2025-11-17T12:03:10-06:00 2024-12-31 991856619 GRANT THORNTON ADVISORS LLC 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2024-01-01 364665239 PIDC FINANCING CORPORATION PIDC 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 AMY C LEICHNER EVP AND CFO 2154968020 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 51975 0 X WWW.PIDCPHILA.COM X 1968 PA PIDC FINANCING CORPORATION (PIDC FC) ADMINISTERS LOAN PROGRAMS THAT ARE FUNDED BY (SEE SCHEDULE O) 31 31 0 30 0 0 0 0 28014 51975 1244 0 0 0 29258 51975 0 0 0 0 0 0 0 0 0 22373 2808 22373 2808 6885 49167 6861720 6711318 623766 424979 6237954 6286339 X PIDC FC ADMINISTERS THE PIDA LOAN PROGRAM, FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA, AND THE LOCAL SHARE ACCOUNT (LSA) GRANT PROGRAM FUNDED BY THE PA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT (DCED). THE LOAN PROGRAM PROVIDES FINANCING TO BUSINESSES FOR THE ACQUISITION OF REAL ESTATE, LEASEHOLD IMPROVEMENTS AND CAPITAL EQUIPMENT. 0 0 2808 51975 SUPPORTING GROWING BUSINESSES: INCLUDES THE SERVICING AND ADMINISTRATION OF THE PIDA LOAN PROGRAM THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA, AND THE ADMINISTRATION OF THE LSA GRANT PROGRAM THAT ARE FUNDED BY THE DCED. AT DECEMBER 31, 2024, THE PIDA LOAN PORTFOLIO TOTALED $3.8 MILLION. 2808 0 0 0 0 0 0 0 1 0 0 0 0 1 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 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 X 31 31 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 STREET-SUITE 3500 WEST PHILADELPHIA PA 19102 SALVATORE J PATTI CHAIR 0.03 1.49 X X 0 0 0 ANDREA ALLON VICE-CHAIR (THRU 6/24) 0.03 1.49 X X 0 0 0 KEVIN R BOYLE SECRETARY 0.03 0.74 X X 0 0 0 MIGUEL ALBAN DIRECTOR 0.01 0.14 X 0 0 0 HONORABLE CINDY BASS DIRECTOR 0.03 0.74 X 0 0 0 EMILY BITTENBENDER DIRECTOR 0.03 0.74 X 0 0 0 ANNE BROOKS DIRECTOR 0.03 0.74 X 0 0 0 CHELLIE CAMERON DIRECTOR 0.03 1.49 X 0 0 0 CRAIG CARNAROLI DIRECTOR 0.03 0.74 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.01 0.14 X 0 0 0 FRED COSENZA DIRECTOR 0.01 0.14 X 0 0 0 HONORABLE MICHAEL DRISCOLL DIRECTOR 0.03 0.74 X 0 0 0 ROB DUBOW DIRECTOR 0.03 0.74 X 0 0 0 RENEE GARCIA ESQ DIRECTOR 0.03 0.74 X 0 0 0 JAY GOLDSTEIN DIRECTOR 0.03 1.49 X 0 0 0 JOVAN GOLDSTEIN DIRECTOR 0.01 0.14 X 0 0 0 LEE HUANG DIRECTOR 0.01 0.14 X 0 0 0 LEROY JONES DIRECTOR 0.01 0.14 X 0 0 0 BRIAN KEECH DIRECTOR 0.01 0.14 X 0 0 0 JESSIE LAWRENCE DIRECTOR (THRU 10/24) 0.01 0.14 X 0 0 0 SUN LEE DIRECTOR (THRU 10/24) 0.01 0.14 X 0 0 0 JUAN LOPEZ DIRECTOR 0.03 1.49 X 0 0 0 ALBA MARTINEZ DIRECTOR 0.03 0.74 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.03 0.74 X 0 0 0 JOHN MONDLAK DIRECTOR (THRU 10/24) 0.01 0.14 X 0 0 0 DOUGLAS OLIVER DIRECTOR 0.01 0.14 X 0 0 0 HONORABLE CHERELLE PARKER DIRECTOR 0.01 0.14 X 0 0 0 BRET PERKINS DIRECTOR 0.03 0.74 X 0 0 0 ANGELO PERRYMAN DIRECTOR 0.01 0.14 X 0 0 0 THOMAS AK QUEENAN DIRECTOR 0.01 0.14 X 0 0 0 ADAM THIEL DIRECTOR 0.01 0.14 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) 1.00 37.00 X 0 54743 5101 KATHLEEN MCNAMARA SENIOR VICE PRESIDENT 1.50 37.00 X 0 226899 73165 ILENE BURAK EXECUTIVE VICE PRESIDENT 1.50 37.00 X 0 224271 72708 LAWRENCE MCCOMIE SENIOR VICE PRESIDENT 0.50 37.00 X 0 217906 13214 JENNIFER LUCAS CROWTHER SENIOR VICE PRESIDENT 0.50 37.50 X 0 161188 68899 0 1516914 328473 0 0 1 0 0 ECONOMIC DEVELOPMENT 900099 51975 51975 51975 51975 51975 0 0 DIRECT CONTRACT EXPENSE 2808 2808 2808 2808 0 0 5827931 5660750 6349 3069 1533 750 1025907 1046749 6861720 6711318 2013 81 25000 25000 596753 399898 623766 424979 X 6237954 6286339 6237954 6286339 6861720 6711318 X 49167 -783 X 0 1 X 1 0 0 1 X 0 DUE FROM AFFILIATE ENTITIES 1046749 1046749 DUE TO OTHER AGENCIES 113997 DEFERRED REVENUE & AGENCY TRANSACTIONS 228426 DUE TO OTHER AGENCIES (NC) 55543 DUE FROM RELATED PARTIES 1932 399898 X 52758 783 783 51975 0 51975 2808 0 2808 0 2808 PART IV, LINE 2B: THE BALANCE WITHIN THE FINANCIAL STATEMENT LINE ITEM, ESCROW FUNDS PAYABLE, REPRESENTS A DEPOSIT ON A LOAN. 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: IMPAIRMENT ON INVESTMENT 783. 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 LAWRENCE MCCOMIE SENIOR VICE PRESIDENT 0 207906 0 10000 0 0 0 12722 0 492 0 231120 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 3: PIDC FC 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. FORM 990, PART I, LINE 1 THE COMMONWEALTH OF PENNSYLVANIA, INCLUDING THE PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA) LOAN PROGRAM. 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 AS FOLLOWS: 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 FC 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 ARE 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 AS STATED ABOVE, PIDC FC 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. 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 XI, LINE 9: IMPAIRMENT ON INVESTMENTS -783. PHILADELPHIA INDUSTRIAL DEVELOPMENT CORP 1500 MARKET STREET PHILADELPHIA PA 19102 236050858 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A 0 PIDC-DEVELOPMENT MANAGEMENT CORPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 232176818 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 STARTUPPHL SEED FUND I LP 2400 MARKET STREET SUITE 237 PHILADELPHIA PA 19103 800942017 INVESTMENTS DE N/A EXCLUDED 0 0 0.00830 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0