VALLEY FORGE TOURISM AND CONVENTION BOARD

EIN: 232986440 Community Improvement

KING OF PRUSSIA, PA

Total Revenue
$11,575,692
Total Expenses
$10,362,950
Total Assets
$8,577,025
Net Assets
$6,440,750
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1999
Legal Domicile
PA
Principal Officer
MICHAEL BOWMAN
Phone
6108347970
Tax Period
2024-01-01 to 2024-12-31

VALLEY FORGE TOURISM AND CONVENTION BOARD, founded in 1999, is a mid-sized nonprofit in the Community Improvement sector that reported $11.6M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $10.4M left a modest 10% surplus.

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $630,090
Program Service Revenue $10,740,775
Investment Income $162,609
Other Revenue $42,218
TOTAL REVENUE $11,575,692

Expense Breakdown

Grants Paid $0
Salaries & Benefits $3,013,530
Fundraising Expenses $0
Program Expenses $9,820,655
Other Expenses $7,349,420
TOTAL EXPENSES $10,362,950

Year-over-Year Comparison

2024 2023 Change
Revenue $11,575,692 $10,231,925 +0.1%
Expenses $10,362,950 $9,854,870 +0.1%
Net Income $1,212,742 $377,055 +2.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
12
Independent Members
12
Employees
31
Volunteers
35

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
7
$892,485
Total Directors
13
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
AL ZONE DIRECTOR 1.00
Director
$0 $0 $0
CHRISTOPHER MOLINEAUX DIRECTOR 1.00
Director
$0 $0 $0
DEDREN BAILEY DIRECTOR 1.00
Director
$0 $0 $0
ROBERT C HART DIRECTOR 1.00
Director
$0 $0 $0
TOM SHIRES DIRECTOR 1.00
Director
$0 $0 $0
HOWARD BROWN DIRECTOR 1.00
Director
$0 $0 $0
GLORIA OIKELOME DIRECTOR 1.00
Director
$0 $0 $0
ERIC C DAVIES DIRECTOR 1.00
Director
$0 $0 $0
RICHARD ODORISIO DIRECTOR - CHAIRMAN 1.00
Officer Director
$0 $0 $0
ELIZABETH MOY DIRECTOR - SECRETARY 1.00
Officer Director
$0 $0 $0
KRISTOFER J FAIR DIRECTOR - TREASURER 1.00
Officer Director
$0 $0 $0
TIM BRIGGS DIRECTOR - VICE CHAIRMAN 1.00
Officer Director
$0 $0 $0
ROSALYN FENNELL EX-OFFICIO 1.00
Director
$0 $0 $0
MICHAEL BOWMAN CEO 50.00
Officer
$443,412 $38,208 $481,620
JONATHAN MARKEZIN EXECUTIVE DIRECTOR OF OPER 50.00
Officer
$179,500 $7,087 $186,587
LISA KARL VICE PRESIDENT OF SALES 50.00
Officer
$215,970 $8,308 $224,278
JONATHAN SCHEUREN EMPLOYEE 50.00
Highest
$125,409 $5,135 $130,544
RACHEL RILEY EMPLOYEE 50.00
Highest
$150,462 $6,538 $157,000
RACHEL DAILEY EMPLOYEE 50.00
Highest
$106,976 $4,622 $111,598
SCOTT HIGGINS EMPLOYEE 50.00
Highest
$105,121 $4,925 $110,046
MEGAN TOMLINSON EMPLOYEE 50.00
Highest
$106,995 $5,250 $112,245
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $11,575,692 $10,362,950 $8,577,025 $1,212,742
2023 $10,231,925 $9,854,870 $7,576,179 $377,055
2022 $8,752,305 $8,729,594 $5,927,993 $22,711
2021 $9,336,877 $8,260,545 $5,553,675 $1,076,332
2020 $4,339,456 $5,187,053 $4,752,483 $-847,597
2019 $9,595,020 $9,376,734 $5,186,531 $218,286
2018 $9,450,848 $8,872,633 $5,051,018 $578,215
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