Civic Intelligence

Philadelphia Convention and Visitors Bureau Foundation

990 • Fiscal year 2020 • EIN 30-0070983

Jul 01, 2019 to Jun 30, 2020 • Filed on May 01, 2021

1601 Market Street Suite 200Philadelphia, PA 19102

(215) 864-8324

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

77th percentile

0.41x

Higher debt load relative to assets than 77% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

68th percentile

0.30x

Higher debt load relative to revenue than 68% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

42nd percentile

1.6%

Higher net margin than 42% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

97th percentile

$454,548

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 13.9% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

59th percentile

9.9%

Faster asset growth than 59% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

56th percentile

3.7%

Faster revenue growth than 56% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Down

$2,387,912

Down $73,252 (-3.0%) from 2017

Net Assets

Up

$1,401,449

Up $931,484 (+198%) from 2017

Liabilities

Down

$986,463

Down $1,004,736 (-50%) from 2017

Revenue

Down

$3,267,019

Down $5,743,963 (-64%) from 2017

Expenses

Down

$3,213,907

Down $5,755,580 (-64%) from 2017

Net Income

Up

$53,112

Up $11,617 (+28%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2020

Assets$2,387,912
Liabilities$986,463
Net Assets$1,401,449

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2020

Revenue$3,267,019
Expenses$3,213,907
Net Income$53,112
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 1, 2021
Return Version
2019v5.0
Gross Receipts
$3,267,019
Mission and Program Overview

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 vis

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 public support for those activities from foundations and the general public. The foundation is a 501(c)(3) tax-exempt status because its activities are charitable and educational. The mission of the philadelphia convention & visitors bureau foundation, in cooperation with the city of philadelphia and the commonwealth of pennsylvania is to provide funding in support of activities that further the planning, coordinating and implementing the marketing and promotion of conventions, special events and international tourism. The foundations primary goal is to support activities that help position and promote philadelphia as a top-tier travel destination. Geographic scope: the primary geographic scope of the foundation is the greater philadelphia area. However, the objectives of the foundation do

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$985,669$1,337,804▲ $352,135
Prepaid Expenses and Deferred Charges$953,500$643,848▼ $309,652
Accounts Receivable$98,225$270,181▲ $171,956
Savings and Temporary Cash Investments$135,943$136,079▲ $136
Total Assets$2,173,337$2,387,912▲ $214,575
Liabilities
Deferred Revenue$825,000$875,000▲ $50,000
Accounts Payable and Accrued Expenses-$111,463-
Total Liabilities$825,000$986,463▲ $161,463
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,348,337$1,401,449▲ $53,112
Total Net Assets Fund Balance$1,348,337$1,401,449▲ $53,112
Total Liabilities and Net Assets / Fund Balance$2,173,337$2,387,912▲ $214,575
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Julie CokerPresident &PT$454,548$454,548

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$3,103,100
Program Service Revenue
$0
Investment Income
$14,679
Other Revenue
$149,240
All Other Contributions
$2,153,100
Change in Net Assets
$53,112

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,267,019
Total Revenue per Audited Statements
$3,267,019
Total Revenue per Form 990
$3,267,019
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,936,235
Total Fundraising Expense$325,942
Grants and Similar Amounts Paid$277,672
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$277,672--$277,672
All Other Expenses$119,485$7,596$14,908$141,989
Other Expenses$81,314-$2,255$83,569
Total Functional Expenses$2,880,369$7,596$325,942$3,213,907

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,213,907
Total Expenses per Audited Statements$3,213,907
Total Expenses per Form 990$3,213,907
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Greater Phila Hotel AssocPhiladelphia, PA-Hosp. Workers Relief$218,672
Thomas Jefferson Univ HospPhiladelphia, PA501c3Healthcare Qual Priz$20,000
Fortress Arts AcademyPhiladelphia, PA501c3Award Scholarship$15,000
Temple UniversityPhiladelphia, PA501c6Scholarship Contribu$9,000
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
Backup withholding compliance
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
Yes
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 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
2021-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gregg Caren
Formed
2002
Legal Domicile
Pa
Voting Board Members
13
Independent Board Members
12
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 public support for those activities from foundations and the general public. The foundation is a 501(c)(3) tax-exempt status because its activities are charitable and educational. The mission of the philadelphia convention & visitors bureau foundation, in cooperation with the city of philadelphia and the commonwealth of pennsylvania is to provide funding in support of activities that further the planning, coordinating and implementing the marketing and promotion of conventions, special events and international tourism. The foundations primary goal is to support activities that help position and promote philadelphia as a top-tier travel destination. Geographic scope: the primary geographic scope of the foundation is the greater philadelphia area. However, the objectives of the foundation do reach nationally and internationally as well. The main office of the foundation resides in that of 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 4D

