2014-04-24T09:28:14-05:00 2012-12-31 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2012-01-01 236050858 Philadelphia Industrial Development Corporation % ANTHONY SIMONETTA PHIL 2154968020 1500 Market Street Suite 2600WEST Philadelphia PA 19102 ANTHONY SIMONETTA 2154968020 2014-04-07 true Russlee Armstrong 2155614200 2012 2016-02-25 16:41:14Z John Grady 1500 Market Street Philadelphia PA 19102 14291635 false X www.pidc-pa.org X 1957 PA PIDC plans and implements economic development initiatives which enhance the competitive environment, generate jobs and produce higher tax ratables throughout the City of Philadelphia. 28 28 132 0 0 0 0 18996749 14283216 31848 8419 0 0 19028597 14291635 55917 422336 0 0 6876291 7137549 0 0 0 11355449 7183749 18287657 14743634 740940 -451999 52930342 63271029 46565060 59211149 6365282 4059880 X PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION (PIDC) HAS BEEN PHILADELPHIA'S ECONOMIC DEVELOPMENT CORPORATION SINCE 1957. AS A NON-PROFIT, PUBLIC-PRIVATE PARTNERSHIP FOUNDED BY THE CITY OF PHILADELPHIA (THE CITY) AND THE GREATER PHILADELPHIA CHAMBER OF COMMERCE, PIDC AND ITS COMBINED AFFILIATES (COLLECTIVELY, THE CORPORATION) PLANS AND IMPLEMENTS FINANCING AND REAL ESTATE TRANSACTIONS THROUGHOUT ALL NEIGHBORHOODS THAT ATTRACT INVESTMENT, JOBS AND TAX RATABLES TO THE CITY. THE CORPORATION'S INVESTMENTS SERVE TO DIVERSIFY THE CITY'S ECONOMIC BASE AND IMPROVE THE QUALITY OF LIFE FOR BUSINESS AND RESIDENTS. false false 6181786 0 4812592 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. 1570717 2493501 PROPERTY MANAGMENT- 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. 2358664 422336 6474622 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. 191510 502501 Software Development and Maintenance 191510 502501 10302677 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 127 0 true 132 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 ANTHONY SIMONETTA 2154968122 1500 MARKET ST SUITE 2600 WEST Philadelphia PA 19102 M Walter D'Alessio 1.5 6.0 X X 0 0 Robert C Wonderling 1.5 6.0 X X 0 0 Edward H Morris 1.5 6.0 X X 0 0 David E Beavers 1.5 6.0 X X 0 0 Andrea Allon 1.5 6.0 X 0 0 Helen Baik 1.0 1.0 X 0 0 Jeannie L Blackwell 1.5 6.0 X 0 0 Audrey Bronson 1.5 6.0 X 0 0 Craig Carnaroli 1.5 6.0 X 0 0 Fred Cosenza 1.5 6.0 X 0 0 Rob Dubow 1.5 6.0 X 0 0 Alan Greenberger 1.5 6.0 X 0 0 Frank Jiruska Jr 1.5 6.0 X 0 0 Alan C Kessler 1.0 1.0 X 0 0 William Marrazzo 1.0 1.0 X 0 0 James McManus 1.0 1.0 X 0 0 Richard Negrin 1.5 6.0 X 0 0 Michael A Nutter 1.5 6.0 X 0 0 Salvatore J Patti 1.5 6.0 X 0 0 Angelo R Perryman 1.5 6.0 X 0 0 Michael Rashid 1.5 6.0 X 0 0 Guillermos Salas Jr 1.5 6.0 X 0 0 William R Sautter 1.5 6.0 X 0 0 Shelley R Smith 1.5 6.0 X 0 0 Joseph H Weiss 1.5 6.0 X 0 0 Barbara Wilson 1.0 1.0 X 0 0 Amheenah Young 1.5 6.0 X 0 0 Christina Cavalieri 1.5 6.0 X 0 0 Tina Malek 1.5 6.0 X 0 0 Leslie Ann Miller 1.5 6.0 X 0 0 Bob Moul 1.5 6.0 X 0 0 Thomas Queenan 1.5 6.0 X 0 0 John Grady 33.5 4.0 X 260154 0 79266 Sam Rhoads 33.5 4.0 X 203404 0 46017 Anthony Simonetta 33.5 4.0 X 201921 0 51109 Anne Nevins 33.5 4.0 X 140393 0 36662 Paul Deegan 33.5 4.0 X 152703 0 24672 Terry Demusis 33.5 4.0 X 155694 0 288 Joseph Mee 33.5 4.0 X 135332 0 34921 Mary Corcoran 33.5 4.0 X 86742 0 56120 Williams J Agate Jr 33.5 4.0 X 151663 0 50709 Carole Bennis 33.5 4.0 X 128995 0 27619 Marla Hamilton 33.5 4.0 X 121954 0 21873 Thomas Dalfo 33.5 4.0 X 134941 0 55413 Carol deFries 33.5 4.0 X 115266 0 39453 1989162 0 524122 13 false true false Grant Thornton LLP 2001 Market Street PHILADELPHIA PA 19103 Audit & Tax 402511 Geographix Inc 201 Fulton Street RIVERTON NJ 08077 IT 277532 Mango Gold Katcher Fox LLP 401 City Avenue BALA CYNWYD PA 19004 Legal