Civic Intelligence

Albuquerque Convention & Visitors Bureau Inc

990 • Fiscal year 2021 • EIN 85-0285280

Jul 01, 2020 to Jun 30, 2021 • Filed on Mar 21, 2022

Organization ProfileWWW.VISITALBUQUERQUE.ORG

View Organization Page

20 First Plaza NW No 601Albuquerque, NM 87102

(505) 842-9918

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.41x

Higher debt load relative to assets than 82% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

64th percentile

0.31x

Higher debt load relative to revenue than 64% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Net Margin

55th percentile

13%

Higher net margin than 55% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

53rd percentile

$146,069

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Asset Growth

86th percentile

37%

Faster asset growth than 86% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

5th percentile

-38%

Faster revenue growth than 5% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$3,028,509

Up $822,084 (+37%) from 2020

Net Assets

Up

$1,774,135

Up $526,189 (+42%) from 2020

Liabilities

Up

$1,254,374

Up $295,895 (+31%) from 2020

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin55th percentile

Revenue

Down

$4,018,411

Down $2,464,426 (-38%) from 2020

Expenses

Down

$3,492,222

Down $2,290,500 (-40%) from 2020

Net Income

Down

$526,189

Down $173,926 (-25%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $1,962,876Liabilities 2011: $490,751Net Assets 2011: $1,472,1252011Assets 2012: $2,188,898Liabilities 2012: $562,190Net Assets 2012: $1,626,7082012Assets 2013: $1,804,608Liabilities 2013: $691,031Net Assets 2013: $1,113,5772013Assets 2014: $1,366,611Liabilities 2014: $869,194Net Assets 2014: $497,4172014Assets 2015: $1,474,035Liabilities 2015: $955,500Net Assets 2015: $518,5352015Assets 2016: $1,283,651Liabilities 2016: $753,594Net Assets 2016: $530,0572016Assets 2017: $1,383,482Liabilities 2017: $845,337Net Assets 2017: $538,1452017Assets 2018: $1,368,457Liabilities 2018: $828,144Net Assets 2018: $540,3132018Assets 2019: $1,785,155Liabilities 2019: $1,237,324Net Assets 2019: $547,8312019Assets 2020: $2,206,425Liabilities 2020: $958,479Net Assets 2020: $1,247,9462020Assets 2021: $3,028,509Liabilities 2021: $1,254,374Net Assets 2021: $1,774,1352021Assets 2022: $4,916,660Liabilities 2022: $1,043,985Net Assets 2022: $3,872,6752022Assets 2023: $7,681,296Liabilities 2023: $2,309,252Net Assets 2023: $5,372,0442023Assets 2024: $6,515,956Liabilities 2024: $2,400,633Net Assets 2024: $4,115,3232024

Highlighted filing

2021

Assets$3,028,509
Liabilities$1,254,374
Net Assets$1,774,135
Open 2021 Filing

Operations Trend

Revenue Growth5th percentile

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2011: $5,746,7622011Expenses 2012: $6,062,9862012Expenses 2013: $6,192,5702013Revenue 2014: $6,538,208Expenses 2014: $7,154,368Net Income 2014: -$616,1602014Revenue 2015: $6,174,633Expenses 2015: $6,153,515Net Income 2015: $21,1182015Revenue 2016: $5,974,333Expenses 2016: $5,962,811Net Income 2016: $11,5222016Revenue 2017: $6,392,179Expenses 2017: $6,384,093Net Income 2017: $8,0862017Revenue 2018: $6,404,793Expenses 2018: $6,402,625Net Income 2018: $2,1682018Revenue 2019: $6,566,972Expenses 2019: $6,559,454Net Income 2019: $7,5182019Revenue 2020: $6,482,837Expenses 2020: $5,782,722Net Income 2020: $700,1152020Revenue 2021: $4,018,411Expenses 2021: $3,492,222Net Income 2021: $526,1892021Revenue 2022: $8,800,784Expenses 2022: $6,702,244Net Income 2022: $2,098,5402022Revenue 2023: $15,205,201Expenses 2023: $13,705,832Net Income 2023: $1,499,3692023Revenue 2024: $17,403,290Expenses 2024: $18,660,011Net Income 2024: -$1,256,7212024

Highlighted filing

2021

Revenue$4,018,411
Expenses$3,492,222
Net Income$526,189
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Mar 21, 2022
Return Version
2020v4.2
Gross Receipts
$4,018,411
Mission and Program Overview

Mission

To encourage, promote and stimulate convention, tourism and visitor industries.

