2018-11-13T12:40:06-06:00 2017-12-31 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2017-01-01 236050858 Philadelphia Industrial Development Corporation % TIFFANY CANADY PHIL 2154968020 1500 Market Street Suite 2600WEST Philadelphia PA 19102 TIFFANY CANADY Sr Vice President 2154968020 2018-11-07 true Russlee Armstrong P00288383 2155614200 209.220.136.124 23695320183175000026 2018-11-13 P 723DCE0278216FC49ED02D71432F9BD539E90BC6 723DCE0278216FC49ED02D71432F9BD539E90BC6 2017 2019-02-21 02:37:17Z John Grady 1500 Market Street Philadelphia PA 19102 19072795 false X www.pidcphila.org X 1957 PA PIDC plans and implements economic development initiatives which -ment initiatives which enhance the competitive environment, generate jobs and produce higher tax ratables throughout Philadelphia. 28 28 124 0 0 877244 1227564 16268860 17845156 0 75 0 0 17146104 19072795 717237 545125 0 0 8563934 9054382 0 0 0 7399035 8007783 16680206 17607290 465898 1465505 34184832 48086281 26965757 38480122 7219075 9606159 X PIDC PLANS AND IMPLEMENTS ECONOMIC DEVELOPMENT INITIATIVES WHICH ENHANCE THE COMPETITIVE ENVIRONMENT, GENERATE JOBS AND PRODUCE HIGHER TAX RATABLES THROUGHOUT THE CITY OF PHILADELPHIA (REFER TO SCHEDULE O FOR A DETAILED MISSION STATEMENT). false false 3786934 223200 5600164 BELOW MARKET RATE LENDING: PIDC provides support to its affiliates (PIDC Local Development Corporation, PIDC Community Capital, PIDC Financing Corporation and PIDC Penn Venture Fund) to invest flexible, affordable capital in growing companies to help them succeed. PIDC and its affiliates provide capital where traditional financing is difficult to access or not able to meet an owners needs. In 2017, PIDC and its affiliates invested more than $1.9 billion of capital, with $49 million invested in low income communities. More than 50% of PIDCs small business lending was invested in minority or women owned businesses. PIDCs capital investment has helped to created or retain more than 36,000 jobs within Philadelphia during 2017. In addition to providing capital investment, PIDC and its affiliates also provide technical assistance training, educational workshops, one-on-one counseling and networking events designed to connect business owners to the knowledge and networks they need to support their growth. During 2017, PIDC held 37 workshops with more than 675 attendees. 3238346 321925 2402899 CONTRACT MANAGEMENT: PIDC provides services to manage funding and distribution of grants to be used for projects that facilitate job creation and economic development within Philadelphia. During 2017, PIDC has administered $34 million in new grant funds, which have leveraged more than $205 million in total project investment. 3853806 9350676 PROPERTY MANAGEMENT: At the Navy Yard, 2017 was a big year for development, creativity, and energy. PIDC joined with its commercial development partners to cut the ribbon on Adaptimmunes new 47,400 SF U.S. headquarters and base for clinical and manufacturing. A new partnership with Mural Arts, has made the Navy Yard a site for creative experimentation and exploration through public art with three new installations by local artists. The Navy Yard launched the first phase of its community-shared solar power project, which includes installing 1,295 solar panels on a rooftop. PIDC also announced the completion of the six megawatt natural gas-fired peaking plant at the Navy Yard.Along the Lower Schuylkill River, PIDC, the City, and our partners continued to make early investments to transform this area into a 21st century commercial district. More than 40 acres of contaminated sites have been cleaned up, 64 new companies have been established adding 266 new employees, the riverfront trail was extended one mile, four acres of new riverfront greenspace created, and more than $100 million from public & private sources has been invested in the Innovation District. PIDC secured the land for Bartrams Mile extension, which opened in 2017, as well as the landing for the Schuylkill River Swing Bridge which will allow the next phase of the riverfront trail to connect across the river. 