Liabilities / Assets
81st percentile
Higher debt load relative to assets than 81% of similar nonprofits.
EIN 30-0070983 • 501(c)3 • Philadelphia, PA
Profile
To raise funds and solicit charitable contributions to promote the social welfare of the city of philadelphia and commonwealth of pennsylvania.
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
Liabilities / Assets
81st percentile
Higher debt load relative to assets than 81% of similar nonprofits.
Liabilities / Revenue
95th percentile
Higher debt load relative to revenue than 95% of similar nonprofits.
Net Margin
56th percentile
Higher net margin than 56% of similar nonprofits.
Top Officer Pay
70th percentile
Higher top officer pay than 70% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
82nd percentile
Faster asset growth than 82% of similar nonprofits.
Revenue Growth
98th percentile
Faster revenue growth than 98% of similar nonprofits.
Assets
Up$2,291,758
Up $456,435 (+25%) from 2021
Liabilities
Up$1,010,000
Up $433,745 (+75%) from 2021
Net Assets
Up$1,281,758
Up $22,690 (+1.8%) from 2021
Revenue
Up$304,937
Up $231,708 (+316%) from 2021
Expenses
Up$282,247
Up $66,637 (+31%) from 2021
Net Income
Up$22,690
Up $165,071 (+116%) from 2021
Most recent year
2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
See attached Schedule O Responses.
Mission/purpose: the philadelphia convention and visitors bureau foundation ("foundation") was established in 2002 to conduct public, charitable, and educational activities and to attract additional support for those activities from foundations and the general public. The foundation has a 501(c)(3) tax-exempt status because its activities are charitable and educational. The mission of the foundation, in cooperation with the city of philadelphia and the commonwealth of pennsylvania, is to provide funding in support of activities that promote, beautify, and celebrate philadelphia in an effort to stimulate the city's tourism industry. Together with its partners, the foundation supports projects that make the city more inviting to visitors, especially those attending a convention or special event, or visitors traveling from another country. In addition, the foundation helps philadelphians prepare themselves for careers in the region's dynamic hospitality industry, and assists corporate vis
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Prepaid Expenses and Deferred Charges | $404,348 | $1,079,500 | ▲ $675,152 |
| Cash and Non-Interest-Bearing Accounts | $1,274,577 | $1,026,902 | ▼ $247,675 |
| Savings and Temporary Cash Investments | $136,092 | $136,106 | ▲ $14 |
| Accounts Receivable | $20,306 | $49,250 | ▲ $28,944 |
| Total Assets | $1,835,323 | $2,291,758 | ▲ $456,435 |
| Liabilities | |||
| Deferred Revenue | $575,000 | $1,000,000 | ▲ $425,000 |
| Accounts Payable and Accrued Expenses | $1,255 | $10,000 | ▲ $8,745 |
| Total Liabilities | $576,255 | $1,010,000 | ▲ $433,745 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $1,259,068 | $1,281,758 | ▲ $22,690 |
| Total Net Assets Fund Balance | $1,259,068 | $1,281,758 | ▲ $22,690 |
| Total Liabilities and Net Assets / Fund Balance | $1,835,323 | $2,291,758 | ▲ $456,435 |
| Name | Title |
|---|---|
| Gregg Caren | President & |
| John J Kroll | Trustee |
| John Mcnichol | Trustee |
| John P Pierce | Trustee |
| Leonard Buckley | Trustee |
| Michael Rashid | Trustee |
| Nicholas Debenedictis | Trustee |
| Nour Laasri | Trustee |
| Sheila Hess | Trustee |
| Stephanie Boyd | Trustee |
| Stephen S Aichele | Trustee |
| William P Hankowsky | Trustee |
| William Wilson | Trustee |
| William Adolph | Treasurer |
| Line Item | Amount |
|---|---|
| Other Expenses | $282,247 |
| Total Fundraising Expense | $182,311 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Expenses | $27,550 | - | $22,862 | $22,862 |
| All Other Expenses | - | $5,144 | $6,528 | $11,672 |
| Total Functional Expenses | $94,792 | $5,144 | $182,311 | $282,247 |
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $282,247 |
| Total Expenses per Audited Statements | $282,247 |
| Total Expenses per Form 990 | $282,247 |
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
“Board of directors are appointed by the board of the philadelphia convention and visitors bureau”
“The board of directors reviews the form 990 prior to filing.”
