Civic Intelligence

Meet Ac Inc

990 • Fiscal year 2022 • EIN 46-5565508

Jan 01, 2022 to Dec 31, 2022 • Filed on Apr 04, 2023

1 Convention BlvdAtlantic City, NJ 08401

(609) 318-6201

Siviq Scores

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

Liabilities / Assets

88th percentile

0.97x

Higher debt load relative to assets than 88% of similar nonprofits.

2022 filings • NTEE S • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

35th percentile

0.13x

Higher debt load relative to revenue than 35% of similar nonprofits.

2022 filings • NTEE S • $5M-$10M nonprofits • Source year 2022

Net Margin

33rd percentile

0.0%

Higher net margin than 33% of similar nonprofits.

2022 filings • NTEE S • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

65th percentile

$227,630

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2022 filings • NTEE S • $5M-$10M nonprofits • Source year 2022

Asset Growth

1st percentile

-60%

Faster asset growth than 1% of similar nonprofits.

2022 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

72nd percentile

33%

Faster revenue growth than 72% of similar nonprofits.

2022 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2021 to 2022

Assets

Down

$1,297,633

Down $1,980,424 (-60%) from 2021

Net Assets

Flat

$36,987

Flat from 2021

Liabilities

Down

$1,260,646

Down $1,980,424 (-61%) from 2021

Revenue

Up

$9,877,625

Up $2,438,654 (+33%) from 2021

Expenses

Up

$9,877,625

Up $2,438,654 (+33%) from 2021

Net Income

Flat

$0

Flat from 2021

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2014: $2,330,637Liabilities 2014: $2,330,637Net Assets 2014: $02014Assets 2015: $1,904,292Liabilities 2015: $1,499,292Net Assets 2015: $405,0002015Assets 2016: $1,643,976Liabilities 2016: $1,238,976Net Assets 2016: $405,0002016Assets 2017: $1,687,957Liabilities 2017: $1,282,957Net Assets 2017: $405,0002017Assets 2018: $1,028,763Liabilities 2018: $948,971Net Assets 2018: $79,7922018Assets 2019: $1,036,800Liabilities 2019: $999,813Net Assets 2019: $36,9872019Assets 2020: $2,908,042Liabilities 2020: $2,871,055Net Assets 2020: $36,9872020Assets 2021: $3,278,057Liabilities 2021: $3,241,070Net Assets 2021: $36,9872021Assets 2022: $1,297,633Liabilities 2022: $1,260,646Net Assets 2022: $36,9872022Assets 2023: $1,679,005Liabilities 2023: $1,523,268Net Assets 2023: $155,7372023Assets 2024: $2,452,776Liabilities 2024: $2,322,039Net Assets 2024: $130,7372024

Highlighted filing

2022

Assets$1,297,633
Liabilities$1,260,646
Net Assets$36,987

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2014: $3,630,931Expenses 2014: $3,630,931Net Income 2014: $02014Revenue 2015: $9,421,153Expenses 2015: $9,016,153Net Income 2015: $405,0002015Revenue 2016: $8,360,550Expenses 2016: $8,360,550Net Income 2016: $02016Revenue 2017: $7,103,115Expenses 2017: $7,103,115Net Income 2017: $02017Revenue 2018: $7,223,976Expenses 2018: $7,549,184Net Income 2018: -$325,2082018Revenue 2019: $8,177,020Expenses 2019: $8,219,825Net Income 2019: -$42,8052019Revenue 2020: $5,324,623Expenses 2020: $5,324,623Net Income 2020: $02020Revenue 2021: $7,438,971Expenses 2021: $7,438,971Net Income 2021: $02021Revenue 2022: $9,877,625Expenses 2022: $9,877,625Net Income 2022: $02022Revenue 2023: $9,657,734Expenses 2023: $9,538,984Net Income 2023: $118,7502023Revenue 2024: $10,022,644Expenses 2024: $10,047,644Net Income 2024: -$25,0002024

Highlighted filing

2022

Revenue$9,877,625
Expenses$9,877,625
Net Income$0
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Apr 4, 2023
Return Version
2022v5.0
Gross Receipts
$9,877,625
Mission and Program Overview

