2015-10-29T22:32:23-05:00 2014-12-31 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2014-01-01 236050858 Philadelphia Industrial Development Corporation % ANTHONY SIMONETTA PHIL 2154968020 1500 Market Street Suite 2600 West Philadelphia PA 19102 ANTHONY SIMONETTA SR VICE PRESIDENT 2154968020 2015-10-29 true Russlee Armstrong P00288383 2155614200 2014 2016-02-25 16:41:14Z John Grady 1500 Market Street Philadelphia PA 19102 16991978 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 29 128 0 0 887371 707030 14396404 16284856 1664 92 0 0 15285439 16991978 193528 451100 0 0 7940763 7619665 0 0 0 7704713 8077797 15839004 16148562 -553565 843416 31837853 35277792 23043571 27766650 8794282 7511142 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 6226323 228200 5324204 BELOW MARKET RATE LENDING - PROVIDE SUPPORT TO RELATED/COMBINED ENTITIES THAT ISSUE SUBORDINATED DEBT FINANCING WITH BELOW MARKET INTEREST RATES FOR CAPITAL PROJECTS FOR THE PURPOSE OF RETENTION AND GROWTH OF EMPLOYMENT IN THE CITY OF PHILADELPHIA. 2923112 222900 3270258 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 LAW SUITS INVOLVING PROPERTY, ETC. 2068981 7855143 GRANT/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. 252047 542373 11470463 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 true false false false false false true true true false true 136 0 true 128 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 0.5 1.0 X X 0 0 0 Robert C Wonderling Vice Chairman 0.5 1.0 X X 0 0 0 Edward H Morris Treasurer 0.5 1.0 X X 0 0 0 David E Beavers Secretary 0.5 1.0 X X 0 0 0 Andrea Allon Director 0.5 1.0 X 0 0 0 Craig Carnaroli Director 0.5 1.0 X 0 0 0 Fred Cosenza Director 0.05 0.1 X 0 0 0 Alan Greenberger Director 0.5 1.0 X 0 0 0 Richard Negrin Director 0.5 1.0 X 0 0 0 Michael A Nutter Director 0.5 1.0 X 0 0 0 Salvatore J Patti Director 0.5 1.0 X 0 0 0 Angelo R Perryman Director 0.05 0.1 X 0 0 0 Michael Rashid Director 0.05 0.1 X 0 0 0 William R Sautter Director 0.05 0.1 X 0 0 0 Shelley R Smith Director 0.5 1.0 X 0 0 0 Joseph H Weiss Director 0.05 0.1 X 0 0 0 Amheenah Young Director 0.5 1.0 X 0 0 0 Christina Cavalieri Director 0.05 0.1 X 0 0 0 Leslie Anne Miller Director 0.05 0.1 X 0 0 0 Bob Moul Director 0.05 0.1 X 0 0 0 Thomas Queenan Director 0.05 0.1 X 0 0 0 kenneth lawrence director 0.05 0.1 X 0 0 0 DARRELL CLARKE DIRECTOR 0.5 1.0 X 0 0 0 MICHAEL A BROWN DIRECTOR 0.05 0.1 X 0 0 0 RICK GRIMALDI DIRECTOR 0.05 0.1 X 0 0 0 SUZANNE S MAYES DIRECTOR 0.05 0.1 X 0 0 0 ELIZABETH MURPHY DIRECTOR 0.05 0.1 X 0 0 0 KEITH ORRIS DIRECTOR 0.05 0.1 X 0 0 0 ROB DUBOW DIRECTOR 0.5 1.0 X 0 0 0 John Grady President 33.5 4.0 X 286548 0 31463 anthony simonetta Senior Vice President 33.5 4.0 X 204567 0 10941 sam rhoads Executive Vice President 33.5 4.0 X 209334 0 16446 Anne Nevins Senior Vice President 33.5 4.0 X 174249 0 23055 Paul Deegan Senior Vice President 33.5 4.0 X 155848 0 22267 TERESEA Demusis Senior Vice President 33.5 4.0 X 158162 0 10976 Joseph Mee Assistant Secretary 33.5 4.0 X 138846 0 28314 Williams J Agate Jr Senior Vice President 33.5 4.0 X 169566 0 28371 Thomas Dalfo senior Vice President 33.5 4.0 X 152511 0 31641 Mary Corcoran Assistant Secretary 33.5 4.0 X 82596 0 10768 ilene burak senior vice president 33.5 4.0 X 141016 0 34939 Carole Bennis Vice President 33.5 4.0 X 138558 0 355 Marla Hamilton Vice President 33.5 4.0 X 123525 0 10884 Carol de Fries Vice President 33.5 4.0 X 118499 0 24613 AVRUM KANTOR VICE PRESIDENT 33.5 4.0 X 118314 0 24608 Tiffany Canady Vice President 33.5 4.0 X 115218 0 24598 2487357 0 334239 21 false true false Geographix Inc 201 Fulton Street RIVERTON NJ 08077 IT 189908 Phillip Brandt 1101 Market Street PHILADELPHIA PA 19103 legal 140898 BDO USA LLP TEN PENN CENTER PHILADELPHIA PA 19103 AUDIT 125087 DILWORTH PAXSON 1735 MARKET STREET PHILADELPHIA PA 19103 LEGAL 100857 4 707030 707030 BELOW MARKET RATE LENDING 900099 4242073 4242073 CONTRACT & GRANT 900099 2931815 2931815 LOAN FEES 900099 714543 714543 SOFTWARE DEVELOPMENT 900099 542373 542373 PROPERTY MANAGEMENT 