Hospitality industry support the phlcvbf supports programs that highlight and support the regions dynamic hospitality sector. It supports events that showcase and celebrate the work of the men and women employed in the regions hospitality industry. By highlighting existing employees and their accomplishments, the phlcvbf helps develop a robust workforce for the regional hospitality industry.

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IRS990/MissionDesc0MISSION/PURPOSE: THE PHILADELPHIA CONVENTION AND VISITORS BUREAU FOUNDATION ("FOUNDATION") WAS ESTABLISHED IN 2002 TO CONDUCT PUBLIC, CHARITABLE, AND EDUCATIONAL ACTIVITIES AND TO ATTRACT ADDITIONAL PUBLIC SUPPORT FOR THOSE ACTIVITIES FROM FOUNDATIONS AND THE GENERAL PUBLIC. THE FOUNDATION IS A 501(C)(3) TAX-EXEMPT STATUS BECAUSE ITS ACTIVITIES ARE CHARITABLE AND EDUCATIONAL. THE MISSION OF THE PHILADELPHIA CONVENTION & VISITORS BUREAU FOUNDATION, IN COOPERATION WITH THE CITY OF PHILADELPHIA AND THE COMMONWEALTH OF PENNSYLVANIA IS TO PROVIDE FUNDING IN SUPPORT OF ACTIVITIES THAT FURTHER THE PLANNING, COORDINATING AND IMPLEMENTING THE MARKETING AND PROMOTION OF CONVENTIONS, SPECIAL EVENTS AND INTERNATIONAL TOURISM. THE FOUNDATIONS PRIMARY GOAL IS TO SUPPORT ACTIVITIES THAT HELP POSITION AND PROMOTE PHILADELPHIA AS A TOP-TIER TRAVEL DESTINATION. GEOGRAPHIC SCOPE: THE PRIMARY GEOGRAPHIC SCOPE OF THE FOUNDATION IS THE GREATER PHILADELPHIA AREA. HOWEVER, THE OBJECTIVES OF THE FOUNDATION DO
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IRS990/PrincipalOfficerNm0GREGG CAREN
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IRS990/ProgSrvcAccomActy2Grp/Desc0ECONOMIC DEVELOPMENT THE PHLCVBF 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 PHLCVBF SUPPORTS THE REGIONAL EFFORTS THAT LEAD TO PHILADELPHIA HOSTING PREMIER EVENTS THAT GENERATE SIGNIFICANT ECONOMIC ACTIVITY FOR THE PHILADELPHIA REGION.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt02523670
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0277672
IRS990/ProgSrvcAccomActy3Grp/Desc0COMMUNITY IMPROVEMENT & OUTREACH THE PHLCVBF SUPPORTS PROJECTS TO BEAUTIFY AND ENHANCE HIGH-PROFILE PUBLIC SPACES IN PHILADELPHIA. ITS GOAL IS TO ENSURE THAT PARKS, HISTORICAL SITES, MONUMENTS AND BUILDINGSPARTICULARLY THOSE LOCATED IN THE CITYS HISTORIC, CULTURAL AND CONVENTION CORRIDORSREMAIN WELL-MAINTAINED AND WELCOMING TO THE PUBLIC.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt060864
IRS990/ProgSrvcAccomActyOtherGrp/Desc0HOSPITALITY INDUSTRY SUPPORT THE PHLCVBF SUPPORTS PROGRAMS THAT HIGHLIGHT AND SUPPORT THE REGIONS DYNAMIC HOSPITALITY SECTOR. IT SUPPORTS EVENTS THAT SHOWCASE AND CELEBRATE THE WORK OF THE MEN AND WOMEN EMPLOYED IN THE REGIONS HOSPITALITY INDUSTRY. BY HIGHLIGHTING EXISTING EMPLOYEES AND THEIR ACCOMPLISHMENTS, THE PHLCVBF HELPS DEVELOP A ROBUST WORKFORCE FOR THE REGIONAL HOSPITALITY INDUSTRY.
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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
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION A, LINE 3C
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0PHILADELPHIA CONVENTION AND VISITORS BUREAU
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine2Txt0PHILADELPHIA CONVENTION & VISITORS BUREAU
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IRS990ScheduleI/RecipientTable/CashGrantAmt115000