As the premier destination marketing organization for the city, visit albuquerque is responsible for promoting albuquerque as a competitive and world-class leisure, meeting, convention and sports destination, and enhancing its public image as a dynamic place to live and work. Through the impact of travel, visit albuquerque strengthens the city's economic position and provides opportunity for people in the community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,485,508$1,880,489▲ $394,981
Savings and Temporary Cash Investments$298,103$748,117▲ $450,014
Prepaid Expenses and Deferred Charges$152,385$148,427▼ $3,958
Accounts Receivable$92,074$134,863▲ $42,789
Land, Buildings, and Equipment, Net$150,998$90,239▼ $60,759
Intangible Assets$8,377$7,736▼ $641
Total Assets$2,206,425$3,028,509▲ $822,084
Other Assets Total$18,980$18,638▼ $342
Liabilities
Deferred Revenue$660,234$782,793▲ $122,559
Accounts Payable and Accrued Expenses$148,245$321,581▲ $173,336
Unsecured Notes Loans Payable$150,000$150,000→ $0
Total Liabilities$958,479$1,254,374▲ $295,895
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,247,946$1,774,135▲ $526,189
Total Net Assets Fund Balance$1,247,946$1,774,135▲ $526,189
Total Liabilities and Net Assets / Fund Balance$2,206,425$3,028,509▲ $822,084

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$86,986$1,607,657$1,694,643
Leasehold Improvements$3,253$51,609$54,862
Other Land Buildings$0$23,906$23,906
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tania ArmentaPresident & CEOFT$139,119$6,950$146,069
Kristin McgrathVP Convention Sales, ServiFT$108,320$6,231$114,551
Ceela McelvenyVice PresidentFT$105,371$7,772$113,143

Board Members and Trustees

NameTitle
Cainan HarrisBoard Chair
Heather ArnoldChair Elect
James GayImmediate Past Chair
Christine PauleyDirector
Damen KompanowskiDirector
Deepesh KholwadwalaDirector
Karl HolmeDirector
Leah BlackDirector
Michael CanfieldDirector
Steve GrantDirector
Tom GarrityDirector
William R StaffordDirector
Adrian MontoyaSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Mckee Wallwork CoAdvertising701 SPUR ST NE SUITE B, Albuquerque, NM 87102$546,383
SimpleviewWebsite Hosting & Support8950 N ORICLE RD, Oro Valley, AZ 85704$127,111
Miles MediaWeb Development, Marketing & Hosting13952 DENVER WEST PARKWAY SUITE 20, Lakewood, CO 80401$117,920
Revenue and Support

Revenue Composition

Contributions and Grants
$3,703,552
Program Service Revenue
$313,629
Investment Income
$1,230
Other Revenue
$0
Change in Net Assets
$526,189

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,018,411
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$42,250
Total Revenue per Audited Statements
$4,060,661
Total Revenue per Form 990
$4,018,411
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,784,374
Other Expenses$1,707,848
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,235,564
Advertising---$630,769
Current Officers, Directors, Trustees, and Key Employees---$259,212
Occupancy---$207,297
Other Employee Benefits---$176,872
Information Technology---$132,014
Payroll Taxes---$111,300
Office Expenses---$70,272
Conferences and Meetings---$67,788
Fees for Services Other---$63,968
Depreciation Depletion---$61,400
Insurance---$33,952
Other Expenses---$28,557
All Other Expenses---$26,679
Fees for Services Accounting---$18,716
Travel---$12,395
Fees for Services Legal---$3,522
Pension Plan Contributions---$1,426
Total Functional Expenses$0$0$0$3,492,222

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,534,472
Expenses per Audited Statements$3,492,222
Total Expenses per Form 990$3,492,222
Expenses Not Reported on Form 990$42,250
Expenses Not Reported on Financial Statements$0
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
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
Yes
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, Part VI, Section A, Line 2

“Board directors are engaged in businesses related to and compatible with the hospitality industry. As such they are frequently in the position to procure goods and services from each other in the daily operation of their businesses.”

