2024-11-15T06:41:53-06:00 2023-12-31 251467156 SISTERSON & CO LLP 501 GRANT STREET SUITE 450 PITTSBURGH PA 15219 990 2023-01-01 251033264 REGIONAL INDUSTRIAL DEVELOPMENT CORP OF SOUTHWESTERN PENNSYLVANIA REGI 4123156440 267 KAPPA DRIVE PITTSBURGH PA 15238 MARIAN D KURTA TREASURER 4123156440 2024-11-13 1 0 MELISSA PUGNE P01288890 4122812025 2023 2024-10-15 13:58:12Z MARIAN D KURTA 267 KAPPA DRIVE PITTSBURGH PA 15238 24797402 0 X WWW.RIDC.ORG X 1955 PA THE MISSION OF THE REGIONAL INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTHWESTERN PENNSYLVANIA IS TO CATALYZE AND SUPPORT ECONOMIC GROWTH AND HIGH QUALITY JOB CREATION THROUGH REAL ESTATE DEVELOPMENT AND FINANCE OF PROJECTS THAT ADVANCE THE PUBLIC INTEREST. 22 21 38 0 0 0 0 686974 18644361 19022730 3998755 4970663 34209 117035 22677325 24797402 0 0 0 0 5556400 5549922 0 0 0 14967026 14569766 20523426 20119688 2153899 4677714 178165590 180382745 26305916 23174362 151859674 157208383 X RIDC WAS INCORPORATED IN 1955 TO PROMOTE THE ECONOMIC AND GENERAL WELFARE OF THE TEN COUNTIES IN SOUTHWESTERN PENNSYLVANIA. THROUGH PUBLIC, PRIVATE, AND INSTITUTIONAL PARTNERSHIPS, RIDC DEVELOPS REAL ESTATE TO ENSURE THE REGION CAN CAPTURE EMERGING AND EXISTING GROWTH OPPORTUNITIES. 0 0 20119688 19139765 THE REGIONAL INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTHWESTERN PENNSYLVANIA (RIDC) DEVELOPS AND RENTS PROPERTY PRINCIPALLY IN ECONOMICALLY DEPRESSED AREAS AT BELOW MARKET VALUE. RIDC OBTAINS AND GUARANTEES LOW INTEREST LOANS WITH THE PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY ON BEHALF OF SMALL BUSINESSES. THESE ACTIVITIES ARE CONDUCTED SOLELY TO ASSIST IN COMBATING COMMUNITY DETERIORATION THROUGH THE INCREASE IN THE LEVEL OF INDUSTRY & EMPLOYMENT OPPORTUNITIES, THUS ASSISTING FEDERAL, STATE AND LOCAL GOVERNMENTS IN SIMILAR EFFORTS. 20119688 0 1 0 0 0 0 0 0 0 1 0 0 0 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 1 1 1 0 1 27 0 1 38 1 0 0 0 0 0 0 0 0 X 22 21 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 0 X MARIAN D KURTA TREASURER 4123156440 267 KAPPA DRIVE PITTSBURGH PA 15238 SMITH DONALD F JR PRESIDENT 35.00 12.00 X X 624782 0 43865 BLOCKSIDGE CHARLES T DIRECTOR EMERITUS 1.00 X 0 0 0 DESANTIS MARK DIRECTOR 0.50 X 0 0 0 FITZGERALD RICH DIRECTOR EX-OFFICIO 0.50 X 0 0 0 HUNT WILLIAM DIRECTOR/VICE CHAIRMAN 1.00 3.50 X X 0 0 0 KURTZROCK MARK JAY DIRECTOR/VICE CHAIRMAN 1.50 2.00 X X 0 0 0 MCNULTY TIMOTHY P DIRECTOR 0.50 2.00 X 0 0 0 MARR MICHAEL DIRECTOR 0.50 X 0 0 0 MONDI PATRICK DIRECTOR 0.50 1.50 X 0 0 0 RUTENBAR ROB DIRECTOR 0.50 X 0 0 0 PEASE ROBERT B DIRECTOR EMERITUS 0.50 X 0 0 0 RUSSO AUDREY DIRECTOR 0.50 1.50 X 0 0 0 STEPHENSON SAMUEL J CHAIRMAN/DIRECTOR 1.00 3.50 X X 0 0 0 VOLPATTI KRIS DIRECTOR 0.50 X 0 0 0 GIOVANNITTI JENNIFER DIRECTOR 0.50 1.50 X 0 0 0 HANNON MICHAEL J DIRECTOR 0.50 X 0 0 0 O'BRIEN TIM DIRECTOR 0.50 X 0 0 0 OSCHE LESLIE DIRECTOR 0.50 X 0 0 0 BELL MARGARET DIRECTOR 0.50 X 0 0 0 GAINEY ED DIRECTOR EX-OFFICIO 0.50 X 0 0 0 PROCTOR DANIELLE DIRECTOR 0.50 X 0 0 0 SBROCCO GREG DIRECTOR 0.50 X 0 0 0 CLARK G