“The foundation has each board member sign a conflict of interest policy which is retained on file at the phlcvb. This disclosure is updated annually to detect any potential conflicts for the year. During board meetings, if conflicts arise, board members abstain from discussion and the vote.”
“Governing documents are made available to the public upon request.”
“Mission/purpose: the philadelphia convention and visitors bureau foundation ("foundation") was established in 2002 to conduct public, charitable, and educational activities and to attract additional support for those activities from foundations and the general public. The foundation has a 501(c)(3) tax-exempt status because its activities are charitable and educational. The mission of the foundation, in cooperation with the city of philadelphia and the commonwealth of pennsylvania, is to provide funding in support of activities that promote, beautify, and celebrate philadelphia in an effort to stimulate the city's tourism industry. Together with its partners, the foundation supports projects that make the city more inviting to visitors, especially those attending a convention or special event, or visitors traveling from another country. In addition, the foundation helps philadelphians prepare themselves for careers in the region's dynamic hospitality industry, and assists corporate visitors by identifying meaningful local social investments. Through the foundation's work, philadelphia's hospitality sector will continue to thrive, providing jobs for thousands of residents and steadily increasing its impact on the city's economy. These contributions will help philadelphia remain as a premier location for conventions, sporting events, business meetings and visitation. Geographic scope: the primary geographic scope of the foundation is the greater philadelphia region. However, the objectives of the foundation do also reach nationally and internationally. The main office of the foundation resides at the philadelphia convention & visitors bureau at 1601 market street, suite 200, philadelphia, pa 19103. The foundation is a wholly owned subsidiary of the phlcvb. All administrative and operational responsibilities are performed by the employees of the phlcvb and the board of the foundation is comprised of the top leadership of the phlcvb and a subsection of the phlcvb board of directors.”
“Economic development : the foundation partners with the city of philadelphia, the commonwealth of pennsylvania and many other hospitality organizations to promote philadelphia as a dynamic travel destination and location for large events. The foundation supports the regional efforts that lead to philadelphia hosting premier events, such as the city's successful bid to host the fifa world cup 2026. Philadelphia was one of 17 u.s. Cities vying for an opportunity to host one of the world's biggest sporting events, a process that begin in 2017. Leading the effort was philadelphia soccer 2026, the city of philadelphia's official fifa world cup 2026 bid committee, which includes dozens of partners from across the sports, business, and hospitality communities. Philadelphia was officially selected as a host city in june 2022.”
“Community improvement & outreach: the foundation supports projects such as phl cares, a high-impact, business-led response to philadelphia's chronic street homelessness problem mobilizing resources and leadership for real solutions - housing, jobs and services - to end homelessness. The foundation supported the design of phlcares.com and promotional assets. It also supports key initiatives to improve the quality of life in philadelphia and to beautify and enhance highprofile public spaces. Its goal is to ensure that parks, historical sites, monuments, and buildings - particularly those located in the city's historic, cultural, and convention corridors - remain well maintained and welcoming to the public.”
