2023-11-08T19:51:39-06:00 2022-12-31 366055558 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2022-01-01 364665239 PIDC-FINANCING CORPORATION PIDC 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 TIFFANY CANADY SR. VICE PRESIDENT 2154968020 2023-11-08 1 TIFFANY CANADY XXX-XX-XXXX 1 RUSSLEE ARMSTRONG P00288383 2155614200 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANNE NEVINS 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 44847 0 X WWW.PIDCPHILA.COM X 1968 PA PIDC FC ADMINISTERS LOAN PROGRAMS THAT ARE FUNDED BY THE (SEE SCHEDULE O) 30 30 0 30 0 0 17947910 0 448033 29003 8539 15844 -769 0 18403713 44847 17380000 0 0 0 0 0 0 0 0 994910 840 18374910 840 28803 44007 6556052 6545769 368990 314700 6187062 6231069 X SEE SCHEDULE O 0 0 840 29003 SUPPORTING GROWING BUSINESSES: INCLUDES THE SERVICING AND ADMINISTRATION OF THE PIDA LOAN PROGRAM THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA. AT DECEMBER 31, 2022 THE PIDA LOAN PORTFOLIO TOTALED $5 MILLION. 840 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 1 0 1 1 1 0 0 0 1 0 1 1 1 0 0 0 PA X TIFFANY CANADY 2154968020 1500 MARKET STREET-SUITE 3500 WEST PHILADELPHIA PA 19102 SALVATORE J PATTI CHAIR 0.04 1.28 X X 0 0 0 ANDREA R ALLON VICE CHAIR 0.04 1.28 X X 0 0 0 KEVIN R BOYLE SECRETARY 0.04 0.68 X X 0 0 0 TUMAR ALEXANDER DIRECTOR 0.04 0.68 X 0 0 0 CRAIG R CARNAROLI DIRECTOR 0.04 0.68 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.01 0.13 X 0 0 0 HONORABLE DARRELL L CLARKE DIRECTOR 0.04 0.68 X 0 0 0 DIANA P CORTES ESQ DIRECTOR 0.04 0.68 X 0 0 0 FRED COSENZA DIRECTOR 0.01 0.13 X 0 0 0 ROB DUBOW DIRECTOR 0.04 0.68 X 0 0 0 ANNE FADULLON DIRECTOR 0.04 0.68 X 0 0 0 REGINALD C FULLER III DIRECTOR 0.01 0.13 X 0 0 0 JAY GOLDSTEIN DIRECTOR 0.04 1.28 X 0 0 0 LEE HUANG DIRECTOR 0.01 0.13 X 0 0 0 HONORABLE KENYATTA JOHNSON DIRECTOR 0.04 0.68 X 0 0 0 HONORABLE CURTIS JONES JR DIRECTOR 0.04 0.68 X 0 0 0 LEROY E JONES DIRECTOR 0.01 0.13 X 0 0 0 BRIAN T KEECH DIRECTOR 0.01 0.13 X 0 0 0 HONORABLE JAMES F KENNEY DIRECTOR 0.04 0.68 X 0 0 0 JUAN LOPEZ DIRECTOR (AS OF 02/2022) 0.02 1.70 X 0 0 0 JENNIFER L MAHER ESQ DIRECTOR 0.01 0.13 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.04 0.68 X 0 0 0 ELIZABETH A MURPHY DIRECTOR 0.01 0.13 X 0 0 0 ANNE K NADOL DIRECTOR 0.01 0.13 X 0 0 0 MICHAEL K PEARSON DIRECTOR 0.01 0.13 X 0 0 0 BRET PERKINS DIRECTOR 0.04 0.68 X 0 0 0 ANGELO R PERRYMAN DIRECTOR 0.01 0.13 X 0 0 0 WILLIAM R SAUTTER DIRECTOR 0.01 0.13 X 0 0 0 EVELYN F SMALLS DIRECTOR 0.01 1.58 X 0 0 0 ROBERT C WONDERLING DIRECTOR 0.04 0.68 X 0 0 0 ANNE NEVINS PRESIDENT 0.50 37.00 X 0 385608 19111 SAM RHOADS SVP- EXECUTIVE VICE PRESIDENT 0.50 37.00 X 0 276695 59120 THOMAS QUEENAN TREASURER/SVP-COO (THRU 06/2022) 0.50 37.00 X 0 272185 57562 TIFFANY CANADY ASST SECRETARY, SVP-CFO 1.00 36.50 X 0 220660 57507 THOMAS DALFO SVP- REAL ESTATE SERVICES 1.50 36.00 X 0 220660 57808 ILENE BURAK SVP- LEGAL COUNSEL 1.50 36.00 X 0 253286 59033 CASSIE GARDNER ASSISTANT SECRETARY 0.50 37.00 X 0 95416 42380 0 1724510 352521 0 0 1 0 0 ECONOMIC DEVELOPMENT 900099 29003 29003 29003 13026 13026 2818 0 2818 2818 2818 44847 29003 0 15844 DIRECT CONTRACT EXPENSE 840 840 840 840 0 0 5429999 5405913 1779 2409 2282 2283 1121992 1135164 6556052 6545769 82 8973 25000 25000 343990 280645 368990 314700 X 6187062 6231069 6187062 6231069 6556052 6545769 44007 0 X 0 1 X 1 0 0 1 X 0 DUE FROM AFFILIATE ENTITIES 1135164 1135164 DUE TO OTHER AGENCIES 278713 DUE TO RELATED PARTIES 1932 280645 X 44847 0 44847 0 44847 840 0 840 0 840 PART IV, LINE 2B: THE BALANCE WITHIN THE FINANCIAL STATEMENT LINE ITEM, ESCROW FUNDS PAYABLE, REPRESENTS A DEPOSIT ON A LOAN. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION (PIDC) AND ITS AFFILIATES, WHICH INCLUDES PIDC FC, PRESENT COMBINED FINANCIAL STATEMENTS. PIDC FC 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% CHANCE OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE RELEVANT TAXING AUTHORITY. PIDC FC DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS; AS SUCH, NO PROVISION IS RECORDED IN THE COMBINED STATEMENTS OF ACTIVITIES. PIDC FC 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 2019 REMAIN OPEN. 0 0 0 0 0 0 0 0 0 ANNE NEVINS PRESIDENT 0 322250 0 50000 0 13358 0 10648 0 8463 0 404719 0 0 SAM RHOADS SVP- EXECUTIVE VICE PRESIDENT 0 251695 0 25000 0 0 0 7782 0 51338 0 335815 0 0 THOMAS QUEENAN TREASURER/SVP-COO (THRU 06/2022) 0 247185 0 25000 0 0 0 5682 0 51880 0 329747 0 0 ILENE BURAK SVP- LEGAL COUNSEL 0 229636 0 17100 0 6550 0 6725 0 52308 0 312319 0 0 THOMAS DALFO SVP- REAL ESTATE SERVICES 0 204460 0 16200 0 0 0 6371 0 51437 0 278468 0 0 TIFFANY CANADY ASST SECRETARY, SVP-CFO 0 204460 0 16200 0 0 0 6205 0 51302 0 278167 0 0 PART I, LINE 3: PIDC FC DOES NOT HAVE ANY PAID EMPLOYEES; ALL COMPENSATION TO OFFICERS REPORTED ON PART VII OF THE FORM 990 WAS PAID BY A RELATED ORGANIZATION, PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION (PIDC). THE RELATED ORGANIZATION UNDERTAKES A THOROUGH PROCESS TO ENSURE THAT THE EXECUTIVE COMPENSATION THAT IT PAYS TO ITS TOP MANAGEMENT OFFICIALS IS REASONABLE GIVEN THE MARKET IN WHICH IT OPERATES. THE RELATED ORGANIZATION CHECKS THE FOLLOWING BOXES ON ITS FORM 990: QUESTION 3- COMPENSATION COMMITTEE, APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE. SCHEDULE J, PART II, COLUMN C: 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 SERVICE 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 (C). THE VALUES THAT ARE DISCLOSED IN PART II (C) INCLUDE EMPLOYER 401K CONTRIBUTIONS. FORM 990, PART I, LINE 1 COMMONWEALTH OF PENNSYLVANIA, INCLUDING THE PIDA LOAN PROGRAM. THESE PROGRAMS PROVIDE FINANCING TO BUSINESSES FOR THE ACQUISITION OF REAL ESTATE, LEASEHOLD IMPROVEMENTS AND CAPITAL EQUIPMENT. FORM 990, PART III, LINE 1 PIDC FINANCING CORPORATION (PIDC FC) ADMINISTERS LOAN PROGRAMS THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA, INCLUDING THE PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA) LOAN PROGRAM. FORM 990, PART III, LINE 4A, DESCRIPTION OF PROGRAM SERVICE: PIDC FC ADMINISTERS LOAN PROGRAMS THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA, INCLUDING THE PIDA LOAN PROGRAM. THESE PROGRAMS PROVIDE FINANCING TO BUSINESSES FOR THE ACQUISITION OF REAL ESTATE, LEASEHOLD IMPROVEMENTS AND CAPITAL EQUIPMENT. PIDC RELEASED THE 2023-2026 STRATEGIC FRAMEWORK AS A ROADMAP TO ACHIEVE ITS MISSION AND STRIVE TOWARD A MORE INCLUSIVE, EQUITABLE, AND SUSTAINABLE PHILADELPHIA WHERE ALL RESIDENTS BENEFIT FROM ECONOMIC DEVELOPMENT AND A GROWING GLOBAL ECONOMY. IT IS DESIGNED TO HELP PIDC MAKE RESOURCE ALLOCATION AND