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INCREASE YOUR BUDGET – Without a Vote

INCREASE YOUR BUDGET – Without a Vote. Private Funding – How are we doing?. Source – IACVB’s 2003 CVB Organizational & Financial Profile Report (Modified) CVBs with Budgets Under $1 Million: 93.7% from Public Funding ($538,648 Ave.) 6.3% from Private Funding ($36,227 Ave.)

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INCREASE YOUR BUDGET – Without a Vote

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  1. INCREASE YOUR BUDGET – Without a Vote

  2. Private Funding – How are we doing? • Source – IACVB’s 2003 CVB Organizational & Financial Profile Report (Modified) • CVBs with Budgets Under $1 Million: • 93.7% from Public Funding ($538,648 Ave.) • 6.3% from Private Funding ($36,227 Ave.) • CVBs with Budgets between $1 & $5 Million: • 89.0% from Public Funding ($1,966,286 Ave.) • 11.0% from Private Funding ($242,809 Ave.)

  3. Primary Source of Public Funding • CVBs with Budgets under $1 Million • Room Tax (90.5%) • Nothing else is even close • CVBs with Budgets between $1 & $5 Million • Room Tax (80.6%) • Nothing else is even close

  4. Primary Sources of Private Funding(CVBs with Budgets under $1 Million) • Membership Dues ($14,722 Ave.) • Coop Advertising ($6,842) • Event Hosting (4,146) • Other ($3,953) • Service Fees ($3,367) • Print Advertising ($2,633) • Investment Income ($2,454) • Donated (non-cash) Services ($1,163) • On-Site Merchandise Sales ($1,020) • Promotional Participation ($871)

  5. Primary Sources of Private Funding(CVBs with Budgets under $1 Million, Continued) • Publication Sales ($120) • Web Site Advertising/Links ($0) • E-Commerce Merchandise Sales ($0) • Ticket Sales ($0) • Convention Registration ($0) • Registrar Assistance ($0) • Convention Services ($0) • Chamber of Commerce ($0) • Building Revenue ($0)

  6. Primary Sources of Private Funding(CVBs with Budgets between $1 & $5 Million) • Membership Dues ($46,634 Ave.) • Coop Advertising ($37,419) • Other ($27,848) • Print Advertising ($24,351) • Promotional Participation ($20,349) • Building Revenue ($14,800) • Service Fees ($14,183) • Donated (non-cash) Services ($11,248) • Event Hosting ($10,722) • Investment Income ($9,649)

  7. Primary Sources of Private Funding(CVBs with Budgets between $1 & $5 Million, Continued) • On-Site Merchandise Sales ($7,744) • Publication Sales ($6,120) • Convention Services ($5,722) • Web Site Advertising/Links ($3,337) • Ticket Sales ($1,905) • Chamber of Commerce ($494) • Convention Registration ($152) • Registrar Assistance ($113) • E-Commerce Merchandise Sales ($19)

  8. Springfield CVB 2005/06 Revenue Budget • Total Revenue - $2,771,715 • Public Funding - $1,931,000 - 69.7% • Room Tax - $1,471,000 – 76.2% • MDT Coop Funds - $460,000 – 23.8% • Private Funding - $840,715 – 30.3%

  9. Springfield CVB Private Funding Sources • Coop Advertising ($320,000) • TV Partnership ($225,000) • Show-Me Springfield Print ($60,000) • Other Print ($35,000) • Print Advertising ($181,000) • Visitor Guide ($130,000) • Coupon Booklets ($15,500) • Group Travel Manual ($14,000) • Meeting Planner Guide ($12,000) • Inquiry Envelope ($6,000) • Sports Facility Guide ($3,500)

  10. Springfield CVB Private Funding Sources, Continued • Other Advertising Revenue ($141,000) • Advertising Displays/Transparencies at Tourist Information Centers and Expo Center ($86,000) • Web Site Advertising/Links ($30,000) • Brochure Insertions ($25,000) • Event Hosting • Wally Byam Caravan Club ($136,500)

  11. Springfield CVB Private Funding Sources, Continued • Miscellaneous Revenue ($33,415) • Sports Commission Management Fee/Membership Commissions ($11,995) • Souvenir Sales ($11,000) • Ticket Sales ($5,600) • Miscellaneous ($2,100) • Community Information Center Rack ($2,000) • Clipping Service Revenue ($720)

  12. Springfield CVB Private Funding Sources, Continued • Marketing Partnership Program – Membership ($24,000) • Investment Income ($4,800)

  13. Other Private Funding Used, Planned, or Considered • 2005 Mid-Missouri Coop Advertising Campaign ($45,000) • Other Market Specific Coop Advertising • Airport Advertising • Plasma TV Advertising • Convention Tote Bag Advertising ($2,650) • Web Site Map Advertising and/or Sponsorship • Brochure Distribution Service • Other Event Hosting Revenue • Annual Banquet ($20,450) • Golf Tournament

  14. Other Private Funding Used, Planned, or Considered • Information Center Sponsorship • Graphic Design/Production Services • Fulfillment Services • Web Site Design Services • Consulting Services • Market Research Partnerships • Hotel Statistics (Our version of the STAR Report) • In-House Travel Agency

  15. You CAN Generate Private Funding • Most CVBs are funded by a tax the visitor pays – the hotel only collects it. • In most cases, the attractions, restaurants, and other businesses get a “free ride.” • A “pay to play” philosophy often separates “the wheat from the chaff.” • You’re already doing most of the work on projects anyway - selling an ad or an advertising opportunity doesn’t create much more.

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