REYNOLDS DIRECTOR EMERITUS 0.50 X 0 0 0 CHIMKA LANCE DIRECTOR EMERITUS 0.50 X 0 0 0 DAVIN DENNIS DIRECTOR 0.50 X 0 0 0 WENIGER STACEY DIRECTOR 0.50 X 0 0 0 WHITE TIMOTHY F SENIOR VP - DEVELOPMENT 35.00 12.00 X 377057 0 50654 HOBBES JASON W CORPORATE SECRETARY 35.00 12.00 X 218100 0 39603 GOLDSTROM MICHAEL SENIOR VP - REAL ESTATE 35.00 11.50 X 297129 0 43766 KURTA MARIAN D TREASURER 35.00 12.00 X 122235 0 33399 PINELLI CHRISTOPHER DIRECTOR, PROPERTY MGMT 35.00 11.50 X 179565 0 21649 HEINRICHER MICHAEL DIRECTOR, ASSET MANAGEMENT 35.00 12.00 X 160532 0 35928 BUECHLI JOHN SENIOR CONSTRUCTION MANAGER 35.00 11.50 X 143149 0 34579 MILLER KEITH DIRECTOR OF SITE DEVELOPMENT 35.00 11.50 X 149368 0 35636 COOPER JENI DIRECTOR OF COMMUNITY INVESTMENT 35.00 11.50 X 127325 0 21555 JOYCE DENNIS M RET 62022 FORMER CHIEF OPERATING OFFICER 0.00 0.00 X 150000 0 0 2549242 0 360634 16 1 1 0 CHUBB PO BOX 382001 PITTSBURGH PA 15250 INSURANCE 889111 UPMC HEALTH PLAN PO BOX 223753 PITTSBURGH PA 15211 INSURANCE 523296 MELE & MELE & SONS INC ONE MELE PLACE BRADDOCK PA 15104 CONSTRUCTION SERVICES 412501 SIMON ROOFING AND SHEET METAL CORP PO BOX 951109 CLEVELAND OH 44193 ROOFING SERVICES 396006 TRAC UNLIMITED INC 4452 CASSABILL DRIVE PITTSBURGH PA 15120 CONSTRUCTION SERVICES 389532 25 686974 686974 RENTAL INCOME 531120 16827693 16827693 SERVICE & MANAGEMENT 532000 2195037 2195037 19022730 4970663 4970663 OTHER REVENUE 531390 117035 117035 117035 24797402 19139765 0 4970663 X 1639303 2714394 259182 635842 301201 97696 29582 63791 672599 149948 669864 470871 -201427 19847 421142 5804278 524714 MAINTENANCE 2685787 TAXES 2247935 UTILITIES 732439 BAD DEBT EXPENSE 155992 24708 20119688 1636451 -265 30207946 6249495 1663677 358675 82886119 112880900 4407500 4407500 872480 823000 149954505 100643947 52394431 49310558 3000000 4096986 3352882 178165590 180382745 2479262 1129042 1285213 1136207 14373912 12816714 8167529 8092399 26305916 23174362 X 151859674 157208383 151859674 157208383 178165590 180382745 X 4677714 19995 651000 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4635596 4635596 108017931 70928989 37088942 32040712 27576883 4463829 5260266 2138075 3122191 49310558 REAL ESTATE PROJECTS IN PROGRESS - EXCESS REVENUE OVER COSTS 8092399 8092399 X PART X, LINE 2: EXPLANATION: AS OF DECEMBER 31, 2023 AND 2022, THE CORPORATION IS UNAWARE OF ANY UNCERTAIN TAX POSITIONS. THE CORPORATION'S TAX RETURNS FOR YEARS 2020 AND BEYOND REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. X 1 1 X X X X 1 0 0 SMITH DONALD F JR PRESIDENT 496827 0 126500 0 1455 0 23100 0 20765 0 668647 0 0 0 WHITE TIMOTHY F SENIOR VP - DEVELOPMENT 317767 0 58000 0 1290 0 22514 0 28140 0 427711 0 0 0 GOLDSTROM MICHAEL SENIOR VP - REAL ESTATE 258129 0 39000 0 0 0 18156 0 25610 0 340895 0 0 0 HOBBES JASON W CORPORATE SECRETARY 201600 0 16500 0 0 0 14181 0 25422 0 257703 0 0 0 PINELLI CHRISTOPHER DIRECTOR, PROPERTY MGMT 173321 0 5500 0 744 0 12164 0 9485 0 201214 0 0 0 HEINRICHER MICHAEL DIRECTOR, ASSET MANAGEMENT 149376 0 10500 0 656 0 10728 0 25200 0 196460 0 0 0 MILLER