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 232176818 PIDC-DEVELOPMENT MANAGEMENT CORPORATION PIDC 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 AMY C LEICHNER EVP & CFO 2154968136 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 665000 0 X WWW.PIDCPHILA.COM X 1981 PA ADMINISTERS AND COORDINATES VARIOUS DEVELOPMENT PROJECTS FOR THE CITY AND OTHER NFP ENTITIES. 30 30 0 30 0 0 0 625000 0 40000 0 0 0 0 0 665000 0 625000 0 0 0 0 0 0 0 0 40000 0 665000 0 0 40000 0 40000 0 0 0 PIDC DMC ADMINISTERS AND COORDINATES VARIOUS DEVELOPMENT PROJECTS FOR THE CITY AND OTHER NOT-FOR-PROFIT ENTITIES. 0 0 665000 625000 40000 CONTRACT MANAGEMENT: PIDC DMC PROVIDES SERVICES TO MANAGE FUNDING AND DISTRIBUTION OF GRANTS TO BE USED FOR PROJECTS THAT FACILITATE JOB CREATION AND ECONOMIC DEVELOPMENT WITHIN PHILADELPHIA. 665000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 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 0 1 0 0 1 0 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 AMY C LEICHNER 2154968136 1500 MARKET ST SUITE 3500 WEST PHILADELPHIA PA 19102 SALVATORE J PATTI CHAIR 1.30 0.20 X 0 0 0 ANDREA ALLON VICE-CHAIR 1.30 0.20 X 0 0 0 KEVIN R BOYLE SECRETARY 0.55 0.20 X 0 0 0 TUMAR ALEXANDER DIRECTOR 0.55 0.20 X 0 0 0 CRAIG CARNAROLI DIRECTOR 0.55 0.20 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.08 0.05 X 0 0 0 HONORABLE DARRELL L CLARKE DIRECTOR 0.55 0.20 X 0 0 0 DIANA CORTES ESQUIRE DIRECTOR 0.55 0.20 X 0 0 0 FRED COSENZA DIRECTOR 0.08 0.05 X 0 0 0 ROB DUBOW DIRECTOR 0.55 0.20 X 0 0 0 ANNE FADULLON DIRECTOR 0.55 0.20 X 0 0 0 REGINALD C FULLER III DIRECTOR 0.08 0.05 X 0 0 0 JAY GOLDSTEIN DIRECTOR 1.30 0.20 X 0 0 0 LEE HUANG MPA DIRECTOR 0.08 0.05 X 0 0 0 HONORABLE KENYATTA JOHNSON DIRECTOR 0.55 0.20 X 0 0 0 HONORABLE CURTIS JONES JR DIRECTOR 0.55 0.20 X 0 0 0 LEROY JONES DIRECTOR 0.08 0.05 X 0 0 0 BRIAN T KEECH DIRECTOR 0.08 0.05 X 0 0 0 HONORABLE JAMES F KENNEY DIRECTOR 0.55 0.20 X 0 0 0 JUAN LOPEZ DIRECTOR 1.30 0.20 X 0 0 0 JENNIFER L MAHER ESQ DIRECTOR 0.11 0.02 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.55 0.20 X 0 0 0 ELIZABETH MURPHY DIRECTOR 0.08 0.05 X 0 0 0 ANNE K NADOL DIRECTOR 0.55 0.20 X 0 0 0 MICHAEL K PEARSON DIRECTOR 0.11 0.02 X 0 0 0 BRET PERKINS DIRECTOR 0.55 0.20 X 0 0 0 ANGELO PERRYMAN DIRECTOR 0.08 0.05 X 0 0 0 THOMAS AK QUEENAN DIRECTOR 0.08 0.05 X 0 0 0 WILLIAM R SAUTTER DIRECTOR 0.08 0.05 X 0 0 0 EVELYN F SMALLS DIRECTOR 0.73 0.86 X 0 0 0 ROBERT C WONDERLING DIRECTOR 0.02 0.69 X 0 0 0 ANNE NEVINS PRESIDENT (THRU 01/2023) 0.50 37.00 X 0 83676 1712 SAM RHOADS EXECUTIVE VICE PRESIDENT 13.00 24.50 X 0 279745 57124 THOMAS DALFO SVP - REAL ESTATE SERVICES 4.00 33.50 X 0 203809 70632 TIFFANY CANADY SVP - CFO 17.00 20.50 X 0 237312 60854 ILENE BURAK SVP AND GENERAL COUNSEL 4.00 33.50 X 0 217026 71701 JODIE HARRIS PRESIDENT (START 06/2023) 0.50 37.00 X 0 188040 22126 0 1209608 284149 0 0 1 0 0 625000 625000 CONTRACT MANAGEMENT 900099 40000 40000 40000 665000 40000 0 0 625000 625000 40000 40000 665000 665000 0 0 40000 0 40000 0 40000 0 40000 0 X 0 0 40000 0 0 0 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 665000 0 665000 0 665000 665000 0 665000 0 665000 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 POSITION 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 LIBERTY PROPERTY LTD PARTNERSHIP 500 CHESTERFIELD PARKWAY MALVERN PA 19355 232766549 0 625000 ECONOMIC DEVELOPMENT 1 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 ILENE BURAK SVP AND GENERAL COUNSEL 0 193505 0 17021 0 6500 0 13556 0 58145 0 288727 0 0 THOMAS DALFO SVP - REAL ESTATE SERVICES 0 187684 0 16125 0 0 0 12843 0 57789 0 274441 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 1A PIDC DMC DOES NOT HAVE ANY PAID EMPLOYEES; ALL OF THE 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 AND 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, COLUMN (C). THE VALUES THAT ARE DISCLOSED IN PART II, COLUMN (C) INCLUDE EMPLOYER 401K CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS THE MEMBERS OF PIDC DMC 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 THE COMPENSATION FOR PIDC'S CEO IS APPROVED BY THE COMPENSATION COMMITTEE, WHICH INCLUDES THE CHAIR OF THE BOARD OF DIRECTORS AND DESIGNATED BOARD MEMBERS APPOINTED BY THE CHAIR OF THE BOARD OF DIRECTORS. 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 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. PHILADELPHIA INDUSTRIAL DEVELOPMENT CORP 1500 MARKET STREET PHILADELPHIA PA 19102 236050858 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 PIDC-FINANCING COPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 364665239 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0