2016-11-11T14:08:19-06:00 2015-12-31 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2015-01-01 236050858 Philadelphia Industrial Development Corporation % ANTHONY SIMONETTA PHIL 2154968020 1500 Market Street Suite 2600WEST Philadelphia PA 19102 ANTHONY SIMONETTA Sr VP/Asst Treasr 2016-11-07 true Russlee Armstrong P00288383 2155614200 2015 2017-02-10 21:41:12Z John Grady 1500 Market Street Philadelphia PA 19102 17675836 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. 29 29 124 0 0 707030 1286753 16284856 16388951 92 132 0 0 16991978 17675836 451100 531144 0 0 7619665 8316597 0 0 0 8077797 9197048 16148562 18044789 843416 -368953 35277792 32858943 27766650 24910361 7511142 7948582 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 DETAILED MISSION STATEMENT). false false 4090486 283361 5714119 BELOW MARKET RATE LENDING - PROVIDE SUPPORT TO RELATED/COMBINED ENTITIES THAT ISSUE SUBORDINATED DEBT FINANCING WITH BELOW MARKET INTEREST RATES AND INVESTMENT CAPITAL TO PROJECTS THAT RETAIN AND GROW EMPLOYMENT IN THE CITY OF PHILADELPHIA. PIDC AND ITS AFFILIATES HAVE CLOSED MORE THAN $1.2 BILLION IN FINANCINGS, WHICH SUPPORTED $1.7 BILLION IN TOTAL PROJECT INVESTMENTS. 4433329 247783 4714506 CONTRACT MANAGEMENT - MANAGE FUNDING AND DISTRIBUTION OF GRANTS AND CONTRACTS TO BE USED FOR CAPITAL/COMMERCIAL PROJECTS THAT FACILITATE JOB CREATION AND ECONOMIC DEVELOPMENT WITHIN THE CITY OF PHILADELPHIA. 3468103 5333333 PROPERTY MANAGEMENT - PROVIDE SERVICES TO THE CITY OF PHILADELPHIA, WHICH INCLUDE, THE SALE OR LEASE OF CONVEYED PROPERTY. PIDC HAS EXPERTISE IN REAL ESTATE USAGE AND NEGOTIATIONS INVOLVING COMMERCIAL AND INDUSTRIAL DEVELOPMENT WHICH BENEFITS THE CITY OF PHILADELPHIA AND GREATER METROPOLITAN AREA. THE SERVICES PROVIDED INCLUDE MAINTENANCE OF GROUNDS, OBTAINING INSURANCE ON PROPERTIES, DEFENDING AGAINST LAWSUITS, ETC. PIDC MANAGED 25 ACRES OF LAND SALES THROUGHOUT PHILADELPHIA. 274231 626993 12266149 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 137 0 true 124 true false false false false false false X 29 29 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 Robert C Wonderling Vice Chairman 0.19 0.57 X X 0 0 0 Edward H Morris Treasurer 0.19 1.17 X X 0 0 0 David E Beavers Secretary 0.19 1.17 X X 0 0 0 Andrea Allon Director 0.19 1.17 X 0 0 0 Terry Booker Director 0.03 0.84 X 0 0 0 Craig Carnaroli Director 0.19 0.57 X 0 0 0 Fred Cosenza Director 0.03 0.11 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 Christina Cavalieri Director 0.03 0.11 X 0 0 0 ROB DUBOW DIRECTOR 0.19 0.57 X 0 0 0 Alan Greenberger Director 0.19 0.57 X 0 0 0 kenneth lawrence director 0.03 0.11 X 0 0 0 Leslie Anne Miller Director 0.03 0.11 X 0 0 0 ELIZABETH MURPHY DIRECTOR 0.03 0.11 X 0 0 0 RICK GRIMALDI 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 Richard Negrin Director 0.19 0.57 X 0 0 0 Honorable Michael Nutter Director 0.19 0.57 X 0 0 0 Salvatore J Patti Director 0.19 0.57 X 0 0 0 Thomas Queenan Director 0.03 0.84 X 0 0 0 Shelley R Smith Director 0.19 0.57 X 0 0 0 Amheenah Young Director 0.19 0.57 X 0 0 0 KEITH ORRIS DIRECTOR 0.03 0.11 