 $5,443,470 0.0%
Expenses $4,971,304 $5,287,072 -0.1%
Net Income $225,774 $156,398 +0.4%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Governance

Voting Members
31
Independent Members
31
Employees
43
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$266,881
Total Directors
32
$0
Key Employees
0
$0
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KURT KRAUSE PRESIDENT AN 40.00
Officer
$238,699 $28,182 $266,881
FRANK REYNOLDS ACTING CEO/C 40.00
Highest
$143,941 $26,093 $170,034
MARIA HERRING VP SALES & S 40.00
Highest
$113,565 $2,374 $115,939
KENNY ALEXANDER EX OFFICIO 0.50
Director
$0 $0 $0
SHANNON ALLEN MEMBER 0.50
Director
$0 $0 $0
JACK ANKERSON EX OFFCIO 0.50
Director
$0 $0 $0
CHRIS BARCO MEMBER 0.50
Director
$0 $0 $0
TED BAROODY EX OFFICIO 0.50
Director
$0 $0 $0
ANDREA BEAR EX OFFICIO 0.50
Director
$0 $0 $0
TOM VAN BENSCHOTEN MEMBER 0.50
Director
$0 $0 $0
OMAR BOUKHRISS VICE CHAIR 0.50
Officer Director
$0 $0 $0
CHARLIE BRADEN MEMBER 0.50
Director
$0 $0 $0
JIM CARROLL EX OFFICIO 0.50
Director
$0 $0 $0
CARLOS CLANTON MEMBER 0.50
Director
$0 $0 $0
ROBERT CROSS MEMBER 0.50
Director
$0 $0 $0
HOLLY DALBY MEMBER 0.50
Director
$0 $0 $0
PATRICK EDWARDS EX OFFICIO 0.50
Director
$0 $0 $0
LAWRENCE EPPLEIN MEMBER 0.50
Director
$0 $0 $0
DUANE GAUTHIER MEMBER 0.50
Director
$0 $0 $0
BRANDAN GOODWIN MEMBER 0.50
Director
$0 $0 $0
LINDSEY JANSSEN MEMBER 0.50
Director
$0 $0 $0
BERNARDO JOHNSON MEMBER 0.50
Director
$0 $0 $0
STEPHEN KIRKLAND MEMBER 0.50
Director
$0 $0 $0
JAY LANG CHAIR 1.00
Officer Director
$0 $0 $0
GEORGIE MARQUEZ MEMBER 0.50
Director
$0 $0 $0
ERIK NEIL MEMBER 0.50
Director
$0 $0 $0
LAVORIS PACE EX OFFICIO 0.50
Director
$0 $0 $0
PATRICK ROBERTS EX OFFICIO 0.50
Director
$0 $0 $0
ANDREW SINCLAIR MEMBER 0.50
Director
$0 $0 $0
ALAN SMITH MEMBER 0.50
Director
$0 $0 $0
DIANNA STARKEY EX OFFICIO 0.50
Director
$0 $0 $0
ANNE THUMA SECRETARY TR 1.00
Officer Director
$0 $0 $0
JESSICA TROTMAN MEMBER 0.50
Director
$0 $0 $0
CAREYANN WEINBERG MEMBER 0.50
Director
$0 $0 $0
JOEY WEINBERG MEMBER 0.50
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $5,197,078 $4,971,304 $2,894,040 $225,774
2024 $5,443,470 $5,287,072 $2,638,639 $156,398
2023 $5,479,312 $5,597,892 $2,595,563 $-118,580
2022 $5,731,785 $5,248,816 $2,693,270 $482,969
2021 $4,428,367 $4,083,259 $2,993,697 $345,108
2020 $4,339,716 $4,970,063 $2,093,364 $-630,347
2019 $4,953,304 $4,493,841 $2,351,127 $459,463
2018 $4,981,287 $5,175,910 $1,870,355 $-194,623
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