2014-11-14T11:15:09-06:00 2013-12-31 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2013-01-01 236050858 Philadelphia Industrial Development Corporation % ANTHONY SIMONETTA PHIL 2154968020 1500 Market Street Suite 2600WEST Philadelphia PA 19102 Anthony Simonetta Senior Vice President 2154968020 2014-11-11 true Russlee Armstrong P00288383 2154968020 2013 2015-11-30 17:44:51Z John Grady 1500 Market Street Philadelphia PA 19102 15285439 false X www.pidc-pa.org X 1957 PA PIDC plans and implements economic development initiatives which -ment initiatives which enhance the competitive environment, generate jobs and produce higher tax ratables throughout Philadelphia. 28 28 120 0 0 0 887371 14283216 14396404 8419 1664 0 0 14291635 15285439 422336 193528 0 0 7137549 7940763 0 0 0 7183749 7704713 14743634 15839004 -451999 -553565 63271029 83678914 59211149 74884632 4059880 8794282 X PIDC plans and implements economic development initiatives which enhance the competitive environment, generate jobs and produce higher tax ratables throughout the City of Philadelphia (Refer to Schedule O for detailed mission statement). false false 3566032 5001714 BELOW MARKET RATE LENDING - PROVIDE SUPPORT TO RELATED/COMBINED ENTITIES THAT ISSUE SUBORDINATED DEBT FINANCING WITH BELOW MARKET INTEREST RATES FOR CAPITAL PROJECTS FOR THE PURPOSE OF RETENTION AND GROWTH OF EMPLOYMENT IN THE CITY OF PHILADELPHIA. 4153746 6238693 PROPERTY MANAGEMENT - PROVIDE SERVICES TO THE CITY OF PHILADELPHIA, WHICH INCLUDE, THE SALE OR LEASE OF CONVEYED PROPERTY. PIDC HAS EXPERTISE IN REAL ESTATE USAGE AND NEGOTIATIONS INVOLVING COMMERCIAL AND INDUSTRIAL DEVELOPMENT WHICH BENEFITS THE CITY OF PHILADELPHIA AND GREATER METROPOLITAN AREA. THE SERVICES PROVIDED INCLUDE MAINTENANCE OF GROUNDS, OBTAINING INSURANCE ON PROPERTIES, DEFENDING AGAINST LAW SUITS INVOLVING PROPERTY, ETC. 3047662 193528 3499112 GRANT/CONTRACT MANAGEMENT - MANAGE FUNDING AND DISTRIBUTION OF GRANTS AND CONTRACTS TO BE USED FOR CAPITAL/COMMERCIAL PROJECTS THAT FACILITATE JOB CREATION AND ECONOMIC DEVELOPMENT WITHIN THE CITY OF PHILADELPHIA. 208630 544256 10976070 false false false false false false false true false true false false true true true false true false false false false false false false false false true false true false false false false false false false true false false false false false true true true false true 75 0 true 120 true false false false false false false X 28 28 false false false false true false true true true false false false true false true true true true false false PA X ANTHONY SIMONETTA 2154968122 1500 MARKET ST SUITE 2600 WEST Philadelphia PA 19102 M Walter D'Alessio Chairman 1.5 6.0 X X 0 0 Robert C Wonderling Vice Chairman 1.5 6.0 X X 0 0 Edward H Morris Treasurer 1.5 6.0 X X 0 0 David E Beavers Secretary 1.5 6.0 X X 0 0 Andrea Allon Director 1.5 6.0 X 0 0 Jeannie L Blackwell Director 1.5 6.0 X 0 0 Audrey Bronson Director 1.5 6.0 X 0 0 Craig Carnaroli Director 1.5 6.0 X 0 0 Fred Cosenza Director 1.5 6.0 X 0 0 Rob Dubow Director 1.5 6.0 X 0 0 Alan Greenberger Director 1.5 6.0 X 0 0 Frank Jiruska Jr Director 1.5 6.0 X 0 0 Richard Negrin Director 1.5 6.0 X 0 0 Michael A Nutter Director 1.5 6.0 X 0 0 Salvatore J Patti Director 1.5 6.0 X 0 0 Angelo R Perryman Director 1.5 6.0 X 0 0 Michael Rashid Director 1.5 6.0 X 0 0 William R Sautter Director 1.5 6.0 X 0 0 Shelley R Smith Director 1.5 6.0 X 0 0 Joseph H Weiss Director 1.5 6.0 X 0 0 Amheenah Young Director 1.5 6.0 X 0 0 Christina Cavalieri Director 1.5 6.0 X 0 0 Tina Malek Director 1.5 6.0 X 0 0 Leslie Anne Miller Director 1.5 6.0 X 0 0 Bob Moul Director 1.5 6.0 X 0 0 Thomas Queenan Director 1.5 6.0 X 0 0 guillermos salas jr director(term end aug 2013) 1.5 6.0 X 0 0 kenneth lawrence director 1.5 6.0 X 0 0 John Grady President 33.5 4.0 X 265740 0 28071 anthony simonetta Senior Vice President 33.5 4.0 X 201052 0 41677 sam rhoads Senior Vice President 33.5 4.0 X 205000 0 14696 Anne Nevins Senior Vice President 33.5 4.0 X 157559 0 20929 Paul Deegan Senior Vice President 33.5 4.0 X 154466 0 19794 Terry Demusis Snr Vice Pres & Asst Secretary 33.5 4.0 X 156186 0 9820 Joseph Mee Assistant Secretary 33.5 4.0 X 136908 0 27485 Williams J Agate Jr Senior Vice President 33.5 4.0 X 165464 0 49275 Thomas Dalfo senior Vice President 33.5 