FINANCIAL STATEMENTS: MERCER COUNTY CONVENTION AND VISITORS BUREAU, INC. FOR THE YEAR ENDED AUGUST 31, 2024
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 August 31, 2024
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 August 31, 2024 and 2023, 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, 2024, 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 August 31, 2024
Cash and Cash Equivalents
| Cash and Cash Equivalents | AUG 31, 2024 | AUG 31, 2023 |
|---|---|---|
| Cash on hand | $400.00 | $400.00 |
| First Community Bank MM Checking | $250,053.76 | $278,575.34 |
| Summit Community Bank checking | 259,649.00 | $540,442.53 |
| Unpresented Funds Burke & Herbert Bank | $852.35 | – |
| WV Money Market Pool | $259,571.84 | – |
| Total Cash and Cash Equivalents | $770,526.95 | $819,417.87 |
Property and Equipment
| Property and Equipment, before depreciation | AUG 31, 2024 | AUG 31, 2023 |
|---|---|---|
| Buildings | $6,322.90 | $6,322.90 |
| Equipment | $148,962.20 | $142,841.35 |
| Furniture and Fixtures | $29,230.11 | $29,230.11 |
| Total Property and Equipment, Before Depreciation | $184,515.21 | $178,394.36 |
| Accumulated Depreciation | $(98,456.84) | $(72,744.96) |
| Net Property and Equipment | $86,058.37 | $105,649.40 |
| Total Assets | $856,585.32 | $925,067.27 |
Liabilities and Net Assets
| Liabilities | AUG 31, 2024 | AUG 31, 2023 |
|---|---|---|
| Credit cards payable | $3,245.74 | $8,303.01 |
| Total Liabilities | $3,245.74 | $8,303.01 |
| Net Assets | AUG 31, 2024 | AUG 31, 2023 |
|---|---|---|
| Net assets without donor restrictions | $853,339.58 | $916,764.26 |
| Total Net Assets | $853,339.58 | $916,764.26 |
| Total Liabilities and Net Assets | $856,585.32 | $925,067.27 |
Statements of Revenues and Expenses – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended August 31, 2024
Support and Revenues
| Support and Revenues | AUG 2024 | % OF REVENUES | AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Interest income | $2,081.38 | 2.64% | $2,136.07 | 1.42% |
| Hotel tax – Bluefield | $6,884.72 | 8.72% | $16,755.98 | 11.15% |
| Hotel tax – Bramwell | – | – | $962.02 | 0.64% |
| Hotel tax – Mercer County | $69,963.69 | 88.64% | $130,369.81 | 86.78% |
| Total Support and Revenues | $78,929.79 | 100.00% | $150,223.88 | 100.00% |
Expenses
| Marketing and Advertising Expenses | AUG 2024 | % OF REVENUES | AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Community marketing expenses | (196.30) | -0.25% | – | – |
| Contracted campaigns | $2,225.00 | 2.82% | – | – |
| Contracted creative agencies | $8,487.22 | 10.75% | $9,767.50 | 6.50% |
| Contracted print materials | $1,949.00 | 2.47% | – | – |
| Contracted public relations | $5,250.00 | 6.65% | $5,250.00 | 3.49% |
| Contracted social media marketing | $13,704.56 | 17.36% | – | – |
| Internet marketing | – | – | $12,536.14 | 8.34% |
| Marketing – miscellaneous | – | – | $26,801.62 | 17.84% |
| Media trips | $830.00 | 1.05% | – | – |
| Mobile Visitor Center expenses | $55.29 | 0.07% | – | – |
| Postage expense | $589.87 | 0.75% | $1,203.71 | 0.80% |
| Total Marketing and Advertising Expenses | $32,894.64 | 41.68% | $55,558.97 | 36.98% |
| Payroll expenses | AUG 2024 | % OF REVENUES | AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Salaries and wages | $11,060.00 | 14.01% | $8,200.00 | 5.46% |
| Payroll taxes | $846.08 | 1.07% | $627.30 | 0.42% |
| Employee pension plan | $774.90 | 0.98% | $738.00 | 0.49% |
| Contract labor expense | – | – | $401.25 | 0.27% |
| Payroll fees | $62.06 | 0.08% | $60.99 | 0.04% |
| Total Payroll expenses | $12,743.04 | 16.14% | $10,027.54 | 6.68% |
| Administrative Expenses | AUG 2024 | % OF REVENUES | AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Communications expense | $173.28 | 0.22% | $86.94 | 0.06% |
| Depreciation expense | $2,122.49 | 2.69% | $2,102.01 | 1.40% |
| Dues and subscriptions | $6,790.16 | 8.60% | $311.46 | 0.21% |
| Employee training | $(185.00) | -0.23% | $450.00 | 0.30% |
| Equipment rental | – | – | $104.70 | 0.07% |
| Insurance – general | $1,842.00 | 2.33% | $674.00 | 0.45% |
| Legal and accounting expenses | $2,100.00 | 2.66% | $1,650.00 | 1.10% |
| Meals | $458.69 | 0.58% | $56.37 | 0.04% |
| Miscellaneous expenses | $38.49 | 0.05% | – | – |
| Office supplies | $618.04 | 0.78% | $3,892.28 | 2.59% |
| Rent expense | $1,500.00 | 1.90% | $800.00 | 0.53% |
| Repairs and maintenance | $74.53 | 0.09% | $417.75 | 0.28% |
| Taxes and licenses, misc. | $8.33 | 0.01% | $28.33 | 0.02% |
| Travel expenses | $1,746.00 | 2.21% | $407.99 | 0.27% |
| Utilities | – | – | $267.33 | 0.18% |
| Total Administrative Expenses | $17,287.01 | 21.90% | $11,249.16 | 7.49% |
| AUG 2024 | % OF REVENUES | AUG 2023 | % OF REVENUES | |
|---|---|---|---|---|
| Expenses | $62,924.69 | 79.72% | $76,835.67 | 51.15% |
| Net Change in Net Assets Without Donor Restrictions | $16,005.10 | 20.28% | $73,388.21 | 48.85% |
Statement of Changes in Net Assets – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended August 31, 2024
Net Assets Without Donor Restrictions
| Net Assets Without Donor Restrictions | AUG 2024 | AUG 2023 |
|---|---|---|
| Net Assets Without Donor Restrictions, Beginning | $837,334.48 | $843,376.05 |
| Net Change in Net Assets Without Donor Restrictions | $16,005.10 | $73,388.21 |
| Net Assets Without Donor Restrictions, Ending | $853,339.58 | $916,764.26 |
Statements of Revenues and Expenses – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended August 31, 2024
Support and Revenues
| Support and Revenues | JAN-AUG 2024 | % OF REVENUES | JAN-AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Interest income | $15,803.48 | 3.32% | $13,672.62 | 2.90% |
| Hotel tax – Bluefield | $36,820.35 | 7.74% | $35,303.95 | 7.49% |
| Hotel tax – Bramwell | $2,150.47 | 0.45% | $1,625.19 | 0.35% |
| Hotel tax – Mercer County | $417,202.73 | 87.75% | $417,900.39 | 88.72% |
| Hotel tax – Princeton | $3,456.16 | 0.73% | $2,552.06 | 0.54% |
| Total Support and Revenues | $475,433.19 | 100.00% | $471,054.21 | 100.00% |
Expenses
| Marketing and Advertising Expenses | JAN-AUG 2024 | % OF REVENUES | JAN-AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Advertising | – | – | $1,350.00 | 0.29% |
| Branded merchandise | $10,957.75 | 2.30% | – | – |
| Community marketing expenses | $11,263.67 | 2.37% | $791.84 | 0.17% |
| Contracted campaigns | $15,000.00 | 3.16% | – | – |
| Contracted creative agencies | $67,730.68 | 14.25% | $64,907.09 | 13.78% |
| Contracted print materials | $51,472.75 | 10.83% | $21,995.41 | 4.67% |
| Contracted public relations | $38,900.00 | 8.18% | $42,000.00 | 8.92% |
