The present study is concerned with the out-of-plane vibrations of a rotating, internally damped (Kelvin-Voigt model) Bernoulli-Euler beam carrying a tip mass. The centroid of the tip mass, possessing also a mass moment of inertia is offset from the free end of the beam and is located along its extended axis. This system can be thought of as an extremely simplified model of a helicopter rotor blade or a blade of an auto-cooling fan. The differential eigenvalue problem is solved by using Frobenius method of solution in power series. The characteristic equation is then solved numerically. The simulation results are tabulated for a variety of the nondimensional rotational speeds, tip mass, tip mass offset, mass moment of inertia and internal damping parameters. These are compared with the results of a conventional finite element modeling as well, and excellent agreement is obtained. Some numerical results are given in graphical form. The numerical results obtained, indicate clearly that the tip mass offset and mass moment of inertia are important parameters on the eigencharacteristics of rotating beams so that they have to be included in the modeling process.