2025-08-14T08:25:46-05:00 2024-09-30 135565207 KPMG LLP 8350 BROAD STREET SUITE 900 MCLEAN VA 22102 990 2023-10-01 364681868 THE CORPORATION FOR TRAVEL PROMOTION CORP 2025362060 1725 EYE STREET NW 800 WASHINGTON DC 20006 DONALD F RICHARDSON CHIEF FINANCIAL OFFICER 2025362060 2025-08-13 1 0 BRIAN KEARNS P02061479 7032868000 2025-08-04 2023 2025-03-06 01:10:19Z BRAND USA FRED DIXON 1725 EYE STREET NW 800 WASHINGTON DC 20006 436141187 0 X WWW.THEBRANDUSA.COM X 2010 DC SEE SCHEDULE O 11 11 78 11 0 0 166905876 213608422 415363 1119724 8433881 9813881 -23157 4250 175731963 224546277 25000 30500 0 0 12975741 16070944 0 0 0 170559957 238697428 183560698 254798872 -7828735 -30252595 453274623 392563060 37382466 45175021 415892157 347388039 X SEE SCHEDULE O 0 0 SEE SCHEDULE O SEE SCHEDULE O SEE SCHEDULE O 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 57 0 1 78 1 0 0 0 0 1 1 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 1 1 1 0 0 X DONALD F RICHARDSON CHIEF FINANCIAL OFFICER 2025362060 1725 EYE STREET NW SUITE 800 WASHINGTON DC 20006 TODD DAVIDSON CHAIR 4.00 0.00 X X 0 0 0 DONALD MOORE VICE CHAIR 1.00 0.00 X X 0 0 0 KEIKO M ORRALL UNTIL 0124 VICE CHAIR 1.00 0.00 X X 0 0 0 ELLIOTT FERGUSON TREASURER 1.00 0.00 X X 0 0 0 ALLEN ORR SECRETARY 1.00 0.00 X X 0 0 0 NOEL I HENSCHEL UNTIL 0124 SECRETARY 1.00 0.00 X X 0 0 0 LAUREN BAILEY DIRECTOR 1.00 0.00 X 0 0 0 KRISTEN ESPOSITO DIRECTOR 1.00 0.00 X 0 0 0 MARK HOPLAMAZIAN DIRECTOR 1.00 0.00 X 0 0 0 TIM MAPES DIRECTOR 1.00 0.00 X 0 0 0 STEPHANIE YOUNG DIRECTOR 1.00 0.00 X 0 0 0 MIKE MANGEOT AS OF 0124 DIRECTOR 1.00 0.00 X 0 0 0 HARI NAIR AS OF 0124 DIRECTOR 1.00 0.00 X 0 0 0 CHRISTOPHER L THOMPSON CEO & PRESIDENT 40.00 0.00 X 810260 0 23994 DONALD F RICHARDSON CHIEF FINANCIAL OFFICER 40.00 0.00 X 498401 0 36585 AARON WODINSCHWARTZ CHIEF CORPORATE AFFAIRS OFFICER 40.00 0.00 X 354274 0 32602 STACI MELLIMAN CHIEF MKTG OFFICER 40.00 0.00 X 323857 0 17171 JOHN O CONTE SVP, GENERAL COUNSEL 40.00 0.00 X 286168 0 19048 MARK LAPIDUS VP, CONTENT & MARKETING TECHNOLOGY 40.00 0.00 X 266005 0 31127 MING SUEY NEWCOMB VP, FINANCE & ACCOUNTING 40.00 0.00 X 270182 0 21929 CASSADY BAILEY VP, PARTNER ENGAGEMENT & MARKETING 40.00 0.00 X 262203 0 21566 ROSINA BARBASTEFANO SEN DIRECTOR, INSIGHTS & ANALYTICS 40.00 0.00 X 258141 0 44943 THOMAS J GARZILLI FORMER CHIEF MKTG OFFICER 40.00 0.00 X 433886 0 23201 3763377 0 272166 41 1 1 0 R&R PARTNERS INC 900 S PAVILION CENTER DR LAS VEGAS NV 89144 MEDIA PLAN & BUYING 30948112 MILES PARTNERSHIP LLLP 6751 