Financial Statements: Mercer County Convention and Visitors Bureau, Inc. For the month ended March 31, 2025
Contents
Accountants’ Compilation Report Statement of Assets, Liabilities and Net Assets – Tax Basis Statements of Revenues and Expenses – Tax Basis Statements of Changes in Net Assets – Tax Basis Statements of Revenues and Expenses – Tax Basis Statement of Changes in Net Assets – Tax Basis Statements of Revenues and Expenses – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended March 31, 2025
To the Board of Directors Mercer County Convention and Visitors Bureau, Inc. Bluefield, WV
Management is responsible for the accompanying financial statements of Mercer County Convention and Visitors Bureau, Inc. (a nonprofit organization), which comprise the statement of assets, liabilities and net assets – tax basis as of January 31, 2025 and 2024, and the related statements of revenues and expenses – tax basis, statements of expenses – tax basis and statement of changes in net assets – tax basis for the periods then ended, and the supplementary budgeted information presented in comparative form in that statement, and for determining that the tax basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.
The financial statements are prepared in accordance with the tax basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America.
Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared in accordance with the tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the Organization’s assets, liabilities, net assets, revenues and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters.
The accompanying budgeted information of Mercer County Convention and Visitors Bureau, Inc. for the year ended December 31, 2025, has not been compiled or examined by us, and, accordingly, we do not express an opinion or other form of assurance on it
Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared in accordance with the tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the Organization’s assets, liabilities, net assets, revenues and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters.
We are not independent with respect to Mercer County Convention and Visitors Bureau, Inc.
Henry H. Jones, CPA, PLLC Bluefield, West Virginia April 17, 2025
Statement of Assets, Liabilities and Net Assets – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. As of March 31, 2025
Cash and Cash Equivalents
Cash and Cash Equivalents
MAR 31, 2025
MAR 31, 2024
Cash on hand
$400.00
$400.00
First Community Bank MM Checking
$234,995.05
$270,301.12
Burke & Herbert Bank checking
$317,220.07
$253,622.61
WV Money Market Pool
$266,790.74
$253,622.61
Total Cash and Cash Equivalents
$819,405.86
$778,122.07
Property and Equipment
Property and Equipment, before depreciation
MAR 31, 2025
MAR 31, 2024
Buildings
$6,322.90
$6,322.90
Equipment
$151,081.14
$143,935.15
Furniture and Fixtures
$29,230.11
$29,230.11
Total Property and Equipment, Before Depreciation
$186,634.15
$179,488.16
Accumulated Depreciation
$(113,716.95)
$(87,608.61)
Net Property and Equipment
$72,917.20
$91,879.55
Total Assets
$892,323.06
$870,001.62
Liabilities and Net Assets
Liabilities
MAR 31, 2025
MAR 31, 2024
Credit cards payable
$4,205.60
$8,102.30
Total Liabilities
$4,205.60
$8,102.30
Net Assets
MAR 31, 2025
MAR 31, 2024
Net assets without donor restrictions
$888,117.46
$861,899.32
Total Net Assets
$888,117.46
$861,899.32
Total Liabilities and Net Assets
$892,323.06
$870,001.62
Statements of Revenues and Expenses – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended March 31, 2025
Support and Revenues
Support and Revenues
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Interest income
$2,186.91
1.62%
$2,066.24
4.41%
Hotel tax – Bluefield
$5,382.71
3.98%
$3,208.81
6.85%
Hotel tax – Bramwell
–
–
$ 238.59
0.51%
Hotel tax – Mercer County
$127,513.57
94.31%
$39,355.51
84.06%
Hotel tax – Princeton
$ 129.06
0.10%
$1,948.21
4.16%
Total Support and Revenues
$135,212.25
100.00%
$46,817.36
100.00%
Expenses
Marketing and Advertising Expenses
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Community marketing expenses
$ 317.64
0.23%
$ 357.15
0.76%
Contracted creative agencies
$8,159.00
6.03%
$11,589.97
24.76%
Contracted print materials
$4,163.08
3.08%
$1,356.00
2.90%
Contracted public relations
$5,250.00
3.88%
$5,250.00
11.21%
Contracted social media marketing
–
–
$8,326.42
17.78%
Contracted WV co-ops
–
–
$12,833.29
27.41%
Branded merchandise
$(198.00)
-0.15%
$6,763.47
14.45%
Marketing – miscellaneous
$6,457.02
4.78%
–
–
Postage expense
$428.52
0.32%
$202.84
0.43%
Total Marketing and Advertising Expenses
$30,928.23
22.87%
$48,491.64
103.58%
Payroll expenses
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Salaries and wages
$11,724.00
8.67%
$11,077.50
23.66%
Payroll taxes
$ 983.77
0.73%
$ 939.87
2.01%
Employee pension plan
$2,103.69
1.56%
$ 774.90
1.66%
Contract labor expense
–
–
–
–
Payroll fees
$62.06
0.16%
$62.06
0.13%
Total Payroll expenses
$14,873.52
11.00%
$12,854.33
27.46%
Administrative Expenses
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Administrative expense
$ 67.14
0.05%
$239.91
0.51%
Communications expense
$415.17
0.31%
$151.16
0.32%
Depreciation expense
$2,186.05
1.62%
$2,159.16
4.61%
Dues and subscriptions
$ 642.92
0.48%
$3,343.05
7.14%
Equipment rental
–
–
$ 104.70
0.22%
Equipment purchases
–
–
$(1,093.80)
-2.34%
Legal and accounting expenses
$1,600.00
1.18%
$1,400.00
2.99%
Meals
$ 194.86
0.14%
–
–
Miscellaneous expenses
$1,039.44
0.77%
$63.07
0.13%
Office supplies
$ 72.77
0.05%
$200.90
0.43%
Rent expense
$1,500.00
1.11%
$1,300.00
2.78%
Repairs and maintenance
–
–
$ 440.01
0.94%
Taxes and licenses, misc.