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 Joseph H Weiss Director 0.03 0.11 X 0 0 0 John Grady President 33.5 11.0 X 304882 0 59717 sam rhoads Executive Vice President 33.5 11.0 X 222642 0 36528 anthony simonetta Senior Vice President 10.0 24.75 X 218183 0 31892 Williams J Agate Jr Senior Vice President 1.0 3.0 X 177634 0 46680 TERESEA Demusis Senior Vice President 33.5 6.0 X 165471 0 27354 Paul Deegan Senior Vice President 33.5 3.0 X 160987 0 40185 Anne Nevins Senior Vice President 10.0 6.0 X 187438 0 43475 Thomas Dalfo senior Vice President 33.5 3.0 X 159710 0 49422 ilene burak senior vice president 10.0 6.0 X 166061 0 50379 Wanda Speight Senior Vice President 10.0 24.75 X 197017 0 30219 Prema Gupta Senior Vice President 1.0 3.0 X 42024 0 11788 Joseph Mee Assistant Secretary 10.0 6.0 X 146192 0 46136 Mary Corcoran Assistant Secretary 33.5 6.0 X 90449 0 20347 Carole Bennis Vice President 10.0 0.0 X 145197 0 13433 Marla Hamilton Vice President 10.0 0.0 X 129083 0 20145 Sakinah Rahman Vice President 1.0 0.0 X 121806 0 19670 Tiffany Canady Vice President 10.0 0.0 X 124847 0 39295 AVRUM KANTOR vice president 33.5 0.0 X 126146 0 35683 2885769 0 622348 23 false true false BDO USA LLP TEN PENN CENTER PHILADELPHIA PA 19103 AUDIT SERVICES 265818 ScrubJay Technology LLC 3401 Tilden St PHILADELPHIA PA 19129 IT SERVICES 100345 2 1286753 1286753 BELOW MARKET RATE LENDING 900099 3268006 3988867 CONTRACT & GRANT 900099 5435367 4714506 LOAN FEES 900099 1725252 1725252 SOFTWARE DEVELOPMENT 900099 626993 626993 PROPERTY MANAGEMENT 900099 5333333 5333333 16388951 132 132 0 0 0 0 0 0 0 0 0 0 17675836 16388951 132 531144 531144 0 0 0 2045659 1125827 919832 0 4020301 1873642 2146659 576263 258116 318147 1252237 659764 592473 422137 220456 201681 0 22352 22352 187477 26598 160879 144000 144000 0 0 784416 340753 443663 0 0 0 0 472905 228299 244606 0 0 0 120866 120866 0 127312 127312 698926 633979 64947 OTHER EXPENSES 1456240 1064151 392089 DIRECT CONTRACT EXPENSES 5182554 5182554 18044789 12266149 5778640 0 0 0 15038234 11904767 0 0 3882475 1237047 0 0 0 0 2261799 4769410 0 0 85434 111243 1835484 1471385 177605 364099 0 0 0 0 0 0 0 0 13832245 14472377 35277792 32858943 1031049 1235030 0 0 9151470 5623588 0 0 253622 253622 0 0 0 0 2261799 4769410 15068710 13028711 27766650 24910361 X 7511142 7948582 0 0 0 0 7511142 7948582 35277792 32858943 X -368953 806393 X false true X true true true false true X 0 621387 621387 0 719555 546176 187299 0 494542 317742 176800 364099 DUE FROM RELATED PARTIES 12160119 DUE FROM AFFILIATED PARTIES 2312258 14472377 0 DUE TO RELATED PARTIES 8501280 ACCRUED POST RETIREMENT BENEFIT 3687298 DUE TO OTHER AGENCIES 840133 13028711 X 17675836 17675836 17675836 17238396 -806393 -806393 18044789 18044789 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, which includes PIDC, present combined financial statements. The combined financial statements includes 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 2012 remain open. Reconciliation of Expenses Part XII, Line 2d The change in pension and postretirement benefit other than net periodic benefit was ($806,393) at