PROFESSIONAL PARKWAY SARASOTA FL 34240 MEDIA PLAN & BUYING 16921195 MMGY GLOBAL LTD 58 SOUTHWARK BRIDGE ROAD LONDON UK SE1 0AS MEDIA PLAN & BUYING 10707763 ARIADNA USA LLC 251 LITTLE FALLS DR WILMINGTON DE 19808 MEDIA PLAN & BUYING 9247886 MEDIACOM LONDON 124 THEOBALDS RD LONDON UK WC1XBRX MEDIA PLAN & BUYING 6447016 111 68492950 145115472 213608422 PROGRAM REVENUE 900099 1119724 1119724 1119724 10118993 10118993 149376 145694 3682 3682 3682 211144104 211449216 -305112 -305112 -305112 MISCELLANEOUS 900099 568 568 568 224546277 1120292 0 9817563 30500 2324768 10683486 337373 1798620 926697 887237 411683 183628 218167655 259546 1693388 1054865 1609954 9092035 1387280 165942 RESEARCH 3095713 COMMUNICATIONS 545790 BAD DEBT EXPENSE 77712 MEMBERSHIP DUES 65000 254798872 30638819 61788436 1968978 1218659 72260443 30243137 114389416 99055659 7481668 8374001 4122205 3406317 1139545 715888 217484077 182938576 5053593 6605649 2858084 1623055 453274623 392563060 33918727 43150230 371500 342342 3092239 1682449 37382466 45175021 X 330088281 302137666 85803876 45250373 415892157 347388039 453274623 392563060 X -30252595 3765783 -40731134 -1286172 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 1553378 1500223 53155 607171 351475 255696 1961656 1554619 407037 715888 OPERATING LEASE LIABILITY 1682449 1682449 X 291422832 3765783 62965078 145694 66876555 224546277 0 224546277 359926950 103696212 1431866 105128078 254798872 0 254798872 PART X, LINE 2: CTP IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE (THE CODE) EXCEPT FOR TAXES ON UNRELATED BUSINESS INCOME. CONTRIBUTIONS TO CTP ARE NOT TAX DEDUCTIBLE BY DONORS UNDER SECTION 170(C)(2) OF THE CODE. CTP'S ACCOUNTING POLICY FOR EVALUATING UNCERTAIN TAX POSITIONS IS TO RECOGNIZE TAX POSITIONS IF THE POSITION WOULD MORE LIKELY THAN NOT BE ULTIMATELY SUSTAINED. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED. FOR TAX POSITIONS NOT MEETING THE MORE LIKELY THAN NOT TEST, NO TAX BENEFIT IS RECORDED. CTP DOES NOT INCLUDE ANY UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES RECORDED ON VIII LINE 6B 145,694. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES RECORDED ON VIII LINE 6B 145,694. CHANGE IN ESTIMATE 1,286,172. EUROPE 0 3 PROGRAM SERVICES INTERNATIONAL TRAVEL, MARKETING, AND PROMOTIONAL ACTIVITY 51948643 EAST ASIA & THE PACIFIC 0 6 PROGRAM SERVICES INTERNATIONAL TRAVEL, MARKETING, AND PROMOTIONAL ACTIVITY 6436499 NORTH AMERICA 0 3 PROGRAM SERVICES INTERNATIONAL TRAVEL, MARKETING, AND PROMOTIONAL ACTIVITY 4797118 SOUTH