Philadelphia Convention and Visitors Bureau Foundation

Nonprofit profile at a glance

EIN
300070983
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Philadelphia, PA, USA
Phone
2158648324
Rating
62
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Camps

Official website

Reported finances

Revenue
$278,441
Expenses
$259,947
Assets
$1,989,232
Liabilities
$15,150

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • GREGG CAREN (PRESIDENT &)

People named in this filing

  • JEFF ADELI (TREASURER)
  • STEPHEN S AICHELE (TRUSTEE)
  • ED BATEN (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

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

What it reported doing in 2024

Hospitality industry support: the foundation's programs highlight and support the region's dynamic hospitality sector and events that showcase and celebrate the work of all employed in the region's hospitality industry. By highlighting existing workers and their accomplishments, the foundation helps develop a robust workforce for the regional hospitality industry. Additionally, the foundation helps support the work of tourism diversity matters (tdm), a collaborative leader of diversity, equity, and inclusion initiatives that address the gaps of ethnic disparities in the tourism and hospitality industry. It provides decision-makers in the tourism and events industry access, resources, and tactics to develop more effective dei strategies that engage and retain a diverse workforce.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 28
  • Transparency & Controls: 84
  • Accountability: 96
  • Sustainability: 64
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 35.9%; rating input score 36
  • Program expense ratio: 22.1%; rating input score 22
  • Fundraising efficiency: $0.45 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 85.7%; rating input score 86; 3rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 91.3%; rating input score 91; 53rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 93.3%; rating input score 93; 26th percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.6%; rating input score 54; 54th percentile among comparable filings
  • Total-asset coverage ratio: 7.65; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -14.6% per year; rating input score 0; 8th percentile among comparable filings
  • Revenue growth: 0.1% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 10.1% per year; rating input score 100; 66th percentile among comparable filings

Details

  • Where the money goes: 35.9% of revenue deployed · 22.1% of spending went to programs
  • Governance: 14 of 15 board members independent · 7 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $58K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 19 of 21 current checks pass · 2 findings to review
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 36/100.
  • High — Financial Efficiency: Program expense ratio scored 22/100.
  • High — Financial Efficiency: Fundraising efficiency scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Sustainability: Operating margin scored 54/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.