December 31, 2015. true MONTGOMERY COUNTY DEVELOPMENT 1430 DEKALB STREET NORRISTOWN PA 19401 232334149 501(c)(3) 61378 Book ECON DEVELOPMENT Habitat for Humanity 1829 N 19th Street Philadelphia PA 19121 421580163 501(c)(3) 55000 Book ECON DEVELOPMENT BUCKS COUNTY ECONOMIC DEVELOPMENT 2 EAST COURT STREET DOYLESTOWN PA 18901 231524674 501(c)(3) 48914 Book ECON DEVELOPMENT GABBA LLC 660 W Germantown Ave Plymouth Meeting PA 19462 274258420 42519 Book ECON DEVELOPMENT CHESTER COUNTY ECONOMIC DEVELOPMENT 737 CONSTITUTION DRIVE EXTON PA 19341 231576225 501(c)(3) 36450 Book ECON DEVELOPMENT GREATER BERKS DEV FUND 201 PENN STREET READING PA 19601 236392284 501(c)(3) 28660 Book ECON DEVELOPMENT Buena Vista Construction Design 2301 North Front St Philadelphia PA 19133 273483132 19188 Book ECON DEVELOPMENT Imperial Aramingo LP 720 E Palisade Ave Englewood Cliffs NJ 07632 081535912 15310 Book ECON DEVELOPMENT 1 Girard Avenue Associates LP 1824 Spruce St Philadelphia PA 19103 611735341 12000 Book ECON DEVELOPMENT Front Street Development LLC 800 N 2nd St Philadelphia PA 19123 542096741 12000 Book ECON DEVELOPMENT F&M Adventures LLC 211 E York Street Philadelphia PA 19133 463142905 12000 Book ECON DEVELOPMENT PME LLC 2301 North Front Street Philadelphia PA 19133 204279997 10000 Book ECON DEVELOPMENT HD Paving & Seal Coating 2301 North Front St Philadelphia PA 19133 465332347 10000 Book ECON DEVELOPMENT Kawin LLC 420 Bainbridge St Philadelphia PA 19147 201429316 9250 Book ECON DEVELOPMENT JFW Electric LLC 2301 North Front St Philadelphia PA 19133 203210184 9000 Book ECON DEVELOPMENT Phila Water Ice Factory II Inc 8354 State Road Philadelphia PA 19136 232679618 6000 Book ECON DEVELOPMENT Hoagie Lab LLC 1204 N Front St Philadelphia PA 19122 455371155 5920 Book ECON DEVELOPMENT 5 12 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 238885 60000 5997 23850 35867 364599 sam rhoads Executive Vice President 197308 25000 334 13996 22532 259170 anthony simonetta Senior Vice President 192116 25000 1067 19450 12442 250075 Williams J Agate Jr Senior Vice President 170582 6500 552 15937 30743 224314 TERESEA Demusis Senior Vice President 158279 7000 192 14875 12479 192825 Paul Deegan Senior Vice President 155712 5000 275 14293 25892 201172 Anne Nevins Senior Vice President 174296 12500 642 16812 26663 230913 Thomas Dalfo senior Vice President 152439 7000 271 13637 35785 209132 ilene burak senior vice president 155308 7000 3753 14608 35771 216440 Wanda Speight Senior Vice President 182757 14000 260 17708 12511 227236 Joseph Mee Assistant Secretary 139050 6500 642 13099 33037 192328 Carole Bennis Vice President 138897 6300 13068 365 158630 Tiffany Canady Vice President 119269 5500 78 11229 28066 164142 AVRUM KANTOR vice president 120612 5500 34 7567 28116 161829 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. 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 5 Reconciliation of Net Assets The change in pension and postretirement benefit other than net periodic benefit was ($806,393) at December 31, 2015. 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 1444948 Contractual Fee