annual report 2007 2008 230 S. Broad St., Suite 403 Philadelphia PA 19102 T. 215.875.1000 F. 215.875.1010 www.EconomyLeague.org [email protected] B oard of D irectors James R. Waddington, Jr. Stephen C. Baker, Esq. Gwynneth H. Stott Regional Entrepreneurs Chair Drinker Biddle & PricewaterhouseCoopers Glenn Blumenfeld Lockheed Martin Reath, LLP Rick Altman Tactix Real Estate Advsors, LLC John F. Smith, III, Esq. Elaine N. Moranz, Esq. Radian Group, Inc. Diana Bald We live in a complicated region. Three states, six legislative bodies, 11 or Vice Chair Fox Rothschild, LLP Kenneth R. Frappier Univision 65 & Telefutura 28 9 or 14 counties (depending on your affiliation), hundreds of municipali- Reed Smith, LLP Michael F. Corrigan RAIT Financial Trust ties and school districts. It’s no easy task to get all our oars in the water at James P. Dunigan GlaxoSmithKline Gary Bennett Senior Executive Fellows Immediate Past Chair the same time, but now more than ever, it’s critical that we do. Denise E. Collins Right Management Brian Clapp PNC Bank Holy Redeemer Thomas D. Macphee Judith Tschirgi As the Economy League prepares to enter into our second century, we recog- Steven T. Wray Health System Rohm & Haas Company Executive Director Staff nize that our region is at a turning point: we can continue to operate as we do Christopher Cashman Robert J. Jones, Esq. Economy League of Greater today and be a good region, or we can seize the opportunity to be a great one. Independence Blue Cross Saul Ewing, LLP Steven T. Wray Philadelphia We have many things working in our favor, yet a few tough, but not Jeffrey P. Lindtner Dennis McGonigle Executive Director Philip A. Peterson Jeffrey P. Lindtner & Associates SEI Investments, Inc. Meredith L. Garfield impossible-to-overcome issues hold us back. Fortunately, due to the efforts of Aon Consulting Anne Morrissey Caroline H. West Administrative Associate a number of institutions, foundations, corporations, and individuals – many of Melissa Grimm Keystone Mercy Shire Alison Gold whom are Economy League members and partners – the tide is changing toward Aqua America, Inc. Health Plan James K. Wujcik Deputy Director of a more collaborative future in which we build on our many assets – and take H. David Prior, Esq. Frank Angeleri Sovereign Bank Strategic Operations Ballard Spahr Andrews & them several steps further. KPMG, LLP Robert Lee Gordon, IV Ingersoll, LLP Jeff Constable Paul R. Brazina Research Associate Henry F. Bullitt Spencer Stuart The regions that work together to encourage new talent, La Salle University Nancy M. Erik Johanson foster innovation, and address challenges will be those Bank of America John S. Gattuso Howard A. Burde, Esq. Seweryn, Esq. Project Manager most able to succeed in an increasingly competitive Liberty Sunoco, Inc. Allison Kelsey Blank Rome, LLP Property Trust The world. To bridge the gaps between political units, M. Moshe Director of Communications Adam B. Spector Mia Mendoza industry sectors, and geography, the Economy Economy Porat, Ph.D., Brandywine Global Investment Christopher Scoville Mendoza League CPCU League is developing a new generation of leaders Management Group Communications & Development Temple who recognize the importance of working regionally. Jeff DeVuono Associate David Seltzer University Brandywine Realty Trust Richard M. Stein Our core initiative, World Class Greater Philadelphia, Mercator Advisors Steve Albertini Frank A. Mayer, III, Esq. Director of Research will develop and implement a shared vision and actionable William Spang Tierney Communications Buchanan Ingersoll & Rooney, PC plan for Greater Philadelphia’s future through the in-depth research, collabora- Mitchell & Titus, LLP Thomas J. Lewis, III Fritz Bittenbender Kathleen O'Brien, Esq. tion with regional stakeholders, and creative problem-solving for which we are Thomas Jefferson University Cephalon, Inc. Montgomery, McCracken, Walker Hospital known. In fact, World Class Greater Philadelphia is the glue that binds together Anthony A. DeSabato & Rhoads Christopher M. Veno all of our work, from analysis of the economic impact of arts and culture to Charming Shoppes, Inc. Joel L. Naroff, Ph.D. Trion identifying solutions to SEPTA’s longstanding funding problem. Roosevelt Hairston, Jr., Esq. Naroff Economic Advisors Judith Tschirgi The Children’s Hospital H. Craig Lewis, Esq. We believe that what can be achieved in Greater Philadelphia with visionary Michael E. Harris of Philadelphia Norfolk Southern Corporation University of Pennsylvania leadership, an expanded knowledge of the tactics being used by other Daniel K. Fitzpatrick Donald Lonergan Kevin B. Mahoney regions, and a renewed enthusiasm and commitment to turning this into Citizens Bank Northmarq Advisors Mission