The Photo Review
Legal name: The Philadelphia Photo Review
Nonprofit profile at a glance
- EIN
- 232127217
- IRS 990 coverage
- 2024–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-EZ 2023
- Location
- Langhorne, PA, USA
- Phone
- 215-891-0214
- Rating
- 56
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Film, Video
Reported finances
- Revenue
- $243,678
- Expenses
- $182,078
- Assets
- $63,140
- Liabilities
- $36,246
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
1 person listed
Executive titles in this filing
- STEPHEN PERLOFF (PRESIDENT)
Highest reported compensation
- STEPHEN PERLOFF (PRESIDENT): $53,885 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The Photo Review is a critical journal of fine art photography.
What it reported doing in 2024
Education of the public about photography as a fine art form by means of publishing a quarterly journal and newsletter of fine art photography
Operating model
- Revenue model
- Donor-supported. 68% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
MIXED - 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: 29
- Transparency & Controls: 90
- Accountability: 63
- Sustainability: 45
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 27%; rating input score 27
- Program expense ratio: 36%; rating input score 36
- Fundraising efficiency: $4.84 raised per $1 spent on fundraising; rating input score 21; 21st percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 1 of 8 controls in place; rating input score 12
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 25.3%; rating input score 79; 79th percentile among comparable filings
- Total-asset coverage ratio: 0.35; rating input score 18; 18th percentile among comparable filings
- Liabilities to assets ratio: 0.57; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 29.6%; rating input score 11; 11th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 2.8% per year; rating input score 100; 39th percentile among comparable filings
- Asset growth: 13.8% per year; rating input score 100; 75th percentile among comparable filings
Details
- What they do: 5 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 27% of revenue deployed · 36% of spending went to programs
- Governance: 1 of 1 board members independent · 1 of 8 filing controls reported
- Programs: 3 filed program accomplishments · $66K in reported program spending
- Leadership: top reported pay $54K · 1 people listed
- Consistency: 23 of 23 current checks pass
- Schedules: 3 filed schedules
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- 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.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- High — Financial Efficiency: Mission deployment rate scored 27/100.
- Moderate — Financial Efficiency: Program expense ratio scored 36/100.
- High — Accountability: Governance controls: 6 of 7 not reported.
- High — Financial Efficiency: Fundraising efficiency scored 21/100.
- High — Sustainability: Total-asset coverage ratio scored 18/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- High — Sustainability: Officer compensation ratio scored 11/100.
- High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.