159170 491417 11038256 false false false false false false false true false true false false true true true false true false false false false false false false false false true false true false false false false false false false false false false false false false true true true false true 157 0 true 124 true false false false false false false X 28 28 false false false false true false true true true false false false true false true true true true false false PA X TIFFANY CANADY 2154968136 1500 MARKET ST SUITE 2600 WEST Philadelphia PA 19102 M Walter D'Alessio Chairman 0.19 1.14 X X 0 0 0 Andrea Allon Vice Chairman 0.19 1.14 X X 0 0 0 Terry Booker Director 0.19 0.89 X 0 0 0 KEVIN R BOYLE Director 0.19 0.54 X 0 0 0 Honorable Jannie Blackwell Director 0.19 0.54 X 0 0 0 MICHAEL A BROWN Director 0.03 0.11 X 0 0 0 Craig Carnaroli Director 0.19 0.54 X 0 0 0 Christina Cavalieri Director 0.03 0.11 X 0 0 0 Fred Cosenza Director 0.03 0.11 X 0 0 0 Michael Diberardinis Director 0.19 0.54 X 0 0 0 Rob Dubow Director 0.19 0.54 X 0 0 0 Harold Epps Director 0.19 0.54 X 0 0 0 Anne Fadullon Director 0.19 0.54 X 0 0 0 Jay Goldstein Director 0.19 0.54 X 0 0 0 Honorable Kenyatta Johnson Director 0.19 0.54 X 0 0 0 Honorable James F Kenney Director 0.19 0.54 X 0 0 0 Suzanne S Mayes Director 0.03 0.11 X 0 0 0 Bob Moul Director 0.03 0.11 X 0 0 0 ELIZABETH MURPHY Director 0.03 0.11 X 0 0 0 Keith Orris Director 0.03 0.11 X 0 0 0 Salvatore J Patti Director 0.19 0.54 X 0 0 0 Bret Perkins Director 0.19 0.54 X 0 0 0 Angelo R Perryman Director 0.03 0.11 X 0 0 0 William R Sautter Director 0.03 0.11 X 0 0 0 EVELYN SMALLS Director 0.03 0.84 X 0 0 0 Sozi Tulante Director 0.19 0.54 X 0 0 0 Robert C Wonderling Director 0.19 0.54 X 0 0 0 John Grady President 28.5 9.0 X 400249 0 85781 Samuel Rhoads Executive Vice President 28.5 9.0 X 254225 0 72188 Anne Nevins Senior Vice President 28.5 9.0 X 231579 0 56946 Thomas Dalfo senior Vice President 28.5 9.0 X 177810 0 65813 Wanda Speight Senior Vice President 28.5 9.0 X 220413 0 34892 Prema Gupta Senior Vice President 4.0 33.5 X 186475 0 60903 Anthony Simonetta Senior Vice President 28.5 9.0 X 249360 0 37503 Ilene Burak Senior Vice President 28.5 9.0 X 214909 0 67253 Tiffany Canady Senior Vice President 28.5 9.0 X 162177 0 50306 THOMAS QUEENAN Senior Vice President 28.5 9.0 X 177291 0 50788 MARQUIS UPSHUR Vice President 33.5 4.0 X 110360 0 45403 Joseph Mee Assistant Secretary 28.5 9.0 X 165096 0 30563 CASSIE GARDNER Assistant Secretary 28.5 9.0 X 69707 0 23843 Carole Bennis Vice President 33.5 4.0 X 160274 0 13577 Marla Hamilton Vice President 33.5 4.0 X 140120 0 28085 Carmen Zappile Vice President 4.0 33.5 X 142056 0 11598 Kate McNamara Vice President 28.5 9.0 X 143295 0 61978 Reed Lyons Vice President 4.0 33.5 X 154058 0 63814 3359454 0 861234 22 false true false BDO USA LLP TEN PENN CENTER PHILADELPHIA PA 19103 AUDIT SERVICES 306648 1 1227564 1227564 BELOW MARKET RATE LENDING 900099 4016747 4016747 CONTRACT & GRANT 900099 2402899 2402899 LOAN FEES 900099 1583417 1583417 SOFTWARE DEVELOPMENT 900099 491417 491417 PROPERTY MANAGEMENT 900099 9350676 9350676 17845156 75 75 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19072795 17845156 75 545125 545125 0 0 0 4112448 2555759 1556689 0 2669283 393537 2275746 535671 247266 288405 1290539 609117 681422 446441 212026 234415 0 12366 12366 183919 183919 64333 64333 0 0 423438 423438 0 0 0 0 475271 196664 278607 0 0 0 114991 114991 0 118455 118455 663375 615111 48264 OTHER EXPENSES 1454176 1051201 402975 DIRECT CONTRACT EXPENSES 4497459 4497459 17607290 11038256 6569034 0 14439711 29121274 0 0 0 0 1131122 419423 0 0 0 0 3883036 2200912 0 0 81705 39475 1847109 1676515 277424 170594 0 0 0 0 0 0 0 0 14371834 16134603 34184832 48086281 1369016 2215153 0 0 6657766 5609282 0 0 303622 367372 0 0 0 0 6421497 2200912 12213856 28087403 26965757 38480122 X 7219075 9606159 0 0 0 0 7219075 9606159 34184832 48086281 X 1465505 921579 X false true X true true true false true X 621387 621387 0 719555 708393 11162 506167 358360 159432 170594 DUE FROM RELATED PARTIES 12160119 DUE FROM AFFILIATED PARTIES 3953392 ACCRUED INTEREST RECEIVABLE 21092 16134603 0 DUE TO RELATED PARTIES 20438695 DUE TO AFFILIATED ENTITIES 2288051 ACCRUED POST RETIREMENT BENEFI 2961262 DUE TO OTHER AGENCIES 2399395 28087403 X 19072795 19072795 19072795 16685711 16685711 921579 921579 17607290 Escrow and Custodial Arrangements The Escrow account