University of Pennsylvania Brian Clapp Philip J. Santarelli action is limitless. We hope that you’ll join us. Health System The Economy League of Rachel L. Cohen Parente Randolph, LLC Sincerely, Edward D'Alba, PE Greater Philadelphia is an Dorothy M. Gabriel Comcast Corp. Urban Engineers, Inc. independent, nonpartisan, Steven T. Wray PECO Energy Company Stephen M. Curtis, Ph.D. Eric W. Rabe nonprofit organization Executive Director Stephen H. Stetler dedicated to research and Community College Verizon of Philadelphia Pennsylvania Economy League, analysis of the region’s Donald DiLoreto Mark J. Foley, Esq. Inc. resources and challenges with Wachovia Bank Cozen O’Connor Gregory J. Nowak, Esq. the goal of promoting sound Joseph C. Bright, Esq. Robert J. McNeill Pepper Hamilton, LLP public policy and increasing WolfBlock, LLP Deloitte & Touche, LLP Jeffery D. Senese, Ph.D. the region’s prosperity. George P. Tsetsekos, Ph.D. Philadelphia University Drexel University commonwealth giving: a report on pennsylvania philanthropy At the beginning of 2007, our fellow Board Members The Economy League completed the first overview since 2001 of philanthropic made a simple, but dramatic decision to change our name giving in the Commonwealth of Pennsylvania. The study benchmarks Pennsyl- from the Pennsylvania Economy League – Southeastern PA vania against national philanthropic trends and reveals the magnitude of to the Economy League of Greater Philadelphia. It reflected individual and foundation giving over the decade spanning 1995 to 2005. Also our broader focus and emphasized the regional nature of our presented is a comparison of giving in the Central, Northeast, Northwest, work. But changing our name was not enough. We also changed our approach. Southeast, and Southwest regions of Pennsylvania. First, under the leadership of Jim Dunigan, the Board reorganized Key findings include: itself to ensure we had the governance in place to create a • Pennsylvania foundation grantmaking dollars nearly doubled high-performing nonprofit. Next, we committed ourselves to between 1995 and 2005 identifying the people and resources needed to make a difference. • Arts, Culture, and Humanities experienced the most growth And we attracted a talented and energetic staff with the skills and • The largest drop in grant support was for Education passion to take on the toughest challenges. • Pennsylvania’s Southeast region accounted for 56% of the state’s grantmaking and 60% of its assets But at the end of the day, our decision to invest our time and financial • The Northwest region saw the greatest giving resources comes down to two ideas. growth of 142%. We believe in the mission. The Economy League is an independent, Philanthropists and foundations provide resources nonpartisan, nonprofit organization founded nearly 100 years ago that support educational, social service, around the idea that great cities need rigorous examination of their challenges and opportunities to be more cultural, and recreational programs prosperous. The Economy League serves as a which often fall in the gap be- civic idea laboratory where facts and tween the public and private annual analysis lead to convening regional lead- sectors. Analysis of philan- recent ers around new ideas and solutions. We report projects thropic giving reflects what are supported by the business com- 2007 our community values and munity, foundations, and civic partners provides insight into how that enable us to focus on what the region 2008 those values align with diverse must do, or do better, to be a world class community needs. place to live, work, and play. March 2008 And we believe in the work. Greater Philadelphia’s Partners: Delaware Valley Grantmakers, Grantmakers future success – and the success of our businesses – depends on the of Western Pennsylvania, the Foundation Center strength of its economy, wisdom of its governance, soundness of its infrastructure, and capability of its workforce. The Economy League’s work helps to sort through the options and find creative solutions that will make Greater Philadelphia a world class place to locate and grow your business, start your career, and raise a family. We know that at times the civic landscape can appear crowded. We hope that you’ll take a few minutes with this Report to better understand the Economy League’s difference. If you’d like to know how to get involved, give us a call or drop us a line. We want to talk with you. Respectfully, James R. Waddington, Jr. John F. Smith, III, Esq. Chair Vice Chair 610.354.1477 215.241.7920 [email protected] [email protected] 8 1 decision making,making, and increasing transparencytransparency as a checkcheck against TAKING A BIGGER CUT By 2012 Philadelphia's revenue is projected to reach