Form 990, Part VI, Section A, Line 6

“As a 501(c)(6) trade association, visit abq is comprised of members. Members may be any person, firm or corporation interested in promoting and stimulating the convention, sports and visitor industry in albuquerque and new mexico and are eligible for membership.”

Form 990, Part VI, Section A, Line 7A

“Pursuant to visit abq's bylaws, voting directors of the board are elected by and from the membership. Among the elected directors, six (6) represent hotel ownership and/or operating interests, four (4) represent non-lodging interests in the hospitality industry, two (2) represent general business industries, and one (1) non-lodging interest member of the lodgers' tax advisory board. In addition to the directors elected by the members, certain directors serve as ex-officio directors by appointment from various entities, including the following: two (2) albuquerque city council members or representatives, the mayor or mayoral representative, the manager of the albuquerque convention center or representative, the president & ceo of visit albuquerque.”

Form 990, Part VI, Section B, Line 11B

“The form 990 was provided to the audit/finance committee of the board of directors for its review. The audit/finance committee reported to the board of directors that they had reviewed the form 990. This is a standing committee responsible for oversight of audit and fiscal activities of the organization.”

Form 990, Part VI, Section B, Line 12C

“In addition to the board policy to disclose conflicts of interest annually, visit abq's by-laws include a conflict of interest statement. Also, a conflict of interest policy is in place which includes a requirement of recusal from discussion and voting if a matter before the board has potentially significant impact on a director's business operations. This policy is reviewed at least annually and is a part of a formal board orientation process for new members.”

Form 990, Part VI, Section B, Line 15

“The president & ceo's compensation is reviewed by the board's compensation committee and the salary is approved by the committee - indicated by signature of the board chair on internal payroll forms. Industry guidelines are regularly published based on compensation and benefit surveys indicating average salary and benefits for president/ceo's (and other staff) based on numerous variables including type of entity, size of budget, size of staff, etc. These surveys as well as surveys conducted in the local market place which includes information from government, nonprofit and industry businesses are reviewed and considered by the compensation committee when setting the president & ceo's compensation. Average percent of salary increase available to staff based on merit is also a factor in determining annual raises. This process was last completed in fy 2018. The other officers or key employees are reviewed by their designated manager and the proposed salaries are approved by the president & ceo - indicated by a signature on internal payroll forms. Industry guidelines are regularly published based on compensation and benefit surveys indicating average salary and benefits for staff based on numerous variables including type of entity, size of budget, size of staff, etc. These surveys as well as surveys conducted in the local market place which include information from government. Nonprofit and industry businesses are reviewed and considered by the manager(s) and president & ceo when setting the compensation. This process was last completed in fy 2018.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available for public inspection by request. The vp maintains these documents, reviews and responds to requests. In addition, the audited financial statements are posted on organization's website.”

Filing and Contact Details

Filer

Filer Name
Albuquerque Convention & Visitors Bureau
EIN
85-0285280
Phone
5058429918
Address
20 FIRST PLAZA NW NO 601, ALBUQUERQUE, NM 87102
Doing Business As
Visit Albuquerque

Signing Officer

Name
Tania Armenta
Title
President & CEO
Phone
5058429918
Signed
2022-03-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tania Armenta
Formed
1980
Legal Domicile
Nm
Voting Board Members
13
Independent Board Members
13
Employees
35
Volunteers
63

Preparer

Firm
Cliftonlarsonallen Llp
Address
6501 AMERICAS PARKWAY NE SUITE 500, ALBUQUERQUE, NM 87110
Preparer
Jessica Locker CPA
Phone
5058428290
Supplemental Narrative

Additional Explanations

Part 990, Part XII, Line 2C

“The audit and finance committee assumes responsibility for oversight of the audit of its finanical statements and selection of an independent accountant. This process has not changed from the previous year.”