900099 7854052 7854052 16284856 92 92 0 0 0 0 0 0 0 0 0 0 16991978 16284856 92 451100 451100 0 0 0 1702812 646198 1056614 0 4154901 2527404 1627497 0 1329933 716495 613438 432019 239351 192668 0 288038 248709 39329 204502 33018 171484 126000 1385 124615 0 0 130953 130953 6945 6945 0 0 0 480290 237330 242960 0 0 0 61203 61203 0 79871 79871 640251 574703 65548 OTHER EXPENSES 1228214 895092 333122 DIRECT CONTRACT EXPENSES 4831530 4831530 16148562 11470463 4678099 0 0 0 13092889 15038234 0 0 1568137 3882475 0 0 0 0 909000 2261799 0 0 166851 85434 1821565 1643960 116659 177605 0 0 0 0 0 0 0 0 15984317 13832245 31837853 35277792 1266255 1031049 0 0 6833082 9151470 0 0 258622 253622 0 0 0 0 909000 2261799 13776612 15068710 23043571 27766650 X 8794282 7511142 0 0 0 0 8794282 7511142 31837853 35277792 X 843416 -2126556 X false true X true true true false true X 621387 621387 705636 559994 145642 494542 462579 31963 177605 DUE FROM RELATED PARTIES 12160119 DUE FROM AFFILIATED PARTIES 1672126 13832245 0 DUE TO RELATED PARTIES 9243845 ACCRUED POST RETIREMNT BENEFIT 5028588 DUE TO OTHER AGENCIES 796277 15068710 X 16991978 16991978 16991978 18275118 2126556 2126556 16148562 16148562 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 include 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 postitons 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 believes there are no 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 The change in pension and postretirement benefit other than net periodic benefit cost was ($2,126,556) at December 31, 2014. true DELAWARE RIVER WATERFRONT CORP 121 N COLUMBUS BLVD PHILADELPHIA PA 19106 231734559 501(c)(3) 55391 Econ Development 2131 N AMERICAN STREET INC 2131 N AMERICAN ST PHILADELPHIA PA 19122 421543420 12000 ECON DEVELOPMENT SAINT BENJAMIN BREWING COMPANY 310 RICHMOND STREET PHILADELPHIA PA 19125 272624772 12000 ECON DEVELOPMENT 310 MASTER LLC 1314 N 4TH STREET PHILADELPHIA PA 19122 461108867 12000 ECON DEVELOPMENT COMMUNITY DESIGN COLLABORATIVE 1216 ARCH STREET PHILADELPHIA PA 19107 232835435 10000 ECON DEVELOPMENT TRIPLE EIGHT INVESTMENTS 246 W GIRARD STREET PHILADELPHIA PA 19123 273992047 8000 ECON DEVELOPMENT FRONT STREET STEAKS 615 S 24TH STREET PHILADELPHIA PA 19146 465371155 7715 ECON DEVELOPMENT HERBERT YENNIS & CO 7300 CITY AVENUE PHILADELPHIA PA 19151 232245122 6483 ECON DEVELOPMENT READING TERMINAL MARKET 51 N 12 STREET PHILADELPHIA PA 19107 232754641 5113 ECON DEVELOPMENT MONTGOMERY COUNTY DEVELOPMENT 1430 DEKALB STREET NORRISTOWN PA 19401 232334149 501(c)(3) 61378 ECON DEVELOPMENT BUCKS COUNTY ECONOMIC DEVELOPMENT 2 EAST COURT STREET DOYLESTOWN PA 18901 231524674 501(c)(3) 48914 ECON DEVELOPMENT DELAWARE COUNTY ECONOMIC DEVELOPMENT 100 W SIXTH STREET SUITE 100 MEDIA PA 19063 232607596 501(c)(3) 45798 ECON DEVELOPMENT CHESTER COUNTY ECONOMIC DEVELOPMENT 737 CONSTITUTION DRIVE EXTON PA 19341 231576225 501(c)(3) 36450 ECON DEVELOPMENT GREATER BERKS DEV FUND 201 PENN STREET READING PA 19601 236392284 501(c)(3) 28660 ECON DEVELOPMENT PORT RICHMOND INDUSTRIAL DEVELOPMENT 4500 WORTH STREET PHILADELPHIA PA 19124 233059821 501(c)(3) 12043 ECON DEVELOPMENT 7 8 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 230000 0 50000 0 6548 0 0 0 31463 0 318011 0 anthony simonetta Senior Vice President 185000 0 18500 0 1067 0 0 0 10941 0 215508 0 sam rhoads Executive Vice President 190000 0 19000 0 334 0 0 0 16446 0 225780 0 Anne Nevins Senior Vice President 159674 0 14500 0 75 0 5500 0 17555 0 197304 0 Paul Deegan Senior Vice President 148073 0 7500 0 275 0 0 0 22267 0 178115 0 TERESEA Demusis Senior Vice President 149476 0 8500 0 186 0 0 0 10976 0 169138 0 Joseph Mee Assistant Secretary 130438 0 8000 0 408 0 0 0 28314 0 167160 0 Williams J Agate Jr Senior Vice President 156524 0 12500 0 542 0 0 0 28371 0 197937 0 Thomas Dalfo senior Vice President 140000 0 12500 0 11 0 260 0 31381 0 184152 0 ilene burak senior vice president 134731 0 6250 0 35 0 3600 0 31339 0 175955 0 Non-Fixed Payments 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 