Philadelphia Convention & Visitors Bureau

What it reported doing in 2024

Convention sales the phlcvb's convention sales program is charged with helping to drive overnight visitation by booking and servicing meetings, conventions, trade shows, and sporting events into the pcc, partner hotels, and venues around the city. This activity is critical to the success of philadelphia's tourism industry, as meetings and conventions are longer-term pieces of business that provide a strong foundation for philadelphia's economy and provide security for philadelphia's hospitality-related jobs. The convention sales function also includes three key verticals - phl diversity, phl life sciences, and phl sports. In fiscal 2025, philadelphia's hospitality industry continued to see year- over-year improvements in performance metrics across many categories. -the phlcvb secured 297 events for future years, including 17 city-wide events, projected to bring an estimated 567,562 attendees to philadelphia, generating an estimated 586,851 total room nights. Phl life sciences: phl life sciences is the first and only division of a cvb in the country focused on life sciences meetings. The division works to provide access to philadelphia's substantial healthcare and higher education community of academics, medical and nursing leaders, healthcare experts, biotechnology, pharmaceutical, and related venture capital contacts. Division highlights include: -in fiscal 2025, phl life sciences hosted 59 events, welcoming 82,606 attendees, and 146,603 room nights. The division booked 73 conventions for future years with an estimated 72,667 attendees and 116,799 room nights. -the 2025 american society of anesthesiologists annual meeting welcomed more than 12,000 medical professionals and researchers to the pcc. The event included educational sessions and workshops that provided the opportunity for professionals to share knowledge and new directions in research and practice. -cphi north america, the nation's premier pharmaceutical convention, hosted at the pcc over the course of three days, creating connections and partnerships across the global pharma community. Phl sports: for more than 30 years, phl sports has brought major sporting events and conventions to philadelphia. Phl sports engages a wide range of community partners to promote and position philadelphia as a top destination for marquee sporting events. Division highlights include: -in fiscal 2025, phl sports booked 24 sporting events for future years with an estimated 279,360 attendees and 116,130 room nights. -in fiscal 2025, lincoln financial field hosted the ncaa men's lacrosse championships, welcoming more than 80,000 fans over memorial day weekend. Phl diversity: the phlcvb was one of the first cvbs in the u.s. To establish a division highlighting the destination as a diverse, equitable, and inclusive location for meetings, events, conventions, and visitors. For more than 30 years, phl diversity has been connecting meeting planners to local diverse businesses, suppliers and community leaders with shared values and goals who can help facilitate community engagement programs or serve as speakers and experts. Division highlights include: -in fiscal 2025, phl diversity hosted 19 events with 30,918 attendees and 32,847 room nights. The division booked 18 conventions for future years with an estimated 12,596 attendees and 19,980 room nights. -in october 2024, the anitab.org grace hopper celebration brought together 11,000 women and non-binary technologists for the world's largest conference dedicated to advancing diversity in tech through professional development, networking, and career opportunities. -delta sigma theta sorority 2024 held their eastern regional conference in philadelphia which brought together more than 10,000 members of the historic, service-driven sisterhood to the pcc for a weekend of empowerment, networking, and community impact.

Financial Efficiency

• Mission deployment rate: 86.4%; rating input score 86
• Program expense ratio: 90.6%; rating input score 91
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 92.9%; rating input score 93; 10th percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 98.5%; rating input score 98; 31st percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 5.2%; rating input score 54; 54th percentile among comparable filings
• Total-asset coverage ratio: 1.19; rating input score 42; 42nd percentile among comparable filings
• Liabilities to assets ratio: 0.31; rating input score 45; 45th percentile among comparable filings
• Officer compensation ratio: 11.4%; rating input score 16; 16th percentile among comparable filings

Growth

• Program expense growth: 1.6% per year; rating input score 100; 17th percentile among comparable filings
• Revenue growth: 2.2% per year; rating input score 100; 19th percentile among comparable filings
• Asset growth: 12% per year; rating input score 100; 73rd percentile among comparable filings