STRATEGIC PARTNERSHIP DECISIONS THAT ALIGN WITH THE ORGANIZATION'S VISION, MISSION, THEORY OF CHANGE AND TO ALIGN PIDC'S STAKEHOLDERS AROUND A COMMON VISION AND GOAL. THE FRAMEWORK IS GROUNDED IN THREE INTEGRAL AND INTERSECTING LENSES IMPERATIVE TO INFORMING PIDC'S APPROACH TO ACHIEVING AND DELIVERING ON ITS MISSION. LENSES ARE PRINCIPLES THAT INFORM THE WORLD VIEW OR PERSPECTIVE OF PIDC AND PROVIDE FOCUS AND DIRECTION FOR PIDC'S SCOPE AND APPROACH TO ACHIEVING ITS MISSION. THESE THREE LENSES ARE DEFINED BELOW: 1) RACIAL EQUITY: PROGRESSING TOWARD A FAIR AND JUST SOCIETY IN WHICH ALL PEOPLE CAN PARTICIPATE, PROSPER, AND REACH THEIR FULL POTENTIAL AND A WORLD WHERE RACIAL DISPARITIES DO NOT EXIST. 2) FUTURE OF WORK: ADAPTING TO THE MANY FORCES OF CHANGE AFFECTING WORK, THE WORKFORCE, AND THE WORKPLACE. 3) SUSTAINABILITY & RESILIENCE: ADVANCING DEVELOPMENT AND GROWTH IN BALANCE WITH THE ENVIRONMENT TO SUPPORT PRESENT AND FUTURE GENERATIONS. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS THE MEMBERS OF PIDC FC 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) 8 CITY DIRECTORS CONSISTING OF THE EIGHT OFFICERS OF THE CITY OF PHILADELPHIA; THE MAYOR OF THE CITY OF PHILADELPHIA, THE DIRECTOR OF COMMERCE, TWO MEMBERS OF THE CITY COUNCIL WHO ARE DESIGNATED BY THE PRESIDENT OF CITY COUNCIL, THE DIRECTOR OF PLANNING & DEVELOPMENT, THE CITY SOLICITOR, THE MANAGING DIRECTOR, AND THE DIRECTOR OF FINANCE. 2) 9 CHAMBER OF COMMERCE DIRECTORS NOMINATED BY THE PRESIDENT OF THE GREATER PHILADELPHIA CHAMBER OF COMMERCE. 3) 13 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. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO APPROVAL THE BOARD OF DIRECTORS (COMPRISED OF THE 30 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 17 DIRECTORS INCLUDING THE EIGHT (8) CITY DIRECTORS AND NINE (9) 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, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS PIDC'S ACCOUNTING & FINANCE TEAM ASSEMBLES THE INFORMATION FOR THE FORM 990. THE FORM 990 IS REVIEWED INTERNALLY AND IS PREPARED AND REVIEWED 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. FORM 990, PART VI, SECTION B, 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. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION AS STATED ABOVE, PIDC FC HAS NO EMPLOYEES. 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. FORM 990, PART VI, SECTION C, LINE 19 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC PIDC-FINANCING CORPORATION FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC. PHILADELPHIA INDUSTRIAL DEVELOPMENT CORP 1500 MARKET STREET PHILADELPHIA PA 19102 236050858 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 PIDC-DEVELOPMENT MANAGEMENT CORPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 232176818 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 PIDC-LOCAL DEVELOPMENT CORPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 300598934 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 PIDC-PENN VENTURE FUND 1500 MARKET STREET PHILADELPHIA PA 19102 271585341 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 STARTUPPHL SEED FUND I LP 2400 MARKET STREET SUITE 237 PHILADELPHIA PA 19103 800942017 INVESTMENTS DE N/A EXCLUDED 0 0 0.00830 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0