AMERICA 0 1 PROGRAM SERVICES INTERNATIONAL TRAVEL, MARKETING, AND PROMOTIONAL ACTIVITY 1974995 SOUTH ASIA 0 1 PROGRAM SERVICES INTERNATIONAL TRAVEL, MARKETING, AND PROMOTIONAL ACTIVITY 847052 MIDDLE EAST & NORTH AFRICA 0 0 PROGRAM SERVICES INTERNATIONAL TRAVEL, MARKETING, AND PROMOTIONAL ACTIVITY 250190 0 14 0 0 0 14 66254497 0 66254497 0 0 0 0 0 0 0 0 PART I, LINE 2: N/A - CTP DOES NOT MAKE GRANTS OUTSIDE OF THE UNITED STATES. PART I, LINE 3: CTP CONDUCTS MULTI-MEDIA CONSUMER MARKETING CAMPAIGNS, INCLUDING COOPERATIVE MARKETING PROMOTING THE DESTINATIONS AND ATTRACTIONS THAT MAKE UP THE TRAVEL OPPORTUNITIES WITHIN THE UNITED STATES, AIMED AT CONSUMERS IN THE MARKETS LISTED IN PART 1 LINE 3. THE GOAL IS TO ENCOURAGE CONSUMERS TO CONSIDER AND BOOK TRAVEL FROM THEIR SOURCE MARKETS TO THE UNITED STATES. CTP ALSO CONDUCTS BUSINESS-TO-BUSINESS MARKETING, PROMOTIONAL, AND EDUCATIONAL CAMPAIGNS AIMED AT IN-MARKET TRAVEL COMPANIES TO ENCOURAGE AND BETTER PREPARE THEM TO SELL TRAVEL FROM THEIR SOURCE MARKETS TO THE UNITED STATES. 0 DESTINATIONS INTERNATIONAL FOUNDATION PO BOX 650217 POTOMAC FALLS VA 20165 310507334 501(C)(3) 25000 0 ANNUAL INVESTMENT CAMPAIGN MIRIAMS KITCHEN 2401 VIRGINIA AVE NW WASHINGTON DC 20037 521331552 501(C)(3) 5500 0 SUPPORT 2 X X 1 1 X X 1 0 0 CHRISTOPHER L THOMPSON CEO & PRESIDENT 568817 0 163443 0 78000 0 7446 0 16548 0 834254 0 0 0 DONALD F RICHARDSON CHIEF FINANCIAL OFFICER 398691 0 99710 0 0 0 10541 0 26044 0 534986 0 0 0 THOMAS J GARZILLI FORMER CHIEF MKTG OFFICER 38474 0 0 0 395412 0 2443 0 20758 0 457087 0 0 0 AARON WODINSCHWARTZ CHIEF CORPORATE AFFAIRS OFFICER 282275 0 71999 0 0 0 11608 0 20994 0 386876 0 0 0 STACI MELLIMAN CHIEF MKTG OFFICER 261457 0 62400 0 0 0 12962 0 4209 0 341028 0 0 0 JOHN O CONTE SVP, GENERAL COUNSEL 227568 0 58600 0 0 0 10230 0 8818 0 305216 0 0 0 ROSINA BARBASTEFANO SEN DIRECTOR, INSIGHTS & ANALYTICS 201541 0 56600 0 0 0 10584 0 34359 0 303084 0 0 0 MARK LAPIDUS VP, CONTENT & MARKETING TECHNOLOGY 211405 0 54600 0 0 0 0 0 31127 0 297132 0 0 0 MING SUEY NEWCOMB VP, FINANCE & ACCOUNTING 215582 0 54600 0 0 0 9675 0 12254 0 292111 0 0 0 CASSADY BAILEY VP, PARTNER ENGAGEMENT & MARKETING 208923 0 53280 0 0 0 9926 0 11640 0 283769 0 0 0 PART I, LINE 1A THE CEO RECEIVED LIMITED HOUSING ALLOWANCE ACCORDING TO THEIR EMPLOYMENT AGREEMENT, WHICH WAS REPORTED AS TAXABLE COMPENSATION ON THE W-2. THE CEO WAS REIMBURSED FOR A COMPANION'S TRAVEL EXPENSES FOR SELECT BUSINESS TRIPS DURING THE FISCAL YEAR. THESE EXPENSES WERE PRE-APPROVED BY THE