4.0 X 150150 0 32935 Mary Corcoran Assistant Secretary 33.5 4.0 X 81835 9606 ilene burak senior vice president 33.5 4.0 X 130917 0 27918 Carole Bennis Vice President 33.5 4.0 X 130000 0 23369 Marla Hamilton Vice President 33.5 4.0 X 119000 18022 Carol deFries Vice President 33.5 4.0 X 117000 25426 AVRUM KANTOR VICE PRESIDENT 33.5 4.0 X 117037 21947 MARK SELTZER VICE PRESIDENT 33.5 4.0 X 104774 271 2393088 0 371241 20 false true false Grant Thornton LLP 2001 Market Street PHILADELPHIA PA 19103 Audit & Tax 394963 Geographix Inc 201 Fulton Street RIVERTON NJ 08077 IT 236008 4 887371 887371 BELOW MARKET RATE 900099 4466747 4466747 CONTRACT & GRANT 900099 3007611 3007611 LOAN FEES 900099 410147 410147 SOFTWARE DEVELOPMENT 900099 544256 544256 PROPERTY MANAGEMENT 900099 5967643 5967643 14396404 1664 1664 0 0 0 0 0 0 0 0 0 0 15285439 14396404 1664 X 193528 193528 0 0 0 2008524 760639 1247885 0 3784255 2283635 1500620 0 1758616 985423 773193 389368 213081 176287 0 526443 498658 27785 278108 93247 184861 96000 48375 47625 0 0 98429 98429 0 0 0 0 489556 244778 244778 0 0 0 1420 1420 0 79323 79323 719923 643048 76875 OTHER EXPENSES 1067867 662594 405273 DIRECT CONTRACT EXPENSES 4347644 4347644 15839004 10976070 4862934 0 21660064 13092889 0 0 0 0 22372872 1568137 0 0 0 0 0 909000 0 0 34990 166851 1771242 1654583 159582 116659 0 0 0 0 0 0 0 0 19043521 67825378 63271029 83678914 9520971 1266255 0 0 6593060 6895729 0 0 253622 258622 0 0 0 0 0 909000 42843496 65555026 59211149 74884632 X 4059880 8794282 0 0 0 0 4059880 8794282 63271029 83678914 X -553565 5287967 X false true X true true true false true X 621387 621387 0 572445 485707 116659 577410 577410 0 116659 DUE FROM RELATED PARTIES 64001301 DUE FROM AFFILIATED PARTIES 3824077 67825378 0 DUE TO RELATED PARTIES 60214495 ACCRUED POST RETIREMNT BENEFITS 3401319 DUE TO OTHER AGENCIES 1340744 DUE TO AFFILIATE ENTITIES 598468 65555026 X 15285439 15285439 15285439 10551037 -5287967 -5287967 15839004 15839004 Part IV, Line 2a The Escrow account represents interest earned that is payable to the Delaware River Port Authority on loans managed by PIDC. PART X, LINE 2 Philadelphia Industrial Development Corporation (PIDC) and its affiliates, which include PIDC, present combined financial statements. The combined financial statements includes the assessment 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 tax postitons 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 percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. Management believes there are no uncertain tax positions for PIDC; as such, no provision is recorded in the combined statements of activities. PIDC is 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 2011 remain open. Part XII, Line 2d The change in pension and postretirement benefit other than net periodic benefit cost was ($5,287,967) at December 31, 2013. true CRANE ARTS LLC 1400 N AMERICAN ST PHILADELPHIA PA 19122 262877217 14400 Econ Development DELAWARE RIVER WATERFRONT CORP 121 N COLUMBUS BLVD PHILADELPHIA PA 19106 231734559 501 (c)(3) 47896 Econ Development PENNSYLVANIA CONVENTION CENTER 1101 ARCH STREET PHILADELPHIA PA 19107 230969325 501 (c)(6) 100000 Econ Development YALE REALTY CORPORATION 7300 CITY AVE PHILADELPHIA PA 19151 231628267 5042 Econ Development 1 3 Part I, Line 2 PIDC has controls in place to ensure grant proceeds will be used and distributed 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. X X false false false false false false false true false John Grady President 230000 0 30000 0 5740 0 0 0 28071 0 293811 0 anthony simonetta Senior Vice President 185000 0 15000 0 1052 0 41297 0 380 0 242729 0 sam rhoads Senior Vice President 190000 0 15000 0 0 0 0 0 14696 0 219696 0 Anne Nevins Senior Vice President 145000 0 12500 0 59 0 6330 0 14599 0 178488 0 Paul Deegan Senior Vice President 141730 0 7000 0 5736 0 0 0 19794 0 174260 0 Terry Demusis Snr Vice Pres & Asst Secretary 147500 0 8500 0 186 0 0 0 9820 0 166006 0 Joseph Mee Assistant Secretary 129000 0 7500 0 408 0 2292 0 25193 0 164393 0 Williams J Agate Jr Senior Vice President 155000 0 10000 0 464 0 24051 0 25224 0 214739 0 Carole Bennis Vice President 124000 0 6000 0 0 0 23026 0 343 0 153369 0 Thomas Dalfo senior Vice President 140000 0 10000 0 150 0 4988 0 27947 0 183085 0 ilene burak senior