Civic Intelligence

Philadelphia Convention And

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.

1601 Market Street Suite 200Philadelphia, PA 19102

www.discoverphl.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

81st percentile

0.44x

Higher debt load relative to assets than 81% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

95th percentile

3.31x

Higher debt load relative to revenue than 95% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

56th percentile

7.4%

Higher net margin than 56% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

70th percentile

$0

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

82nd percentile

25%

Faster asset growth than 82% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

98th percentile

316%

Faster revenue growth than 98% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

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

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$3.0M$2.0M$1.0M$0Assets 2010: $77,314Liabilities 2010: $35,000Net Assets 2010: $42,3142010Assets 2012: $247,440Liabilities 2012: $7,022Net Assets 2012: $240,4182012Assets 2013: $764,951Liabilities 2013: $367,125Net Assets 2013: $397,8262013Assets 2014: $461,548Liabilities 2014: $63,301Net Assets 2014: $398,2472014Assets 2015: $550,006Liabilities 2015: $125,000Net Assets 2015: $425,0062015Assets 2016: $1,345,220Liabilities 2016: $916,750Net Assets 2016: $428,4702016Assets 2017: $2,461,164Liabilities 2017: $1,991,199Net Assets 2017: $469,9652017Assets 2020: $2,387,912Liabilities 2020: $986,463Net Assets 2020: $1,401,4492020Assets 2021: $1,835,323Liabilities 2021: $576,255Net Assets 2021: $1,259,0682021Assets 2022: $2,291,758Liabilities 2022: $1,010,000Net Assets 2022: $1,281,7582022

Highlighted filing

2022

Assets$2,291,758
Liabilities$1,010,000
Net Assets$1,281,758

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $70,9842010Expenses 2012: $91,4122012Expenses 2013: $175,6282013Revenue 2014: $3,120,777Expenses 2014: $3,120,356Net Income 2014: $4212014Revenue 2015: $68,638Expenses 2015: $41,879Net Income 2015: $26,7592015Revenue 2016: $3,582,555Expenses 2016: $3,579,091Net Income 2016: $3,4642016Revenue 2017: $9,010,982Expenses 2017: $8,969,487Net Income 2017: $41,4952017Revenue 2020: $3,267,019Expenses 2020: $3,213,907Net Income 2020: $53,1122020Revenue 2021: $73,229Expenses 2021: $215,610Net Income 2021: -$142,3812021Revenue 2022: $304,937Expenses 2022: $282,247Net Income 2022: $22,6902022

Highlighted filing

2022

Revenue$304,937
Expenses$282,247
Net Income$22,690

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 10, 2023
Return Version
2021v4.0
Gross Receipts
$304,937
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
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
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$229,500
Program Service Revenue
$0
Investment Income
$4,982
Other Revenue
$70,455
All Other Contributions
$229,500
Change in Net Assets
$22,690

Audited Revenue Reconciliation

Revenue per Audited Statements
$304,937
Total Revenue per Audited Statements
$304,937
Total Revenue per Form 990
$304,937
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
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

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
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

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$282,247
Total Expenses per Audited Statements$282,247
Total Expenses per Form 990$282,247
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

Board of directors are appointed by the board of the philadelphia convention and visitors bureau

Form 990, Page 6, Part VI, Line 11B

The board of directors reviews the form 990 prior to filing.

Form 990, Page 6, Part VI, Line 12C

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.

Form 990, Page 6, Part VI, Line 19

Governing documents are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Philadelphia Convention and
EIN
30-0070983
Phone
2158648324
Address
1601 MARKET STREET SUITE 200, PHILADELPHIA, PA 19102

Signing Officer

Name
Gregg Caren
Title
President & CEO
Phone
2156364462
Signed
2023-03-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gregg Caren
Formed
2002
Legal Domicile
Pa
Voting Board Members
14
Independent Board Members
13
Employees
0

Preparer

Firm
Milligan & Company LLC
Address
105 N 22ND ST FL 2, PHILADELPHIA, PA 19103-1302
Preparer
John Milligan CPA
Phone
2154969100
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

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.

Form 990, Page 2, Part III, Line 4A

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.

Form 990, Page 2, Part III, Line 4D

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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IRS990/ProgSrvcAccomActy2Grp/Desc0HOSPITALITY 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/Desc0HOSPITALITY 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/Desc0COMMUNITY 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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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MORE THAN 90% OF THE PHLCVB'S SUPPORT IS FROM GOVERNMENT CONTRIBUTIONS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE ORGANIZATION HAS A GRANTS MAKING POLICY THAT DESCRIBES HOW GRANT FUNDS MUST BE USED.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION A, LINE 3B
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MISSION/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/ExplanationTxt1ECONOMIC 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/ExplanationTxt2COMMUNITY 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/ExplanationTxt3BOARD OF DIRECTORS ARE APPOINTED BY THE BOARD OF THE PHILADELPHIA CONVENTION AND VISITORS BUREAU
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD OF DIRECTORS REVIEWS THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE 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/ExplanationTxt6GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7A
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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