| Contracted research and data | $6,306.80 | 1.33% | – | – |
| Contracted social media marketing | $78,888.17 | 16.59% | – | – |
| Contracted WV co-ops | $39,762.18 | 8.36% | $50,748.99 | 10.77% |
| Internet marketing | – | – | $70,024.87 | 14.87% |
| Marketing – miscellaneous | – | – | $84,880.99 | 18.02% |
| Media trips | $6,437.97 | 1.35% | – | – |
| Mobile Visitor Center expenses | $1,365.90 | 0.29% | $554.36 | 0.12% |
| Postage expense | $3,511.88 | 0.74% | $4,812.29 | 1.02% |
| Total Marketing and Advertising Expenses | $331,597.75 | 69.75% | $342,065.84 | 72.62% |
| Payroll expenses | JAN-AUG 2024 | % OF REVENUES | JAN-AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Salaries and wages | $94,403.75 | 19.86% | $75,944.50 | 16.12% |
| Payroll taxes | $7,776.36 | 1.64% | $6,294.93 | 1.34% |
| Employee pension plan | $7,908.75 | 1.66% | $7,299.00 | 1.55% |
| Contract labor expense | $802.50 | 0.17% | $2,407.50 | 0.51% |
| Payroll fees | $509.32 | 0.11% | $473.49 | 0.10% |
| Total Payroll expenses | $111,400.68 | 23.43% | $92,419.42 | 19.62% |
| Administrative Expenses | JAN-AUG 2024 | % OF REVENUES | JAN-AUG 2023 | % OF REVENUES |
|---|---|---|---|---|
| Administrative expense | $1,098.02 | 0.23% | $292.62 | 0.06% |
| Communications expense | $2,775.06 | 0.58% | $1,622.32 | 0.34% |
| Depreciation expense | $17,303.86 | 3.64% | $16,293.65 | 3.46% |
| Dues and subscriptions | $13,210.87 | 2.78% | $5,968.13 | 1.27% |
| Employee training | $595.00 | 0.13% | $2,750.12 | 0.58% |
| Equipment purchases | – | – | $1,094.60 | 0.23% |
| Equipment rental | $639.40 | 0.13% | $418.80 | 0.09% |
| Insurance – general | $4,475.00 | 0.94% | $674.00 | 0.14% |
| Legal and accounting expenses | $22,600.00 | 4.75% | $11,550.00 | 2.45% |
| Meals | $870.46 | 0.18% | $1,317.54 | 0.28% |
| Miscellaneous expenses | $1,715.28 | 0.36% | $647.82 | 0.14% |
| Office supplies | $3,658.83 | 0.77% | $8,954.58 | 1.90% |
| Rent expense | $11,000.00 | 2.31% | $11,250.00 | 2.39% |
| Repairs and maintenance | $2,011.69 | 0.42% | $6,234.52 | 1.32% |
| Taxes and licenses, misc. | $239.60 | 0.05% | $195.77 | 0.04% |
| Travel expenses | $6,281.79 | 1.32% | $3,685.34 | 0.78% |
| Utilities | $2,051.43 | 0.43% | $7,506.55 | 1.53% |
| Total Administrative Expenses | $90,526.29 | 19.04% | $80,151.37 | 17.02% |
| JAN-AUG 2024 | % OF REVENUES | JAN-AUG 2023 | % OF REVENUES | |
|---|---|---|---|---|
| Expenses | $533,524.72 | 112.22% | $514,636.63 | 109.25% |
| Net Change in Net Assets Without Donor Restrictions | $(58,091.53) | -12.22% | $(43,582.42) | -9.25% |
Statement of Changes in Net Assets – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended August 31, 2024
Net Assets Without Donor Restrictions
| Net Assets Without Donor Restrictions | JAN-AUG 2024 | JAN-AUG 2023 |
|---|---|---|
| Net Assets Without Donor Restrictions, Beginning | $911,431.11 | $960,346.68 |
| Net Change in Net Assets Without Donor Restrictions | $(58,091.53) | $(43,582.42) |
| Net Assets Without Donor Restrictions, Ending | $853,339.58 | $916,764.26 |
Statements of Revenues and Expenses – Tax Basis
Mercer County Convention and Visitors Bureau, Inc. For the month ended August 31, 2024
Support and Revenues
| Support and Revenues | JAN-AUG 2024 | 2024 OVERALL BUDGET | VARIANCE |
|---|---|---|---|
