Civic Intelligence

Visit Beloit Inc

990 • Fiscal year 2022 • EIN 84-3531670

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 20, 2023

Organization ProfileWWW.VISITBELOIT.COM
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

37th percentile

0.08x

Higher debt load relative to assets than 37% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

32nd percentile

0.07x

Higher debt load relative to revenue than 32% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Net Margin

87th percentile

24%

Higher net margin than 87% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

36th percentile

$95,778

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 6.7% of source-year revenue.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Asset Growth

84th percentile

26%

Faster asset growth than 84% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

80th percentile

35%

Faster revenue growth than 80% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets37th percentile

Assets

Up

$1,248,407

Up $255,977 (+26%) from 2021

Net Assets

Up

$1,151,428

Up $288,835 (+33%) from 2021

Liabilities

Down

$96,979

Down $32,858 (-25%) from 2021

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin87th percentile

Revenue

Up

$1,438,011

Up $375,399 (+35%) from 2021

Expenses

Up

$1,092,119

Up $364,216 (+50%) from 2021

Net Income

Up

$345,892

Up $11,183 (+3.3%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth84th percentile

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

$1.5M$1.0M$500K$0Assets 2021: $992,430Liabilities 2021: $129,837Net Assets 2021: $862,5932021Assets 2022: $1,248,407Liabilities 2022: $96,979Net Assets 2022: $1,151,4282022Assets 2023: $1,312,827Liabilities 2023: $102,680Net Assets 2023: $1,210,1472023Assets 2024: $1,415,103Liabilities 2024: $831,304Net Assets 2024: $583,7992024

Highlighted filing

2022

Assets$1,248,407
Liabilities$96,979
Net Assets$1,151,428
Open 2022 Filing

Operations Trend

Revenue Growth80th percentile

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

$2.0M$1.0M$0-$1.0MRevenue 2021: $1,062,612Expenses 2021: $727,903Net Income 2021: $334,7092021Revenue 2022: $1,438,011Expenses 2022: $1,092,119Net Income 2022: $345,8922022Revenue 2023: $1,262,022Expenses 2023: $1,156,354Net Income 2023: $105,6682023Revenue 2024: $1,277,010Expenses 2024: $1,903,358Net Income 2024: -$626,3482024

Highlighted filing

2022

Revenue$1,438,011
Expenses$1,092,119
Net Income$345,892
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 20, 2023
Return Version
2022v5.0
Gross Receipts
$1,438,011
Mission and Program Overview

Mission

To lead and coordinate the development, sales, marketing, and management of the tourism industry in the greater beloit region and to create positive economic impact, thus enhancing the quality of life for area residents and quality of place for visitors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$318,070$820,299▲ $502,229
Accounts Receivable$235,995$251,569▲ $15,574
Land, Buildings, and Equipment, Net$52,197$114,652▲ $62,455
Prepaid Expenses and Deferred Charges$13,463$38,079▲ $24,616
Cash and Non-Interest-Bearing Accounts$372,705$23,808▼ $348,897
Total Assets$992,430$1,248,407▲ $255,977
Liabilities
Accounts Payable and Accrued Expenses$79,939$34,844▼ $45,095
Other Liabilities-$31,829-
Deferred Revenue$49,898$30,306▼ $19,592
Total Liabilities$129,837$96,979▼ $32,858
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$532,559$871,296▲ $338,737
Net Assets With Donor Restrictions$330,034$280,132▼ $49,902
Total Net Assets Fund Balance$862,593$1,151,428▲ $288,835
Total Liabilities and Net Assets / Fund Balance$992,430$1,248,407▲ $255,977

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$43,745$122,046$165,791
Other Land Buildings$70,907$69,373$140,280
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Celestino RuffiniCEOFT$85,936$9,842$95,778

Board Members and Trustees

NameTitle
Spencer WaiteChair
Ann Sitrick JoycePast Chair
Roy WardVice Chair
Aimee ThurnerDirector
Erica DanielsDirector
Jackie JacksonDirector
Jan SmithDirector
Jen HallDirector
Lori Curtis LutherDirector
Patricia DiduchDirector
Regina DunkinDirector
Seth FrisbeeDirector
Sonya HoppesDirector
Jeff VohsSecretary
Jonathan WebsterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$341,351
Program Service Revenue
$1,056,707
Investment Income
$1,040
Other Revenue
$38,913
All Other Contributions
$257,112
Change in Net Assets
$345,892
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$683,576
Salaries, Compensation, and Employee Benefits$408,543
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$244,943
Advertising---$232,047
Current Officers, Directors, Trustees, and Key Employees---$85,935
All Other Expenses---$62,833
Office Expenses---$60,348
Other Employee Benefits---$52,310
Occupancy---$44,943
Depreciation Depletion---$33,528
Travel---$29,093
Payroll Taxes---$25,355
Conferences and Meetings---$22,566
Other Expenses---$21,395
Fees for Services Accounting---$18,490
Insurance---$10,170
Total Functional Expenses$0$0$0$1,092,119
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
Accrued Exp - Internal-use Software$31,829
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
Yes
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, external accountant, and executive committee and is 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 comittee 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
Visit Beloit Inc
EIN
84-3531670
Phone
6083654838
Address
656 PLEASANT STREET, BELOIT, WI 53511

Signing Officer

Name
Celestino Ruffini
Title
CEO
Phone
6083654838
Signed
2023-09-20

Organization Details

Principal Officer
Celestino Ruffini
Formed
2019
Legal Domicile
Wi
Voting Board Members
15
Independent Board Members
15
Employees
15
Volunteers
71

Preparer

Firm
Siepert & Co Llp
Address
4278 E ROCKTON RD, ROSCOE, IL 61073
Preparer
Mark H Trotter
Phone
8156238818
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To lead and coordinate the development, sales, marketing, and management of the tourism industry in the greater beloit region and to create positive economic impact, thus enhancing the quality of life for area residents and quality of place for visitors.”

