LAKE NORMAN CONVENTION AND VISITORS BUREAU

EIN: 562249663 Community Improvement

CORNELIUS, NC

Total Revenue
$1,128,506
Total Expenses
$1,063,820
Total Assets
$803,198
Net Assets
$794,891
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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
2000
Legal Domicile
NC
Principal Officer
SALLY ASHWORTH
Phone
7049873300
Tax Period
2024-07-01 to 2025-06-30

LAKE NORMAN CONVENTION AND VISITORS BUREAU, founded in 2000, is a community nonprofit in the Community Improvement sector that reported $1.1M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $1.1M left a modest 6% surplus.

Mission

TO ORGANIZE AND PROMOTE CONVENTIONS, EVENTS AND TOURISM IN THE LAKE NORMAN AREA.

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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 $1,084,093
Program Service Revenue $0
Investment Income $28,367
Other Revenue $16,046
TOTAL REVENUE $1,128,506

Expense Breakdown

Grants Paid $0
Salaries & Benefits $430,186
Fundraising Expenses $0
Program Expenses $1,034,871
Other Expenses $633,634
TOTAL EXPENSES $1,063,820

Year-over-Year Comparison

2024 2023 Change
Revenue $1,128,506 $994,904 +0.1%
Expenses $1,063,820 $980,809 +0.1%
Net Income $64,686 $14,095 +3.6%
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

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Governance

Voting Members
18
Independent Members
18
Employees
6
Volunteers
25

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
5
$0
Total Directors
13
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOE KINDRED MEMBER AT LARGE 0.00
Director
$0 $0 $0
JEANNA HOFFMAN DIRECTOR 0.00
Director
$0 $0 $0
BORIS BUNICH DIRECTOR 0.00
Director
$0 $0 $0
VINAY SREE DIRECTOR 0.00
Director
$0 $0 $0
JOE DOUGLAS DIRECTOR 0.00
Director
$0 $0 $0
ASHLEY HOGAN DIRECTOR 0.00
Director
$0 $0 $0
DIANA MERRIFIELD DIRECTOR 0.00
Director
$0 $0 $0
MICHAEL JAYCOCKS DIRECTOR 0.00
Director
$0 $0 $0
JUSTIN DIONNE AT LARGE 0.00
Director
$0 $0 $0
BILL RUSSELL EX OFFICIO 0.00
Director
$0 $0 $0
SUSAN JOHNSON DIRECTOR 0.00
Director
$0 $0 $0
STEVE JUSTUS DIRECTOR 0.00
Director
$0 $0 $0
ALISIA BERGSMAN DIRECTOR 0.00
Director
$0 $0 $0
RANDY MARION CHAIRMAN 0.00
Officer
$0 $0 $0
WOODY WASHAM VICE CHAIRMAN 0.00
Officer
$0 $0 $0
BARBARA MCCALL TREASURER 0.00
Officer
$0 $0 $0
CATHY BENTZ ASSISTANT TREASURER 0.00
Officer
$0 $0 $0
JOE HARWOOD COMMUNITY AFFAIRS 0.00
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
2025 $1,128,506 $1,063,820 $803,198 $64,686
2024 $994,904 $980,809 $741,294 $14,095
2023 $843,278 $870,580 $716,110 $-27,302
2022 $709,925 $781,837 $743,412 $-71,912
2021 $990,781 $722,254 $815,324 $268,527
2020 $877,478 $756,125 $546,797 $121,353
2019 $855,999 $817,049 $425,444 $38,950
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