Mission

Trade association organized (1)to promote and market the city of atlantic city (new jersey) as a destination for convention, meetings and tradeshows; (2) to improve common economic interests of businesses throughout the atlantic city region; and (3) to enhance employment opportunities and stimulate economic growth with the atlantic city region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,965,234$683,175▼ $2,282,059
Prepaid Expenses and Deferred Charges$128,483$232,509▲ $104,026
Land, Buildings, and Equipment, Net$38,869$177,097▲ $138,228
Cash and Non-Interest-Bearing Accounts$23,749$95,250▲ $71,501
Other Notes and Loans Receivable, Net$75,000$50,000▼ $25,000
Intangible Assets$35,000$37,581▲ $2,581
Accounts Receivable$3,313$22,021▲ $18,708
Total Assets$3,278,057$1,297,633▼ $1,980,424
Other Assets Total$8,409--
Liabilities
Accounts Payable and Accrued Expenses$1,533,679$847,999▼ $685,680
Mortgage Notes Payable Secured by Investment Property$307,500--
Other Liabilities-$254,951-
Deferred Revenue$1,399,891$157,696▼ $1,242,195
Total Liabilities$3,241,070$1,260,646▼ $1,980,424
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$36,987$36,987→ $0
Total Net Assets Fund Balance$36,987$36,987→ $0
Total Liabilities and Net Assets / Fund Balance$3,278,057$1,297,633▼ $1,980,424

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$177,097$88,746$265,843
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Larry SiegCEOFT$175,100$52,530$227,630
Sandra HarveyVP SalesFT$160,742$48,222$208,964

Board Members and Trustees

NameTitle
Sean PattwellChair
Moisha MooreVice Chair
Kathy MarshallTrustee
Laurel DevineyTrustee
Meg LewisTrustee
Sharon PierceTrustee
Evan SanchezTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Destiny PhillyMarketing1125 ATLANTIC AVE STE 634, 1125 ATLANTIC AVE STE 634, Atlantic Ctiy, NJ 08401$610,000
Simple ViewMarketing8950 N ORACLE RD, 8950 N ORACLE RD, Tucson, AZ 85704$590,823
Borgata Hotel And CasinoMarketingPO BOX 748137, PO BOX 748137, Los Angeles, CA 90074$279,900
Dennis BassfordClient Entertai203 N MELBOURNE AVE, 203 N MELBOURNE AVE, Ventor City, NJ 08406$185,580
Orange142 INCMarketing716 CONGRESS AVE SUITE 100, 716 CONGRESS AVE SUITE 100, Austin, TX 78701$175,000
Revenue and Support

Revenue Composition

Contributions and Grants
$238,370
Program Service Revenue
$9,633,616
Investment Income
$5,639
Other Revenue
$0
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,092,689
Salaries, Compensation, and Employee Benefits$2,784,936
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising$5,290,159$21,023-$5,311,182
Other Salaries and Wages$1,676,585$314,484-$1,991,069
Payments to Affiliates$1,394,636--$1,394,636
Other Employee Benefits$258,221$40,194-$298,415
Current Officers, Directors, Trustees, and Key Employees$191,687$35,943-$227,630
Payroll Taxes$137,465$27,441-$164,906
Pension Plan Contributions$89,054$13,862-$102,916
Occupancy$34,909$66,463-$101,372
Information Technology$26,984$68,812-$95,796
Office Expenses$28,572$15,189-$43,761
Depreciation Depletion$34,809--$34,809
Insurance$11,540$21,969-$33,509
Fees for Services Accounting$17,650$15,393-$33,043
Fees for Services Legal$13,754$11,994-$25,748
Other Expenses$953$2,431-$3,384
All Other Expenses$578$65-$643
Total Functional Expenses$9,214,785$662,840$0$9,877,625
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Grants Refundable$240,497
Due to Atlantic City Sports Commissi$14,454
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

Trustees elect and nominate candidates to meet certain requirements. The board shall consist of at least five and no more than thirteen members and at all times comprised of: (1) one trustee who shall be the executive director of the casino reinvestment development authority, (2)two trustees actively employed by the casino industry; (3) one trustee actively employed by a non-casino hotel industry in atlantic city and (4) one trustee who shall be a member of the atlantic city tourism district business community (other than a member of the casino or non-casino hotel industry).