BOARD OF DIRECTORS. PART I, LINE 4A THOMAS J GARZILLI RECEIVED A SEVERANCE PAYMENT OF $395,412. FORM 990, PART I, LINE 1: PROMOTION OF THE U.S. AS A PREMIER TRAVEL DESTINATION & COMMUNICATING U.S. ENTRY/EXIT POLICIES & PROCEDURES. FORM 990, PART III, LINE 1: THE MISSION OF BRAND USA IS TO ENCOURAGE INCREASED INTERNATIONAL VISITATION TO, THROUGH, AND BEYOND THE GATEWAYS. IN DOING SO, WE AIM TO BRING INTERNATIONAL VISITORS TO THE UNITED STATES SO THAT THE ECONOMIC AND DIPLOMATIC BENEFITS OF INTERNATIONAL VISITATION ARE FELT THROUGHOUT THE COUNTRY. FORM 990, PART III, LINE 4A: CONSUMER MARKETING CAMPAIGNS PROMOTING INCREASED INTERNATIONAL TRAVEL TO THE UNITED STATES IN FURTHERANCE OF CTP'S LEGISLATIVELY MANDATED MISSION. THE CAMPAIGNS ARE COMPRISED OF TV, OUT-OF-HOME, DIGITAL, PRINT, AND SOCIAL COMPONENTS IN 14 COUNTRIES AND ARE ACTIVE YEAR ROUND. FORM 990, PART III, LINE 4B: CTP COOPERATIVE MARKETING INTRODUCES POTENTIAL INTERNATIONAL VISITORS TO THE DESTINATIONS AND ATTRACTIONS THAT COMPRISE THE TOURISM OPPORTUNITIES WITHIN THE UNITED STATES. THESE EFFORTS ARE FURTHERED THROUGH CONTENT CREATION (WRITTEN, PHOTO, AND VIDEO) AND CORRESPONDING DIGITAL AND PRINT DISTRIBUTION, AND GENERAL MEDIA BUYING. ALL OF THESE EFFORTS ARE DIRECTED TOWARDS POTENTIAL INTERNATIONAL VISITORS IN FURTHERANCE OF CTP'S LEGISLATIVELY MANDATED MISSION. FORM 990, PART III, LINE 4C: CTP'S TRADE (BUSINESS-TO-BUSINESS) ACTIVITY IS COMPRISED OF EXHIBITING AT OR HOSTING TRADE SHOWS AROUND THE WORLD, TRAINING AND EDUCATING FOREIGN TRAVEL PROFESSIONALS ON THE BREADTH AND DEPTH OF U.S. TRAVEL OPPORTUNITIES, AND DESIGNING AND DISTRIBUTING POTENTIAL U.S. TRAVEL ITINERARIES TO AND THROUGH TRAVEL SELLERS AROUND THE WORLD. CTP MAINTAINS TRAVEL TRADE PRESENCE IN KEY SOURCE MARKETS TO KEEP THE USA TOP OF MIND VIA A STEADY SCHEDULE OF TRAINING PROGRAMS, EDUCATIONAL WEBINARS, NEWSLETTERS, AND VIRTUAL EVENTS THAT ENGAGE TRAVEL AGENTS AND TOUR OPERATORS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 INFORMATION IS COMPILED BY THE CORPORATION'S FINANCE DEPARTMENT WHICH WORKS CLOSELY WITH THE INDEPENDENT ACCOUNTING FIRM KPMG IN PREPARING THE RETURN. THE RETURN IS THEN PROVIDED TO MEMBERS OF THE BOARD OF DIRECTORS TO REVIEW PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY THE CORPORATION FOR TRAVEL PROMOTION HAS A WRITTEN CONFLICT OF INTEREST POLICY. MANAGEMENT MONITORS AND ENFORCES COMPLIANCE BY WAY OF REVIEW BY INTERNAL COUNSEL, THE COLLECTION OF ANNUAL CERTIFICATES AND THROUGH A CONFLICT OF INTEREST COMMITTEE