$16.78
0.01%
$ 8.33
0.02%
Travel expenses
$1,842.50
1.36%
–
–
Utilities
–
–
$ 372.47
0.80%
Total Administrative Expenses
$9,577.63
7.08%
$10,010.96
21.38%
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Expenses
$55,379.38
40.96%
$71,356.93
152.42%
Net Change in Net Assets Without Donor Restrictions
$79,832.87
59.04%
$(24,539.57)
-52.42%
Statement of Changes in Net Assets – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended March 31, 2025
Net Assets Without Donor Restrictions
Net Assets Without Donor Restrictions
MAR 2025
MAR 2024
Net Assets Without Donor Restrictions, Beginning
$808,284.59
$886,438.89
Net Change in Net Assets Without Donor Restrictions
$79,832.87
$(24,539.57)
Net Assets Without Donor Restrictions, Ending
$888,117.46
$861,899.32
Statements of Revenues and Expenses – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended March 31, 2025
Support and Revenues
Support and Revenues
Mar 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Interest income
$5,017.48
2.57%
$6,008.54
4.19%
Hotel tax – Bluefield
$14,741.69
7.54%
$8,618.36
6.01%
Hotel tax – Bramwell
$ 403.07
0.21%
$ 532.25
0.37%
Hotel tax – Mercer County
$173,192.70
88.62%
$126,175.43
88.06%
Hotel tax – Princeton
$2,086.95
1.07%
$1,9,48.21
1.36%
Total Support and Revenues
$195,441.89
100.00%
$143,282.79
100.00%
Expenses
Marketing and Advertising Expenses
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Community marketing expenses
$1,465.06
0.75%
$5,039.25
3.52%
Contracted creative agencies
$71,845.07
36.76%
$31,139.08
21.73%
Contracted print materials
$8,480.62
12.21%
$8,336.61
5.82%
Contracted research and data
–
–
$2,596.80
1.81%
Contracted social media marketing
$3,000.00
1.53%
$24,598.99
17.17%
Contracted WV co-ops
$5,121.65
2.62%
$30,816.18
21.51%
Branded merchandise
$9,151.85
4.68%
$6,826.60
4.76%
Marketing – miscellaneous
$7,107.02
3.64%
–
–
Postage expense
$ 755.82
0.39%
$1,010.42
0.71%
Total Marketing and Advertising Expenses
$139,190.34
71.22%
$125,329.87
87.47%
Payroll expenses
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Salaries and wages
$35,098.40
17.96%
$33,346.25
23.27%
Payroll taxes
$3,215.00
1.64%
$3,075.41
2.15%
Employee pension plan
$4,245.24
2.17%
$3,646.80
2.55%
Contract labor expense
–
–
$802.50
0.56%
Payroll fees
$ 202.23
0.10%
$199.02
0.14%
Total Payroll expenses
$42,760.87
21.88%
$41,069.98
28.66%
Administrative Expenses
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Administrative expense
$ 67.14
0.03%
$ 573.97
0.40%
Communications expense
$1,024.46
0.52%
$ 296.90
0.21%
Depreciation expense
$6,558.18
3.36%
$6,455.63
4.51%
Dues and subscriptions
$1,689.27
0.86%
$4,454.12
3.11%
Employee training
$ 200.00
0.10%
–
–
Equipment rental
$ 228.45
0.12%
$ 104.70
0.07%
Legal and accounting expenses
$5,200.00
2.66%
$4,550.00
3.18%
Meals
$ 320.23
0.16%
–
–
Miscellaneous expenses
$1,115.95
0.57%
$ 940.16
0.66%
Office supplies
$ 257.61
0.13%
$1,536.70
1.07%
Rent expense
$4,500.00
2.30%
$3,900.00
2.72%
Repairs and maintenance
$ 140.00
0.07%
$ 857.76
0.60%
Taxes and licenses, misc.