Services 121428 Lipsky Brandt 1101 Market Street PHILADELPHIA PA 19107 legal services 114479 4 0 BELOW MARKET RATE LENDING 900099 3052631 3052631 CONTRACT/GRANT MANAGEMENT 900099 6474622 6474622 PROPERTY MANAGEMENT 900099 2493501 2493501 LOAN FEES 900099 1759961 1759961 SOFTWARE DEVELOPMENT 900099 502501 502501 14283216 8419 8419 0 0 0 0 0 0 0 0 0 0 14291635 14283216 8419 422336 422336 0 0 0 1540907 372533 1168374 0 3581305 2315733 1265572 0 1624435 948718 675717 390902 213656 177246 0 333273 308456 24817 122611 122611 153000 71018 81982 0 0 178067 75550 102517 18581 16508 2073 0 0 0 475849 209018 266831 0 0 0 3178 3178 0 81364 81364 810108 726113 83995 OTHER EXPENSES 858349 470491 387858 DIRECT CONTRACT EXPENSES 4149369 4149369 14743634 10302677 4440957 0 28621737 21660064 0 0 0 0 11857580 22372872 0 0 0 0 0 0 0 0 105616 34990 1741321 1581739 150799 159582 0 0 0 0 0 0 0 0 12194610 19043521 52930342 63271029 1330591 9520971 0 0 7260404 6593060 0 0 253622 253622 0 0 0 0 0 0 37720443 42843496 46565060 59211149 X 6365282 4059880 0 0 0 0 6365282 4059880 52930342 63271029 X -451999 -1853403 X false true X true true true false true X 621387 621387 590915 441585 149330 529019 518767 10252 159582 DUE FROM RELATED PARTIES 19043521 19043521 0 DUE TO RELATED PARTIES 31332032 ACCRUED POST RETIREMNTS BENEFIT 8980653 DUE TO OTHER AGENCIES 1519602 DUE TO AFFILIATE ENTITIES 954395 LOAN PAYABLE TO RELATED PARTIES 56814 42843496 X 14291635 14291635 14291635 16597037 1853403 1853403 14743634 14743634 Escrow and Custodial Arrangements Part IV, Line 2b 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 PART X, LINE 2 PIDC and its combined affiliates (the Corporation) follows the guidance 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% likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Corporation does not believe its combined financial statements include any material uncertain tax positions; as such, no provision is recorded in the combined statements of activities. PIDC and its combined entities are 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 tax returns are currently being examined by the IRS, tax years since 2010 remian open. Reconciliation of Expenses Part XII, Line 2d The change in pension and postretirement benefit other than net periodic benefit was $1,853,403 at December 31, 2012. true Octo Enterprises INC 2202 Alter Street Philadephia PA 19416 233051523 75268 Econ Development Vox Populi INC 319 N 11th Street Philadephia PA 19107 232912413 16365 Econ Development 2215 E Tioga St 2215 E Tioga St Philadelphia PA 19134 270450064 100000 Econ Development Crane Old School 1400 N American St Philadelphia PA 19122 262877217 100000 Econ Development N 12 Associates 340 N 12th St 100 Philadelphia PA 19107 232896160 95600 Econ Development Revolutionary Recovery LLC 7333 Milnor Street Philadelphia PA 19136 262015176 35103 Econ Development 6 Procedure for Monitoring Use of Grant Funds Inside U.S. Part I, Line 2 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 true false false false false false true false John Grady 230000 0 25000 5154 51730 27536 339420 0 Sam Rhoads 188404 0 15000 0 31604 14413 249421 0 Anthony Simonetta 185168 0 15000 1753 50671 438 253030 0 Anne Nevins 130260 0 10000 133 22339 14323 177055 0 Paul Deegan 135000 0 12000 5703 5088 19584 177375 0 Terry Demusis 147674 0 7500 520 -9319 9607 155982 0 Joseph Mee 128945 0 6000 387 10082 24839 170253 0 Williams J Agate Jr 141428 0 10000 235 25842 24867 202372 0 Carole Bennis 122764 0 6000 231 27290 329 156614 0 Thomas Dalfo 124914 0 10000 27 28016 27937 190894 0 Carol deFries 109904 0 5250 112 17935 21518 154719 0 Supplemental nonqualified retirement plan Part I, Line 4b Thomas Dalfo participated