WITH POWER DELEGATED TO IT BY THE BOARD OF DIRECTORS. THE CONFLICT OF INTEREST COMMITTEE IS COMPRISED OF DISINTERESTED DIRECTORS ENSURING THAT NO DIRECTOR WITH A POTENTIAL INTEREST IN THE TRANSACTION HAS A VOTE. FORM 990, PART VI, SECTION B, LINE 15A THE CORPORATION'S BOARD OF DIRECTORS FORMED AN EXECUTIVE SEARCH COMMITTEE (THE "COMMITTEE") COMPRISED OF FOUR DIRECTORS WITH DELEGATED AUTHORITY TO CONDUCT A SEARCH FOR AN EXECUTIVE SEARCH FIRM, RECOMMEND A SELECTION, AND CONDUCT INTERVIEWS WITH, NEGOTIATE COMPENSATION, AND MAKE A RECOMMENDATION TO THE FULL BOARD TO HIRE AN EXECUTIVE TO SERVE AS CEO. THE BOARD HIRED EXECUTIVE SEARCH FIRM, HEIDRICK & STRUGGLES, TO CONDUCT THE CEO SEARCH. THE COMMITTEE WAS RESPONSIBLE FOR WORKING WITH HEIDRICK & STRUGGLES TO ESTABLISH A JOB DESCRIPTION, CRITERIA FOR EVALUATION, REVIEW AND SCREEN APPLICATIONS, AND ULTIMATELY INTERVIEW POTENTIAL CANDIDATES. ALL MEMBERS OF THE COMMITTEE WERE INDEPENDENT WITH RESPECT TO THE CANDIDATES FOR THE POSITION AND THE EXECUTIVE DIRECTOR (CEO) ULTIMATELY SELECTED. AFTER INTERVIEWING A NUMBER OF CANDIDATES, THE COMMITTEE RECOMMENDED TWO FINALISTS FOR AN INTERVIEW WITH THE FULL BOARD OF DIRECTORS IN WASHINGTON, DC. THE COMMITTEE WORKED WITH HEIDRICK & STRUGGLES AND RELIED ON A COMPENSATION STUDY (FOR ALL LEVELS OF EMPLOYEES WITHIN BRAND USA) TO REVIEW COMPENSATION AND NEGOTIATE AN EMPLOYMENT CONTRACT WITH THE SELECTED CANDIDATE. THE COMPENSATION STUDY USED A COMBINATION OF THE FOLLOWING FACTORS: A) BENCHMARKS OF OTHER PUBLIC-PRIVATE PARTNERSHIPS, B) GREATER METRO WASHINGTON DC SALARY BANDS FOR CEO'S, AND C) OTHER NON-PROFIT ORGANIZATIONS OF SIMILAR SIZE AND SCOPE OF SERVICES. THE COMMITTEE WORKED WITH OUTSIDE COUNSEL, SQUIRE PATTON BOGGS, TO NEGOTIATE THE EMPLOYMENT AGREEMENT. AFTER AGREEING ON TERMS WITH THE CHOSEN CANDIDATE, THE COMMITTEE PRESENTED RELEVANT CONTRACT TERMS TO THE FULL BOARD, WHICH RATIFIED ACCEPTANCE BY UNANIMOUS WRITTEN CONSENT. THE BOARD OF DIRECTORS MEETS THREE TIMES PER YEAR TO REVIEW THE CEO'S PERFORMANCE AND APPROVES VARIABLE COMPENSATION, PER THE TERMS OF THE EMPLOYMENT AGREEMENT AND ANY CHANGES TO BASE COMPENSATION, ON AN ANNUAL BASIS. SUCH APPROVALS OF VARIABLE COMPENSATION OR CHANGES TO BASE COMPENSATION ARE RECORDED IN BOARD MINUTES. ALL CTP EMPLOYEE'S COMPENSATION IS DETERMINED BY A COMPENSATION STUDY. THE COMPENSATION REVIEW PROCESS WAS LAST DONE FALL 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE. THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN ESTIMATE -1,286,172.