KEITH DIRECTOR OF SITE DEVELOPMENT 145868 0 3500 0 0 0 10454 0 25182 0 185004 0 0 0 BUECHLI JOHN SENIOR CONSTRUCTION MANAGER 134070 0 8500 0 579 0 9460 0 25119 0 177728 0 0 0 KURTA MARIAN D TREASURER 115224 0 6500 0 511 0 8352 0 25047 0 155634 0 0 0 JOYCE DENNIS M RET 62022 FORMER CHIEF OPERATING OFFICER 150000 0 0 0 0 0 0 0 0 0 150000 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION MADE THE FOLLOWING UPDATES TO THEIR BYLAWS DURING THE YEAR: - UPDATES TO CORPORATE PURPOSE STATEMENT TO REFLECT CURRENT MISSION. - UPDATES TO DEFINITION AND ROLE OF EX OFFICIO DIRECTORS TO APPLY GENERALLY TO HOLDERS OF EXECUTIVE ELECTED OFFICES AND THEIR APPOINTEES; UPDATE TO QUANTITATIVE LIMIT ON INDUSTRY-SPECIFIC DIRECTORS TO ALLOW ADDITIONAL FLEXIBILITY. - MODIFIED TERM LIMITS TO (I) INCREASE TERMS FOR INDUSTRY-SPECIFIC DIRECTORS FROM TWO TO THREE YEARS; (II) INCREASE THE NUMBER OF TERMS A STANDARD DIRECTOR MAY SERVE FROM FOUR TO FIVE; AND (III) EXTEND TERM LIMITS FOR DIRECTORS FIRST ELECTED BEFORE JANUARY 1, 2010. - MODERNIZATION UPDATES TO MEETING NOTICE REQUIREMENTS. - INCLUDED EXPLICIT DUTY OF CONFIDENTIALITY FOR ALL DIRECTORS. - CLEANUP CHANGE TO ANNUAL REPORT REQUIREMENTS TO REFLECT CURRENT PRACTICE. - ALLOW FOR CREATION OF ADVISORY COUNCIL TO IMPROVE COLLABORATION WITH GOVERNMENTAL OFFICIALS. FORM 990, PART VI, SECTION B, LINE 11B THE ANNUAL FORM 990 IS PREPARED BY ITS OUTSIDE INDEPENDENT ACCOUNTING FIRM. THE BOARD OF DIRECTORS REVIEWS THE 990. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST DISCLOSURE FORMS ARE DISTRIBUTED TO THE BOARD OF DIRECTORS AND ALL EMPLOYEES EACH YEAR. THE CONFLICT OF INTEREST FORMS ARE THEN RETURNED TO THE SECRETARY OF THE CORPORATION. ALL CONFLICT OF INTEREST FORMS ARE REVIEWED BY THE AUDIT COMMITTEE, AS WELL AS THE EXECUTIVE COMMITTEE OF THE BOARD. THE RIDC PRESIDENT AND RIDC BOARD CHAIR ARE INVOLVED IN THE PROCESS, INCLUDING REVIEW OF FORM CONTENTS AND IDENTIFYING ANY INDIVIDUAL AREAS OF CONCERN. FORM 990, PART VI, SECTION B, LINE 15 THE OFFICERS' SALARIES ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE. ALL OTHER EMPLOYEES ARE REVIEWED BY THE PRESIDENT. PERIODICALLY, AN INDEPENDENT CONSULTANT IS USED FOR DETERMINING EMPLOYEE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E IMPAIRMENT 24,708. FORM 990, PART IX, LINE 16 ON 12/31/22, RIDC EXERCISED THE RIGHT TO EARLY TERMINATE ITS CORPORATE OFFICE LEASE EFFECTIVE 12/31/23. AS A RESULT OF THIS EARLY TERMINATION, RIDC RECORDED A TERMINATION FEE OF $388,000, AN ESTIMATE THAT WAS BASED ON THE LEASE TERMS AT THE TERMINATION NOTICE DATE, WHICH WAS INCLUDED IN RENT AND OCCUPANCY WITH THE COMBINED STATEMENTS OF ACTIVITIES FOR THE YEAR ENDED 12/31/22. UPON VACATING THE OFFICE SPACE IN OCTOBER 2023, RIDC WAS ONLY CHARGED $180,000 AS A RESULT OF THE EARLY TERMINATION. AS A RESULT OF THIS CHANGE IN ESTIMATE, RENT AND OCCUPANCY REFLECTS A NEGATIVE BALANCE IN THE CURRENT YEAR. FORM 990, PART XI, LINE 9: RECLASS OF PHASE 2 LAND PARCEL FROM URA OF PITTSBURGH (25-6003317) 651,000. 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