Form 990, Page 6, Part VI, Line 7B

Actions requiring 80% approval of the board of trustees will be (1) merger, dissolution or liquidation of the corp, (2) any amendments to the corporation's articles of incorporation or bylaws, (3) the sale, pledge, lease, or other transfer of the assets of the corporation other than transactions occurring in the ordinary course of business, (4) the adoption of the corporation's annual budget, marketing plan and annual goals, (5) any loans to be incurred on behalf of the corporation as part of the casino reinvestment development authority's approved budget.

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

Reviewed by the board of trustees with inquiries the the organization's accountant as necessary

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

All compensation decisions are approved by the board as well as any incentive bonuses

Form 990, Page 6, Part VI, Line 19

UPON WRITTEN REQUEST

Filing and Contact Details

Filer

Filer Name
Meet Ac Inc
EIN
46-5565508
Phone
6093186201
Address
1 CONVENTION BLVD, ATLANTIC CITY, NJ 08401

Signing Officer

Name
Evan Sanchez
Title
Treasurer
Phone
6094497160
Signed
2023-04-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sean Pattwell
Formed
2014
Legal Domicile
Nj
Voting Board Members
7
Independent Board Members
7
Employees
92
Volunteers
7

Preparer

Firm
Fitzpatrick Bongiovanni & Kelly Pc
Address
PO BOX 942, MARMORA, NJ 08223
Preparer
Robert J Kelly Jr
Phone
6093908855
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Trade association organized (1)to promote and market the city of atlantic city (new jersey) as a destination for convention, meetings and tradeshows; (2) to improve common economic interests of businesses throughout the atlantic city region; and (3) to enhance employment opportunities and stimulate economic growth with the atlantic city region.

Form 990, Page 2, Part III, Line 4A

Activities include: promotion of the atlantic city convention center and historic boardwalk hall in atlantic city, new jersey as premier destinations for conventions, meetings, trade shows and group leisure events; conduct coordinated advertising, publicity and promotion campaigns offered in atlantic city for meetings and groups; sell and coordinate booking and reservation of convention, meeting and trade show space, hotel rooms and other off-site venues; participate in appropriate convention and destination marketing associations' events and trade shows to assure favorable publicity about atlantic city and the facilities; solicit convention, tradeshow and meeting organizations to use the facilities for other venues throughout atlantic city; provide tourism and event-planning services to associations, businesses, organizations and groups convening or holding conventions, meetings or events; prepare, publish and update materials providing specific information on the facilities, hotels, restaurants, entertainment and other amenities located in atlantic city, and distribute said materials to event planners or coordinators; coordinate with atlantic city hotels, restaurants and entertainment venues the cross-selling and booking of said facilities in connection with the booking of a convention, tradeshow or other meeting events at the facilities; and create and maintain strategic relationships for the coordination of services with the casino reinvestment development authority and its business partners, as they relate to the convention and meeting business in atlantic city. Meet ac highlights and accomplishments in 2022: 1. National sports collectors convention 2022 - generated 6,623 room nights, 28,000 attendees and economic impact of 17,552,264 2. 2022 njlm annual conference, generated 8,280 room nights, 22,500 attendees and economic impact of 12,551,917 3. 2022 annual nj school boards workshop, generated 8,375 room nights, 34,162 attendees and economic impact of 9,673,591 4.the pool & spa show 2022 generated 8,246 room nights, 8,000 attendees and economic impact of 9,555,830 5. U.s. Futsal northeast regional championship 2022, generated 6,041 room nights, 3,000 attendees and economic impact of s8,167,398 6. Atlantic city showcase, generated 3,935 room nights, 7,000 attendees and enonomic impact 7,051,042 7. Atlantic city pickleball open 2022, generated 5,413 room nights, 6,500 attendees and economic impact of 6,606,037 8. Boardwalk block party - volleyball, generated 4,924 room nights, 1,800 attendees and economic impact of 6,281,193 9. Naacp national convention 2022, generated 8,517 room nights, 22,000 attendees and economic impact of 6,043,217 10. Progressive atlantic city boat show, generated 924 room nights, 10,700 attendees and economic impact of 5,927,680

