2017-11-10T08:52:34-06:00 2016-12-31 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2016-01-01 236050858 Philadelphia Industrial Development Corporation % ANTHONY SIMONETTA PHIL 2154968020 1500 Market Street Suite 2600WEST Philadelphia PA 19102 ANTHONY SIMONETTA Sr VP, Operations 2154968020 2017-11-09 true Russlee Armstrong P00288383 2155614200 209.220.136.124 23695320173145000002 2017-11-10 P 19739530E8FB4F7C1C006380FC5E44D6664E1EFF 723DCE0278216FC49ED02D71432F9BD539E90BC6 2016 2017-02-10 21:41:12Z John Grady 1500 Market Street Philadelphia PA 19102 17146104 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. 30 30 124 0 0 1286753 877244 16388951 16268860 132 0 0 0 17675836 17146104 531144 717237 0 0 8316597 8563934 0 0 0 9197048 7399035 18044789 16680206 -368953 465898 32858943 34184832 24910361 26965757 7948582 7219075 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 3803557 241040 8855328 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 2016, PIDC and its affiliates invested more than $1 billion of capital, with $15 million invested in low income communities. More than 60% of PIDCs small business lending was invested in minority or women owned businesses. PIDCs capital investment has helped to created or retain more than 8,000 jobs within Philadelphia during 2016. 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 2016, PIDC held 31 workshops with more than 520 attendees. 2741394 476197 2762241 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. PIDC has administered $72 million in new grant funds, which have leveraged more than $300 million in total project investment. 4071629 4993200 PROPERTY MANAGEMENT: PIDC has expertise in real estate usage and negotiations involving commercial and industrial development that benefits the City of Philadelphia. In 2016, PIDC assisted with the sale of 23 acres of land sales city-wide. PIDC also provides the staff and infrastructure to support The Navy Yard, where, in 2016, over 13,000 employees went to work at more than 150 companies. During 2016 alone, PIDC supported $240 million of construction projects at The Navy Yard, with 7.5 million square feet of space occupied or under development. The Navy Yard businesses expanded in 2016, adding over 550 jobs, and moving businesses into new buildings or larger spaces. In addition, PIDC, the City and development partners continue to transform the 3,700 acre Lower Schuylkill River into a 21st century commercial campus. The Lower Schuylkill River development welcomed the new Pennovation Center (a dynamic anchor for job growth), and the development continues to bring recreational and connecting river trail to surrounding neighborhoods. 198026 535335 10814606 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 188 0 true 124 true false false false false false false X 30 30 false false false false true false true true true false false false true false true true true true false false PA X ANTHONY SIMONETTA 2154968122 1500 MARKET ST SUITE 2600 WEST Philadelphia PA 19102 M Walter D'Alessio Chairman 0.19 1.17 X X 0 0 0 Andrea Allon Vice Chairman 0.19 1.17 X X 0 0 0 David E Beavers Treasurer 0.19 1.17 X X 0 0 0 Terry Booker Director 0.03 0.87 X 0 0 0 Honorable Jannie Blackwell Director 0.19 0.57 X 0 0 0 MICHAEL A BROWN DIRECTOR 0.03 0.11 X 0 0 0 Craig Carnaroli Director 0.19 0.57 X 0 0 0 Christina Cavalieri Director 0.03 0.11 X 0 0 0 Fred Cosenza Director 0.19 0.57 X 0 0 0 Michael Diberardinis Director 0.19 0.57 X 0 0 0 Rob Dubow Director 0.19 0.57 X 0 0 0 Harold Epps Director 0.19 0.57 X 0 0 0 Anne Fadullon Director 0.19 0.57 X 0 0 0 Jay Goldstein Director 0.19 0.57 X 0 0 0 Rick Grimaldi Director 0.03 0.11 X 0 0 0 Honorable Kenyatta Johnson Director 0.19 0.57 X 0 0 0 Honorable James F Kenney Director 0.19 0.57 X 0 0 0 Kenneth Lawrence Director 0.03 0.11 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 0.57 X 0 0 0 Bret Perkins Director 0.19 0.57 X 0 0 0 Angelo R Perryman Director 0.03 0.11 X 0 0 0 Thomas Queenan Director 0.03 0.84 X 0 0 0 William R Sautter Director 0.03 0.11 X 0 0 0 Sozi Tulante Director 0.19 0.57 X 0 0 0 Robert C Wonderling Director 0.19 0.57 X 0 0 0 Joseph H Weiss Director 0.03 0.11 X 0 0 0 John Grady President 33.5 4.0 X 321548 0 65101 Anne Nevins Senior Vice President 33.5 4.0 X 195985 0 44761 Thomas Dalfo senior Vice President 33.5 4.0 X 162547 0 50569 William Agate Senior Vice President 4.0 33.5 X 136236 0 39538 Wanda Speight Senior Vice President 33.5 4.0 X 191275 0 29281 Prema Gupta Senior Vice President 4.0 33.5 X 146645 0 49978 Anthony Simonetta Senior Vice President 33.5 4.0 X 208779 0 30696 Teresa Demusis Senior