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/ActivityOrMissionDesc | 0 | MISSION/PURPOSE: THE PHILADELPHIA CONVENTION AND VISITORS BUREAU FOUNDATION ("FOUNDATION") WAS ESTABLISHED IN 2002 TO CONDUCT PUBLIC, CHARITABLE, AND EDUCATIONAL ACTIVITIES AND TO ATTRACT ADDITIONAL SUPPORT FOR THOSE ACTIVITIES FROM FOUNDATIONS AND THE GENERAL PUBLIC. THE FOUNDATION HAS A 501(C)(3) TAX-EXEMPT STATUS BECAUSE ITS ACTIVITIES ARE CHARITABLE AND EDUCATIONAL. THE MISSION OF THE FOUNDATION, IN COOPERATION WITH THE CITY OF PHILADELPHIA AND THE COMMONWEALTH OF PENNSYLVANIA, IS TO PROVIDE FUNDING IN SUPPORT OF ACTIVITIES THAT PROMOTE, BEAUTIFY, AND CELEBRATE PHILADELPHIA IN AN EFFORT TO STIMULATE THE CITY'S TOURISM INDUSTRY. TOGETHER WITH ITS PARTNERS, THE FOUNDATION SUPPORTS PROJECTS THAT MAKE THE CITY MORE INVITING TO VISITORS, ESPECIALLY THOSE ATTENDING A CONVENTION OR SPECIAL EVENT, OR VISITORS TRAVELING FROM ANOTHER COUNTRY. IN ADDITION, THE FOUNDATION HELPS PHILADELPHIANS PREPARE THEMSELVES FOR CAREERS IN THE REGION'S DYNAMIC HOSPITALITY INDUSTRY, AND ASSISTS CORPORATE VIS |
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| IRS990/AllOtherExpensesGrp/TotalAmt | 0 | 11672 |
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| IRS990/Desc | 0 | ECONOMIC DEVELOPMENT : THE FOUNDATION PARTNERS WITH THE CITY OF PHILADELPHIA, THE COMMONWEALTH OF PENNSYLVANIA AND MANY OTHER HOSPITALITY ORGANIZATIONS TO PROMOTE PHILADELPHIA AS A DYNAMIC TRAVEL DESTINATION AND LOCATION FOR LARGE EVENTS. THE FOUNDATION SUPPORTS THE REGIONAL EFFORTS THAT LEAD TO PHILADELPHIA HOSTING PREMIER EVENTS, SUCH AS THE CITY'S SUCCESSFUL BID TO HOST THE FIFA WORLD CUP 2026. PHILADELPHIA WAS ONE OF 17 U.S. CITIES VYING FOR AN OPPORTUNITY TO HOST ONE OF THE WORLD'S BIGGEST SPORTING EVENTS, A PROCESS THAT BEGIN IN 2017. LEADING THE EFFORT WAS PHILADELPHIA SOCCER 2026, THE CITY OF PHILADELPHIA'S OFFICIAL FIFA WORLD CUP 2026 BID COMMITTEE, WHICH INCLUDES DOZENS OF PARTNERS FROM ACROSS THE SPORTS, BUSINESS, AND HOSPITALITY COMMUNITIES. PHILADELPHIA WAS OFFICIALLY SELECTED AS A HOST CITY IN JUNE 2022. |
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| IRS990/OtherExpensesGrp/Desc | 2 | BAD DEBT |
| IRS990/OtherExpensesGrp/Desc | 3 | EQUIPMENT RENTAL |
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| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 64000 |
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| IRS990/OtherExpensesGrp/TotalAmt | 1 | 64000 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 27550 |
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| IRS990/PrincipalOfficerNm | 0 | GREGG CAREN |
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| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | HOSPITALITY EDUCATION: THE FOUNDATION SUPPORTS PROJECTS THAT TRAIN AND EDUCATE INDIVIDUALS FOR CAREERS IN THE HOSPITALITY SECTOR. IT PROVIDES FOR AN ANNUAL SCHOLARSHIP (MARIE BAKER BROWN SCHOLARSHIP) FOR HOSPITALITY STUDENTS ENROLLED AT LOCAL UNIVERSITIES. IT PRODUCES PROGRAMMING DESIGNED TO PROVIDE GUIDANCE TO HIGH SCHOOL AND COLLEGE STUDENTS INTERESTED IN CAREERS IN THE HOSPITALITY FIELD. THIS PROGRAM STRIVES TO ENSURE THAT PHILADELPHIA'S DIVERSE COMMUNITIES HAVE THE OPPORTUNITY TO PARTICIPATE IN AND BENEFIT FROM THE ECONOMIC BENEFITS DRIVEN BY THE TOURISM INDUSTRY. |