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IRS990/Desc0ACTIVITIES INCLUDE: PROMOTION OF THE ATLANTIC CITY CONVENTION CENTER AND HISTORIC BOARDWALK HALL IN ATLANTIC CITY, NEW JERSEY AS PREMIER DESTINATIONS FOR CONVENTIONS, MEETINGS, TRADE SHOWS AND GROUP LEISURE EVENTS; CONDUCT COORDINATED ADVERTISING, PUBLICITY AND PROMOTION CAMPAIGNS OFFERED IN ATLANTIC CITY FOR MEETINGS AND GROUPS; SELL AND COORDINATE BOOKING AND RESERVATION OF CONVENTION, MEETING AND TRADE SHOW SPACE, HOTEL ROOMS AND OTHER OFF-SITE VENUES; PARTICIPATE IN APPROPRIATE CONVENTION AND DESTINATION MARKETING ASSOCIATIONS' EVENTS AND TRADE SHOWS TO ASSURE FAVORABLE PUBLICITY ABOUT ATLANTIC CITY AND THE FACILITIES; SOLICIT CONVENTION, TRADESHOW AND MEETING ORGANIZATIONS TO USE THE FACILITIES FOR OTHER VENUES THROUGHOUT ATLANTIC CITY; PROVIDE TOURISM AND EVENT-PLANNING SERVICES TO ASSOCIATIONS, BUSINESSES, ORGANIZATIONS AND GROUPS CONVENING OR HOLDING CONVENTIONS, MEETINGS OR EVENTS; PREPARE, PUBLISH AND UPDATE MATERIALS PROVIDING SPECIFIC INFORMATION ON THE FACILITIES, HOTELS, RESTAURANTS, ENTERTAINMENT AND OTHER AMENITIES LOCATED IN ATLANTIC CITY, AND DISTRIBUTE SAID MATERIALS TO EVENT PLANNERS OR COORDINATORS; COORDINATE WITH ATLANTIC CITY HOTELS, RESTAURANTS AND ENTERTAINMENT VENUES THE CROSS-SELLING AND BOOKING OF SAID FACILITIES IN CONNECTION WITH THE BOOKING OF A CONVENTION, TRADESHOW OR OTHER MEETING EVENTS AT THE FACILITIES; AND CREATE AND MAINTAIN STRATEGIC RELATIONSHIPS FOR THE COORDINATION OF SERVICES WITH THE CASINO REINVESTMENT DEVELOPMENT AUTHORITY AND ITS BUSINESS PARTNERS, AS THEY RELATE TO THE CONVENTION AND MEETING BUSINESS IN ATLANTIC CITY. MEET AC HIGHLIGHTS AND ACCOMPLISHMENTS IN 2022: 1. NATIONAL SPORTS COLLECTORS CONVENTION 2022 - GENERATED 6,623 ROOM NIGHTS, 28,000 ATTENDEES AND ECONOMIC IMPACT OF 17,552,264 2. 2022 NJLM ANNUAL CONFERENCE, GENERATED 8,280 ROOM NIGHTS, 22,500 ATTENDEES AND ECONOMIC IMPACT OF 12,551,917 3. 2022 ANNUAL NJ SCHOOL BOARDS WORKSHOP, GENERATED 8,375 ROOM NIGHTS, 34,162 ATTENDEES AND ECONOMIC IMPACT OF 9,673,591 4.THE POOL & SPA SHOW 2022 GENERATED 8,246 ROOM NIGHTS, 8,000 ATTENDEES AND ECONOMIC IMPACT OF 9,555,830 5. U.S. FUTSAL NORTHEAST REGIONAL CHAMPIONSHIP 2022, GENERATED 6,041 ROOM NIGHTS, 3,000 ATTENDEES AND ECONOMIC IMPACT OF S8,167,398 6. ATLANTIC CITY SHOWCASE, GENERATED 3,935 ROOM NIGHTS, 7,000 ATTENDEES AND ENONOMIC IMPACT 7,051,042 7. ATLANTIC CITY PICKLEBALL OPEN 2022, GENERATED 5,413 ROOM NIGHTS, 6,500 ATTENDEES AND ECONOMIC IMPACT OF 6,606,037 8. BOARDWALK BLOCK PARTY - VOLLEYBALL, GENERATED 4,924 ROOM NIGHTS, 1,800 ATTENDEES AND ECONOMIC IMPACT OF 6,281,193 9. NAACP NATIONAL CONVENTION 2022, GENERATED 8,517 ROOM NIGHTS, 22,000 ATTENDEES AND ECONOMIC IMPACT OF 6,043,217 10. PROGRESSIVE ATLANTIC CITY BOAT SHOW, GENERATED 924 ROOM NIGHTS, 10,700 ATTENDEES AND ECONOMIC IMPACT OF 5,927,680