Financial Statement Notes

PART X, LINE 2:

“Visit abq is a nonprofit corporation and qualifies as a tax-exempt organization under section 501(c)(6) of the internal revenue code (irc) and is classified as other than a private foundation. As such, its normal activities do not result in any income tax liability. However, income from certain activities not directly related to visit abq's tax-exempt purpose is subject to taxation as unrelated business income. The income that creates unrelated business income is advertising revenue that visit abq receives. This income is typically offset by allowable deductible costs on an annual basis. As a result, visit abq has an approximately $166,000 net operating loss carryforward that can be utilized to offset future taxable income. As visit abq has a history of taxable losses related to its unrelated business income, it is uncertain as to whether the net operating loss carryforwards will be utilized; therefore, no deferred tax asset has been recognized in these accompanying financial statements. As of june 30, 2021, visit abq performed a comprehensive review of its material tax positions in accordance with recognition and measurement standards established by generally accepted accounting principles. As a result of management's review and in their opinion, visit abq continues to be qualified as a tax-exempt organization under section 501(c)(6) of the irc and had no unreported income derived from unrelated business activities and did not identify any entity level tax positions that would be considered uncertain tax positions. Visit abq files informational tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, visit abq is subject to examination by federal, state, local, and foreign jurisdictions, where applicable. Under the statute of limitations, the entity's tax returns are no longer subject to examination by tax authorities for fiscal years prior to 2018. Visit abq would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recorded for the years ended june 30, 2021 and 2020.”