vice president 125000 0 5800 0 117 0 0 0 27918 0 158835 0 Part I, Line 7 PIDC has established a Compensation Program to ensure the salaries and benefits paid to officers and employees is fair, competitive, and reflective of an employee's actual performance. The compensation structure embeds a risk based component that considers achievement of performance goals. Part II, Column (C) 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 services from the date they become eligible participants of the Plan. The participant's benefit is equal to 2.0% of final average compensation multiplied by years of service (not in excess of 35 years), less 1.0% of the Social Security benefit multiplied by years of service (not in excess of 35 years). Pursuant to generally accepted accounting principles, management is required to determine the present value of the defined benefit plan liability, which considers various factors, including number of years until the participant's eligible retirement age, a discounted interest rate, and the expected return on plan assets. During 2013, the discounted interest rate assumption increased by 91 basis points, which reflected an improvement in the overall market conditions. In some cases, the increase in the discount rate resulted in a decrease of the present value of the defined benefit plan's liability from the prior year valuation, which is disclosed as $0 in Schedule J, Part II, Column (C). However, the change determined by PIDC's actuary for some employees increased due to additional pay and or remaining years of service. The impact of the change in the present value of the defined benefit liability to an individual's deferred compensation is reflected in "retirement and other deferred compensation" in Schedule J, Part II, Column (c). 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 that is based on the compensation structure and years of experience, for which there was no significant changes during 2013. E MorrisM D'Alessio Directors 1023227 Health Insurance false Part IV Philadelphia Industrial Development Corporation (PIDC) Chairman M. Walter D'Alessio serves as the Chairman of the Board at Independence Blue Cross. Edward H. Morris serves as the Treasurer on the PIDC Board, and is the Vice President at Indpendence Blue Cross (IBC). IBC is the primary health care benefit provider in the Delaware Valley, and, through a contract with PIDC, provides health insurance coverage to the employees of PIDC. PIDC's employee benefit broker is responsibe for reviewing coverage, rates and competitive alternatives. The amount of revenue related to this relationship is negligible to IBC. The nature of these individuals' positions at IBC are such that they are removed from direct business contact with PIDC. Form 990, Part III, Line 4d Other Program Services Program Service Expenses: $208,630; Grants and allocations: $0; Revenue $544,256. Software Development and Maintenance: PIDC created a software program for its use that is specifically designed to assimilate, track, and report the information required by local, state, and federal regulators/authorities. PIDC licenses the software to similarly situated tax exempt organizations for the management of their portfolios and reporting requirements. Form 990, Part VI, Line 6 Members or Stockholders The members of Philadelphia Industrial Development Corporation and its combined affiliates (collectively, the Corporation) 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) 7 City Directors consisting of the seven officers of the City of Philadelphia (the City); the Mayor of the City of Philadelphia, the Director of Commerce, the President of the Council, the Chairman of the Planning Commission, the City Solicitor, the Managing Director, and the Director of Finance. 2) 8 Chamber of Commerce Directors nominated by the President of the Greater Philadelphia Chamber of Commerce. 