Vice President 33.5 4.0 X 161201 0 26627 Paul Deegan Senior Vice President 33.5 4.0 X 157882 0 42782 ilene burak senior vice president 33.5 4.0 X 175211 0 53842 Joseph Mee Assistant Secretary 33.5 4.0 X 145381 0 51654 Mary Corcoran Assistant Secretary 33.5 4.0 X 84088 0 20339 Samuel Rhoads Executive Vice President 33.5 4.0 X 220019 0 57624 Carmen Zappile Vice President 4.0 33.5 X 123986 0 10057 Carole Bennis Vice President 33.5 4.0 X 147376 0 11998 Tiffany Canady Vice President 33.5 4.0 X 131095 0 42134 AVRUM KANTOR vice president 33.5 4.0 X 125584 0 41652 Marla Hamilton Vice President 33.5 4.0 X 125466 0 24109 2960304 0 692742 22 false true false BDO USA LLP TEN PENN CENTER PHILADELPHIA PA 19103 AUDIT SERVICES 277121 ScrubJay Technology LLC 3401 Tilden St PHILADELPHIA PA 19129 IT SERVICES 102726 2 877244 877244 BELOW MARKET RATE LENDING 900099 6155903 6155903 CONTRACT & GRANT 900099 2250928 2250928 LOAN FEES 900099 2333493 2333493 SOFTWARE DEVELOPMENT 900099 535336 535336 PROPERTY MANAGEMENT 900099 4993200 4993200 16268860 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17146104 16268860 717237 717237 0 0 0 3838004 1953254 1884750 0 2057458 958712 1098746 535643 169380 366263 1694650 790849 903801 438179 224563 213616 0 7911 7911 162599 162599 159681 159681 0 0 369531 369531 0 0 0 0 471899 228084 243815 0 0 0 247738 247738 0 133608 133608 671658 603208 68450 0 OTHER EXPENSES 1305939 1053110 252829 DIRECT CONTRACT EXPENSES 3868471 3868471 16680206 10814606 5865600 0 11904767 14439711 0 0 0 0 1237047 1131122 0 0 0 0 4769410 3883036 0 0 111243 81705 1835484 1558060 364099 277424 0 0 0 0 0 0 0 0 14472377 14371834 32858943 34184832 1235030 1369016 0 0 5623588 6657766 0 0 253622 303622 0 0 0 0 4769410 6421497 13028711 12213856 24910361 26965757 X 7948582 7219075 0 0 0 0 7948582 7219075 32858943 34184832 X 465898 -976848 -218557 X false true X true true true false true X 621387 621387 719555 605250 114305 494542 331423 163119 277424 DUE FROM RELATED PARTIES 12160119 DUE FROM AFFILIATED PARTIES 2211715 14371834 0 DUE TO RELATED PARTIES 6194918 ACCRUED POST RETIREMENT BENEFI 4405821 DUE TO OTHER AGENCIES 1613117 12213856 X 17146104 17146104 17146104 16898763 16898763 -218557 -218557 16680206 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 2013 remain open. Reconciliation of Expenses Part XII, Line 4b The change in pension and postretirement benefit other than net periodic benefit was ($218,557) at December 31, 2016. true GABBA LLC 630 W Germantown Pike Plymouth Meeting PA 19462 274258420 74232 Book ECON DEVELOPMENT MONTGOMERY COUNTY DEV Corp 1430 DEKALB STREET NORRISTOWN PA 19401 232334149 501(c)(3) 61378 Book ECON DEVELOPMENT Interface Studio LLC 340 N 12th Street 419 Philadelphia PA 18071 201832967 60380 Book ECON DEVELOPMENT BUCKS COUNTY Planning Commission 1260 Almshouse Road DOYLESTOWN PA 18901 236003044 501(c)(4) 48914 Book ECON DEVELOPMENT Delaware County Economic Development 100 West 6th Street Suite 100 Media PA 19063 232607596 501(c)(4) 45798 Book ECON DEVELOPMENT CHESTER COUNTY ECONOMIC DEVELOPMENT 737 CONSTITUTION DRIVE EXTON PA 19341 231576225 501(c)(6) 36450 Book ECON DEVELOPMENT GREATER BERKS DEV FUND 201 PENN STREET Ste 500 READING PA 19601 236392284 501(c)(4) 28660 Book ECON DEVELOPMENT PMG Enterprises LLC 306 Wadsworth Ave Philadelphia PA 19119 453055876 26614 Book ECON DEVELOPMENT Wilco Electronic Systems 1035 Camp Hill Rd Fort Washington PA 19034 232032228 25134 Book ECON DEVELOPMENT HD Paving & Seal Coating 2058 Maple Ave Apt PI-4 Hatfield PA 19440 465332347 19840 Book ECON DEVELOPMENT Northeast Donut Shops Management Inc 5201-11 Darrah Street Philadelphia PA 19124 232581883 19570 Book ECON DEVELOPMENT Wesgold 630 Sentry Parkway East Suite 300 Blue Bell PA 19422 208067055 17598 Book ECON DEVELOPMENT Play Arts LLC 1241 N Front Street Philadelphia PA 19122 474406093 15000 Book ECON DEVELOPMENT United Food Systems Inc 5201-11 Darrah Street Philadelphia PA 19124 232945146 13046 Book ECON DEVELOPMENT Sweet Grace Distilling Co LLC 161 Cecil B Moore Avenue Unit 103 Philadelphia PA 19122 462520360 12000 Book ECON DEVELOPMENT Posel Corporation 212 Walnut Street Philadelphia PA 19106 231596564 11452 Book ECON DEVELOPMENT Heron Holdings LLC 9 W Girard Avenue Philadelphia PA 19106 263777414 10000 Book ECON DEVELOPMENT Nicklas W Barker (sole proprietor) 13109 Bustleton Ave Philadelphia PA 19116 999999999 8650 Book ECON DEVELOPMENT New Manayunk Corporation 4312 Main Street Philadelphia PA 19127 222680037 8280 Book ECON DEVELOPMENT Chestnut Hill Parking Foundation 16 East Highland Ave Philadelphia PA 19118 231736450 8000 Book ECON DEVELOPMENT