Form 990, Part XI, Line 9

“Transfer to beloit cvb char fdn ein 39-1590764 -57,057”

Financial Statement Notes

Schedule D, Page 3, Part X

“Visit beloit, inc. Is a nonprofit organization exempt from federal and state income taxes under internal revenue code section 501(c)(6) as other than a private foundation. As a result, there is no provision for income taxes in the consolidated financial statements. Management of visit beloit, inc. Has evaluated for and determined there are no uncertain tax positions as of december 31, 2022. Visit beloit, 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 signnificant judgement to apply. Tax returns remain open for federal examination for the past threee years and state examination for the past four years. At december 31, 2022, there are no ongoing income tax audits or unresolved disputes with the various taxing authororities visit beloit, inc. Currently files, or has filed, with.”

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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/PrepaidExpensesDefrdChargesGrp/EOYAmt038079
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IRS990/ProgramServiceRevenueGrp/Desc0ROOM TAX
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IRS990/PYOtherRevenueAmt06727
IRS990/PYProgramServiceRevenueAmt0903756
IRS990/PYRevenuesLessExpensesAmt0334709
IRS990/PYSalariesCompEmpBnftPaidAmt0359557
IRS990/PYTotalExpensesAmt0727903
IRS990/PYTotalRevenueAmt01062612
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0122046
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt069373
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0140280
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt031829
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED EXP - INTERNAL-USE SOFTWARE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0VISIT BELOIT, INC. IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(6) AS OTHER THAN A PRIVATE FOUNDATION. AS A RESULT, THERE IS NO PROVISION FOR INCOME TAXES IN THE CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT OF VISIT BELOIT, INC. HAS EVALUATED FOR AND DETERMINED THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022. VISIT BELOIT, 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 SIGNNIFICANT JUDGEMENT TO APPLY. TAX RETURNS REMAIN OPEN FOR FEDERAL EXAMINATION FOR THE PAST THREEE YEARS AND STATE EXAMINATION FOR THE PAST FOUR YEARS. AT DECEMBER 31, 2022, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAXING AUTHORORITIES VISIT BELOIT, INC. CURRENTLY FILES, OR HAS FILED, WITH.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0114652
IRS990ScheduleD/TotalLiabilityAmt031829
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO LEAD AND COORDINATE THE DEVELOPMENT, SALES, MARKETING, AND MANAGEMENT OF THE TOURISM INDUSTRY IN THE GREATER BELOIT REGION AND TO CREATE POSITIVE ECONOMIC IMPACT, THUS ENHANCING THE QUALITY OF LIFE FOR AREA RESIDENTS AND QUALITY OF PLACE FOR VISITORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED BY THE CEO, EXTERNAL ACCOUNTANT, AND EXECUTIVE COMMITTEE AND IS APPROVED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD 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/ExplanationTxt3THE EXECUTIVE COMITTEE 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/ExplanationTxt4GOVERNING DOCUMENTS ARE MADE AVAILABLE TO INTERESTED PARTIES UPON REQUEST AND ARE AVAILABLE FOR PUBLIC INSPECTION ON THE ORGANIZATION'S WEBSITE AND GUIDESTAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5TRANSFER TO BELOIT CVB CHAR FDN EIN 39-1590764 -57,057
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalProgramServiceRevenueAmt01056707
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01438011
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0656 PLEASANT STREET
IRS990/USAddress/CityNm0BELOIT
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd053511
IRS990/VotingMembersGoverningBodyCnt015
IRS990/VotingMembersIndependentCnt015
IRS990/WebsiteAddressTxt0WWW.VISITBELOIT.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0CELESTINO RUFFINI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06083654838
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-09-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VISIT BELOIT INC
ReturnHeader/Filer/BusinessNameControlTxt0VISI
ReturnHeader/Filer/EIN0843531670
ReturnHeader/Filer/PhoneNum06083654838
ReturnHeader/Filer/USAddress/AddressLine1Txt0656 PLEASANT STREET
ReturnHeader/Filer/USAddress/CityNm0BELOIT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0391224176
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SIEPERT & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04278 E ROCKTON RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ROSCOE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd061073
ReturnHeader/PreparerPersonGrp/PhoneNum08156238818
ReturnHeader/PreparerPersonGrp/PreparationDt02023-09-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARK H TROTTER
ReturnHeader/ReturnTs02023-09-20T14:52:57-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CELESTINO
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0RUFFINI
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,248,407
Liabilities
$96,979
Net assets
$1,151,428
Revenue
$1,438,011
Expenses
$1,092,119
Net income
$345,892
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.42$0.83$0.58$1.28$1.90$0.63
2023Summary only. Only limited summary data is available for this year.$1.31$0.10$1.21$1.26$1.16$0.11
2022Detailed filing. Detailed filing data is available for this year.$1.25$0.10$1.15$1.44$1.09$0.35
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.99$0.13$0.86$1.06$0.73$0.33