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 300598934 PIDC-LOCAL DEVELOPMENT CORPORATION PIDC 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 TIFFANY CANADY SR. VICE PRESIDENT 2154968136 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 11504902 0 X WWW.PIDCPHILA.COM X 1977 PA PIDC LOCAL DEVELOPMENT CORPORATION ADMINISTERS VARIOUS FEDERALLY FUNDED GRANT PROGRAMS. 30 30 0 30 0 0 883618 5294137 4914914 5071344 783726 1139421 -85739 0 6496519 11504902 656234 1585007 0 0 0 0 0 0 0 3561948 900817 4218182 2485824 2278337 9019078 228917209 223227512 145629053 130920279 83288156 92307233 X PIDC LOCAL DEVELOPMENT CORPORATION (PIDC-LDC) ADMINISTERS, AS A SUBRECIPIENT OF THE CITY OF PHILADELPHIA, VARIOUS FEDERALLY FUNDED GRANT PROGRAMS. THESE PROGRAMS ASSIST IN THE ECONOMIC DEVELOPMENT INITIATIVES OF THE CITY OF PHILADELPHIA. 0 0 846174 685007 1457568 SUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS: PIDC-LDC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSES - THE BACKBONE OF OUR ECONOMY - BECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. PIDC-LDC ALSO SUPPORTS DEVELOPERS IN FINANCING COMMUNITY-ORIENTED PROJECTS. THROUGH A VARIETY OF FUNDING RESOURCES, EDUCATIONAL PROGRAMS, AND ONE-ON-ONE TECHNICAL SUPPORT, PIDC-LDC FILLS CRITICAL GAPS FOR BUSINESS OWNERS AND NONPROFIT LEADERS WHO LACK ACCESS TO TRADITIONAL CAPITAL. IN ADDITION, PIDC-LDC SUPPORTS DEVELOPERS PRODUCING TRANSFORMATIVE PROJECTS THAT HAVE A POSITIVE, LASTING IMPACT ACROSS THE CITY - PROVIDING JOBS, SERVICES, AND AMENITIES.SEE SCHEDULE OIN 2022, PIDC ORIGINATED $35.3 MILLION IN NEW LOANS TO 76 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $20.1 MILLION WAS INVESTED IN MINORITY BUSINESSES. $7.9 MILLION WAS INVESTED IN WOMEN-OWNED BUSINESSES. 62% OF ALL PIDC CORE LENDING WENT TO DIVERSE/MINORITY BUSINESS ENTERPRISES. PIDC- LDC PROVIDES FINANCING SOLUTIONS FOR SMALL BUSINESSES AND NONPROFITS SEEKING TO PURCHASE NEW OR REAL ESTATE TO BUILD WEALTH, LIMIT DISPLACEMENT, AND SUPPORT LONG-TERM GROWTH IN PHILADELPHIA. DURING 2022, PIDC-LDC PROVIDED A COMMERCIAL MORTGAGE LOAN OF $750,000 TO PENN SCALE MANUFACTURING COMPANY, A NEARLY 100-YEAR-OLD FAMILY-OWNED MANUFACTURER OF COMMERCIAL FOOD AND KITCHEN SCALES IN FRANKFORD, WHICH WAS USED TO RELOCATE THE COMPANIES' HEADQUARTERS TO A NEARBY BUILDING, RETAINING 16 JOBS. IN ADDITION, PENN SCALE MANUFACTURING COMPANY USED THE FUNDS FOR NECESSARY IMPROVEMENTS TO THE FACILITY, INCLUDING THE ADDITION OF A 2,000 SF OFFICE, WHICH ALSO COMPLEMENTED THREE OTHER BUSINESSES ON-SITE. PIDC- LDC ALSO PROVIDED SPECTRUM HEALTH SERVICES, A BLACK-LED FEDERALLY QUALIFIED HEALTH CENTER (FQHC) THAT PROVIDES AFFORDABLE, HIGH QUALITY MEDICAL AND MENTAL HEALTH SERVICES AND SUPPORT TO LOW-INCOME PEOPLE IN PHILADELPHIA WITH A COMMERCIAL MORTGAGE LOAN OF $750,000 TO PURCHASE THE BUILDING THEY OCCUPIED. 1434368 900000 3557498 INVESTING IN HIGH IMPACT REVITALIZATION: PIDC-LDC PLAYS A CRITICAL ROLE AS A TRUSTED CONDUIT TO INCREASE ACCESS, REDUCE COMPLEXITY, AND SUCCESSFULLY DELIVER ECONOMIC DEVELOPMENT RESOURCES FROM OUR PARTNERS TO A BROAD RANGE OF CLIENTS TO SUPPORT HIGH IMPACT COMMUNITY REVITALIZATION PROJECTS IN PHILADELPHIA. PIDC-LDC STRUCTURES AND DEPLOYS PUBLIC AND PRIVATE CAPITAL FOR CLIENTS AND PROJECTS BY ADMINISTERING GRANT PROGRAMS ON BEHALF OF THE CITY AND COMMONWEALTH AND ISSUING TAX-EXEMPT BONDS TO HELP NONPROFITS RAISE PRIVATE CAPITAL FOR MAJOR PROJECTS. SEE SCHEDULE OIN 2022, PIDC ADMINISTERED 54 GRANTS TOTALING $55 MILLION FOR PROJECTS ON BEHALF OF THE COMMONWEALTH OF PENNSYLVANIA, SEE SCHEDULE OCITY OF PHILADELPHIA, AND THE PHILADELPHIA WATER DEPARTMENT. DURING 2022, PIDC-LDC CONTINUED ITS ADMINISTRATION OF THE PHILADELPHIA WATER DEPARTMENT GREEN INFRASTRUCTURE GRANT, WHICH PROVIDES FUNDS FOR THE DESIGN AND CONSTRUCTION OF STORMWATER RETROFIT PROJECTS ON COMMERCIAL, INDUSTRIAL, MULTIFAMILY, AND INSTITUTIONAL PROPERTIES. IN 2022, PIDC-LDC STRUCTURED THE SECOND LARGEST SHARED STORMWATER MANAGEMENT PROJECT IN PHILADELPHIA FOR THE PARKING LOTS NEAR HYPERLINK "HTTPS://WWW.MLB.COM/PHILLIES/BALLPARK"CITIZENS BANK PARK, WHICH COMES ONE YEAR AFTER ALSO STRUCTURING AN EVEN LARGER STORMWATER PROJECT IN 2021 ON THE SITE OF A VACANT WAREHOUSE NEAR CITIZENS BANK PARK. 0 56278 CONTRACT MANAGEMENT: MANAGE VARIOUS LOANS AND GRANT PROGRAMS ON BEHALF OF THE CITY OF PHILADELPHIA, COMMONWEALTH OF PENNSYLVANIA AND FEDERAL AGENCIES THAT SERVE TO RETAIN AND GROW EMPLOYMENT IN PHILADELPHIA. 2280542 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 22 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 2154968136 1500 MARKET STREET SUITE 3500 WEST PHILADELPHIA PA 19102 ANNE NEVINS PRESIDENT 4.00 33.50 X 0 385608 19111 SAM RHOADS SVP- EXECUTIVE VP 4.00 33.50 X 0 276695 59120 THOMAS QUEENAN TREASURER/SVP-COO (THRU 6/22) 4.00 33.50 X 0 272185 57562 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 KATHLEEN MCNAMARA SVP- NAVY YARD 4.00 33.50 X 0 228670 14804 MARLA HAMILTON SVP- CLIENT ENGAGEMENT 4.00 33.50 X 0 215013 57423 TIFFANY CANADY ASST SECRETARY, SVP-CFO 7.00 30.50 X 0 220660 57507 SHAYNE MOORE SVP- INFORMATION TECHNOLOGY 4.00 33.50 X 0 199573 5304 CHRISTOPHER CHAPLIN VICE PRESIDENT, PORTFOLIO MANAGEMENT 4.00 33.50 X 0 187510 45120 NICOLE HENNESSY VICE PRESIDENT. CONTROLLER 4.00 33.50 X 0 184274 43861 JENNIFER LUCAS CROWTHERS SVP- CAPITALIZATION & IMPACT 7.00 30.50 X 0 165129 58571 ANYA DAVIS VICE PRESIDENT AND ASSIST GENERAL COUNSEL 4.00 33.50 X 0 163949 56005 ANGIE FREDRICKSON VP-REAL ESTATE SERVICES 4.00 33.50 X 0 151975 5678 MONICA TRUDEAU SENIOR PROJECT MANAGER 4.00 33.50 X 0 140285 21275 CASSIE GARDNER EXE. ASSI. TO THE PRESIDENT 3.00 34.50 X 0 95416 42380 SALVATORE J PATTI CHAIR 0.30 1.02 X X 0 0 0 ANDREA R ALLON VICE CHAIR 0.30 1.02 X X 0 0 0 KEVIN R BOYLE SECRETARY 0.30 0.42 X X 0 0 0 TUMAR ALEXANDER DIRECTOR 0.30 0.42 X 0 0 0 CRAIG R CARNAROLI DIRECTOR 0.30 0.36 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.05 0.09 X 0 0 0 HONORABLE DARRELL L CLARKE DIRECTOR 0.30 0.42 X 0 0 0 DIANA P CORTES ESQ DIRECTOR 0.30 0.42 X 0 0 0 FRED COSENZA DIRECTOR 0.05 0.09 X 0 0 0 ROB DUBOW DIRECTOR 0.30 0.42 X 0 0 0 ANNE FADULLON DIRECTOR 0.30 0.42 X 0 0 0 REGINALD C FULLER III DIRECTOR 0.05 0.09 X 0 0 0 JAY GOLDSTEIN DIRECTOR 0.30 1.02 X 0 0 0 LEE HUANG DIRECTOR 0.05 0.09 X 0 0 0 HONORABLE KENYATTA JOHNSON DIRECTOR 0.30 0.42 X 0 0 0 HONORABLE CURTIS JONES JR DIRECTOR 0.30 0.42 X 0 0 0 LEROY E JONES DIRECTOR 0.05 0.09 X 0 0 0 BRIAN T KEECH DIRECTOR 0.05 0.09 X 0 0 0 HONORABLE JAMES F KENNEY DIRECTOR 0.30 0.42 X 0 0 0 JUAN LOPEZ DIRECTOR 0.30 0.42 X 0 0 0 JENNIFER L MAHER ESQ DIRECTOR 0.05 0.09 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.30 0.42 X 0 0 0 ELIZABETH A MURPHY DIRECTOR 0.05 0.09 X 0 0 0 ANNE K NADOL DIRECTOR 0.05 0.09 X 0 0 0 MICHAEL K PEARSON DIRECTOR 0.05 0.09 X 0 0 0 BRET PERKINS DIRECTOR 0.30 0.42 X 0 0 0 ANGELO R PERRYMAN DIRECTOR 0.05 0.09 X 0 0 0 WILLIAM R SAUTTER DIRECTOR 0.05 0.09 X 0 0 0 EVELYN F SMALLS DIRECTOR 0.05 1.54 X 0 0 0 ROBERT C WONDERLING DIRECTOR 0.30 0.42 X 0 0 0 0 3360888 660562 0 0 1 0 0 5294137 5294137 INVSTMT-REVITALIZATION 900099 3557498 3557498 ECONOMIC DEVELOPMENT 900099 1457568 1457568 CONTRACT MANAGEMENT 900099 56278 56278 5071344 782595 782595 356826 0 356826 356826 356826 11504902 5071344 0 1139421 1585007 1585007 950000 950000 2433321 2433321 27255 27255 DIRECT CONTRACT EXPENSE 378507 378507 BANK FEES 205282 205282 RECOVERY ON LOAN LOSS -3093548 -3093548 2485824 2280542 205282 0 61231448 55010089 44358063 40311989 1410293 1976807 99596993 104627493 1229677 1237784 21090735 20063350 228917209 223227512 1386242 1488309 10025376 7595930 68303036 57152411 65914399 64683629 145629053 130920279 X 83288156 92307233 83288156 92307233 228917209 223227512 9019078 0 X 0 1 X 1 1 1 0 DUE FROM RELATED PARTIES 19518313 DEFERRED LOAN FEES 199551 ACCRUED INTEREST RECEIVABLE 345486 20063350 DUE TO AFFILIATED ENTITIES 1955525 DUE TO OTHER AGENCIES 62313617 DUE TO RELATED PARTIES 414487 64683629 X 11504902 0 11504902 0 11504902 2485825 0 2485825 0 2485825 PART X, LINE 2: PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION (PIDC) AND ITS AFFILIATES, WHICH INCLUDES PIDC-LDC, PRESENT COMBINED FINANCIAL STATEMENTS. PIDC-LDC 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-LDC 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-LDC 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. 1 AXALTA COATING SYSTEMS 2001 MARKET ST PHILADELPHIA PA 19103 611682102 750000 0 ECONOMIC DEVELOPMENT FRANK RECRUITMENT GROUP 1801 MARKET ST PHILADELPHIA PA 19103 800558330 150000 0 ECONOMIC DEVELOPMENT URBAN AFFAIRS COALITION 1650 ARCH ST STE 270 PHILADLEPHIA PA 19103 237046393 100000 0 ECONOMIC DEVELOPMENT ASTAN HAIR BRAIDING 5440 MARKET ST PHILADELPHIA PA 19139 180803935 50000 0 ECONOMIC DEVELOPMENT HARRISON CONSULTANTS PO BOX 26865 PHILADELPHIA PA 19134 233062981 50000 0 ECONOMIC DEVELOPMENT SUNSHINE MEAT MARKET 5601 TULIP ST PHILADELPHIA PA 19124 472753207 50000 0 ECONOMIC DEVELOPMENT URBAN EXCHANGE PROJECT INC 2521 ORTHODOX ST PHILADELPHIA PA 19137 462209739 50000 0 ECONOMIC DEVELOPMENT VISION OPTICS 224 W JAMES ST BENSNVILLE IL 60106 811148564 50000 0 ECONOMIC DEVELOPMENT ZELDAS RESTAURANT AND BAR 203 ESPLANADE CAPITOLA CA 95010 455266782 50000 0 ECONOMIC DEVELOPMENT ECONOMY LEAGUE OF GTR 1700 MARKET ST STE 3130 PHILADELPHIA PA 19103 231352264 50000 0 ECONOMIC DEVELOPMENT TINY WPA 1046 S DORRANCE ST PHILADELPHIA PA 19146 472560183 49993 0 ECONOMIC DEVELOPMENT CERULEAN ARTS 1355 RIDGE AVE PHILADELPHIA PA 19123 760724533 49550 0 ECONOMIC DEVELOPMENT RHYTHM AND BRUNCH 6517 ELMWOOD ST PHILADELPHIA PA 19142 811550864 46186 0 ECONOMIC DEVELOPMENT MAGALY SPA LLC 6406 CASTOR AVE PHILADELPHIA PA 19149 272882185 45000 0 ECONOMIC DEVELOPMENT GREENSGROW PHILA PROJECT INC 2503 E FIRTH ST PHILADELPHIA PA 19125 232989249 37353 0 ECONOMIC DEVELOPMENT UPTOWN HAIR STUDIO 1519 E WADSWORTH AVE PHILADELPHIA PA 19150 861881519 5125 0 ECONOMIC DEVELOPMENT 0 16 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANTS IN THE UNITED STATES PIDC-LDC 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. 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 VP 0 251695 0 25000 0 0 0 7782 0 51338 0 335815 0 0 THOMAS QUEENAN TREASURER/SVP-COO (THRU 6/22) 0 247185 0 25000 0 0 0 5682 0 51880 0 329747 0 0 THOMAS DALFO SVP- REAL ESTATE SERVICES 0 204460 0 16200 0 0 0 6371 0 51437 0 278468 0 0 ILENE BURAK SVP- LEGAL COUNSEL 0 229636 0 17100 0 6550 0 6725 0 52308 0 312319 0 0 KATHLEEN MCNAMARA SVP- NAVY YARD 0 212470 0 16200 0 0 0 6371 0 8433 0 243474 0 0 MARLA HAMILTON SVP- CLIENT ENGAGEMENT 0 207138 0 7875 0 0 0 5958 0 51465 0 272436 0 0 TIFFANY CANADY ASST SECRETARY, SVP-CFO 0 204460 0 16200 0 0 0 6205 0 51302 0 278167 0 0 SHAYNE MOORE SVP- INFORMATION TECHNOLOGY 0 188373 0 11200 0 0 0 5151 0 153 0 204877 0 0 CHRISTOPHER CHAPLIN VICE PRESIDENT, PORTFOLIO MANAGEMENT 0 176310 0 11200 0 0 0 4913 0 40207 0 232630 0 0 NICOLE HENNESSY VICE PRESIDENT. CONTROLLER 0 172674 0 11600 0 0 0 3708 0 40153 0 228135 0 0 JENNIFER LUCAS CROWTHERS SVP- CAPITALIZATION & IMPACT 0 160179 0 4950 0 0 0 7491 0 51080 0 223700 0 0 ANYA DAVIS VICE PRESIDENT AND ASSIST GENERAL CO 0 153549 0 10400 0 0 0 4757 0 51248 0 219954 0 0 ANGIE FREDRICKSON VP-REAL ESTATE SERVICES 0 146125 0 5850 0 0 0 4709 0 969 0 157653 0 0 MONICA TRUDEAU SENIOR PROJECT MANAGER 0 134885 0 5400 0 0 0 3978 0 17297 0 161560 0 0 PART I, LINE 3 PIDC-LDC DOES NOT HAVE ANY PAID EMPLOYEES; ALL OF THE COMPENSATION TO OFFICERS REPORT 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. 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 PIDC LOCAL DEVELOPMENT CORPORATION (PIDC-LDC) ADMINISTERS, AS A SUBRECIPIENT OF THE CITY OF PHILADELPHIA, VARIOUS FEDERALLY FUNDED GRANT PROGRAMS. THESE PROGRAMS ASSIST IN THE ECONOMIC DEVELOPMENT INITIATIVES OF THE CITY OF PHILADELPHIA. 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-LDC 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 IS 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-LDC HAS NO EMPLOYEES. 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. AS STATED ABOVE, PIDC-LDC 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-LOCAL DEVELOPMENT CORPORATION FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC. PIDC LDC SB LLC 1500 MARKET STREET PHILADELPHIA PA 19102 273124182 ECONOMIC DEVELOPMENT PA 0 0 PIDC-LDC PIDC LDC SB GP LLC 1500 MARKET STREET PHILADELPHIA PA 19102 274386207 ECONOMIC DEVELOPMENT PA 0 0 PIDC-LDC PHILADELPHIA INDUSTRIAL DEVELOPMENT CORP 1500 MARKET STREET PHILADELPHIA PA 19102 236050858 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 PIDC - DEVELOPMENT MANAGEMENT CORP 1500 MARKET STREET PHILADELPHIA PA 19102 232176818 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 PIDC - FINANCING CORPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 364665239 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 PIDC-LDC RELATED 0 0 0.80490 DREAMIT FUND II LP 1617 JFK BLVD FLOOR 20 PHILADELPHIA PA 19103 383878615 INVESTMENTS TX N/A N/A 0 0 0.03490 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION P 950000 CASH