Chat with us, powered by LiveChat View the Financial Statements. Students can review historical profit and loss (P&L) records to develop or describe the seasonality over the year. 2. Why do VCLAs revenue spikes not always o | Wridemy

07 Apr View the Financial Statements. Students can review historical profit and loss (P&L) records to develop or describe the seasonality over the year. 2. Why do VCLAs revenue spikes not always o

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1. View the Financial Statements.

Students can review historical profit and loss (P&L) records to develop or describe the seasonality over the year.

2. Why do VCLA’s revenue spikes not always occur at the same time as maximum room demand?

Students should understand the difference in timing between when the hotel collects the assessment and when the city actually deposits it in the VCLA’s account.

Room demand is an example of a good indicator of when the hotel collects the income.

3. What is the average historical growth rate of VCLA revenue?

Review the Forecast. The average historical growth rate is ?. However, growth since the inception of the operation is not sustainable. What should they do?

4. What would the sales growth rate be in an economic decline or upturn?

Review Scenarios. Analyse the four scenarios for growth rate and marketing spending adjustment.

5. What financial and economic assumptions must be considered to develop the forecast?

Review room supply may impact VCLA revenue and GDP data.

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Forecasting tourism tax receipts: the case of Ventura County Lodging Association
Developed by: Chia-Li Chien, PhD, CFP®, PMP® John F Thiel, CFP®, MBA Stefan W Cosentino, Ph.D.
Version: 2020.3 3/18/20
Tabs in This File: Description
FinancialStatements VCLA Financial Statements from 2013 to 2017
Benchmark STR Summary Benchmark from 2012 to 2019
RevenueBenchmark Revenue Benchmark
DemandBenchmark Demand Benchmark
Demand_Re_Bench Demand Relative to Benchmark
Revenu_Re_Bench Revenue Relative to Benchmark

FinancialStatements

Historical Analysis 2013 2014 2015 2016 2017 Menu
Assumptions
Information were obtained from Tax Returns from 2013 through 2017
IRS publication 598 (Rev. February 2019) Tax on Unrelated Business Income (UBI or UBTI) have no cap & exclusions of interestes, dividends, etc.
Therefore, tax-exempt status not jeopardized: : https://www.irs.gov/pub/irs-pdf/p598.pdf
(Jul 1 – June 30) Fiscal year
Income Statement
Program Service Revenue 1,571,211 1,938,969 2,538,303 2,900,151 2,923,280
Total Expenses 1,605,842 1,635,219 2,230,334 2,447,184 2,474,605
Gross Profit (34,631) 303,750 307,969 452,967 448,675
Balance Sheet
Assets
Cash – non interest bearing 449,213 754,953 1,067,884 1,522,646 1,977,413
Total Current Asstes 449,213 754,953 1,067,884 1,522,646 1,977,413
Non-Current Assets
Land, buildings, & Equipment 5,948 6,855 6,855 6,855 6,855
Less: accumulated depreciation 740 2,312 3,974 4,841 5,320
Land, buildings, & Equipment, net 5,208 4,543 2,881 2,014 1,535
Other assets (due from credit card) 2,346 1,021 – 0 – 0 – 0
Total Assets 456,767 760,517 1,070,765 1,524,660 1,978,948
Liabilities & Net Assets
Other Liabilities (credit card payable) – 0 – 0 2,279 3,207 8,820
Total Liabilities – 0 – 0 2,279 3,207 8,820
Net Assets 456,767 760,517 1,068,486 1,521,453 1,970,128
Expenses Claimed on Tax Returns
Expenses
Mangement 369,510 372,555 246,333 180,560
Legal 4,300 5,700 9,400 27,475
Accounting 7,639 11,452 18,958 23,911
Other Fees & Services Expenses 37,610 4,098 3,500 246,506
Office Expenses 9,894 15,320 7,667 11,357
Information Technology 7,337 2,169 5,161 7,421
Occupancy (rent) 10,970 15,074 18,133 17,124
Travel 15,965 15,426 17,248 12,287
Payments for travel or entertainment for any federal, state, or local public officials – 0 – 0 635
Confferences, conventions, & meetings – 0 10,068 3,430 – 0
Depreciation, depletion, & amortization 1,572 1,662 867 479
Insurance 4,689 5,775 6,481 5,084
Marketing & Sales Promotion 1,132,833 1,732,275 2,072,005 1,897,613
Collection Fees 19,390 25,383 29,002 29,233
Dues & Subscriptions 5,442 6,120 4,277 7,292
Telephone 4,533 5,400 4,245 7,355
All other expenses 3,535 1,857 477 273
Total Functional Expenses (Federal) 1,635,219 2,230,334 2,447,184 2,474,605
Total Functional Expenses (State) separate lines for rents & depreciation 1,622,677 2,213,598 2,428,184 2,457,002
straight line straight line MACRS MACRS
502,386 498,059 375,179 576,992

Benchmark

Source: 1084466_Ventura CA Area Se spreadsheet
Demand By Measure Average Monthly Revenue By Measure Average Monthly % Demand by Measure (change) % Revenue by Measure (change)
2012 96,050 9,126,951 2.1 4.7
2013 97,896 9,556,567 6.0 13.1
2014 103,543 10,782,144 3.5 11.3
2015 106,887 11,981,718 4.2 12.3
2016 111,209 13,405,411 (0.9) 1.8
2017 109,689 13,492,306 (2.3) 2.3
2018 106,725 13,674,461 (4.8) (2.2)
2019 100,073 12,151,451 2.1 7.6
Source: Smith Travel Research (2019). Trend Report – Ventura, CA Area Selected Properties. Hendersonville, TN.

BenchmarkAnalysis

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Source: Smith Travel Research Trend Report for VCLA area Menu
Demand By Measure
Demand
January February March April May June July August September October November December
2012 77,849 84,053 97,367 93,468 98,524 108,043 120,135 121,447 98,727 96,592 80,899 75,499
2013 81,776 84,414 91,023 93,698 97,235 112,371 123,831 124,245 101,579 96,350 85,022 83,208
2014 89,171 91,846 107,061 105,211 104,892 115,749 128,478 124,746 101,660 103,815 87,481 82,409
2015 89,031 96,559 111,130 103,495 108,386 119,865 125,581 126,584 109,416 109,374 91,667 91,553
2016 94,194 105,568 118,266 118,818 111,977 120,862 130,629 125,916 109,765 110,991 96,740 90,782
2017 90,974 97,744 116,987 112,152 107,653 116,834 124,859 118,693 108,602 109,797 98,639 113,330
2018 101,780 99,089 113,684 111,247 103,547 109,348 117,550 115,989 101,713 105,217 105,598 95,938
2019 89,281 95,190 115,749
Avg 89,254 94,182 107,931 105,441 104,602 114,725 124,438 122,517 104,495 104,591 92,292 90,388
Revenue By Measure
Revenue ($)
January February March April May June July August September October November December
2012 6,628,884 7,472,446 8,828,294 8,546,803 9,285,467 10,938,871 12,645,502 12,950,960 9,582,956 9,049,071 7,237,863 6,356,295
2013 7,135,129 7,678,286 8,286,923 8,834,320 9,287,773 11,752,825 13,743,359 13,834,469 9,935,761 9,196,598 7,785,191 7,208,171
2014 8,117,133 8,647,304 10,314,763 10,357,347 10,780,653 12,934,085 15,272,770 15,186,160 10,685,726 10,751,336