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TRADE ASSOCIATION ORGANIZED (1)TO PROMOTE AND MARKET THE CITY OF ATLANTIC CITY (NEW JERSEY) AS A DESTINATION FOR CONVENTION, MEETINGS AND TRADESHOWS; (2) TO IMPROVE COMMON ECONOMIC INTERESTS OF BUSINESSES THROUGHOUT THE ATLANTIC CITY REGION; AND (3) TO ENHANCE EMPLOYMENT OPPORTUNITIES AND STIMULATE ECONOMIC GROWTH WITH THE ATLANTIC CITY REGION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ACTIVITIES INCLUDE: PROMOTION OF THE ATLANTIC CITY CONVENTION CENTER AND HISTORIC BOARDWALK HALL IN ATLANTIC CITY, NEW JERSEY AS PREMIER DESTINATIONS FOR CONVENTIONS, MEETINGS, TRADE SHOWS AND GROUP LEISURE EVENTS; CONDUCT COORDINATED ADVERTISING, PUBLICITY AND PROMOTION CAMPAIGNS OFFERED IN ATLANTIC CITY FOR MEETINGS AND GROUPS; SELL AND COORDINATE BOOKING AND RESERVATION OF CONVENTION, MEETING AND TRADE SHOW SPACE, HOTEL ROOMS AND OTHER OFF-SITE VENUES; PARTICIPATE IN APPROPRIATE CONVENTION AND DESTINATION MARKETING ASSOCIATIONS' EVENTS AND TRADE SHOWS TO ASSURE FAVORABLE PUBLICITY ABOUT ATLANTIC CITY AND THE FACILITIES; SOLICIT CONVENTION, TRADESHOW AND MEETING ORGANIZATIONS TO USE THE FACILITIES FOR OTHER VENUES THROUGHOUT ATLANTIC CITY; PROVIDE TOURISM AND EVENT-PLANNING SERVICES TO ASSOCIATIONS, BUSINESSES, ORGANIZATIONS AND GROUPS CONVENING OR HOLDING CONVENTIONS, MEETINGS OR EVENTS; PREPARE, PUBLISH AND UPDATE MATERIALS PROVIDING SPECIFIC INFORMATION ON THE FACILITIES, HOTELS, RESTAURANTS, ENTERTAINMENT AND OTHER AMENITIES LOCATED IN ATLANTIC CITY, AND DISTRIBUTE SAID MATERIALS TO EVENT PLANNERS OR COORDINATORS; COORDINATE WITH ATLANTIC CITY HOTELS, RESTAURANTS AND ENTERTAINMENT VENUES THE CROSS-SELLING AND BOOKING OF SAID FACILITIES IN CONNECTION WITH THE BOOKING OF A CONVENTION, TRADESHOW OR OTHER MEETING EVENTS AT THE FACILITIES; AND CREATE AND MAINTAIN STRATEGIC RELATIONSHIPS FOR THE COORDINATION OF SERVICES WITH THE CASINO REINVESTMENT DEVELOPMENT AUTHORITY AND ITS BUSINESS PARTNERS, AS THEY RELATE TO THE CONVENTION AND MEETING BUSINESS IN ATLANTIC CITY. MEET AC HIGHLIGHTS AND ACCOMPLISHMENTS IN 2022: 1. NATIONAL SPORTS COLLECTORS CONVENTION 2022 - GENERATED 6,623 ROOM NIGHTS, 28,000 ATTENDEES AND ECONOMIC IMPACT OF 17,552,264 2. 2022 NJLM ANNUAL CONFERENCE, GENERATED 8,280 ROOM NIGHTS, 22,500 ATTENDEES AND ECONOMIC IMPACT OF 12,551,917 3. 