in a self funded deferred compensation retirement plan, also referred to as a 457(B) non-qualified retirement plan. He contributed $260. Non-Fixed Payments Part I, Line 7 The Corporation 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. The participant's benefit is equal to 2.0% of final average compensation multiplied by years of service (not in excess of 35 years), less 1.0% of the Social Security benefit multiplied by years of service (not in excess of 35 years). Pursuant to generally accepted accounting principles, management is required to determine the present value of the defined benefit plan liability, which considers various factors, including number of years until the participant's eligible retirement age, a discounted interest rate, and the expected return on plan assets. During 2012, because of current market conditions, the discounted interest rate decreased by 57 basis points, which caused the present value of the defined benefit plan's liability to increase. The impact of the increase in the present value of the defined benefit liability to an individual's deferred compensation is reflected in "retirement and other deferred compensation" in Schedule J, Part II, Column (c). The increase in the present value of the defined benefit plan's liability does not correspond to the actual benefit due to the Plan participants which is based on the compensation structure and years of experience, for which there was no significant changes during 2012. E MorrisM D'AlessioW Sautters Directors 927413 Health Insurance false Part IV Philadelphia Industrial Development Corporation (PIDC) Chairman M. Walter D'Alessio and PIDC Director William Sautters serve as the Chairman of the Board of Directors, and a board member, respectively, at Independence Blue Cross (IBC). In addition, PIDC Treasurer Edward Morris is a Vice President at IBC. 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 responsibe 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. Other Program Services Form 990, Part III, Line 4d Program Service Expenses: $191,510; Grants and allocations: $0; Revenue $502,501. 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. Members or Stockholders Form 990, Part VI, Line 6 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 Director of Commerce and the planning commissioner is held by one person. Decisions Subject to Approval Form 990, Part VI, Line 7b 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. Form 990 Review Process Form 990, Part VI, Line 11b 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. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c 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. Process for Determining Compensation Form 990, Part VI, Line 15a: 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 executive, 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. How Documents are Made Available to the Public Form 990, Part VI, Line 19 The Corporation 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. The Corporation's financial statements and governing documents (including conflict of interest policy) are not ordinarily made available to the public. Reconciliation of Net Assets Form 990, Part XI, Line 5 The change in pension and postretirement benefit other than net periodic benefit ($1,853,403) at December 31, 2012. 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- Regional Development Corporation 1500 Market Street Philadelphia PA 19102 232889102 Econ Develop. PA 501(c)(3) 11 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 false false false true true false false false false false false false false true true true false false PIDC- Regional Development Corporation p 1054113 Contractual Fee