Valley Forge Tourism and Convention Board

Nonprofit profile at a glance

EIN
232986440
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
King of Prussia, PA, USA
Phone
6108347970
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$11,516,980
Expenses
$10,970,655
Assets
$8,918,207
Liabilities
$1,930,669

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

21 people listed

Executive titles in this filing

  • MICHAEL BOWMAN (CEO)
  • JONATHAN MARKEZIN (EXECUTIVE DIRECTOR OF OPER)
  • LISA KARL (VICE PRESIDENT OF SALES)

Highest reported compensation

  • MICHAEL BOWMAN (CEO): $499,724 total reported compensation
  • LISA KARL (VICE PRESIDENT OF SALES): $230,340 total reported compensation
  • JONATHAN MARKEZIN (EXECUTIVE DIRECTOR OF OPER): $197,646 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To strengthen ecomonic prosperity within montgomery county, Pennsylvania, by raising its visibility as a tourism destination for leisure and convention markets. The people of the valley forge tourism and covention board work each day to inspire visitors to discover and explore our natural, cultural and historic assets. Ultimately increasing room nights for our world-class hotels and driving revenue in our member and partner businesses.

What it reported doing in 2025

The organization functions as a non-profit membership sales and marketing organization which promotes montgomery county, pa and valley forge areas as a convention site and leisure visitor destination. The bureau represented more than 500 member businesses and promotes patronage of area hotels, restaurants, attractions and services. The bureau is governed by a 12 member tourist advisory board of county hospitality industry, business and civic leaders who serve without pay and are appointed by montgomery county government. Funding for the bureau activities is provided by a 4% county hotel room tax and membership dues.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89%; rating input score 89
  • Program expense ratio: 94.8%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 8 of 8 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: 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: 4.7%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 0.81; rating input score 23; 23rd percentile among comparable filings
  • Liabilities to assets ratio: 0.22; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 14.7%; rating input score 12; 12th percentile among comparable filings

Growth

  • Program expense growth: 8.4% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: 7.9% per year; rating input score 100; 62nd percentile among comparable filings
  • Asset growth: 10% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: 89% of revenue deployed · 94.8% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $10.4M in reported program spending
  • Leadership: top reported pay $500K · 21 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 8 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Moderate — Sustainability: Operating margin scored 43/100.
  • High — Sustainability: Total-asset coverage ratio scored 23/100.
  • High — Sustainability: Officer compensation ratio scored 12/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.