$ 100.09
0.05%
$ 58.32
0.04%
Travel expenses
$3,695.03
1.89%
$ 928.57
0.65%
Utilities
$ 413.52
0.21%
$ 435.90
0.30%
Total Administrative Expenses
$26,820.93
13.72%
$26,414.73
18.44%
MAR 2025
% OF REVENUES
MAR 2024
% OF REVENUES
Expenses
$208,772.14
106.82%
$192,814.58
134.57%
Net Change in Net Assets Without Donor Restrictions
$(13,330.25)
-6.82%
$(49,531.79)
-34.57%
Statement of Changes in Net Assets – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended March 31, 2025
Net Assets Without Donor Restrictions
Net Assets Without Donor Restrictions
MAR 2025
MAR 2024
Net Assets Without Donor Restrictions, Beginning
$901,447.71
$911,431.11
Net Change in Net Assets Without Donor Restrictions
$(13,330.25)
$(49,531.79)
Net Assets Without Donor Restrictions, Ending
$888,117.46
$861,899.32
Statements of Revenues and Expenses – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended March 31, 2025
Support and Revenues
Support and Revenues
MAR 2025
2025 OVERALL BUDGET
VARIANCE
Interest income
$5,017.48
$20,400.00
$(15,382.52)
Hotel tax – Bluefield
$14,741.69
$62,400.00
$(47,658.31)
Hotel tax – Bramwell
$ 403.07
$3,600.00
$(3,196.93)
Hotel tax – Mercer County
$173,192.70
$671,400.00
$(498,207.30)
Hotel tax – Princeton
$2,086.95
$7,200.00
$(5,113.05)
Total Support and Revenues
$195,441.89
$765,000.00
$(569,558.11)
Expenses
Marketing and Advertising Expenses
MAR 2025
2025 OVERALL BUDGET
VARIANCE
Branded merchandise
$9,151.85
$9,996.00
$( 844.15)
Community marketing expenses
$1,465.06
–
$1,465.06
Contracted campaigns
$14,175.15
$110,004.00
$(95,828.85)
Contracted creative agencies
$71,845.07
$141,984.00
$(70,138.93)
Contracted print materials
$8,480.62
$60,000.00
$(51,519.38)
Contracted public relations
$18,088.10
$60,000.00
$(41,911.90)
Contracted research and data
–
$6,000.00
$(6,000.00)
Contracted social media marketing
$3,000.00
$16,560.00
$(13,560.00)
Contracted WV co-ops
$5,121.65
$30,000.00
$(24,878.35)
Media trips
–
$9,996.00
$(9,996.00)
Mobile Visitor Center expenses
–
$3,000.00
$(3,000.00)
Postage expense
$ 755.82
$4,800.00
$(4,044.18)
Tours and development
–
–
–
Total Marketing and Advertising Expenses
$139,190.34
$452,340.00
$(313,149.66)
Payroll expenses
MAR 2025
2025 OVERALL BUDGET
VARIANCE
Salaries and wages
$35,098.40
$169,296.00
$(134,197.60)
Payroll taxes
$3,215.00
$13,8000.00
$(10,585.00)
Employee pension plan
$4,245.24
$15,240.00
$(10,994.76)
Contract labor expense
–
–
–
Payroll fees
$ 202.23
$ 780.00
$ (577.77)
Total Payroll expenses
$42,760.87
$199,116.00
$(156,355.13)
Administrative Expenses
MAR 2025
2025 OVERALL BUDGET
VARIANCE
Administrative expense
$ 67.14
$1,200.00
$(1,132.86)
Communications expense
$1,024.46
$3,996.00
$(2,971.54)
Depreciation expense
$6,558.18
$24,000.00
$(17,441.82)
Dues and subscriptions
$1,689.27
$8,004.00
$(6,314.73)
Employee training
$ 200.00
$3,000.00
$(2,800.00)
Equipment purchases
–
$2,400.00
$(2,400.00)
Insurance – general
$1,311.00
$9,600.00
$(8,289.00)
Legal and accounting expenses
$5,200.00
$21,000.00
$(15,800.00)
Meals
$ 320.23
$2,400.00
$(2,079.77)
Miscellaneous expenses
$1,115.95
–
$1,115.95
Office supplies
$ 257.61
$6,000.00
$(5,742.39)
Rent expense
$4,500.00
$18,000.00
$(13,500.00)
Repairs and maintenance
$ 140.00
$2,400.00
$(2,260.00
Taxes and licenses, misc.
$100.09
$ 744.00
$ (643.91)
Travel expenses
$3,695.03
$6,000.00
$(2,304.97)
Utilities
$ 413.52
$4,800.00
$(4,386.48)
Total Administrative Expenses
$26,820.93
$113,544.00
$(86,723.07)
MAR 2025
2025 OVERALL BUDGET
VARIANCE
Expenses
$208,772.14
$765,000.00
$(556,227.86)
Net Change in Net Assets Without Donor Restrictions