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| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | HOSPITALITY INDUSTRY SUPPORT: THE FOUNDATION SUPPORTS PROGRAMS THAT HIGHLIGHT AND SUPPORT THE REGION'S DYNAMIC HOSPITALITY SECTOR. IT SUPPORTS EVENTS THAT SHOWCASE AND CELEBRATE THE WORK OF EVERYONE EMPLOYED IN THE REGION'S HOSPITALITY INDUSTRY. BY HIGHLIGHTING EXISTING EMPLOYEES AND THEIR ACCOMPLISHMENTS, THE FOUNDATION HELPS DEVELOP A ROBUST WORKFORCE FOR THE REGIONAL HOSPITALITY INDUSTRY. THE FOUNDATION ALSO SUPPORTS TOURISM DIVERSITY MATTERS, THE COLLABORATIVE LEADER OF DIVERSITY, EQUITY AND INCLUSION (DEI) INITIATIVES AND CONCEPTS IN THE TOURISM INDUSTRY. |
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| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 0 | COMMUNITY IMPROVEMENT & OUTREACH: THE FOUNDATION SUPPORTS PROJECTS SUCH AS PHL CARES, A HIGH-IMPACT, BUSINESS-LED RESPONSE TO PHILADELPHIA'S CHRONIC STREET HOMELESSNESS PROBLEM MOBILIZING RESOURCES AND LEADERSHIP FOR REAL SOLUTIONS - HOUSING, JOBS AND SERVICES - TO END HOMELESSNESS. THE FOUNDATION SUPPORTED THE DESIGN OF PHLCARES.COM AND PROMOTIONAL ASSETS. IT ALSO SUPPORTS KEY INITIATIVES TO IMPROVE THE QUALITY OF LIFE IN PHILADELPHIA AND TO BEAUTIFY AND ENHANCE HIGHPROFILE PUBLIC SPACES. ITS GOAL IS TO ENSURE THAT PARKS, HISTORICAL SITES, MONUMENTS, AND BUILDINGS - PARTICULARLY THOSE LOCATED IN THE CITY'S HISTORIC, CULTURAL, AND CONVENTION CORRIDORS - REMAIN WELL MAINTAINED AND WELCOMING TO THE PUBLIC. |
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | MISSION/PURPOSE: THE PHILADELPHIA CONVENTION AND VISITORS BUREAU FOUNDATION ("FOUNDATION") WAS ESTABLISHED IN 2002 TO CONDUCT PUBLIC, CHARITABLE, AND EDUCATIONAL ACTIVITIES AND TO ATTRACT ADDITIONAL SUPPORT FOR THOSE ACTIVITIES FROM FOUNDATIONS AND THE GENERAL PUBLIC. THE FOUNDATION HAS A 501(C)(3) TAX-EXEMPT STATUS BECAUSE ITS ACTIVITIES ARE CHARITABLE AND EDUCATIONAL. THE MISSION OF THE FOUNDATION, IN COOPERATION WITH THE CITY OF PHILADELPHIA AND THE COMMONWEALTH OF PENNSYLVANIA, IS TO PROVIDE FUNDING IN SUPPORT OF ACTIVITIES THAT PROMOTE, BEAUTIFY, AND CELEBRATE PHILADELPHIA IN AN EFFORT TO STIMULATE THE CITY'S TOURISM INDUSTRY. TOGETHER WITH ITS PARTNERS, THE FOUNDATION SUPPORTS PROJECTS THAT MAKE THE CITY MORE INVITING TO VISITORS, ESPECIALLY THOSE ATTENDING A CONVENTION OR SPECIAL EVENT, OR VISITORS TRAVELING FROM ANOTHER COUNTRY. IN ADDITION, THE FOUNDATION HELPS PHILADELPHIANS PREPARE THEMSELVES FOR CAREERS IN THE REGION'S DYNAMIC HOSPITALITY INDUSTRY, AND ASSISTS CORPORATE VISITORS BY IDENTIFYING MEANINGFUL LOCAL SOCIAL INVESTMENTS. THROUGH THE FOUNDATION'S WORK, PHILADELPHIA'S HOSPITALITY SECTOR WILL CONTINUE TO THRIVE, PROVIDING JOBS FOR THOUSANDS OF RESIDENTS AND STEADILY INCREASING ITS IMPACT ON THE CITY'S ECONOMY. THESE CONTRIBUTIONS WILL HELP PHILADELPHIA REMAIN AS A PREMIER LOCATION FOR CONVENTIONS, SPORTING EVENTS, BUSINESS MEETINGS AND VISITATION. GEOGRAPHIC SCOPE: THE PRIMARY GEOGRAPHIC SCOPE OF THE FOUNDATION IS THE GREATER PHILADELPHIA REGION. HOWEVER, THE OBJECTIVES OF THE FOUNDATION DO ALSO REACH NATIONALLY AND INTERNATIONALLY. THE MAIN OFFICE OF THE FOUNDATION