Meet Ac INC FY2024 filing

Not tax-deductible

Atlantic City, NJ501(c)(6)Since 2014Community DevelopmentEIN 46-5565508Revenue $10.0M in FY2024

On file with the IRSmeetinac.com1 Convention Blvd, 08401-4136 · Atlantic City, NJTax-exempt since Oct 2014

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Trade association organized (1)to promote and market the city of atlantic city (new jersey) as a destination for convention, meetings and tradeshows; (2) to improve common economic interests of businesses throughout the atlantic city region; and (3) to enhance employment opportunities and stimulate economic growth with the atlantic city region.

92¢ of each $1 spent went to programs.
$586K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $14K a year · under 1% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$586K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $30K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.3M
95% of total assets
Concern: liabilities are 95% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$10.0M
+4% vs prior year
Spent
$10.0M
To programs
92%
Net assets
$131K
By yearFY2020–FY2025
Revenue
$10.0M
FY2024▲ +4%
Tap a bar for its year
Revenue by fiscal year
FY2020$5.3M
FY2021$7.4M
FY2022$9.9M
FY2023$9.7M
FY2024$10.0M
FY2025$16.0M
Expenses
$10.0M
FY2024▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$5.3M
FY2021$7.4M
FY2022$9.9M
FY2023$9.5M
FY2024$10.0M
FY2025$16.0M
Net assets
$131K
FY2024▼ -16%
Tap a bar for its year
Net assets by fiscal year
FY2020$37K
FY2021$37K
FY2022$37K
FY2023$156K
FY2024$131K
FY2025$120K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2014.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $9.3M Management & general 8% · $793K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

12 people listed on the 990; $586K paid to officers and key staff.

Part VII, Section A · reportable compensation
$239,867Pt VII · Sec A
Ceo\sales Ma
$177,596Pt VII · Sec A
$168,657Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A

Gary Musich’s $260K as Ceo\sales Ma is at the 46th percentile of top reported officer pay among 572 $10–100M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Gary Musich$260,000$177,596————
Larry Sieg—$239,867—$227,630$221,000—
Evan Sanchez——$234,459———
Sandra Harvey———$208,964$171,584$171,944
Caren Fitzpatrick$194,599$168,657$163,772———

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Promotes Atlantic City as a destination, improving business interests and stimulating regional economic growth.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Visit atlantic city is the destination marketing organization responsible for business development in the meeting, tradeshow, convention, and event segments as well as domestic and international group leisure travel for the atlantic city convention center, and the atlantic city hotel and casino properties.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2020
Total grants receivedfrom 1 funder$30K