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IRS990/Form990PartVIISectionAGrp/PersonNm5STEVE GRANT
IRS990/Form990PartVIISectionAGrp/PersonNm6ADRIAN MONTOYA
IRS990/Form990PartVIISectionAGrp/PersonNm7KARL HOLME
IRS990/Form990PartVIISectionAGrp/PersonNm8LEAH BLACK
IRS990/Form990PartVIISectionAGrp/PersonNm9TOM GARRITY
IRS990/Form990PartVIISectionAGrp/PersonNm10DEEPESH KHOLWADWALA
IRS990/Form990PartVIISectionAGrp/PersonNm11CHRISTINE PAULEY
IRS990/Form990PartVIISectionAGrp/PersonNm12WILLIAM R STAFFORD
IRS990/Form990PartVIISectionAGrp/PersonNm13TANIA ARMENTA
IRS990/Form990PartVIISectionAGrp/PersonNm14CEELA MCELVENY
IRS990/Form990PartVIISectionAGrp/PersonNm15KRISTIN MCGRATH
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
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IRS990/Form990PartVIISectionAGrp/TitleTxt0IMMEDIATE PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHAIR ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP CONVENTION SALES, SERVI
IRS990/Form990ProvidedToGvrnBodyInd00
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IRS990/GrantsToOrganizationsInd00
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IRS990/IntangibleAssetsGrp/EOYAmt07736
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IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0AS THE PREMIER DESTINATION MARKETING ORGANIZATION FOR THE CITY, VISIT ALBUQUERQUE IS RESPONSIBLE FOR PROMOTING ALBUQUERQUE AS A COMPETITIVE AND WORLD-CLASS LEISURE, MEETING, CONVENTION AND SPORTS DESTINATION, AND ENHANCING ITS PUBLIC IMAGE AS A DYNAMIC PLACE TO LIVE AND WORK. THROUGH THE IMPACT OF TRAVEL, VISIT ALBUQUERQUE STRENGTHENS THE CITY'S ECONOMIC POSITION AND PROVIDES OPPORTUNITY FOR PEOPLE IN THE COMMUNITY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NondeductibleContributionsInd00
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IRS990/OfficeExpensesGrp/TotalAmt070272
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IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherChangesInNetAssetsAmt00
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IRS990/OtherExpensesGrp/Desc0MARKETING
IRS990/OtherExpensesGrp/Desc1TRAINING & EDUCATION
IRS990/OtherExpensesGrp/Desc2BAD DEBT PROVISION
IRS990/OtherExpensesGrp/Desc3RENTAL & MAINTENANCE
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IRS990/OtherExpensesGrp/TotalAmt154426
IRS990/OtherExpensesGrp/TotalAmt252396
IRS990/OtherExpensesGrp/TotalAmt328557
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IRS990/ProgramServiceRevenueGrp/Desc1PROMOTIONAL PARTICIPAT
IRS990/ProgramServiceRevenueGrp/Desc2IN-KIND PROGRAM REVENU
IRS990/ProgramServiceRevenueGrp/Desc3EVENT HOSTING/PART
IRS990/ProgramServiceRevenueGrp/Desc4OTHER
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt146593
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt226679
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt35081
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt410
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0235266
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt146593
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt226679
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt35081
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt410
IRS990/ProgSrvcAccomActy2Grp/Desc0TOURISM, COMMUNICATIONS AND VISITOR SERVICES:PRIMARY DIRECTIVE IS TO INCREASE TOURISM AND VISITATION TO ALBUQUERQUE. CONDUCTS ADVERTISING, MARKETING, PUBLIC RELATIONS, MEDIA RELATIONS, AND SOCIAL MEDIA CAMPAIGNS TO PROMOTE ALBUQUERQUE AS A DESTINATION. INCLUDES SUPPORTING VISITOR QUESTIONS/INQUIRIES, OPERATING VISITOR INFORMATION CENTERS AND FULFILLMENT OF VISITOR GUIDES.
IRS990/ProgSrvcAccomActy3Grp/Desc0MEMBERSHIP AND DEVELOPMENT DIVISION:SELLS MEMBERSHIPS (PARTNERSHIPS) AND PROVIDES BENEFITS TO PARTNERS (ALBUQUERQUE BUSINESSES) TOWARD GROWTH/MARKETING OF ALBUQUERQUE AND THE SERVICES/GOODS THE CITY OFFERS. VISIT ABQ PROMOTES THESE BUSINESSES IN OUR VISITOR GUIDE AND ONLINE, AS WELL AS IN OTHER MEDIA.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt05564958
IRS990/PYGrantsAndSimilarPaidAmt00
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IRS990/PYOtherExpensesAmt03602670
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0915274
IRS990/PYRevenuesLessExpensesAmt0700115
IRS990/PYSalariesCompEmpBnftPaidAmt02180052
IRS990/PYTotalExpensesAmt05782722
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt06482837
IRS990/ReconcilationRevenueExpnssAmt0526189
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0298103