represents interest earned that is payable to the Delaware River Port Authority on loans managed by PIDC. FIN 48 (ASC 740) FOOTNOTE Philadelphia Industrial Development Corporation (PIDC) and its affiliates, present combined financial statements. The combined financial statements include the assessment for Accounting for Uncertainty in Income Taxes, which requires that a tax position be recognized or derecognized based on a "more likely than not" threshold. For tax positions meeting the more likely than not threshold, the amount recognized in the combined financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. Management does not believe that there are any uncertain tax positions for PIDC; as such, no provision is recorded in the combined statements of activities. PIDC is required to file tax returns with the Internal Revenue Service (IRS). Income tax returns are subject to examination by the IRS for a period of three years. While no income tax returns are currently being examined by the IRS, tax years since 2014 remain open. Reconciliation of Expenses Part XII, Line 4b The change in pension and postretirement benefit other than net periodic benefit was $921,579 at December 31, 2017. true Montgomery County Dev Corp 1430 DeKalb Street Norristown PA 19401 232334149 501(c)(3) 61378 0 ECON DEVELOPMENT Bucks County Planning Commission 1260 Almhouse Rd Doylestown PA 18901 236003044 501(c)(4) 48914 ECON DEVELOPMENT Delaware County Economic Development 100 West 6th Street Media PA 19063 232607596 501(c)(4) 45798 0 ECON DEVELOPMENT CHESTER COUNTY ECONOMIC DEVELOPMENT 737 Constitution Dr Exton PA 19341 231576225 501(c)(6) 38450 0 ECON DEVELOPMENT Greater Berks Dev Fund 201 Penn Street Reading PA 19601 236392284 501(c)(4) 28660 0 ECON DEVELOPMENT GABBA LLC 630 W Germantown Pike King of Prussia PA 19406 274258420 27474 0 ECON DEVELOPMENT Stobba AssociatesLP 530 South 2nd Street Philadelphia PA 19147 113154853 20082 0 ECON DEVELOPMENT Adams Plaza Associates 1801 Market StreetSuite 500 Philadelphia PA 19103 232322343 17883 0 ECON DEVELOPMENT 1526-36 Frankford Avenue 809 N 2nd Street Philadelphia PA 19123 452448667 15000 0 ECON DEVELOPMENT Front and Palmer Associates 809 N 2Nd Street N Nd Street PA 19123 811867776 15000 0 ECON DEVELOPMENT Original 3l Ciderworks 1526 N American Street Philadelphia PA 19122 463147168 15000 0 ECON DEVELOPMENT EBC Property LLC 712 Canterbury Lane Horsham PA 19044 471839481 15000 0 ECON DEVELOPMENT Ali Albert Anaim DPM PO Box 950001280 Philadelphia PA 19195 232978753 14250 0 ECON DEVELOPMENT Lucky Garden Development 1010 Race St Philadelphia PA 19107 043670016 9485 0 ECON DEVELOPMENT C&C Frankford Property 1532 Frankford Avenue Philadelphia PA 19125 815185908 7750 0 ECON DEVELOPMENT Globe Development Group 4500 Worth Street Philadelphia PA 19124 261440154 6895 0 ECON DEVELOPMENT Boys & Girls Clubs of Philadelphia 1518 Walnut Street Philadelphia PA 19102 231966756 501(c)(3) 6000 0 ECON DEVELOPMENT Miller Building Partner 441 N 5th Street Philadelphia PA 19026 251826700 5753 0 ECON DEVELOPMENT JMR Inc 377 W 11th Street NEW YORK NY 10014 134061494 5455 ECON DEVELOPMENT 2 17 Procedure for Monitoring Use of Grant Funds Inside U.S. PIDC has controls in place to ensure grant proceeds will be used and distributed in accordance with the terms of the grant agreement. A review of grant proceeds is done during the application process, through which, grantees request funds. Management reviews the documentation provided by grantees to ensure the request meets the criteria of the grant agreement. X X false false false false false false false true false John Grady President 275077 0 100000 0 25172 0 34362 0 51419 0 486030 0 0 0 Samuel Rhoads Executive Vice President 200000 0 30000 0 24225 0 22708 0 49480 0 326413 0 0 0 Anne Nevins Senior Vice President 185000 0 24500 0 22079 0 18878 0 38068 0 288525 0 0 0 Thomas Dalfo senior Vice President 160000 0 7500 0 10310 0 15075 0 50738 0 243623 0 0 0 Wanda Speight Senior Vice President 180000 0 15000 0 25413 0 17639 0 17253 0 255305 0 0 0 Prema Gupta Senior Vice President 160577 0 7500 0 18398 0 15127 0 45776 0 247378 0 0 0 Anthony Simonetta Senior Vice President 195000 0 30000 0 24360 0 20250 0 17253 0 286863 0 0 0 Ilene Burak Senior Vice President 175000 0 8500 