2022 ANNUAL NJ SCHOOL BOARDS WORKSHOP, GENERATED 8,375 ROOM NIGHTS, 34,162 ATTENDEES AND ECONOMIC IMPACT OF 9,673,591 4.THE POOL & SPA SHOW 2022 GENERATED 8,246 ROOM NIGHTS, 8,000 ATTENDEES AND ECONOMIC IMPACT OF 9,555,830 5. U.S. FUTSAL NORTHEAST REGIONAL CHAMPIONSHIP 2022, GENERATED 6,041 ROOM NIGHTS, 3,000 ATTENDEES AND ECONOMIC IMPACT OF S8,167,398 6. ATLANTIC CITY SHOWCASE, GENERATED 3,935 ROOM NIGHTS, 7,000 ATTENDEES AND ENONOMIC IMPACT 7,051,042 7. ATLANTIC CITY PICKLEBALL OPEN 2022, GENERATED 5,413 ROOM NIGHTS, 6,500 ATTENDEES AND ECONOMIC IMPACT OF 6,606,037 8. BOARDWALK BLOCK PARTY - VOLLEYBALL, GENERATED 4,924 ROOM NIGHTS, 1,800 ATTENDEES AND ECONOMIC IMPACT OF 6,281,193 9. NAACP NATIONAL CONVENTION 2022, GENERATED 8,517 ROOM NIGHTS, 22,000 ATTENDEES AND ECONOMIC IMPACT OF 6,043,217 10. PROGRESSIVE ATLANTIC CITY BOAT SHOW, GENERATED 924 ROOM NIGHTS, 10,700 ATTENDEES AND ECONOMIC IMPACT OF 5,927,680
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TRUSTEES ELECT AND NOMINATE CANDIDATES TO MEET CERTAIN REQUIREMENTS. THE BOARD SHALL CONSIST OF AT LEAST FIVE AND NO MORE THAN THIRTEEN MEMBERS AND AT ALL TIMES COMPRISED OF: (1) ONE TRUSTEE WHO SHALL BE THE EXECUTIVE DIRECTOR OF THE CASINO REINVESTMENT DEVELOPMENT AUTHORITY, (2)TWO TRUSTEES ACTIVELY EMPLOYED BY THE CASINO INDUSTRY; (3) ONE TRUSTEE ACTIVELY EMPLOYED BY A NON-CASINO HOTEL INDUSTRY IN ATLANTIC CITY AND (4) ONE TRUSTEE WHO SHALL BE A MEMBER OF THE ATLANTIC CITY TOURISM DISTRICT BUSINESS COMMUNITY (OTHER THAN A MEMBER OF THE CASINO OR NON-CASINO HOTEL INDUSTRY).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ACTIONS REQUIRING 80% APPROVAL OF THE BOARD OF TRUSTEES WILL BE (1) MERGER, DISSOLUTION OR LIQUIDATION OF THE CORP, (2) ANY AMENDMENTS TO THE CORPORATION'S ARTICLES OF INCORPORATION OR BYLAWS, (3) THE SALE, PLEDGE, LEASE, OR OTHER TRANSFER OF THE ASSETS OF THE CORPORATION OTHER THAN TRANSACTIONS OCCURRING IN THE ORDINARY COURSE OF BUSINESS, (4) THE ADOPTION OF THE CORPORATION'S ANNUAL BUDGET, MARKETING PLAN AND ANNUAL GOALS, (5) ANY LOANS TO BE INCURRED ON BEHALF OF THE CORPORATION AS PART OF THE CASINO REINVESTMENT DEVELOPMENT AUTHORITY'S APPROVED BUDGET.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4REVIEWED BY THE BOARD OF TRUSTEES WITH INQUIRIES THE THE ORGANIZATION'S ACCOUNTANT AS NECESSARY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL COMPENSATION DECISIONS ARE APPROVED BY THE BOARD AS WELL AS ANY INCENTIVE BONUSES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6UPON WRITTEN REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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