Form 990 for tax year 2024
Filed by KING OF PRUSSIA BUSINESS IMPROVEMENT DISTRICT INC.
Totals
- Total revenue
- $2,907,392
- Total expenses
- $3,073,592
- Contributions and grants received
- $702,011
- Grants paid
- $0
- Program service revenue
- $2,104,455
- Investment income
- $64,982
- Other revenue
- $35,944
- Total assets, end of year
- $5,515,843
- Total liabilities, end of year
- $543,868
- Net assets or fund balances, end of year
- $4,971,975
- Program services expenses (Part IX)
- $2,600,594
- Management and general expenses
- $367,901
- Fundraising expenses
- $105,097
- Program service expenses (Part III)
- $2,600,594
Program services were 84.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$120,652
-
1e · Government grants (contributions)
$450,000
-
1f · All other contributions, gifts and grants
$131,359
-
2a · Program service revenue: ASSESSMENT FEES
total $2,104,455 · related or exempt $2,104,455
-
3 · Investment income
total $64,982 · excluded $64,982
-
8a · Fundraising events: gross income
$0
-
8a · Fundraising events: contributions included on line 1c
$120,652
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0
-
11a · Other revenue: MISCELLANEOUS INCOME
total $35,944 · excluded $35,944
-
11e · Other revenue, total
$35,944
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $324,960 · program services $324,960
-
7 · Other salaries and wages
total $412,878 · program services $186,430 · management and general $141,432 · fundraising $85,016
-
9 · Other employee benefits
total $89,117 · program services $51,286 · management and general $23,628 · fundraising $14,203
-
10 · Payroll taxes
total $48,989 · program services $33,333 · management and general $9,778 · fundraising $5,878
-
11b · Fees: legal
total $28,510 · management and general $28,510
-
11c · Fees: accounting
total $25,841 · management and general $25,841
-
11g · Fees: other
total $4,816 · management and general $4,816
-
12 · Advertising and promotion
total $10,295 · management and general $10,295
-
13 · Office expenses
total $31,932 · program services $9,753 · management and general $22,179
-
16 · Occupancy
total $61,950 · program services $49,840 · management and general $12,110
-
17 · Travel
total $12,855 · management and general $12,855
-
22 · Depreciation, depletion and amortization
total $170,404 · program services $150,404 · management and general $20,000
-
23 · Insurance
total $24,948 · management and general $24,948
-
24a · Other expenses: LANDSCAPING IMPROVEMENT
total $673,084 · program services $673,084
-
24b · Other expenses: MARKETING CONTRACTED SE
total $204,928 · program services $204,928
-
24c · Other expenses: MARKETING BDF
total $176,763 · program services $176,763
-
24d · Other expenses: MARKETING CAMPAIGNS
total $172,643 · program services $172,643
-
24e · All other expenses
total $598,679 · program services $567,170 · management and general $31,509
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,635,051 · end of year $2,338,058
-
2 · Savings and temporary cash investments
beginning of year $257,901 · end of year $267,987
-
3 · Pledges and grants receivable
beginning of year $1,000,000 · end of year $225,000
-
4 · Accounts receivable
beginning of year $12,475 · end of year $9,464
-
9 · Prepaid expenses and deferred charges
end of year $3,750
-
10a · Land, buildings and equipment: cost or other basis
$2,853,468
-
10b · Land, buildings and equipment: accumulated depreciation
$642,194
-
10c · Land, buildings and equipment, net
beginning of year $47,679 · end of year $2,211,274
-
15 · Other assets
beginning of year $2,284,918 · end of year $460,310
-
17 · Accounts payable and accrued expenses
beginning of year $47,157 · end of year $69,710
-
19 · Deferred revenue
beginning of year $2,000 · end of year $0
-
25 · Other liabilities
beginning of year $50,692 · end of year $474,158
-
27 · Net assets without donor restrictions
beginning of year $5,135,311 · end of year $4,969,111
-
28 · Net assets with donor restrictions
beginning of year $2,864 · end of year $2,864
Mission and programs · 2024
Mission
KING OF PRUSSIA DISTRICT ENGAGES PUBLIC AND PRIVATE PARTNERS TO COLLABORATIVELY IMPROVE THE ECONOMIC ENVIRONMENT IN KING OF PRUSSIA BY MAKING IT MORE VIBRANT, ATTRACTIVE, AND PROSPEROUS.