3) 15 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. The seat of the Director of Commerce and the Planning Commissioner is held by one person. Form 990, Part VI, Line 7b Decisions Subject to Approval The Board of Directors (comprised of the 30 members as defined above) 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. The decisions of the Board regarding certain loan programs are subject to approval by external parties. In addition, between the times of the Board of Directors meeting, the Executive Committee has the right to exercise the authority of the Board of Directors. The Executive committee consists of 15 directors including the seven (7) City Directors and eight (8) 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, Line 11b Form 990 Review Process The Vice President of Financial Reporting assembles the Form 990, which is subsequently reviewed by the Senior Vice President of Operations, and also subject to review 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, Line 12c Conflict of Interest Policy Monitoring & Enforcement All Directors of the Corporation must disclose the nature and extent of any interests, direct or indirect, contact, and/or activity related to such projects promoted by the Corporation. 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. The Corporation has included a conflict of interest policy within the Personnel Policy Manual (updated during 2012), that is applicable to all employees of the Corporation. Further, on a periodic basis, the Corporation may require the officers of the Corporation to disclose any conflicted interests. Form 990, Part VI, Line 15a: Process for Determining Compensation The compensation for the CEO is approved by the compensation committee which includes the Chairman of the Board of Directors and designated Board members appointed by the Chairman of the Board of Directors. FORM 990, PART VI, LINE 15B: The Corporation has established a Compensation Program to ensure the salaries and benefits paid to officers and employees is fair, competitive, and reflective of employee's actual performance. For the Corporation's senior executives, this includes establishing performance standards at the beginning of the year, which are used by the CEO to measure each executive's performance at year end. The Corporation periodically performs pay-range surveys of other comparable employers and monitors current 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. The Form 990 is likewise published on the internet at www.guidestar.com. Form 990, Part VI, Section C, Line 19 How Documents are Made Available to the Public The Corporation's financial statements, governing documents, and conflict of interest policy are not ordinarily made available to the public. Form 990, Part XI, Line 5 Reconciliation of Net Assets The change in pension and postretirement benefit other than net periodic benefit ($5,287,967) at December 31, 2013. Form 990, Part IV, Section A, Line 35 Support Schedule Pursuant to section 1.509(A)-4 of the Treasury Regulations, a 501(C)(3) organization can be the supporting organization of a 501(C)(4) organization provided that the supported organization meets the requirements under 509(A)(2). PIDC has provided Schedule A to support the determination that PIDC meets the 509(A)(2) test. Form 990, Part III, Line 1 Mission Statement PIDC has been Philadelphia's economic development agency since 1957. As a non-profit, public-private partnership founded by the City and the Greater Philadelphia Chamber of Commerce, PIDC plans and implements finance and real estate transactions throughout all neighborhoods that attract investments, jobs, and tax ratables to the city. PIDC's investments serve to diversify the City's economic base and improve the quality of life for business and residents. PIDC- Development Management Corporation 1500 Market Street Philadelphia PA 19102 232176818 Econ Develop. PA 501(c)(4) N/A false PIDC- Financing Corporation 1500 Market Street Philadelphia PA 19102 364665239 Econ Develop. PA 501(c)(4) N/A false PIDC- Local Development Corporation 1500 Market Street Philadelphia PA 19102 300598934 Econ Develop. PA 501(c)(4) N/A false PIDC- Regional Development Corporation 1500 Market Street Philadelphia PA 19102 232889102 Econ Develop. PA 501(c)(3) 11 type 1 PIDC true PIDC- Penn Venture Fund 1500 Market Street Philadelphia PA 19102 211585341 Econ Develop. PA 501(c)(4) N/A false Food Distribution Center 1500 Market Street Philadelphia PA 19102 231475639 Econ Develop. PA 115 N/A false false false false true true false false false false false false false false true true true false false PIDC- Regional Development Corporation p 1329970 Contractual Fee