IRS990ScheduleI/RecipientTable/CashGrantAmt29000
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IRS990ScheduleI/RecipientTable/IRCSectionDesc1501C3
IRS990ScheduleI/RecipientTable/IRCSectionDesc2501C6
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0HEALTHCARE QUAL PRIZ
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1AWARD SCHOLARSHIP
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2SCHOLARSHIP CONTRIBU
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3HOSP. WORKERS RELIEF
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0THOMAS JEFFERSON UNIV HOSP
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1FORTRESS ARTS ACADEMY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2TEMPLE UNIVERSITY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3GREATER PHILA HOTEL ASSOC
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IRS990ScheduleI/RecipientTable/RecipientEIN1822671423
IRS990ScheduleI/RecipientTable/RecipientEIN2231365971
IRS990ScheduleI/RecipientTable/RecipientEIN3232091508
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0111 S 11TH STREET-2ND FLOOR
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1PO BOX 19287
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt21801 N BROAD STREET
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt31617 JFK BLVD-SUITE 810
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JULIE COKER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1BILL ADOLPH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1TRUSTEE
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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 PUBLIC SUPPORT FOR THOSE ACTIVITIES FROM FOUNDATIONS AND THE GENERAL PUBLIC. THE FOUNDATION IS A 501(C)(3) TAX-EXEMPT STATUS BECAUSE ITS ACTIVITIES ARE CHARITABLE AND EDUCATIONAL. THE MISSION OF THE PHILADELPHIA CONVENTION & VISITORS BUREAU FOUNDATION, IN COOPERATION WITH THE CITY OF PHILADELPHIA AND THE COMMONWEALTH OF PENNSYLVANIA IS TO PROVIDE FUNDING IN SUPPORT OF ACTIVITIES THAT FURTHER THE PLANNING, COORDINATING AND IMPLEMENTING THE MARKETING AND PROMOTION OF CONVENTIONS, SPECIAL EVENTS AND INTERNATIONAL TOURISM. THE FOUNDATIONS PRIMARY GOAL IS TO SUPPORT ACTIVITIES THAT HELP POSITION AND PROMOTE PHILADELPHIA AS A TOP-TIER TRAVEL DESTINATION. GEOGRAPHIC SCOPE: THE PRIMARY GEOGRAPHIC SCOPE OF THE FOUNDATION IS THE GREATER PHILADELPHIA AREA. HOWEVER, THE OBJECTIVES OF THE FOUNDATION DO REACH NATIONALLY AND INTERNATIONALLY AS WELL. THE MAIN OFFICE OF THE FOUNDATION RESIDES IN THAT OF 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/ExplanationTxt1HOSPITALITY INDUSTRY SUPPORT THE PHLCVBF SUPPORTS PROGRAMS THAT HIGHLIGHT AND SUPPORT THE REGIONS DYNAMIC HOSPITALITY SECTOR. IT SUPPORTS EVENTS THAT SHOWCASE AND CELEBRATE THE WORK OF THE MEN AND WOMEN EMPLOYED IN THE REGIONS HOSPITALITY INDUSTRY. BY HIGHLIGHTING EXISTING EMPLOYEES AND THEIR ACCOMPLISHMENTS, THE PHLCVBF HELPS DEVELOP A ROBUST WORKFORCE FOR THE REGIONAL HOSPITALITY INDUSTRY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS REVIEWS THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE 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/ExplanationTxt4GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C

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