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0748117
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt042250
IRS990ScheduleD/DonatedServicesUseFcltsAmt042250
IRS990ScheduleD/EquipmentGrp/BookValueAmt086986
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01607657
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01694643
IRS990ScheduleD/ExpensesNotReportedAmt042250
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03492222
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt03253
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt051609
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt054862
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt023906
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt023906
IRS990ScheduleD/RevenueNotReportedAmt042250
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04018411
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0VISIT ABQ IS A NONPROFIT CORPORATION AND QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE (IRC) AND IS CLASSIFIED AS OTHER THAN A PRIVATE FOUNDATION. AS SUCH, ITS NORMAL ACTIVITIES DO NOT RESULT IN ANY INCOME TAX LIABILITY. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO VISIT ABQ'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE INCOME THAT CREATES UNRELATED BUSINESS INCOME IS ADVERTISING REVENUE THAT VISIT ABQ RECEIVES. THIS INCOME IS TYPICALLY OFFSET BY ALLOWABLE DEDUCTIBLE COSTS ON AN ANNUAL BASIS. AS A RESULT, VISIT ABQ HAS AN APPROXIMATELY $166,000 NET OPERATING LOSS CARRYFORWARD THAT CAN BE UTILIZED TO OFFSET FUTURE TAXABLE INCOME. AS VISIT ABQ HAS A HISTORY OF TAXABLE LOSSES RELATED TO ITS UNRELATED BUSINESS INCOME, IT IS UNCERTAIN AS TO WHETHER THE NET OPERATING LOSS CARRYFORWARDS WILL BE UTILIZED; THEREFORE, NO DEFERRED TAX ASSET HAS BEEN RECOGNIZED IN THESE ACCOMPANYING FINANCIAL STATEMENTS. AS OF JUNE 30, 2021, VISIT ABQ PERFORMED A COMPREHENSIVE REVIEW OF ITS MATERIAL TAX POSITIONS IN ACCORDANCE WITH RECOGNITION AND MEASUREMENT STANDARDS ESTABLISHED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. AS A RESULT OF MANAGEMENT'S REVIEW AND IN THEIR OPINION, VISIT ABQ CONTINUES TO BE QUALIFIED AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(6) OF THE IRC AND HAD NO UNREPORTED INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES AND DID NOT IDENTIFY ANY ENTITY LEVEL TAX POSITIONS THAT WOULD BE CONSIDERED UNCERTAIN TAX POSITIONS. VISIT ABQ FILES INFORMATIONAL TAX RETURNS AS PRESCRIBED BY THE TAX LAWS OF THE JURISDICTIONS IN WHICH IT OPERATES. IN THE NORMAL COURSE OF BUSINESS, VISIT ABQ IS SUBJECT TO EXAMINATION BY FEDERAL, STATE, LOCAL, AND FOREIGN JURISDICTIONS, WHERE APPLICABLE. UNDER THE STATUTE OF LIMITATIONS, THE ENTITY'S TAX RETURNS ARE NO LONGER SUBJECT TO EXAMINATION BY TAX AUTHORITIES FOR FISCAL YEARS PRIOR TO 2018. VISIT ABQ WOULD RECOGNIZE INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. NO SUCH INTEREST OR PENALTIES WERE RECORDED FOR THE YEARS ENDED JUNE 30, 2021 AND 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt090239
IRS990ScheduleD/TotalExpensesPerForm990Amt03492222
IRS990ScheduleD/TotalRevenuePerForm990Amt04018411
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04060661
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03534472
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD DIRECTORS ARE ENGAGED IN BUSINESSES RELATED TO AND COMPATIBLE WITH THE HOSPITALITY INDUSTRY. AS SUCH THEY ARE FREQUENTLY IN THE POSITION TO PROCURE GOODS AND SERVICES FROM EACH OTHER IN THE DAILY OPERATION OF THEIR BUSINESSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AS A 501(C)(6) TRADE ASSOCIATION, VISIT ABQ IS COMPRISED OF MEMBERS. MEMBERS MAY BE ANY PERSON, FIRM OR CORPORATION INTERESTED IN PROMOTING AND STIMULATING THE CONVENTION, SPORTS AND VISITOR INDUSTRY IN ALBUQUERQUE AND NEW MEXICO AND ARE ELIGIBLE FOR MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PURSUANT TO VISIT ABQ'S BYLAWS, VOTING DIRECTORS OF THE BOARD ARE ELECTED BY AND FROM THE MEMBERSHIP. AMONG THE ELECTED DIRECTORS, SIX (6) REPRESENT HOTEL OWNERSHIP AND/OR OPERATING INTERESTS, FOUR (4) REPRESENT NON-LODGING INTERESTS IN THE HOSPITALITY INDUSTRY, TWO (2) REPRESENT GENERAL BUSINESS INDUSTRIES, AND ONE (1) NON-LODGING INTEREST MEMBER OF THE LODGERS' TAX ADVISORY BOARD. IN ADDITION TO THE DIRECTORS ELECTED BY THE MEMBERS, CERTAIN DIRECTORS SERVE AS EX-OFFICIO DIRECTORS BY APPOINTMENT FROM VARIOUS ENTITIES, INCLUDING THE FOLLOWING: TWO (2) ALBUQUERQUE CITY COUNCIL MEMBERS OR REPRESENTATIVES, THE MAYOR OR MAYORAL REPRESENTATIVE, THE MANAGER OF THE