Visit Spokane

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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

1985

Legal Domicile

Principal Officer

Rose Noble

Phone

5097429380

Tax Period

2024-01-01 to 2024-12-31

Visit Spokane, founded in 1985, is a community nonprofit that reported $6.3M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $7.2M exceeded revenue, resulting in a 15% operating deficit.

Mission

The mission of Visit Spokane is to help promote economic development for Spokane County through tourism and tourism promotion.

Program Service Accomplishments

Program 1

Expenses: $2,988,572

Visit Spokane created and implemented innovative sales and marketing strategies across targeted market segments to expand convention and leisure visitation to the region, increasing visitor spending, and attracting additional overnight stays. Visit Spokane reinforced these strategies with advertising and public relations initiatives and social media opportunities targeted to deliver increased visibility, identity, and visitation to Spokane County. We served as the official destination resource for both residents and visitors to enhance their experiences and increase spending. Visit Spokane acted as an advocate for expanded public meeting, cultural and sports facilities to increase market potential and shared intelligence based on market research to help the community in economic development decision making.During year 2024 the Organization's Destination Marketing Program secured over 2,000,000 media impressions, hosted 45,984 convention attendees, served 35,000 visitors through Trip Advisor and at the Visitor Information Center, and secured media valued at $7,323,655.

Program 2

Expenses: $2,599,623 Revenue: $317,060

During year 2024, the Organization's Direct Meeting Sales Program intended to promote the Spokane region as a preferred meeting, convention, and event destination by distributing leads to area...

During year 2024, the Organization's Direct Meeting Sales Program intended to promote the Spokane region as a preferred meeting, convention, and event destination by distributing leads to area lodging and facility partners resulted in 97 on-site inspections with meeting professionals for future meetings/events as well as 84,533 definite room nights to the Spokane region.

Program 3

Expenses: $605,207

During year 2024, the Organization's Convention Services Program intended to enhance and support the overall destination experience of convention and meeting participants in the Spokane region...

During year 2024, the Organization's Convention Services Program intended to enhance and support the overall destination experience of convention and meeting participants in the Spokane region resulted in 1,274 referrals and leads sent to local businesses.

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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 $5,709,330

Program Service Revenue $431,802

Investment Income $0

Other Revenue $153,377

TOTAL REVENUE $6,294,509

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,674,998

Fundraising Expenses $0

Program Expenses $6,649,487

Other Expenses $4,557,842

TOTAL EXPENSES $7,232,840

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,294,509	$5,785,595	+0.1%
Expenses	$7,232,840	$5,692,846	+0.3%
Net Income	$-938,331	$92,749	-11.1%

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

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

$254,126

Total Directors