Civic Intelligence

Beloit Convention & Visitors Bureau Charitable Foundation Inc.

990 • Fiscal year 2020 • EIN 39-1590764

Jan 01, 2020 to Dec 31, 2020 • Filed on Aug 19, 2021

656 Pleasant StreetBeloit, WI 53511

(608) 365-4838

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

66th percentile

0.25x

Higher debt load relative to assets than 66% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

66th percentile

0.26x

Higher debt load relative to revenue than 66% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

67th percentile

16%

Higher net margin than 67% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

64th percentile

$89,032

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 8.9% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

82nd percentile

38%

Faster asset growth than 82% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

37th percentile

-6.3%

Faster revenue growth than 37% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,073,363

Up $292,781 (+38%) from 2019

Net Assets

Up

$809,012

Up $155,442 (+24%) from 2019

Liabilities

Up

$264,351

Up $137,339 (+108%) from 2019

Revenue

Down

$1,002,661

Down $67,860 (-6.3%) from 2019

Expenses

Down

$847,219

Down $181,230 (-18%) from 2019

Net Income

Up

$155,442

Up $113,370 (+269%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2010: $382,614Liabilities 2010: $30,569Net Assets 2010: $352,0452010Assets 2011: $430,261Liabilities 2011: $44,852Net Assets 2011: $385,4092011Assets 2012: $479,562Liabilities 2012: $80,356Net Assets 2012: $399,2062012Assets 2013: $550,588Liabilities 2013: $41,900Net Assets 2013: $508,6882013Assets 2014: $451,356Liabilities 2014: $66,132Net Assets 2014: $385,2242014Assets 2015: $551,570Liabilities 2015: $45,136Net Assets 2015: $506,4342015Assets 2016: $738,060Liabilities 2016: $93,133Net Assets 2016: $644,9272016Assets 2017: $752,970Liabilities 2017: $114,139Net Assets 2017: $638,8312017Assets 2018: $697,339Liabilities 2018: $85,841Net Assets 2018: $611,4982018Assets 2019: $780,582Liabilities 2019: $127,012Net Assets 2019: $653,5702019Assets 2020: $1,073,363Liabilities 2020: $264,351Net Assets 2020: $809,0122020Assets 2021: $759,163Liabilities 2021: $701,551Net Assets 2021: $57,6122021Assets 2022: $784,513Liabilities 2022: $693,720Net Assets 2022: $90,7932022Assets 2023: $762,749Liabilities 2023: $597,290Net Assets 2023: $165,4592023Assets 2024: $1,035,412Liabilities 2024: $150,539Net Assets 2024: $884,8732024

Highlighted filing

2020

Assets$1,073,363
Liabilities$264,351
Net Assets$809,012

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2010: $456,3912010Expenses 2011: $490,3962011Expenses 2012: $600,8982012Revenue 2013: $701,807Expenses 2013: $592,325Net Income 2013: $109,4822013Revenue 2014: $774,851Expenses 2014: $898,315Net Income 2014: -$123,4642014Revenue 2015: $795,604Expenses 2015: $674,394Net Income 2015: $121,2102015Revenue 2016: $878,434Expenses 2016: $739,941Net Income 2016: $138,4932016Revenue 2017: $913,137Expenses 2017: $919,233Net Income 2017: -$6,0962017Revenue 2018: $1,017,179Expenses 2018: $1,044,512Net Income 2018: -$27,3332018Revenue 2019: $1,070,521Expenses 2019: $1,028,449Net Income 2019: $42,0722019Revenue 2020: $1,002,661Expenses 2020: $847,219Net Income 2020: $155,4422020Revenue 2021: $262Expenses 2021: $223,778Net Income 2021: -$223,5162021Revenue 2022: $17,954Expenses 2022: $120,389Net Income 2022: -$102,4352022Revenue 2023: -$5,891Expenses 2023: $44,892Net Income 2023: -$50,7832023Revenue 2024: $902,334Expenses 2024: $182,920Net Income 2024: $719,4142024

Highlighted filing

2020

Revenue$1,002,661
Expenses$847,219
Net Income$155,442
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Aug 19, 2021
Return Version
2020v4.0
Gross Receipts
$1,008,881
Mission and Program Overview

Mission

We are greater beloit's tourism champion using our expertise to generate positive economic impact and to create a vibrant community for residents and visitors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$465,597$444,031▼ $21,566
Land, Buildings, and Equipment, Net$56,715$411,430▲ $354,715
Accounts Receivable$224,476$194,378▼ $30,098
Cash and Non-Interest-Bearing Accounts$22,286$13,073▼ $9,213
Prepaid Expenses and Deferred Charges$11,508$10,451▼ $1,057
Total Assets$780,582$1,073,363▲ $292,781
Liabilities
Accounts Payable and Accrued Expenses$96,003$122,936▲ $26,933
Mortgage Notes Payable Secured by Investment Property-$110,902-
Deferred Revenue$27,488$30,513▲ $3,025
Grants Payable$3,521--
Total Liabilities$127,012$264,351▲ $137,339
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$653,570$809,012▲ $155,442
Total Net Assets Fund Balance$653,570$809,012▲ $155,442
Total Liabilities and Net Assets / Fund Balance$780,582$1,073,363▲ $292,781