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). PIDC offers a 457(b) non-qualified retirement plan, a self-funded deferred compensation plan to eligibile individuals. The amount of individual contributions to the 457B plan is included within Part II, column (c). E MorrisM D'Alessio Directors 1014786 Health Insurance false Part IV Philadelphia Industrial Development Corporation (PIDC) Chairman M. Walter D'Alessio serves as the Chairman of the Board at Independence Blue Cross. Edward H. Morris serves as the Treasurer on the PIDC Board, and was the Vice President at Indpendence Blue Cross (IBC) during 2014. IBC is the primary health care benefit provider in the Delaware Valley, and, through a contract with PIDC, provides health insurance coverage to the employees of PIDC. PIDC's employee benefit broker is responsible for reviewing coverage, rates and competitive alternatives. The amount of revenue related to this relationship is negligible to IBC. The nature of these individuals' positions at IBC are such that they are removed from direct business contact with PIDC. PART III, LINE 4D Other Program Services Program Service Expenses: $252,047; Grants and allocations: $0; Revenue $542,373. 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 portfolios and reporting requirements. PART VI, LINE 6 Members or Stockholders The members of Philadelphia Industrial Development Corporation and its combined affiliates (collectively, the Corporation) 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 City); 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. The decisions of the Board regarding certain loan programs are subject to approval by external parties. In addition, between the times of the Board of Directors meeting, 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 The Vice President of Financial Reporting assembles the Form 990, which is subsequently reviewed by the 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 Corporation must disclose the nature and extent of any interests, direct or indirect, contact, and/or activity related to such projects promoted by the Corporation. 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. The Corporation has included a conflict of interest policy within the Personnel Policy Manual (updated during 2012), that is applicable to all employees of the Corporation. Further, on a periodic basis, the Corporation may require the officers of the Corporation to disclose any conflicted interests. PART VI, LINE 15B Process for Determining Compensation The compensation for the 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. FORM 990, PART VI, LINE 15B: The Corporation has established a Compensation Program to ensure the salaries and benefits paid to officers and employees is fair, competitive, and reflective of employee's actual performance. For the Corporation'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. The Corporation periodically performs pay-range surveys of other comparable employers and monitors current 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. The Form 990 is likewise published on the internet at www.guidestar.com. Part VI, Line 19 How Documents are Made Available to the Public The Corporation's financial statements, governing documents, and 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 ($2,126,556) at December 31, 2014. 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 III, LINE 1 MISSION STATEMENT PIDC has been Philadelphia's economic development agency since 1957. As a non-profit, public-private partnership founded by the City and the Greater Philadelphia Chamber of Commerce, PIDC plans and implements finance and real estate transactions throughout all neighborhoods that attract investments, jobs, and tax ratables to the city. PIDC's investments serve to diversify the City's economic base and improve the quality of life for business and residents. 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 211585341 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 1328389 Contractual Fee