Valley Forge Convention & Visitors Bureau Ltd
- Assets
- $5.6m
- Revenue
- $9.3m
- Investments
- $0.0
- Employees
- 24
- Location
- King Of Prussia, PA
- Founding
- 02/2001
- Data as of
- 12/2021
- EIN
- 23-2986440
Organization Overview
Valley Forge Convention & Visitors Bureau Ltd, operating under the name Valley Forge Tourism And Convention Board, is located in King Of Prussia, PA. The organization was established in 2001. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Valley Forge Tourism And Convention Board employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Forge Tourism And Convention Board is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Valley Forge Tourism And Convention Board generated $9.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $8.3m during the year ending 12/2021. While expenses have increased by 7.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Bowman CEO | OfficerTrustee | 50 | $346,657 |
Lisa Karl Vice President Of Sales | OfficerTrustee | 50 | $174,058 |
Jake Markezin Executive Director Of Oper | OfficerTrustee | 50 | $133,725 |
Elizabeth Moy Director - Secretary | OfficerTrustee | 1 | $0 |
Kristofer J Fair Director - Treasurer | OfficerTrustee | 1 | $0 |
Richard Odorisio Director - Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $37,755 |
| Related organizations | $0 |
| Government grants | $795,567 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $833,322 |
| Total Program Service Revenue | $8,486,866 |
| Investment income | $16,205 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,336,877 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,705,198 |
| Pension plan accruals and contributions | $62,903 |
| Other employee benefits | $195,170 |
| Payroll taxes | $124,669 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,525 |
| Fees for services: Accounting | $112,078 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,354,178 |
| Office expenses | $31,766 |
| Information technology | $134,645 |
| Royalties | $0 |
| Occupancy | $279,503 |
| Travel | $4,833 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,118 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $81,342 |
| Insurance | $22,489 |
| All other expenses | $67,899 |
| Total functional expenses | $8,260,545 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $500 |
| Savings and temporary cash investments | $4,192,187 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $981,729 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $195,777 |
| Net Land, buildings, and equipment | $183,482 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,553,675 |
| Accounts payable and accrued expenses | $685,844 |
| Grants payable | $0 |
| Deferred revenue | $19,725 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $50,238 |
| Total liabilities | $755,807 |
| Net assets without donor restrictions | $4,797,868 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,553,675 |
Grants Awarded
Over the last fiscal year, Valley Forge Convention & Visitors Bureau Ltd has awarded $40,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Valley Forge, PA PURPOSE: PHILANTHROPIC | $35,000 |
Philadelphia, PA PURPOSE: PHILANTHROPIC | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Masonry Institute Bowie, MD | $25,662,049 | $19,254,775 |
Association For Financial Professionals Inc Bethesda, MD | $30,134,135 | $15,069,162 |
International Trademark Association Inc New York, NY | $31,452,258 | $17,397,846 |
American Association Of Advertising Agencies Inc New York, NY | $18,840,338 | $16,325,912 |
Northeast Power Coordinating Council Inc New York, NY | $13,480,521 | $16,289,125 |
Produce Marketing Association Newark, DE | $26,319,073 | $9,750,513 |
Mechanical Contractors Association Of America Inc Rockville, MD | $31,715,254 | $22,083,810 |
Greater Cleveland Partnership Cleveland, OH | $36,035,820 | $14,402,868 |
The Toy Association Inc New York, NY | $44,631,259 | $11,487,921 |
Philadelphia Industrial Development Corp Philadelphia, PA | $40,435,799 | $13,493,986 |
Private Label Manufacturers Association New York, NY | $11,255,640 | $8,374,810 |
Pocono Mountains Vacation Bureau Inc Stroudsburg, PA | $11,737,684 | $15,325,542 |