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$398,527$77,049$475,576
Equipment$12,903$103,005$115,908
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Celestino RuffiniCEOFT$80,617$8,415$89,032

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$397,020
Program Service Revenue
$587,157
Investment Income
$-5,607
Other Revenue
$24,091
All Other Contributions
$95,745
Change in Net Assets
$155,442

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table1$29,583
Total Noncash Contributions1$29,583

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,008,881
Revenue Not Reported on Financial Statements
$-6,220
Other Revenue Adjustments
$-6,220
Total Revenue per Audited Statements
$1,008,881
Total Revenue per Form 990
$1,002,661
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$476,357
Salaries, Compensation, and Employee Benefits$370,862
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising$262,996$2,055-$265,051
Other Salaries and Wages$184,685$32,591-$217,276
Current Officers, Directors, Trustees, and Key Employees$68,524$12,093-$80,617
Other Employee Benefits$45,849$5,094-$50,943
Office Expenses$39,519$6,064-$45,583
Occupancy$20,892$20,889-$41,781
Depreciation Depletion$19,160$3,381-$22,541
Payroll Taxes$18,722$3,304-$22,026
All Other Expenses$18,321$1,960-$20,281
Fees for Services Accounting$6,725$6,724-$13,449
Insurance$6,357$2,368-$8,725
Other Expenses$7,931--$7,931
Interest$5,958$1,052-$7,010
Conferences and Meetings$5,520$615-$6,135
Travel$2,174$243-$2,417
Total Functional Expenses$748,786$98,433$0$847,219

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$853,439
Expenses per Audited Statements$847,219
Total Expenses per Form 990$847,219
Expenses Not Reported on Form 990$6,220
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The form 990 is reviewed by the ceo and executive committee and approved by the board prior to filing.

Form 990, Page 6, Part VI, Line 12C

Board members submit a written statement describing any conflicts of interest prior to becoming a member of the board and annually review, update, and resubmit the conflict of interest statement.

Form 990, Page 6, Part VI, Line 15A

The executive committee meets, reviews the performance, and votes on the executive director's yearly increase in salary. Benchmarking is performed to ensure compensation is appropriate.

Form 990, Page 6, Part VI, Line 19

Governing documents are made available to interested parties upon request and are available for public inspection on the organization's website and guidestar.

Filing and Contact Details

Filer

Filer Name
Beloit Convention & Visitors
EIN
39-1590764
Phone
6083654838
Address
656 PLEASANT STREET, BELOIT, WI 53511

Signing Officer

Name
Celestino Ruffini
Title
CEO
Phone
6083654838
Signed
2021-08-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Celestino Ruffini
Formed
1987
Legal Domicile
Wi
Voting Board Members
16
Independent Board Members
16
Employees
15
Volunteers
1

Preparer

Firm
Siepert & Co Llp
Address
1920 WEST HART ROAD, BELOIT, WI 53511
Preparer
Dennis E Hildebrandt
Phone
6083652266
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Loss on disposal of fixed assets 6,220 loss on disposal of fixed assets -6,220

Financial Statement Notes

Schedule D, Page 3, Part X

Beloit convention & visitors bureau, inc. Is a nonprofit organization exempt from federal and state income taxes under internal revenue code sections 501(c)(3) as other than a private foundation. As a result, there is no provision for income taxes in the financial statements. Management of beloit convention & visitors bureau, inc. Have evaluated for and determined there are no uncertain tax positions as of december 31, 2020. Beloit convention & visitors bureau, inc. Is subject to informational reporting requirements in the united states federal jurisdiction and the state of wisconsin. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Tax returns remain open for federal examination for the past three years and state examination for the past four years. At december 31, 2020, there are no ongoing income tax audits or unresolved disputes with the various taxing authorities beloit convention & visitors bureau, inc. Currently files, or has filed, with.