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$10.0M
Ln 12
Fees for servicesLn 2g$9.4M
Gifts and grantsLn 1h$566K
Investment incomeLn 3$98K
Money outPt IX
$10.0M
Ln 25
Programscol B$9.3M
Managementcol C$793K
Owns and owesPt X
$131K
net assets · Ln 32
Cash and savingsLn 1–2$1.9M
Total assetsLn 16$2.5M
LiabilitiesLn 26$2.3M
PeoplePt VI, VII
12
listed · VII A
PaidVII A3
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$566K
Government grantsLn 1e$566K
Fees for servicesLn 2g$9.4M
Investment incomeLn 3$98K
Total revenueLn 12$10.0M
Assets in detailPt X, end of year
CashLn 1$1.4M
SavingsLn 2$550K
Cash and savings togetherLn 1–2$1.9M
Land, buildings, equipmentLn 10c$53K
Other assetsLn 15$121K
Total assetsLn 16$2.5M
LiabilitiesLn 26$2.3M
Net assetsLn 32$131K
OperationsPt I, VI
EmployeesI 585
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.2M$1.9M
Land, buildings, equipmentLn 10c$108K$53K
Total assetsLn 16$1.7M$2.5M
LiabilitiesLn 26$1.5M$2.3M
Net assetsLn 32$156K$131K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$586K$483K$103K
Other salaries and wagesLn 7$1.9M$1.6M$284K
Pension plan contributionsLn 8$119K$102K$17K
Other employee benefitsLn 9$349K$301K$49K
Payroll taxesLn 10$209K$180K$29K
Legal feesLn 11b$25K$17K$8K
Accounting feesLn 11c$51K$34K$17K
Other fees for servicesLn 11g$4K$2K$1K
Advertising and promotionLn 12$4.9M$4.8M$21K
Office expensesLn 13$57K$26K$30K
Information technologyLn 14$168K$71K$97K
OccupancyLn 16$80K$27K$53K
Payments to affiliatesLn 21$1.4M$1.4M
Depreciation, depletion and amortizationLn 22$65K$62K$3K
InsuranceLn 23$33K$11K$21K
Other expenses (24a–d)Ln 24$124K$64K$60K
All other expensesLn 24e$362$226$136
Total functional expensesLn 25$10.0M$9.3M$793K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $16.0M$16.0M−$11K$120K 990 PDF
FY2024 Viewing $10.0M$10.0M−$25K$131K 990 PDF
FY2023 $9.7M$9.5M$119K$156K 990 PDF
FY2022 $9.9M$9.9M$0$37K 990 PDF
FY2021 $7.4M$7.4M$0$37K 990 PDF
FY2020 $5.3M$5.3M$0$37K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $10,022,644 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,376,609$565,800
I-9 Program service revenuePrior year $8,227,226$9,358,811
I-10 Investment incomePrior year $53,899$98,033
I-11 Other revenue$0
I-12 Total revenuePrior year $9,657,734$10,022,644
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $2,978,078$3,147,863
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $6,560,906$6,899,781
I-18 Total expensesPrior year $9,538,984$10,047,644
I-19 Revenue less expensesPrior year $118,750−$25,000
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $10,022,644 across 5 lines filed
VIII-1e Government grants$565,800
VIII-1h Total contributions, gifts and grants$565,800
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $9,358,811$9,358,811
VIII-3 Investment incomeExcluded from tax $98,033$98,033
VIII-12 Total revenueRelated to mission $9,358,811 · Excluded from tax $98,033$10,022,644
Part IX · Statement of functional expenses $10,047,644 across 17 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $483,373 · Management $102,747$586,120
IX-7 Other salaries and wagesPrograms $1,600,783 · Management $283,981$1,884,764
IX-8 Pension plan contributionsPrograms $102,017 · Management $16,518$118,535
IX-9 Other employee benefitsPrograms $300,684 · Management $48,687$349,371
IX-10 Payroll taxesPrograms $180,067 · Management $29,006$209,073
IX-11b Legal feesPrograms $16,696 · Management $8,348$25,044
IX-11c Accounting feesPrograms $34,226 · Management $16,921$51,147
IX-11g Other fees for servicesPrograms $2,400 · Management $1,200$3,600
IX-12 Advertising and promotionPrograms $4,838,401 · Management $20,589$4,858,990
IX-13 Office expensesPrograms $26,468 · Management $30,380$56,848
IX-14 Information technologyPrograms $70,876 · Management $97,257$168,133
IX-16 OccupancyPrograms $27,336 · Management $53,004$80,340
IX-21 Payments to affiliatesPrograms $1,433,370$1,433,370
IX-22 Depreciation, depletion and amortizationPrograms $62,368 · Management $2,719$65,087
IX-23 InsurancePrograms $11,073 · Management $21,470$32,543
IX-24 Other expenses (24a–d)Programs $64,093 · Management $60,224$124,317
IX-24e All other expensesPrograms $226 · Management $136$362
IX-25 Total functional expensesPrograms $9,254,457 · Management $793,187 · Fundraising $0$10,047,644
Part X · Balance sheet $2,452,776 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $577,713$1,371,965
X-2 Savings and temporary cash investmentsStart of year $640,060$549,855
X-3 Pledges and grants receivableStart of year $28,014$22,568
X-4 Accounts receivableStart of year $28,513$9,114
X-9 Prepaid expenses and deferred chargesStart of year $168,362$286,957
X-10c Land, buildings and equipment, netStart of year $107,699$53,330
X-14 Intangible assetsStart of year $37,581$37,581
X-15 Other assetsStart of year $66,063$121,406
X-16 Total assetsStart of year $1,679,005$2,452,776
X-17 Accounts payable and accrued expensesStart of year $908,946$1,101,898
X-19 Deferred revenueStart of year $565,883$1,184,948
X-25 Other liabilitiesStart of year $48,439$35,193
X-26 Total liabilitiesStart of year $1,523,268$2,322,039
X-27 Net assets without donor restrictionsStart of year $155,737$130,737
X-32 Total net assets or fund balancesStart of year $155,737$130,737
X-33 Total liabilities and net assetsStart of year $1,679,005$2,452,776
Part XI · Reconciliation of net assets $130,737 net assets at year end
XI-1 Total revenue$10,022,644
XI-2 Total expenses$10,047,644
XI-3 Revenue less expenses−$25,000
XI-4 Net assets at start of year$155,737
XI-10 Net assets at end of year$130,737

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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