Boston, MA 08/26/2014 (wallstreetpr) – In the midst of rumors about the financial capabilities of people in Philadelphia to afford one of the mega events like visit of the pope to Philadelphia next year, Comcast Corporation (NASDAQ:CMCSA) EVP has given a positive statement. According to Reports David Cohen, the Executive vice president of CMCSA is not concerned about the fund-raising capacity of people of Philadelphia. It cannot get tapped out so easily.
The Point Behind Cohen’s Statement:
He thinks that money can never be a serious concern for a strong economy like Philadelphia. According to him, it is the fifth largest and strongest economy in United States of America. Due to this reason, the civic leadership of Philadelphia can raise any amount of money to conduct a special event like pope’s visit to the city. Philadelphia is capable of hosting such events on a yearly basis.
These special events rely more on public funding which includes not only the donations from different national organizations, but also international help and the World Meeting of Families. Due to this fact the role of local people is very minimal. The major donors (organizations and individuals) have been supporting such festivals for a very long time in Philadelphia without any expectation from local people. Their initiative doesn’t rely on the local contribution.
Most of the money that is used in these special festivals doesn’t come from the budget of Philadelphia, but from different pockets, activities and organizations. A lot of marketing initiatives or sponsorship initiatives are behind these donations, therefore, these events hardly rely on local people’s contribution. In the case of Comcast Corporation (NASDAQ:CMCSA), the funds are donated from the foundation of the company that gives financial aid to such events and in return takes the permission to promote the company’s offerings at the event. David Cohen is quite sure that the local philanthropy by individuals will not be affected by any such mega events.
