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Philadelphia 2016 Host Committee Press Release
September 27, 2016
Philadelphia 2016 Host Committee Federal Election Commission (FEC) Report Summary
Report Submitted to the FEC Yesterday and Can Be Accessed Here.
The Philadelphia 2016 Host Committee for the Democratic National Convention raised the funds needed to successfully host the Convention and showcase the City of Philadelphia as a world-class destination. The Host Committee put together and executed a comprehensive finance plan that enabled the organization to consistently raise money and pay its bills on time without spending any local tax dollars.
The financial filing submitted to the Federal Election Commission on September 26, 2016 covers activity from August 7, 2014 through September 11, 2016. The Host Committee will continue to file regular reports with the FEC until it closes its accounts in early 2017.
“The success of the Host Committee’s fundraising effort as well as of the overall Convention shows that Philadelphia knows how to hold large events, and the Democratic National Convention is yet another feather in our cap of well-executed, spotlighting events for which this city is becoming known,” said Gov. Ed Rendell, Philadelphia 2016 Host Committee Chair. “The Host Committee met each of our fundraising benchmarks, and now we can say that we have successfully concluded our fundraising. This was a job very well done.”
“Since the bid phase, the Host Committee had a robust, aggressive fundraising strategy in place, which enabled us to receive broad-based support, locally and nationally, and allowed us to raise funds month after month,” said Kevin Washo, Philadelphia 2016 Host Committee Executive Director. “This report shows that the Host Committee was able to meet all of its obligations on time. I could not be more proud of everything this team accomplished, which enabled Philadelphia to host one of the most successful political conventions in recent history.”
Post-Convention Report Topline Figures
Total receipts: $85,459,815.06
Total disbursements: $75,334,689.04
Cash on hand: $10,125,126.02
Remaining obligations: $6,360,759.96
The Host Committee expects that its current cash on hand will cover all of its remaining obligations as well as any future expenses. The Host Committee will continue to meet its obligations on time.
Fundraising Goals Hit without City Dollars
Thanks to the strength of its finance plan and the dedication of its fundraising team, the Host Committee has met and is on track to fulfill all of its obligations without asking local taxpayers to foot the bill, and we are proud to say that at no time during the course of our operations were City of Philadelphia dollars budgeted or used to cover Host Committee costs.
Since Philadelphia won the bid to host the Convention in February 2015, the Host Committee, in partnership with the Democratic National Convention Committee, has been committed to making the 2016 Democratic National Convention in Philadelphia the most diverse and inclusive Convention in history. Today, the Host Committee is pleased to report that, as of September 23rd, an unprecedented 67 percent of the Host Committee’s opportunity spend was awarded to diverse- and minority-owned businesses.
Total Opportunity Spend*: $43,165,198.24
Total Spend with Diverse Firms: $29,127,265.14
% of Dollars Spent w/Diverse Firms: 67%
# of Diverse Vendors Used: 147
% of Diverse Vendors Used**: 41%
*Opportunity spend is discretionary funds over which the Host Committee has control and could decide with whom to spend them. This is different from spend that had to be used for very specific entities, like the Wells Fargo Center, utilities, construction leases, etc., which are viewed as non-opportunity spend.
**The Host Committee did not require vendors (prospective and contracted) to list their minority affiliation. It was vendors’ choice to disclose that information and self-identify their companies’ minority affiliations.
See also: Philadelphia 2016 Host Committee Financials Fact Sheet [PDF]