Civic Intelligence

Visit Beloit Inc

990 • Fiscal year 2023 • EIN 84-3531670

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 16, 2024

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.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

34th percentile

0.08x

Higher debt load relative to revenue than 34% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

63rd percentile

8.4%

Higher net margin than 63% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

38th percentile

$99,640

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 7.9% of source-year revenue.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

47th percentile

5.2%

Faster asset growth than 47% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

11th percentile

-12%

Faster revenue growth than 11% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets37th percentile

Assets

Flat

$1,312,827

Flat from 2023

Net Assets

Flat

$1,210,147

Flat from 2023

Liabilities

Flat

$102,680

Flat from 2023

Revenue And Expenses
Liabilities / Revenue34th percentileNet Margin63rd percentile

Revenue

Flat

$1,262,022

Flat from 2023

Expenses

Flat

$1,156,354

Flat from 2023

Net Income

Flat

$105,668

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth47th 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 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

2023

Assets$1,312,827
Liabilities$102,680
Net Assets$1,210,147
Open 2023 Filing

Operations Trend

Revenue Growth11th 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 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

2023

Revenue$1,262,022
Expenses$1,156,354
Net Income$105,668
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 16, 2024
Return Version
2023v5.0
Gross Receipts
$1,262,258
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$820,299$784,548▼ $35,751
Accounts Receivable$251,569$409,630▲ $158,061
Land, Buildings, and Equipment, Net$114,652$79,964▼ $34,688
Cash and Non-Interest-Bearing Accounts$23,808$22,690▼ $1,118
Prepaid Expenses and Deferred Charges$38,079$15,995▼ $22,084
Total Assets$1,248,407$1,312,827▲ $64,420
Liabilities
Accounts Payable and Accrued Expenses$34,844$52,955▲ $18,111
Deferred Revenue$30,306$33,810▲ $3,504
Other Liabilities$31,829$15,915▼ $15,914
Total Liabilities$96,979$102,680▲ $5,701
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$871,296$940,231▲ $68,935
Net Assets With Donor Restrictions$280,132$269,916▼ $10,216
Total Net Assets Fund Balance$1,151,428$1,210,147▲ $58,719
Total Liabilities and Net Assets / Fund Balance$1,248,407$1,312,827▲ $64,420

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$34,180$93,675$127,855
Other Land Buildings$45,784$48,000$93,784
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Celestino RuffiniCEOFT$90,205$9,435$99,640

Board Members and Trustees

NameTitle
Spencer WaiteChair
Roy WardVice Chair
Aimee ThurnerDirector
Drew PenningtonDirector
Gloria BradleyDirector
Jackie JacksonDirector
Jan SmithDirector
Jerry GabrielatosDirector
Patricia DiduchDirector
Regina DunkinDirector
Sonya HoppesDirector
Jeff VohsSecretary
Jonathan WebsterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$83,300
Program Service Revenue
$1,142,299
Investment Income
$9,381
Other Revenue
$27,042
Change in Net Assets
$105,668
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$689,997
Salaries, Compensation, and Employee Benefits$466,357
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$274,444
Advertising---$268,286
Current Officers, Directors, Trustees, and Key Employees---$90,205
Other Employee Benefits---$71,367
Office Expenses---$60,283
All Other Expenses---$49,980
Occupancy---$37,066
Depreciation Depletion---$36,299
Payroll Taxes---$30,341
Conferences and Meetings---$27,246
Fees for Services Accounting---$22,440
Travel---$21,905
Other Expenses---$16,597
Insurance---$9,191
Total Functional Expenses$0$0$0$1,156,354
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$15,915
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
2024-09-16

Organization Details

Principal Officer
Celestino Ruffini
Formed
2019
Legal Domicile
Wi
Voting Board Members
14
Independent Board Members
14
Employees
18
Volunteers
16

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 -46,949”

Financial Statement Notes

Schedule D, Page 3, Part X

“Visit beloit, inc. Is a nonprofit organizations exempt from federal and state income taxes under internal revenue code sections 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, 2023. Visit beloit, inc. Is subject to informational reporting requirements in the united states federal jurisdiction. 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. At december 31, 2023, there are no ongoing income tax audits or unresolved disputes with the various taxing authorities visit beloit, inc. Currently file, 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/ProgramServiceRevenueGrp/Desc0ROOM TAX
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01142299
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IRS990/PYContributionsGrantsAmt0341351
IRS990/PYInvestmentIncomeAmt01040
IRS990/PYOtherExpensesAmt0683576
IRS990/PYOtherRevenueAmt038913
IRS990/PYProgramServiceRevenueAmt01056707
IRS990/PYRevenuesLessExpensesAmt0345892
IRS990/PYSalariesCompEmpBnftPaidAmt0408543
IRS990/PYTotalExpensesAmt01092119
IRS990/PYTotalRevenueAmt01438011
IRS990/ReconcilationRevenueExpnssAmt0105668
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0784548
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IRS990ScheduleD/EquipmentGrp/BookValueAmt034180
IRS990ScheduleD/EquipmentGrp/DepreciationAmt093675
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0127855
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt045784
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt048000
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt093784
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt015915
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED EXP - INTERNAL-USE SOFTWARE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0VISIT BELOIT, INC. IS A NONPROFIT ORGANIZATIONS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTIONS 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, 2023. VISIT BELOIT, INC. IS SUBJECT TO INFORMATIONAL REPORTING REQUIREMENTS IN THE UNITED STATES FEDERAL JURISDICTION. 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. AT DECEMBER 31, 2023, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAXING AUTHORITIES VISIT BELOIT, INC. CURRENTLY FILE, OR HAS FILED, WITH.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt079964
IRS990ScheduleD/TotalLiabilityAmt015915
IRS990/ScheduleJRequiredInd0false
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 -46,949
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/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
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IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt096979
IRS990/TotalLiabilitiesEOYAmt0102680
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IRS990/TotalLiabilitiesGrp/EOYAmt0102680
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IRS990/TotalProgramServiceExpensesAmt01028006
IRS990/TotalProgramServiceRevenueAmt01142299
IRS990/TotalReportableCompFromOrgAmt090205
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01262022
IRS990/TotalVolunteersCnt016
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IRS990/TravelGrp/TotalAmt021905
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IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0656 PLEASANT STREET
IRS990/USAddress/CityNm0BELOIT
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd053511
IRS990/VotingMembersGoverningBodyCnt014
IRS990/VotingMembersIndependentCnt014
IRS990/WebsiteAddressTxt0WWW.VISITBELOIT.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/PersonNm0CELESTINO RUFFINI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06083654838
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-16
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
ReturnHeader/Filer/USAddress/ZIPCd053511
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/PreparationDt02024-09-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARK H TROTTER
ReturnHeader/ReturnTs02024-09-16T11:06:07-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,312,827
Liabilities
$102,680
Net assets
$1,210,147
Revenue
$1,262,022
Expenses
$1,156,354
Net income
$105,668
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
2023Detailed filing. Detailed filing data is available for this year.$1.31$0.10$1.21$1.26$1.16$0.11
2023Summary only. Only limited summary data is available for this year.$1.31$0.10$1.21$1.26$1.16$0.11
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$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