2025-11-17T11:50:55-06:00 2024-12-31 991856619 GRANT THORNTON ADVISORS LLC 2001 MARKET STREET SUITE 800 PHILADELPHIA PA 19103 990 2024-01-01 232176818 PIDC DEVELOPMENT MANAGEMENT CORPORATION PIDC 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 AMY C LEICHNER EVP & CFO 2154968136 2025-11-17 1 0 RUSSLEE ARMSTRONG P00288383 2155614200 2024 2025-03-06 01:10:19Z JODIE HARRIS 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 40000 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 625000 0 40000 40000 0 0 0 0 665000 40000 625000 0 0 0 0 0 0 0 0 40000 40000 665000 40000 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 40000 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. 40000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 X 30 30 0 0 0 0 1 0 1 1 1 0 0 1 1 1 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 0.02 1.50 X X 0 0 0 ANDREA ALLON VICE-CHAIR (THRU 6/24) 0.02 1.50 X X 0 0 0 KEVIN R BOYLE SECRETARY 0.02 0.75 X X 0 0 0 MIGUEL ALBAN DIRECTOR 0.02 0.13 X 0 0 0 HONORABLE CINDY BASS DIRECTOR 0.02 0.75 X 0 0 0 EMILY BITTENBENDER DIRECTOR 0.02 0.75 X 0 0 0 ANNE BROOKS DIRECTOR 0.02 0.75 X 0 0 0 CHELLIE CAMERON DIRECTOR 0.02 1.50 X 0 0 0 CRAIG CARNAROLI DIRECTOR 0.02 0.75 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.02 0.13 X 0 0 0 FRED COSENZA DIRECTOR 0.02 0.13 X 0 0 0 HONORABLE MICHAEL DRISCOLL DIRECTOR 0.02 0.75 X 0 0 0 ROB DUBOW DIRECTOR 0.02 0.75 X 0 0 0 RENEE GARCIA ESQ DIRECTOR 0.02 0.75 X 0 0 0 JAY GOLDSTEIN DIRECTOR 0.02 1.50 X 0 0 0 JOVAN GOLDSTEIN DIRECTOR 0.02 0.13 X 0 0 0 LEE HUANG DIRECTOR 0.02 0.13 X 0 0 0 LEROY JONES DIRECTOR 0.02 0.13 X 0 0 0 BRIAN KEECH DIRECTOR 0.02 0.13 X 0 0 0 JESSIE LAWRENCE DIRECTOR (THRU 10/24) 0.02 0.13 X 0 0 0 SUN LEE DIRECTOR (THRU 10/24) 0.02 0.13 X 0 0 0 JUAN LOPEZ DIRECTOR 0.02 1.50 X 0 0 0 ALBA MARTINEZ DIRECTOR 0.02 0.75 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.02 0.75 X 0 0 0 JOHN MONDLAK DIRECTOR (THRU 10/24) 0.02 0.13 X 0 0 0 DOUGLAS OLIVER DIRECTOR 0.02 0.13 X 0 0 0 HONORABLE CHERELLE PARKER DIRECTOR 0.02 0.13 X 0 0 0 BRET PERKINS DIRECTOR 0.02 0.75 X 0 0 0 ANGELO PERRYMAN DIRECTOR 0.02 0.13 X 0 0 0 THOMAS AK QUEENAN DIRECTOR 0.02 0.13 X 0 0 0 ADAM THIEL DIRECTOR 0.02 0.13 X 0 0 0 JODIE HARRIS PRESIDENT 0.50 37.50 X 0 341169 42010 SAMUEL RHOADS EXECUTIVE VICE PRESIDENT 0.50 37.50 X 0 290738 53376 AMY C LEICHNER EVP & CFO (START 9/25) 0.50 37.50 X 0 54743 5101 KATHLEEN MCNAMARA SENIOR VICE PRESIDENT 1.00 37.50 X 0 226899 73165 ILENE BURAK EXECUTIVE VICE PRESIDENT 1.00 37.50 X 0 224271 72708 THOMAS J DALFO SENIOR VICE PRESIDENT 1.00 37.50 X 0 210933 71956 JENNIFER LUCAS CROWTHER SENIOR VICE PRESIDENT 0.50 37.50 X 0 161188 68899 0 1509941 387215 0 0 1 0 0 CONTRACT MANAGEMENT 900099 40000 40000 40000 40000 40000 0 0 40000 40000 40000 40000 0 0 40000 0 40000 0 40000 0 40000 0 X 0 0 40000 0 0 0 X 0 1 X 1 0 0 X 40000 0 40000 0 40000 40000 0 40000 0 40000 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 2021 REMAINS OPEN. 0 0 0 0 0 0 0 0 0 JODIE HARRIS PRESIDENT 0 314169 0 27000 0 0 0 21604 0 20406 0 383179 0 0 SAMUEL RHOADS EXECUTIVE VICE PRESIDENT 0 265738 0 25000 0 0 0 17423 0 35953 0 344114 0 0 KATHLEEN MCNAMARA SENIOR VICE PRESIDENT 0 215091 0 10000 0 1808 0 14449 0 58716 0 300064 0 0 ILENE BURAK EXECUTIVE VICE PRESIDENT 0 199804 0 17967 0 6500 0 13902 0 58806 0 296979 0 0 THOMAS J DALFO SENIOR VICE PRESIDENT 0 193912 0 17021 0 0 0 13171 0 58785 0 282889 0 0 JENNIFER LUCAS CROWTHER SENIOR VICE PRESIDENT 0 151912 0 9276 0 0 0 10235 0 58664 0 230087 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 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. ON MAY 14, 2024, THE PIDC RETIREMENT COMMITTEE PASSED A RESOLUTION TO TERMINATE THE PLAN. ON JULY 31, 2024, THE PLAN ADOPTED AN AMENDMENT TO TERMINATE AND LIQUIDATE THE PLAN. ALL PARTICIPANTS WERE FULLY VESTED IN THEIR BENEFITS, WHICH WERE PAID OUT IN A LUMP SUM OR TRANSFERRED TO A NONPARTICIPATING SINGLE PREMIUM GROUP ANNUITY CONTRACT. 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. ONCE COMPLETE, THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE DRAFT FORM 990, AND ANY NECESSARY REVISIONS ARE MADE. THE FINAL VERSION IS PROVIDED TO THE FULL VOTING BOARD OF DIRECTORS PRIOR TO SUBMISSION TO THE INTERNAL REVENUE SERVICE. 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 AN ANNUAL 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