Netherfield Corporation PO Box 27219 Philadelphia PA 19118 232439307 7055 Book ECON DEVELOPMENT Crane Old School LP 1400 N American St Philadelphia PA 19122 262877217 5270 Book ECON DEVELOPMENT 7700 Germantown Ave Trust 9427 Meadowbrook Avenue Philadelphia PA 19118 146231871 5161 Book ECON DEVELOPMENT 1 22 Procedure for Monitoring Use of Grant Funds Inside U.S. PIDC has controls in place to ensure grant proceeds will be used and distrituted 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. Part 1 Line 1 Some applicants have given their social security number for grant information. For confidentiality purposes, the social security numbers have not been fully disclosed on the Form 990, but are available upon request. X X false false false false false false false true false Carole Bennis Vice President 137376 10000 11623 375 159374 John Grady President 240000 75000 6548 24759 40342 386649 Anne Nevins Senior Vice President 175287 20000 698 15350 29411 240746 Thomas Dalfo senior Vice President 155031 7500 16 13637 36932 213116 William Agate Senior Vice President 110819 10000 15417 9974 29564 175774 Wanda Speight Senior Vice President 181008 10000 267 15281 14000 220556 Prema Gupta Senior Vice President 141548 5000 97 12739 37239 196623 Anthony Simonetta Senior Vice President 182712 25000 1067 16901 13795 239475 Teresa Demusis Senior Vice President 152500 8500 201 12655 13972 187828 Paul Deegan Senior Vice President 150000 7500 382 11668 31114 200664 ilene burak senior vice president 155031 7500 12680 13563 40279 229053 Joseph Mee Assistant Secretary 138016 6700 665 11375 40279 197035 Tiffany Canady Vice President 125039 6000 56 10300 31834 173229 AVRUM KANTOR vice president 118007 7500 77 9865 31787 167236 Samuel Rhoads Executive Vice President 195019 25000 17294 40330 277643 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 services from the date they become eligible participants of the Plan. Effective December 31, 2014, the Plan's existing participants' accrued benefits were frozen, and no new participants were allowed into the Plan. As a result of the Plan's freeze, the benefit is based upon a participant's 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 plan's 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 column (c). The values that are disclosed in Part II (C) include employer 401K contributions and individual contributions to the 457B Non-Qualified Retirement Plan. PIDC offers a 457(B) Non-Qualified Retirement Plan, a self-funded deferred compensation plan, to eligible individuals. PIDC offers its employees the ability to receive a three year postretirement medical benefit (PRMB) after working 10 consecutive years at PIDC, retiring at or after the age of 60 years old, and receiving health insurance through PIDC. 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. The PRMB is an unfunded benefit, and is provided only as expenses related to the insurance premiums are incurred for those eligible retirees. As the actuarial change in the present value of the PRMB liability does not correspond to the actual benefit for to the benefit participants, management did not report a value within Schedule J, Part II, column(C). 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 30 members as defined above) 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 Vice President of Financial Reporting assembles the Form 990, which is subsequently reviewed by PIDC's Senior Vice President of Operations, and also subject to review 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 bonus, 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 IV, 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 8 Prior Period Adjustments PIDC offers all of their employees, once eligible, the ability to receive a three year postretirement medical benefit (PRMB) after working 10 consecutive years at PDIC, retiring at or after the age of 60 years old, and receiving health insurance through PIDC. Based on subsequent event information, PIDC re-evaluated the interpretation and application of the PRMB, which required a restatement of the 2015 liability and net assets. The financial statements beginning net assets balance as of January 1, 2015 was restated by a cumulative amount of $886,069 and the December 31, 2015 net asset balance was restated effect was $976,848. PART XI, LINE 9 Reconciliation of Net Assets The change in pension and postretirement benefit other than net periodic benefit was ($218,557) at December 31, 2016. 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 false true true false false PIDC-COMMUNITY CAPITAL p 750000 Contractual Fee