Activities or mission (Part I)
KING OF PRUSSIA DISTRICT ENGAGES PUBLIC AND PRIVATE PARTNERS TO COLLABORATIVELY IMPROVE THE ECONOMIC ENVIRONMENT IN KING OF PRUSSIA BY MAKING IT MORE VIBRANT, ATTRACTIVE AND PROSPEROUS.
-
PHYSICAL IMPROVEMENTS: KOP-BID DEVELOPS AND MAINTAINS PHYSICAL IMPROVEMENT PROJECTS THAT PROMOTE A HIGH QUALITY, ATTRACTIVE AND WELL MAINTAINED PUBLIC ENVIRONMENT. PHYSICAL IMPROVEMENTS WAS COMPLETED FOR 2024 AT $491,802.
Expenses $1,101,330 · Revenue $1,301,352
-
MARKETING: KOP-BID PROMOTES KING OF PRUSSIA AS A COMPETITIVE BUSINESS LOCATION, A MAJOR HOSPITALITY AND TOURISM DESTINATION AND A COMMUNITY OF UNPARALLELED DINING AND RETAIL AMENITIES. MARKETING WAS COMPLETED FOR 2024 AT $210,209.
Expenses $1,120,961 · Revenue $356,874
-
TRANSPORTATION: A SHUTTLE WAS IN OPERATION FOR AMAZON EMPLOYEES TO TRANSPORT THEM FROM PARKING LOTS IN KING OF PRUSSIA TO THEIR PLACE OF EMPLOYMENT.
Expenses $161,476 · Revenue $410,378
-
LAND USE & ZONING: KOP-BID BELIEVES STRONGLY IN A COMPREHENSIVE MASTER PLAN FOR THE FUTURE OF KING OF PRUSSIA. WORKING CLOSELY WITH UPPER MERION TOWNSHIP AND MONTGOMERY COUNTY, THE LAND USE & ZONING COMMITTEE STUDIES EXISING ZONING REGULATIONS AND LAND USE PATTERNS AND ENGAGES CONSULTANTS TO HELP DEVELOP LAND USE STRATEGIES AND FINANCIAL INCENTIVES TO ENCOURAGE QUALITY FUTURE DEVELOPMENT AND REDEVELOPMENT.
Expenses $216,827 · Revenue $35,851
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Cheryl Gebeline-MyersCHERYL GEBELINE-MYERS
CHAIR
- Total calculated
- $0
- Hours/week
- 1.3
-
Eric DaviesERIC DAVIES
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1.3
-
Richard KubachRICHARD KUBACH
TREASURER
- Total calculated
- $0
- Hours/week
- 1.3
-
Robert HartROBERT HART
SECRETARY
- Total calculated
- $0
- Hours/week
- 1.3
-
Lea Anne WelshLEA ANNE WELSH
PAST CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1.3
-
Ron BaileyRON BAILEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
John BrownJOHN BROWN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Michael BrookshierMICHAEL BROOKSHIER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Audrey GreenbergAUDREY GREENBERG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Anthony HamadayANTHONY HAMADAY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Andrew HorningANDREW HORNING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Peter KarakelianPETER KARAKELIAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Joseph MancusoJOSEPH MANCUSO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Carol McCoyCAROL MCCOY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
David McManusDAVID MCMANUS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Steven PowellSTEVEN POWELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Suzanne RyanSUZANNE RYAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Kathy Sweeney-PogwistKATHY SWEENEY-POGWIST
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.3
-
Eric T GoldsteinERIC T GOLDSTEIN
EXECUTIVE DIRECTOR
- Total calculated
- $324,960
- From this org
- $295,700
- From related orgs
- $0
- Other
- $29,260
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $270,700
- Bonus
- $25,000
- Other
- $0
- Deferred
- $23,000
- Nontaxable benefits
- $6,260
- Filer's total
- $324,960
-
Rachel AmmonRACHEL AMMON
DIRECTOR MARKETING AND COMMUNICATIONS
- Total calculated
- $134,343
- From this org
- $124,312
- From related orgs
- $0
- Other
- $10,031
- Hours/week
- 40
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Form 990 of other organizations
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 7 May 2025
- IRS schema version
- 2024v5.1
- Source object
- 202521289349304107
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