Schedule D, Page 4, Part XI, Line 4B

Loss on disposal of fixed assets -6,220

Schedule D, Page 4, Part XII, Line 2D

Loss on disposal of fixed assets 6,220

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0WE ARE GREATER BELOIT'S TOURISM CHAMPION USING OUR EXPERTISE TO GENERATE POSITIVE ECONOMIC IMPACT AND TO CREATE A VIBRANT COMMUNITY FOR RESIDENTS AND VISITORS.
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IRS990/OtherExpensesGrp/Desc1RESEARCH-SERVICES
IRS990/OtherExpensesGrp/Desc2LEGACY PROGRAM SPONSOR
IRS990/OtherExpensesGrp/Desc3DUES & SUBSCRIPTIONS-DUES
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IRS990/PrincipalOfficerNm0CELESTINO RUFFINI
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IRS990/PYInvestmentIncomeAmt0559
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IRS990/ReconcilationRevenueExpnssAmt0155442
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IRS990/RelatedEntityInd0false
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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0444031
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0WELCOME CENTER SPONSORSHIP FEES 37,538 CO-OP ADVERTISING 2,700 REVENUE REIMBURSEMENTS 55,776 PROMOTIONAL PARTICIPATION SPONSOR 71,425
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0433
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0374
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0257
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt072337
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt023576
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt026281
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0BELOIT CONVENTION & VISITORS BUREAU, INC. IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTIONS 501(C)(3) AS OTHER THAN A PRIVATE FOUNDATION. AS A RESULT, THERE IS NO PROVISION FOR INCOME TAXES IN THE FINANCIAL STATEMENTS. MANAGEMENT OF BELOIT CONVENTION & VISITORS BUREAU, INC. HAVE EVALUATED FOR AND DETERMINED THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2020. BELOIT CONVENTION & VISITORS BUREAU, INC. IS SUBJECT TO INFORMATIONAL REPORTING REQUIREMENTS IN THE UNITED STATES FEDERAL JURISDICTION AND THE STATE OF WISCONSIN. TAX REGULATIONS WITHIN EACH JURISDICTION ARE SUBJECT TO THE INTERPRETATION OF THE RELATED TAX LAWS AND REGULATIONS AND REQUIRE SIGNIFICANT JUDGMENT TO APPLY. TAX RETURNS REMAIN OPEN FOR FEDERAL EXAMINATION FOR THE PAST THREE YEARS AND STATE EXAMINATION FOR THE PAST FOUR YEARS. AT DECEMBER 31, 2020, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAXING AUTHORITIES BELOIT CONVENTION & VISITORS BUREAU, INC. CURRENTLY FILES, OR HAS FILED, WITH.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1LOSS ON DISPOSAL OF FIXED ASSETS -6,220
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2LOSS ON DISPOSAL OF FIXED ASSETS 6,220
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
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IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt01
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0IN-KIND RENT
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IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 IS REVIEWED BY THE CEO AND EXECUTIVE COMMITTEE AND APPROVED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS SUBMIT A WRITTEN STATEMENT DESCRIBING ANY CONFLICTS OF INTEREST PRIOR TO BECOMING A MEMBER OF THE BOARD AND ANNUALLY REVIEW, UPDATE, AND RESUBMIT THE CONFLICT OF INTEREST STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE EXECUTIVE COMMITTEE MEETS, REVIEWS THE PERFORMANCE, AND VOTES ON THE EXECUTIVE DIRECTOR'S YEARLY INCREASE IN SALARY. BENCHMARKING IS PERFORMED TO ENSURE COMPENSATION IS APPROPRIATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS ARE MADE AVAILABLE TO INTERESTED PARTIES UPON REQUEST AND ARE AVAILABLE FOR PUBLIC INSPECTION ON THE ORGANIZATION'S WEBSITE AND GUIDESTAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LOSS ON DISPOSAL OF FIXED ASSETS 6,220 LOSS ON DISPOSAL OF FIXED ASSETS -6,220
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.04$0.15$0.88$0.90$0.18$0.72
2023Detailed filing. Detailed filing data is available for this year.$0.76$0.60$0.17$0.01$0.04$0.05
2022Detailed filing. Detailed filing data is available for this year.$0.78$0.69$0.09$0.02$0.12$0.10
2021Detailed filing. Detailed filing data is available for this year.$0.76$0.70$0.06$0.00$0.22$0.22
2020Detailed filing. Detailed filing data is available for this year.$1.07$0.26$0.81$1.00$0.85$0.16
2019Detailed filing. Detailed filing data is available for this year.$0.78$0.13$0.65$1.07$1.03$0.04
2018Detailed filing. Detailed filing data is available for this year.$0.70$0.09$0.61$1.02$1.04$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.75$0.11$0.64$0.91$0.92$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.74$0.09$0.64$0.88$0.74$0.14
2015Detailed filing. Detailed filing data is available for this year.$0.55$0.05$0.51$0.80$0.67$0.12
2014Detailed filing. Detailed filing data is available for this year.$0.45$0.07$0.39$0.77$0.90$0.12
2013Detailed filing. Detailed filing data is available for this year.$0.55$0.04$0.51$0.70$0.59$0.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.48$0.08$0.40$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.43$0.04$0.39$0.49
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.38$0.03$0.35$0.46