RESIDES AT THE PHILADELPHIA CONVENTION & VISITORS BUREAU AT 1601 MARKET STREET, SUITE 200, PHILADELPHIA, PA 19103. THE FOUNDATION IS A WHOLLY OWNED SUBSIDIARY OF THE PHLCVB. ALL ADMINISTRATIVE AND OPERATIONAL RESPONSIBILITIES ARE PERFORMED BY THE EMPLOYEES OF THE PHLCVB AND THE BOARD OF THE FOUNDATION IS COMPRISED OF THE TOP LEADERSHIP OF THE PHLCVB AND A SUBSECTION OF THE PHLCVB BOARD OF DIRECTORS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | ECONOMIC DEVELOPMENT : THE FOUNDATION PARTNERS WITH THE CITY OF PHILADELPHIA, THE COMMONWEALTH OF PENNSYLVANIA AND MANY OTHER HOSPITALITY ORGANIZATIONS TO PROMOTE PHILADELPHIA AS A DYNAMIC TRAVEL DESTINATION AND LOCATION FOR LARGE EVENTS. THE FOUNDATION SUPPORTS THE REGIONAL EFFORTS THAT LEAD TO PHILADELPHIA HOSTING PREMIER EVENTS, SUCH AS THE CITY'S SUCCESSFUL BID TO HOST THE FIFA WORLD CUP 2026. PHILADELPHIA WAS ONE OF 17 U.S. CITIES VYING FOR AN OPPORTUNITY TO HOST ONE OF THE WORLD'S BIGGEST SPORTING EVENTS, A PROCESS THAT BEGIN IN 2017. LEADING THE EFFORT WAS PHILADELPHIA SOCCER 2026, THE CITY OF PHILADELPHIA'S OFFICIAL FIFA WORLD CUP 2026 BID COMMITTEE, WHICH INCLUDES DOZENS OF PARTNERS FROM ACROSS THE SPORTS, BUSINESS, AND HOSPITALITY COMMUNITIES. PHILADELPHIA WAS OFFICIALLY SELECTED AS A HOST CITY IN JUNE 2022. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | COMMUNITY IMPROVEMENT & OUTREACH: THE FOUNDATION SUPPORTS PROJECTS SUCH AS PHL CARES, A HIGH-IMPACT, BUSINESS-LED RESPONSE TO PHILADELPHIA'S CHRONIC STREET HOMELESSNESS PROBLEM MOBILIZING RESOURCES AND LEADERSHIP FOR REAL SOLUTIONS - HOUSING, JOBS AND SERVICES - TO END HOMELESSNESS. THE FOUNDATION SUPPORTED THE DESIGN OF PHLCARES.COM AND PROMOTIONAL ASSETS. IT ALSO SUPPORTS KEY INITIATIVES TO IMPROVE THE QUALITY OF LIFE IN PHILADELPHIA AND TO BEAUTIFY AND ENHANCE HIGHPROFILE PUBLIC SPACES. ITS GOAL IS TO ENSURE THAT PARKS, HISTORICAL SITES, MONUMENTS, AND BUILDINGS - PARTICULARLY THOSE LOCATED IN THE CITY'S HISTORIC, CULTURAL, AND CONVENTION CORRIDORS - REMAIN WELL MAINTAINED AND WELCOMING TO THE PUBLIC. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | BOARD OF DIRECTORS ARE APPOINTED BY THE BOARD OF THE PHILADELPHIA CONVENTION AND VISITORS BUREAU |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE BOARD OF DIRECTORS REVIEWS THE FORM 990 PRIOR TO FILING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THE FOUNDATION HAS EACH BOARD MEMBER SIGN A CONFLICT OF INTEREST POLICY WHICH IS RETAINED ON FILE AT THE PHLCVB. THIS DISCLOSURE IS UPDATED ANNUALLY TO DETECT ANY POTENTIAL CONFLICTS FOR THE YEAR. DURING BOARD MEETINGS, IF CONFLICTS ARISE, BOARD MEMBERS ABSTAIN FROM DISCUSSION AND THE VOTE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990 - ORGANIZATION'S MISSION |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PAGE 2, PART III, LINE 4A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PAGE 2, PART III, LINE 4D |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PAGE 6, PART VI, LINE 7A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PAGE 6, PART VI, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PAGE 6, PART VI, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PAGE 6, PART VI, LINE 19 |
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