0 31409 0 16515 0 50738 0 282162 0 0 0 Tiffany Canady Senior Vice President 145000 0 6500 0 10677 0 11073 0 39233 0 212483 0 0 0 THOMAS QUEENAN Senior Vice President 172500 0 0 0 4791 0 10725 0 40063 0 228079 0 0 0 MARQUIS UPSHUR Vice President 102577 0 0 0 7783 0 9232 0 36171 0 155763 0 0 0 Joseph Mee Assistant Secretary 147965 0 6900 0 10231 0 13310 0 17253 0 195659 0 0 0 Carole Bennis Vice President 140000 0 8000 0 12274 0 13577 0 0 0 173851 0 0 0 Marla Hamilton Vice President 127500 0 5500 0 7120 0 10832 0 17253 0 168205 0 0 0 Carmen Zappile Vice President 120000 0 6000 0 16056 0 11598 0 0 0 153654 0 0 0 Kate McNamara Vice President 120000 0 5000 0 18295 0 11240 0 50738 0 205273 0 0 0 Reed Lyons Vice President 140289 0 5000 0 8769 0 13076 0 50738 0 217872 0 0 0 Non-Fixed Payments Part I, Line 7 PIDC has established a Compensation Program to ensure the salaries and benefits paid to officers and employees is fair, competitive, and reflective of an employee's actual performance. The compensation structure embeds a risk based component that considers achievement of performance goals. Defined Benefit Plan Part II, Column C PIDC offers a defined benefit plan (the Plan) to its employees. Participants become eligible to receive retirement benefits the first month on or the next following attainment of age 60 and completion of 5 years of vesting service from the date they become eligible participants of the Plan. Effective December 31, 2014, the Plans existing participants accrued benefits were frozen, and no new participants were allowed into the Plan. As a result of the Plans freeze, the benefit is based upon a participants service and compensation as of December 31, 2014, and expressed in the form of a fixed monthly benefit for his/her life commencing at normal retirement. The Form 990 requires management to report as deferred compensation the annual increase or decrease in actuarial value, if any, of a defined benefit plan. As the change in the present value of the defined benefit plans liability does not correspond to the actual benefit due to the Plan participants and the Plan was frozen effective December 31, 2014, management did not report a value within Part II (C). The values that are disclosed in Part II (C) include employer 401K contributions PART III, LINE 1 Mission Statement PIDC has been Philadelphia's public-private economic development corporation since 1957. As a public-private partnership founded by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC's mission is to spur investment, support business growth, and foster development that creates jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. To achieve this mission, PIDC attracts, manages, and invests public and private resources in the client's communities, and markets that energize Philadelphia's economy. Part III, Line 4D Software Development and Maintenance PIDC created a software program for its use that is specifically designed to assimilate, track, and report the information required by local, state, and federal regulators/authorities. PIDC licenses the software to similarly situated tax exempt organizations for the management of their loan and grant portfolios and reporting requirements. Part IV, Line 35 Support Schedule Pursuant to section 1.509(A)-4 of the Treasury Regulations, a 501(C)(3) organization can be the supporting organization of a 501(C)(4) organization provided that the supported organization meets the requirements under 509(A)(2). PIDC has provided Schedule A to support the determination that PIDC meets the 509(A)(2) test. PART VI, LINE 6 Members or Stockholders The members of PIDC are the persons who are the directors of the Corporation. The business and affairs of the Corporation are managed by the directors. The organization has three classes of directors: 1) 7 City Directors consisting of the seven officers of the City of Philadelphia; the Mayor of the City of Philadelphia, the Director of Commerce, the President of the Council, the Chairman of the Planning Commission, the City Solicitor, the Managing Director, and the Director of Finance. 2) 8 Chamber of Commerce Directors nominated by the President of the Greater Philadelphia Chamber of Commerce. 