Guam -The Guam Visitors Bureau [GVB] closed Fiscal Year 2012 with a $3.1 million dollar increase in net assets.
According to the latest audit released by the Office of Public Accountability, that is nearly double the $1.6 million dollars in assets at the end of the 2011 Fiscal Year.
GVB received an “unqualified (clean) opinion” from independent auditors Deloitte & Touche gave GVB.”
GVB’s revenues come primarily from the Tourist Attraction Fund [TAF] which gets its money from the 11% occupancy tax imposed on hotel guests.
2012 GVB REVENUES:
* 2012 TAF – $14.6M in 2012, up from $12.2M in 2011
* 2012 In-kind Contributions – $84K. A decline of 93% from $1.1M in 2011s
* 2012 ARRA Funding – $172K
Although GVB is not a recipient of federal aid, the auditors commended GVB “for its equivalence to a ‘low-risk auditee’ as the auditors have not identified any material weaknesses and significant deficiencies for the past three years.”