ALBUQUERQUE CONVENTION CENTER OR REPRESENTATIVE, THE PRESIDENT & CEO OF VISIT ALBUQUERQUE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 WAS PROVIDED TO THE AUDIT/FINANCE COMMITTEE OF THE BOARD OF DIRECTORS FOR ITS REVIEW. THE AUDIT/FINANCE COMMITTEE REPORTED TO THE BOARD OF DIRECTORS THAT THEY HAD REVIEWED THE FORM 990. THIS IS A STANDING COMMITTEE RESPONSIBLE FOR OVERSIGHT OF AUDIT AND FISCAL ACTIVITIES OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4IN ADDITION TO THE BOARD POLICY TO DISCLOSE CONFLICTS OF INTEREST ANNUALLY, VISIT ABQ'S BY-LAWS INCLUDE A CONFLICT OF INTEREST STATEMENT. ALSO, A CONFLICT OF INTEREST POLICY IS IN PLACE WHICH INCLUDES A REQUIREMENT OF RECUSAL FROM DISCUSSION AND VOTING IF A MATTER BEFORE THE BOARD HAS POTENTIALLY SIGNIFICANT IMPACT ON A DIRECTOR'S BUSINESS OPERATIONS. THIS POLICY IS REVIEWED AT LEAST ANNUALLY AND IS A PART OF A FORMAL BOARD ORIENTATION PROCESS FOR NEW MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PRESIDENT & CEO'S COMPENSATION IS REVIEWED BY THE BOARD'S COMPENSATION COMMITTEE AND THE SALARY IS APPROVED BY THE COMMITTEE - INDICATED BY SIGNATURE OF THE BOARD CHAIR ON INTERNAL PAYROLL FORMS. INDUSTRY GUIDELINES ARE REGULARLY PUBLISHED BASED ON COMPENSATION AND BENEFIT SURVEYS INDICATING AVERAGE SALARY AND BENEFITS FOR PRESIDENT/CEO'S (AND OTHER STAFF) BASED ON NUMEROUS VARIABLES INCLUDING TYPE OF ENTITY, SIZE OF BUDGET, SIZE OF STAFF, ETC. THESE SURVEYS AS WELL AS SURVEYS CONDUCTED IN THE LOCAL MARKET PLACE WHICH INCLUDES INFORMATION FROM GOVERNMENT, NONPROFIT AND INDUSTRY BUSINESSES ARE REVIEWED AND CONSIDERED BY THE COMPENSATION COMMITTEE WHEN SETTING THE PRESIDENT & CEO'S COMPENSATION. AVERAGE PERCENT OF SALARY INCREASE AVAILABLE TO STAFF BASED ON MERIT IS ALSO A FACTOR IN DETERMINING ANNUAL RAISES. THIS PROCESS WAS LAST COMPLETED IN FY 2018. THE OTHER OFFICERS OR KEY EMPLOYEES ARE REVIEWED BY THEIR DESIGNATED MANAGER AND THE PROPOSED SALARIES ARE APPROVED BY THE PRESIDENT & CEO - INDICATED BY A SIGNATURE ON INTERNAL PAYROLL FORMS. INDUSTRY GUIDELINES ARE REGULARLY PUBLISHED BASED ON COMPENSATION AND BENEFIT SURVEYS INDICATING AVERAGE SALARY AND BENEFITS FOR STAFF BASED ON NUMEROUS VARIABLES INCLUDING TYPE OF ENTITY, SIZE OF BUDGET, SIZE OF STAFF, ETC. THESE SURVEYS AS WELL AS SURVEYS CONDUCTED IN THE LOCAL MARKET PLACE WHICH INCLUDE INFORMATION FROM GOVERNMENT. NONPROFIT AND INDUSTRY BUSINESSES ARE REVIEWED AND CONSIDERED BY THE MANAGER(S) AND PRESIDENT & CEO WHEN SETTING THE COMPENSATION. THIS PROCESS WAS LAST COMPLETED IN FY 2018.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION BY REQUEST. THE VP MAINTAINS THESE DOCUMENTS, REVIEWS AND RESPONDS TO REQUESTS. IN ADDITION, THE AUDITED FINANCIAL STATEMENTS ARE POSTED ON ORGANIZATION'S WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE AUDIT AND FINANCE COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANICAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7PART 990, PART XII, LINE 2C
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02206425
IRS990/TotalAssetsEOYAmt03028509
IRS990/TotalAssetsGrp/BOYAmt02206425

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,028,509
Liabilities
$1,254,374
Net assets
$1,774,135
Revenue
$4,018,411
Expenses
$3,492,222
Net income
$526,189
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.52$2.40$4.12$17.4$18.7$1.26
2023Summary only. Only limited summary data is available for this year.$7.68$2.31$5.37$15.2$13.7$1.50
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.92$1.04$3.87$8.80$6.70$2.10
2021Detailed filing. Detailed filing data is available for this year.$3.03$1.25$1.77$4.02$3.49$0.53
2020Summary only. Only limited summary data is available for this year.$2.21$0.96$1.25$6.48$5.78$0.70
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.79$1.24$0.55$6.57$6.56$0.01
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.37$0.83$0.54$6.40$6.40$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.38$0.85$0.54$6.39$6.38$0.01
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.28$0.75$0.53$5.97$5.96$0.01
2015Detailed filing. Detailed filing data is available for this year.$1.47$0.96$0.52$6.17$6.15$0.02
2014Detailed filing. Detailed filing data is available for this year.$1.37$0.87$0.50$6.54$7.15$0.62
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.80$0.69$1.11$6.19
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.19$0.56$1.63$6.06
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.96$0.49$1.47$5.75
Peer Organizations

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