| Interest income | $15,803.48 | $20,400.00 | $(4,596.52) |
| Hotel tax – Bluefield | $36,820.35 | $55,200.00 | $(18,379.65) |
| Hotel tax – Bramwell | $2,150.47 | $4,000.00 | $(1,849.53) |
| Hotel tax – Mercer County | $417,202.73 | $731,000.00 | $(313,797.27) |
| Hotel tax – Princeton | $3,456.16 | $5,000.00 | $(1,543.84) |
| Total Support and Revenues | $475,433.19 | $815,600.00 | $(340,166.81) |
Expenses
| Marketing and Advertising Expenses | JAN-AUG 2024 | 2024 OVERALL BUDGET | VARIANCE |
|---|---|---|---|
| Branded merchandise | $10,957.75 | $5,000.00 | $5,957.75 |
| Community marketing expenses | $11,263.67 | $25,000.00 | $(13,736.33) |
| Contracted campaigns | $15,000.00 | $110,000.00 | $(95,000.00) |
| Contracted creative agencies | $67,730.68 | $141,980.00 | $(74,249.32) |
| Contracted print materials | $51,472.75 | $45,000.00 | $6,472.75 |
| Contracted public relations | $38,900.00 | $60,000.00 | $(21,100.00) |
| Contracted research and data | $6,306.80 | $13,320.00 | $(7,013.20) |
| Contracted social media marketing | $78,888.17 | $40,100.00 | $38,788.17 |
| Contracted WV co-ops | $39,762.18 | $30,000.00 | $9,762.18 |
| Media trips | $6,437.97 | $10,000.00 | $(3,562.03) |
| Mobile Visitor Center expenses | $1,365.90 | $6,000.00 | $(4,634.10) |
| Postage expense | $3,511.88 | $3,000.00 | $511.88 |
| Tours and development | – | 15,000.00 | $(15,000.00) |
| Total Marketing and Advertising Expenses | $331,597.75 | $504,400.00 | $(172,802.25) |
| Payroll expenses | JAN-AUG 2024 | 2024 OVERALL BUDGET | VARIANCE |
|---|---|---|---|
| Salaries and wages | $94,403.75 | $161,030.00 | $(66,626.25) |
| Payroll taxes | $7,776.36 | $13,200.00 | $(5,423.64) |
| Employee pension plan | $7,908.75 | $14,400.00 | $(6,491.25) |
| Contract labor expense | $802.50 | – | $802.50 |
| Payroll fees | $509.32 | $790.00 | $(280.68) |
| Total Payroll expenses | $111,400.68 | $189,420.00 | $(78,019.32) |
| Administrative Expenses | JAN-AUG 2024 | 2024 OVERALL BUDGET | VARIANCE |
|---|---|---|---|
| Administrative expense | $1,098.02 | $3,000.00 | $(1,901.98) |
| Communications expense | $2,775.06 | $2,000.00 | $775.06 |
| Depreciation expense | $17,303.86 | $25,200.00 | $(7,896.14) |
| Dues and subscriptions | $13,210.87 | $5,000.00 | $8,210.87 |
| Employee training | $595.00 | $3,000.00 | $(2,405.00) |
| Equipment purchases | – | $5,000.00 | $(5,000.00) |
| Equipment rental | $639.40 | – | $639.40 |
| Insurance – general | $4,475.00 | $5,100.00 | $(625.00) |
| Legal and accounting expenses | $22,600.00 | $28,000.00 | $(5,400.00) |
| Meals | $870.46 | $3,000.00 | $(2,129.54) |
| Miscellaneous expenses | $1,715.28 | $2,000.00 | $(284.72) |
| Office supplies | $3,658.83 | $3,000.00 | $658.83 |
| Rent expense | $11,000.00 | $18,600.00 | $(7,600.00) |
| Repairs and maintenance | $2,011.69 | $1,200.00 | $811.69 |
| Taxes and licenses, misc. | $239.60 | $880.00 | $(640.40) |
| Travel expenses | $6,281.79 | $6,000.00 | $281.79 |
| Utilities | $2,051.43 | $10,800.00 | $(8,748.57) |
| Total Administrative Expenses | $90,526.29 | $121,780.00 | $(31,253.71) |
| JAN-AUG 2024 | 2024 OVERALL BUDGET | VARIANCE | |
|---|---|---|---|
| Expenses | $533,524.72 | $815,600.00 | $(282,075.28) |
| Net Change in Net Assets Without Donor Restrictions | $(58,091.53) | – | $(58,091.53) |
Last updated: July 18, 2025