3) 15 Public Directors as nominated jointly by the President of the Greater Philadelphia Chamber of Commerce and the Director of Commerce of the City of Philadelphia. The seat of the Director of Commerce and the Planning Commissioner is held by one person. PART VI, LINE 7B Decisions Subject to Approval The Board of Directors (comprised of the 28 members) is authorized to approve by appropriate resolution the purchase, sale, lease, mortgage pledge, or other disposal of real estate and the borrowing of money for that purpose. In addition, between the times of the Board of Directors meetings, the Executive Committee has the right to exercise the authority of the Board of Directors. The Executive committee consists of 15 directors including the seven (7) City Directors and eight (8) Chamber Directors who are named to the Board of Directors. The Chairman of the Board of Directors is also the Chairman of the Executive Committee. PART VI, LINE 11B Form 990 Review Process PIDC's Senior Vice President of Operations assembles the Form 990, and is reviewed internally and by PIDC's outside tax advisors. The Form 990 is required to be reviewed by the Audit Committee of the Board prior to filing with the Internal Revenue Service. The Form 990 is made available to all Board members upon request. PART VI, LINE 12C Conflict of Interest Policy Monitoring & Enforcement All Directors of the organization must disclose the nature and extent of any interests, direct or indirect, contact, and/or activity related to such projects promoted by the organization. No director who has such an interest can vote on any matter relating to it. The disclosure is retained in the minute book of the organization. In addition, PIDC has included a conflict of interest policy within the Personnel Policy Manual, and is applicable to all employees of PIDC (and its combined entities, together the Corporation). Further, on a periodic basis, the Corporation requires the officers of the Corporation to disclose any conflicted interests. PART VI, LINE 15A Process for Determining Compensation The compensation for PIDC's CEO is approved by the compensation committee, which includes the Chairman of the Board of Directors and designated Board members appointed by the Chairman of the Board of Directors. Part VI, Line 15B Process for Determining Compensation PIDC has established a compensation program to ensure the compensation, including bonuses paid to officers and employees, is fair, competitive, and reflective of employee's actual performance. For PIDC's senior executives, this includes establishing performance standards at the beginning of the year, which are used by the CEO to measure each executive's performance at year end. PIDC periodically performs pay-range surveys of other comparable employers and monitors trends in compensation. In addition, the compensation structure embeds a risk based component that considers achievement of performance goals. PART VI, LINE 18 How Documents are Made Available to the Public PIDC makes its Form 990 available to the public by retaining a copy at its place of business. Part VI, Line 19 How Documents Are Made Available to the Public PIDC financial statements and governing documents (including the conflict of interest policy) are not ordinarily made available to the public. PART XI, LINE 9 Reconciliation of Net Assets The change in pension and postretirement benefit other than net periodic benefit was $921,579 at December 31, 2017. PIDC- Development Management Corporation 1500 Market Street Philadelphia PA 19102 232176818 Econ Develop. PA 501(c)(4) N/A false PIDC- Financing Corporation 1500 Market Street Philadelphia PA 19102 364665239 Econ Develop. PA 501(c)(4) N/A false PIDC- Local Development Corporation 1500 Market Street Philadelphia PA 19102 300598934 Econ Develop. PA 501(c)(4) N/A false PIDC COMMUNITY CAPITAL 1500 Market Street Philadelphia PA 19102 232889102 Econ Develop. PA 501(c)(3) 11 type 1 PIDC true PIDC- Penn Venture Fund 1500 Market Street Philadelphia PA 19102 271585341 Econ Develop. PA 501(c)(4) N/A false Food Distribution Center 1500 Market Street Philadelphia PA 19102 231475639 Econ Develop. PA 115 N/A false true false false true true false false false false false false false false false true true false false PIDC-COMMUNITY CAPITAL p 1300000 Contractual Fee