THE CONVENTION AND VISITORS BUREAU… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1934

Legal Domicile

Principal Officer

David Gilbert

Phone

2168756600

Tax Period

2024-01-01 to 2024-12-31

THE CONVENTION AND VISITORS BUREAU OF GREATER CLEVELAND INC, founded in 1934, is a mid-sized nonprofit that reported $28.2M in total revenue in fiscal year 2024. Revenue surged 21% from the prior year, signaling strong growth momentum. Expenses of $24.3M left a modest 14% surplus.

Mission

We are unapologetic promoters of Cleveland. By attracting people and connecting them to experiences that illustrate Cleveland's diversity, creativity, and contagious passion, we stimulate economic growth. Destination Cleveland exists to drive economic impact and stimulate community vitality for Greater Cleveland through memorable leisure, convention and business travel experiences. The organization markets the destination to individuals, meeting planners and tour operators to change perceptions and improve the narrative of Cleveland; pursues, books and services meetings, conventions and events; and manages the destination experience by connecting visitors to Cleveland, the industry that serves them and the environment they experience during their visit.

Program Service Accomplishments

Program 1

Expenses: $8,006,351

Allocation of funds to change perceptions of Cleveland as a destination city, increase demand for Cleveland as a leisure destination and as the host of meetings, conventions and events, and encourage...

Program 2

Expenses: $7,453,839

Expenses related to pursuing and booking meetings, conventions and events to be hosted in Cleveland. Also includes expenses related to servicing secured events to create memorable and personal...

Expenses related to pursuing and booking meetings, conventions and events to be hosted in Cleveland. Also includes expenses related to servicing secured events to create memorable and personal experiences that are authentic to Cleveland, which contribute to increasing positive perceptions of Cleveland.

Program 3

Expenses: $2,840,437

Expenses incurred to update and maintain visitor experience assets, including wayfinding system, brand signage and illumination equipment for a permanent lighting installation in downtown Cleveland[.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,769,690

Program Service Revenue $24,228,561

Investment Income $1,215,621

Other Revenue $13,121

TOTAL REVENUE $28,226,993

Expense Breakdown

Grants Paid $984,455

Salaries & Benefits $7,805,157

Fundraising Expenses $0

Program Expenses $21,774,962

Other Expenses $15,500,949

TOTAL EXPENSES $24,290,561

Year-over-Year Comparison

	2024	2023	Change
Revenue	$28,226,993	$23,370,295	+0.2%
Expenses	$24,290,561	$17,729,849	+0.4%
Net Income	$3,936,432	$5,640,446	-0.3%

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

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

190

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

$203,016

Total Directors

Key Employees

$773,933

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Gordon Taylor III	Chief Sales Officer	40	Key Emp	$255,793	$29,712	$285,505
Hannah Belsito	Chief Experience Officer	40	Key Emp	$227,734	$28,707	$256,441
Marie Scalia	Chief Marketing Officer	40	Key Emp	$214,469	$17,518	$231,987
Sharrona Burns	Vice President of Sales and Services Operations	40	Highest	$200,239	$21,665	$221,904
Steven Dieringer	Vice President of Finance	40	Officer	$189,417	$13,599	$203,016
Jennifer Valencic	Vice President, Destination Engagement	40	Highest	$173,059	$27,170	$200,229
Emily Lauer	Vice President of PR & Communications	40	Highest	$169,249	$12,975	$182,224
Jim Ganotis	Director of Information Technology	40	Highest	$129,147	$21,422	$150,569
Lauren Federico	Senior Director of Convention Services	40	Highest	$137,175	$956	$138,131
Bruce Akers	Director	1	Director	$0	$0	$0
Dr Laura Bloomberg	Director	1	Director	$0	$0	$0
Kate Borders	Directors	1	Director	$0	$0	$0
Brandon Bryant	Director	1	Director	$0	$0	$0
Micki Byrnes	Director	1	Director	$0	$0	$0
Shelly Cayette	Director through June 2024	1	Director	$0	$0	$0
Bradford Davy	Director	1	Director	$0	$0	$0
Robert Falls	Director	1	Director	$0	$0	$0
Adam Fishman	Director	1	Director	$0	$0	$0
Bill Griswold	Director	1	Director	$0	$0	$0
Steve Groppe	Director through August 2024	1	Director	$0	$0	$0
Greg Harris	Director	1	Director	$0	$0	$0
Craig Hassall	Director	1	Director	$0	$0	$0
David Heller	Director	1	Director	$0	$0	$0
Robert Hill	Director	1	Director	$0	$0	$0
Erik Janas	Director	1	Director	$0	$0	$0
Michael Jeans	Director	1	Director	$0	$0	$0
JW Johnson	Director	1	Director	$0	$0	$0
Nathan Kelly	Director	1	Director	$0	$0	$0
Ron King	Director	1	Director	$0	$0	$0
Brenda Kirk	Treasurer	1	Officer Director	$0	$0	$0
Tammy LeBlanc	Director	1	Director	$0	$0	$0
India Pierce Lee	Director	1	Director	$0	$0	$0
Paul Matsen	Director	1	Director	$0	$0	$0
Bob Megazzini	Director	1	Director	$0	$0	$0
Tania Menesse	Director	1	Director	$0	$0	$0
Darrell McNair	Director	1	Director	$0	$0	$0
Sam McNulty	Director	1	Director	$0	$0	$0
Randy McShepard	Vice Chair	1	Officer Director	$0	$0	$0
Pat Pastore	Vice Chair	1	Officer Director	$0	$0	$0
Jon Pinney	Board Chair	1	Officer Director	$0	$0	$0
Shawn Riley	Director	1	Director	$0	$0	$0
Baiju Shah	Director	1	Director	$0	$0	$0
Jason Therrien	Director	1	Director	$0	$0	$0
Julie Tutkovics	Director	1	Director	$0	$0	$0
Daniel Walsh	Director	1	Director	$0	$0	$0
Mayor Pat Ward	Director	1	Director	$0	$0	$0
Eric Wobser	Director	1	Director	$0	$0	$0
Brian Zimmerman	Director	1	Director	$0	$0	$0
Ann Zoller	Secretary	1	Officer Director	$0	$0	$0
David Gilbert	President and CEO - Leased Employee	40	Officer	$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
2024	$28,226,993	$24,290,561	$39,748,440	$3,936,432
2023	$23,370,295	$17,729,849	$36,431,748	$5,640,446
2022	$19,527,413	$15,586,168	$30,524,585	$3,941,245
2021	$17,425,666	$12,338,297	$25,296,918	$5,087,369
2020	$8,543,785	$10,609,393	$20,037,093	$-2,065,608
2019	$21,456,678	$19,317,133	$23,297,099	$2,139,545
2018	$17,827,942	$16,380,524	$24,550,071	$1,447,418

THE CONVENTION AND VISITORS BUREAU OF GREATER CLEVELAND INC