Greater Philadelphia Tourism Marketing Corporation

Analysis

Greater Philadelphia Tourism Marketing Corporation is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in October 1996, 30 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Greater Philadelphia Tourism Marketing Corporation reported income of $19.4m and spending of $16.2m, spending 83% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $15.9m to $19.4m (+22%), an average of +5.2% a year. The sharpest change came in the year to September 2022, when income rose by 68%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Greater Philadelphia Tourism Marketing Corporation sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within PA. Charities of a similar size with the same main cause include Westchester Community Opportunity Program Inc ($19.4m), Partners in Development Foundation ($19.4m) and FFTC Partners for Empowering Communities ($19.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 96% and program service revenue 2.3% of the total. Compensation of current officers, directors and key employees was $1.1m (6.9% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $15.2m against liabilities of $3.7m, net assets of $11.5m. It reported 38 employees.