We bet you did not know that the Lake County Visitors’ Bureau is a registered 501 c 6 non-profit entity. So what in the world is a 501 c 6 you may ask?
“Section 501(c)(6) of the Internal Revenue Code provides for the exemption of business leagues, chambers of commerce, real estate boards, boards of trade and professional football leagues, which are not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual.”
(LFC Comment: a profession football leagues is a non-profit? You have to be kidding me?)
We had heard that the VB has no money to do anything, so we thought that we should check their financial statements. Although they are not one of the wealthier non-profits.- (they are not in the ‘league’ of Lake Geauga Recovery Centers) They rely strictly on taxpayer funding, where the LGRC can use Food Stamps as revenue.
At the end of of 2017, they had $550,309 in their savings account. When you add in the $480,000 in the Hotel and Bed Tax fund that the commissioners are holding for the Visitors’ Bureau, we can see that they are north of $1 million in available funds.
Of course, we will have to deduct the salary for the Port Authority Coastal Manager that is paid (we would say contrary to the Ohio Revised Code) from the Visitors’ Bureau’s budget.
We cannot wait for the new initiatives from our Visitors’ Bureau to ramp up the tourism this Summer. We will be rooting for them.