Independence Vistor Center Corporation
- Assets
- $7.7m
- Revenue
- $7.6m
- Investments
- $0.0
- Employees
- 54
- Location
- Philadelphia, PA
- Founding
- 05/1998
- Data as of
- 06/2022
- EIN
- 23-2952488
Organization Overview
Independence Vistor Center Corporation is located in Philadelphia, PA. The organization was established in 1998. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Independence Vistor Center Corporation employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence Vistor Center Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Independence Vistor Center Corporation generated $7.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $5.6m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PVCC IS THE PRIMARY POINT OF ORIENTATION FOR THE INDEPENDENCE NATIONAL HISTORICAL PARK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE PHILADELPHIA VISITOR CENTER CORPORATION, FORMERLY THE INDEPENDENCE VISITOR CENTER CORPORATION, MAINTAINED OPERATIONS OF THE INDEPENDENCE VISITOR CENTER AND CONTINUED TO STRIVE TOWARDS PRE-PANDEMIC VISITATION LEVELS CAPTURING A 36% INCREASE IN VISITATION OVER 2021. THIS VISITATION INCREASE IS 52% OF PRE-PANDEMIC VISITATION WHICH WAS 2.5 MILLIONS VISITORS ANNUALLY. EFFORTS WERE ALSO AIMED AT GRANT ASSISTANCE FOR CONTINUED RECOVERY FROM LOST REVENUES OF THE INDEPENDENCE VISITOR CENTER AND THE PHILLY PHLASH DOWNTOWN LOOP SEASONAL TRANSIT SERVICE. IN ADDITION, GRANT FUNDING WAS SECURED FOR THE FABRICATION OF A NEW VISITOR CENTER LOCATION AT THE PLAZA OF THE PHILADELPHIA MUSEUM OF ART, WHICH IS THE LOCATION OF THE "ROCKY" STATUE [CONT ON SCH O],AN ICONIC AND TOP TOURIST DESTINATION IN THE CITY. THE PLAZA LOCATION WILL OPEN IN EARLY 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Cuorato President & CEO | Officer | 50 | $214,410 |
Christine Keates VP & Gm | 50 | $152,756 | |
Jennifer Nagle Executive VP | 50 | $139,829 | |
Tiffany Newmuis Secretary | OfficerTrustee | 1 | $0 |
Deborah O'brien Chair | OfficerTrustee | 3 | $0 |
Margaret Hughes Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Krapf's Coaches Bus Services | 6/29/22 | $1,137,013 |
Tozour Energy Systems Hvac Services | 6/29/22 | $191,933 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $64,347 |
| Related organizations | $0 |
| Government grants | $4,276,214 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,005,183 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,345,744 |
| Total Program Service Revenue | $1,890,649 |
| Investment income | $123,584 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $126,720 |
| Net Income from Fundraising Events | -$14,419 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $95,892 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,568,170 |
| 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. | $252,440 |
| Compensation of current officers, directors, key employees. | $41,774 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,989,116 |
| Pension plan accruals and contributions | $25,329 |
| Other employee benefits | $216,226 |
| Payroll taxes | $175,698 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,454 |
| Fees for services: Other | $150,586 |
| Advertising and promotion | $0 |
| Office expenses | $358,505 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $723,637 |
| Travel | $20,057 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $67,949 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $127,104 |
| All other expenses | $0 |
| Total functional expenses | $5,618,625 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,684,928 |
| Savings and temporary cash investments | $247,219 |
| Pledges and grants receivable | $799,717 |
| Accounts receivable, net | $461,148 |
| 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 | $38,064 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $4,429,821 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,660,897 |
| Accounts payable and accrued expenses | $509,855 |
| Grants payable | $0 |
| Deferred revenue | $44,460 |
| 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 | $2,348,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,902,315 |
| Net assets without donor restrictions | $1,492,220 |
| Net assets with donor restrictions | $3,266,362 |
| 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 | $7,660,897 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Independence Vistor Center Corporation has recieved totaling $617,105.
| Awarding Organization | Amount |
|---|---|
Pew Charitable Trusts Washington, DC PURPOSE: Civic Life | $500,000 |
Masonic Charities Fund Elizabethtown, PA PURPOSE: CONTRIBUTION | $67,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $105 |
Endowment Analysis
| Beg. Balance | $2,000,000 |
| Ending Balance | $2,000,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |