2024-11-15T18:30:18-06:00 2023-12-31 991856619 GRANT THORNTON ADVISORS LLC 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2023-01-01 232889102 PIDC-COMMUNITY CAPITAL PIDC 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 AMY C LEICHNER EVP AND CFO 2154968020 2024-11-15 1 0 RUSSLEE ARMSTRONG P00288383 2155614200 2023 2024-10-15 13:58:12Z JODIE HARRIS 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 7672949 0 X WWW.PIDCPHILA.COM X 1957 PA PIDC-COMMUNITY CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION. 4 4 0 4 0 0 6774371 3207304 4538110 2640560 185269 1825085 0 0 11497750 7672949 52108 267544 0 0 0 0 0 0 0 1684195 1512313 1736303 1779857 9761447 5893092 73782065 70260615 40411625 30997083 33370440 39263532 X SEE SCHEDULE O. 0 0 3364733 0 2189472 SEE SCHEDULE ONEW MARKETS TAX CREDIT (NMTC) PROGRAM: PIDC CC SUPPORTS HIGH IMPACT, TRANSFORMATIONAL PROJECTS THROUGH THE NMTC PROGRAM. THE NMTC PROGRAM IS A FEDERAL TAX CREDIT PROGRAM DESIGNED TO GENERATE PRIVATE-SECTOR CAPITAL INVESTMENT IN LOW-INCOME AREAS. THE PROGRAM PERMITS INDIVIDUAL AND CORPORATE TAXPAYERS TO RECEIVE CREDIT AGAINST THEIR FEDERAL INCOME TAXES FOR MAKING QUALIFIED EQUITY INVESTMENTS IN PROJECTS THAT FINANCE COMMUNITY DEVELOPMENT, STIMULATE GROWTH, AND CREATE JOBS. PIDC ALLOCATED $25.7M OF NEW MARKET TAX CREDITS TO SIX HIGH-IMPACT PROJECTS IN PHILADELPHIA. THE NMTC PROGRAM IS A US TREASURY PROGRAM WHICH UTILIZES FEDERAL TAX CREDITS TO ATTRACT PRIVATE INVESTMENT IN LOW-INCOME COMMUNITIES. THESE PROJECTS CREATE QUALITY JOBS, PROVIDE ESSENTIAL GOODS AND SERVICES, AND STIMULATE ADDITIONAL INVESTMENT IN OUR NEIGHBORHOODS. PIDC HAS WON OVER $418 MILLION IN NMTC ALLOCATION BETWEEN 2007 AND 2023 AND DEPLOYED $373 MILLION IN TAX CREDIT ALLOCATION SINCE 2007.WEAVERS WAY CO-OP - WEAVERS WAY CO-OP, A NATURAL FOOD STORE, EXPANDED INTO THE GERMANTOWN NEIGHBORHOOD, WITH THE GOAL OF PROVIDING FRESH FOOD AND IMPROVING ACCESS TO HEALTHY AND LOCAL FOODS IN A HIGH POVERTY AREA. THIS NATURAL FOOD STORE WILL HELP REVITALIZE THE CHELTEN AVENUE COMMERCIAL CORRIDOR AND PROVIDE JOBS FOR LOCAL RESIDENTS.THE PROJECT RECEIVED $4 MILLION IN NMTC ALLOCATION FROM PIDC CC TO SUPPORT THE FULL $8.95 MILLION PROJECT. 553158 267544 451088 SEE SCHEDULE OSUPPORTING GROWING BUSINESSES: PIDC CC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSES THE BACKBONE OF OUR ECONOMY BECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. THROUGH A VARIETY OF FUNDING RESOURCES, EDUCATIONAL PROGRAMS, AND ONE-ON-ONE TECHNICAL SUPPORT, PIDC FILLS CRITICAL GAPS FOR BUSINESS OWNERS AND NONPROFIT LEADERS WHO LACK ACCESS TO TRADITIONAL CAPITAL. IN ADDITION, WE SUPPORT DEVELOPERS PRODUCING TRANSFORMATIVE PROJECTS THAT HAVE A POSITIVE, LASTING IMPACT ACROSS THE CITYPROVIDING JOBS, SERVICES, AND AMENITIES. PIDC CC'S LOAN PORTFOLIO COMPRISES THE FOLLOWING LOAN PRODUCTS: (1) WORKING CAPITAL AND EQUIPMENT LOANS: DESIGNED TO SUPPORT SMALL AND MIDSIZE BUSINESSES AND NONPROFITS THAT NEED TERM FINANCING FOR WORKING CAPITAL, EQUIPMENT, OR LEASEHOLD IMPROVEMENTS. (2) CAPITAL PROJECT LOANS: SUPPORT BUSINESSES AND NONPROFITS UNDERTAKING CAPITAL PROJECTS SUCH AS BUILDING ACQUISITION, RENOVATION, LEASEHOLD IMPROVEMENTS, OR EQUIPMENT THAT NEED ADDITIONAL FINANCING TO COMPLETE THE PROJECT. (3) CONTRACT LINES OF CREDIT: SUPPORT SMALL, MINORITY, WOMEN AND DISABLED OWNED BUSINESSES THAT NEED LINES OF CREDIT TO FUND CONTRACT RELATED WORKING CAPITAL. (4) NEIGHBORHOOD DEVELOPMENT LOANS: PROVIDE AFFORDABLE FINANCING TO FILL FUNDING GAPS FOR DEVELOPERS OF MIXED-USE, COMMERCIAL, AND INDUSTRIAL PROJECTS LOCATED THROUGHOUT PHILADELPHIA'S NEIGHBORHOODS. THIS PRODUCT TARGETS SMALL-SCALE DEVELOPERS THAT ARE COMPLETING DEVELOPMENT PROJECTS, WHICH GENERALLY HAVE PROJECT COSTS UNDER $5 MILLION. (5) COMMERCIAL MORTGAGE LOANS: PROVIDES SUPPORT TO SMALL BUSINESSES AND NONPROFITS THAT NEED FINANCING TO PURCHASE BUILDINGS THAT THEY EITHER CURRENTLY OCCUPY OR INTEND TO RELOCATE. THE COMMERCIAL MORTGAGE LOAN PRODUCT IS TARGETED TO SMALL BUSINESSES OWNED BY MINORITIES, WOMEN, IMMIGRANTS, VETERANS, OR OTHER DISADVANTAGED POPULATIONS, AS WELL AS NONPROFITS AND BUSINESSES LOCATED IN LOW-INCOME COMMUNITIES. IN 2023, PIDC ORIGINATED $57.5 MILLION IN NEW LOANS TO 69 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $35.6 MILLION WAS INVESTED IN MINORITY BUSINESSES. $11.5 MILLION WAS INVESTED IN WOMEN-OWNED BUSINESSES. 62% OF ALL PIDC CORE LENDING WENT TO DIVERSE/MINORITY BUSINESS ENTERPRISES. CC PROVIDES FINANCING SOLUTION FOR SMALL BUSINESSES AND NONPROFITS SEEKING TO PURCHASE NEW OR EXISTING REAL ESTATE TO BUILD WEALTH, LIMIT DISPLACEMENT, AND SUPPORT LONG-TERM GROWTH IN PHILADELPHIA. ANGELA WOLF VIDEO - A CERTIFIED WOMEN-OWNED BUSINESS, PURCHASED AN EXISTING , 1400 SF MIXED-USE PROPERTY LOCATION USING A COMMERCIAL MORTGAGE FINANCING FOR ANGELA WOLF QUAINTANCE, A VIDEOGRAPHY AND EDITING BUSINESS. THIS FINANCING ALLOWED FOR THE BUSINESS TO EXPAND FROM A HOME-BASED BUSINESS TO A COMMERCIAL FACILITY LOCATION, IN THE HEART OF PHILADELPHIA. CC ALSO PROVIDES AFFORDABLE WORKING CAPITAL FOR SMALL-, MINORITY-, WOMEN-, AND DISABLED-OWNED BUSINESSES SEEKING A LINE OF CREDIT TO FUND CONTRACT-RELATED WORKING CAPITAL, INCLUDING LABOR, MATERIALS, AND EQUIPMENT COSTS. IN 2023, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICES EDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, CREDIT REPAIR, AND NETWORKING EVENTS DESIGNED TO SUPPORT BUSINESS GROWTH. WHILE ALL IN-PERSON PROGRAMMING TRANSITIONED TO A VIRTUAL ENVIRONMENT BEGINNING IN MARCH 2020 DUE TO THE PANDEMIC, WE CONTINUED TO CONNECT PHILADELPHIA'S SMALL BUSINESS COMMUNITY TO TRUSTED KNOWLEDGE AND RESOURCES VIA VIRTUAL WORKSHOPS. PIDC BUSINESS BUILDER WORKSHOPS ARE YEAR-ROUND WORKSHOPS WHICH PROVIDE CRITICAL BUSINESS EDUCATION TO ENTREPRENEURS AND ORGANIZATIONS FROM EVERY INDUSTRY. PIDC HOSTED 47 WORKSHOPS WITH MORE THAN 700 HOURS DEDICATED TO COACHING AND CONSULTING SUPPORT FOR PIDC CLIENTS. TOPICS INCLUDED BUYING AND FINANCING COMMERCIAL REAL ESTATE, FEDERAL GOVERNMENT CONTRACTING, TAX SEASON PREPARATION, THE HIDDEN ISSUES OF USING REAL ESTATE AS BUSINESS LOAN COLLATERAL, AND BUSINESS EDUCATION AND MENTORING PROGRAMS. OF THE HOSTED WORKSHOPS, ELEVEN (11) WERE HELD IN SPANISH WHEREBY PIDC CONTINUED A SERIES OF SPANISH-LANGUAGE WORKSHOPS, AS STARTED IN 2022, AS A PART OF OUR STRATEGY TO BETTER SERVE SPANISH-SPEAKING ENTREPRENEURS, ONE OF THE FASTEST GROWING BUSINESS GROUPS IN PHILADELPHIA. THE SERIES IS PART OF PIDC'S BUSINESS BUILDER WORKSHOPS. TOPICS IN THE SERIES INCLUDE BUDGETING, BUILDING CREDIT, CITY RESOURCES, BUYING AND FINANCING COMMERCIAL REAL ESTATE, LEADERSHIP, AND MORE. -2143779 PROVISION FOR LOAN LOSS/ASC 326 1774112 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 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 0 1 8 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 4 0 0 0 0 1 1 0 1 1 0 0 0 1 0 1 1 1 0 0 0 PA X AMY C LEICHNER 2154968136 1500 MARKET STREET SUITE 3500 WEST PHILADELPHIA PA 19102 SALVATORE J PATTI CHAIR 1.30 0.20 X X 0 0 0 ANDREA R ALLON VICE CHAIR 0.75 0.56 X X 0 0 0 JAY GOLDSTEIN DIRECTOR 1.30 0.20 X 0 0 0 JUAN LOPEZ DIRECTOR 1.30 0.20 X 0 0 0 ANNE NEVINS PRESIDENT (THRU 01/2023) 7.50 30.00 X 0 83676 1712 SAM RHOADS EXECUTIVE VICE PRESIDENT 7.50 30.00 X 0 279745 57124 TIFFANY CANADY SVP - CFO 17.00 20.50 X 0 237312 60854 JODIE HARRIS PRESIDENT (START 06/2023) 7.50 30.00 X 0 188040 22126 0 788773 141816 0 0 1 0 0 1726304 1481000 3207304 NW MKT TAX CR PRG FEES 900099 2189472 2189472 ECONOMIC DEVELOPMENT 900099 451088 451088 2640560 1825085 1825085 7672949 2640560 0 1825085 267544 267544 2300000 2300000 43251 43251 -41683 -41683 608753 608753 4177 4177 DIR. CONTRACT EXPENSES 741594 741594 IMPACT OF ASC 326 ADOPT -2143779 -2143779 1779857 1774112 5745 0 46265525 31233324 1417272 2811860 527945 410506 23294781 30898038 225000 225000 2051542 4681887 73782065 70260615 194957 219048 17041515 4605075 19427407 22580863 3747746 3592097 40411625 30997083 X 33370440 39263532 33370440 39263532 73782065 70260615 5893092 0 X X 0 1 X 1 1 1 X X 1 PHILA INDUSTR'L DEVLP CORP 236050858 10 1 2300000 0 1 2300000 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 PART IV SECTION A LINE 2-3 PIDC CC IS A SUPPORTING ORGANIZATION UNDER THE INTERNAL REVENUE CODE (IRC) SECTION 509(A)(3) TO PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION (EIN 23-6050858), A 501(C)(4) ORGANIZATION. PIDC'S MISSION IS TO DEVELOP AND SUPPORT THE ECONOMIC GROWTH OF THE CITY OF PHILADELPHIA, AND PROVIDES SERVICES THAT THE CITY, ITSELF, CANNOT PERFORM. PIDC MEETS THE PUBLIC SUPPORT TEST PURSUANT TO IRC 509(A)(2) AS MORE THAN 33 1/3% OF ITS INCOME IS DERIVED FROM PROGRAM SERVICES REVENUE. FURTHERMORE, PIDC MEETS THE ORGANIZATIONAL, OPERATIONAL, RELATIONSHIP, AND CONTRACT TEST REQUIREMENTS OF IRC SECTION 509(A)(3). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 ACCRUED INTEREST RECEIVABLE 116000 DUE FROM AFFILIATED ENTITIES 4565887 4681887 LOANS PAYABLE TO RELATED PARTY 2526237 DUE TO AFFILIATED ENTITIES 1001122 DUE TO RELATED PARTIES 26329 OTHER LIABILITIES 38409 3592097 X 7672949 0 7672949 0 7672949 1779857 0 1779857 0 1779857 PART X, LINE 2: FIN48 (ASC740) 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 A 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 RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2020 REMAINS OPEN. 1 SCHINA AND ASSOCIATES PO BOX 63929 PHILADELPHIA PA 19147 201589727 36000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. PEACOCK LABORATORIES I1901 S 54TH STREETATTN NALINI VENKATESWARAN PHILADELPHIA PA 19143 231268720 24000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. DAILY AND ASSOCIATES LL4459 BENSALEM BLVD BENSALEM PA 19020 812969116 21344 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. KENSINGTON COMMUNITY 2670 CORAL STREET PHILADELPHIA PA 19125 270659917 20000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. WHITE SEAL CLEANERS& LA 4904 BALTIMORE AVE PHILADELPHIA PA 19143 232064965 20000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. GREENLINE ACCESS CAPITAL 3525 STREERUNIT 111 MAKEN STUDIOS NORTH PHILADELPHIA PA 19134 872852513 19200 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. MERZBACHER'S PO BOX 44237 PHILADELPHIA PA 19144 464630469 11500 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. CASA PAPEL 804 N SECOND STREET PHILADELPHIA PA 19122 841726699 10000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. CUSTOM ARTS STUDIO LLC 438 EAST HORTTER STREET PHILADELPHIA PA 19119 825257664 10000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. DAAIYAH'S DELICIOUS 5760 WOODCREST AVE PHILADELPHIA PA 19131 834160093 10000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. EATIBLE DELIGHTS CATERI 1540 E WADSWORTH AVE PHILADELPHIA PA 19150 464965753 10000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. LUHV FOOD LLC 101 NORH YORK RD HATBORO PA 19040 472789650 10000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. RIVERWARDS PRODUCE 2200 E NORRIS ST PHILADELPHIA PA 19125 473539121 6000 0 PIDC CC IS AN AGENT FOR PROVIDING GOV'T GRANTS TO VARIOUS RECIPIENTS. 0 13 PART I, LINE 2: PROCEDURES TO MONITOR USE OF GRANT FUNDS PIDC CC HAS CONTROLS IN PLACE TO ENSURE GRANT PROCEEDS WILL BE DISTRIBUTED AND USED 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 SAM RHOADS EXECUTIVE VICE PRESIDENT 0 244745 0 35000 0 0 0 17100 0 40024 0 336869 0 0 TIFFANY CANADY SVP - CFO 0 202312 0 35000 0 0 0 14700 0 46154 0 298166 0 0 JODIE HARRIS PRESIDENT (START 06/2023) 0 188040 0 0 0 0 0 10188 0 11938 0 210166 0 0 PART I, LINE 3: PIDC CC 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. 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 III, LINE 1: PIDC COMMUNITY CAPITAL'S (PIDC CC) MISSION IS TO BUILD SUSTAINABLE NEIGHBORHOODS BY MAKING INVESTMENTS THAT CREATE JOBS, GROW SMALL BUSINESSES, LEVERAGE OUTSIDE CAPITAL, ELIMINATED BLIGHT, AND PROVIDE GOODS AND SERVICES TO LOW-INCOME COMMUNITIES THROUGHOUT PHILADELPHIA. PIDC CC ACHIEVES ITS MISSION BY DEPLOYING CAPITAL AND BUSINESS SUPPORT SERVICES TO UNDERSERVED AREAS. 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 PIDC IS THE SOLE MEMBER OF PIDC CC. FORM 990, PART VI, SECTION A, LINE 7A PIDC CC'S BOARD OF DIRECTORS IS COMPRISED OF AT LEAST THREE DIRECTORS THAT ARE APPOINTED ANNUALLY BY THE CHAIRMAN OF THE PIDC BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS PIDC'S ACCOUNTING & FINANCE TEAM ASSEMBLES 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 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. 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 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. FORM 990, PART VI, SECTION C, 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. FORM 990, PART XII, LINE 3B: FEDERAL AWARDS SUBJECT TO THE SINGLE AUDIT ACT AND OMB CIRCULAR ARE INCLUDED WITHIN THE COMBINED STATEMENTS OF PIDC. PIDC RDC NEW MARKETS GP II LLC 1500 MARKET STREET PHILADELPHIA PA 19102 261489613 ECONOMIC DEVELOPMENT DE 0 0 PIDC CC PHILADELPHIA INDUSTRIAL DEVELOPMENT CORP 1500 MARKET STREET PHILADELPHIA PA 19102 236050858 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 PIDC RDC NEW MARKETS LLC 1500 MARKET STREET PHILADELPHIA PA 19102 261488016 ECONOMIC DEVELOPMENT DE PIDC CC RELATED 309 0 0 1.00000 PIDC REGIONAL CAPITAL CORP 1500 MARKET STREET PHILADELPHIA PA 19102 231334179 ECONOMIC DEVELOPMENT PA PIDC CC C 1.00000 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0