Form 990 for tax year 2022

Totals

Total revenue

$11,504,902

Total expenses

$2,485,824

Contributions and grants received

$5,294,137

Grants paid

$1,585,007

Program service revenue

$5,071,344

Investment income

$1,139,421

Other revenue

$0

Total assets, end of year

$223,227,512

Total liabilities, end of year

$130,920,279

Net assets or fund balances, end of year

$92,307,233

Program services expenses (Part IX)

$2,280,542

Management and general expenses

$205,282

Fundraising expenses

$0

Program service expenses (Part III)

$2,280,542

Program services were 91.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2022

• SUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS: PIDC-LDC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSES - THE BACKBONE OF OUR ECONOMY - BECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. PIDC-LDC ALSO SUPPORTS DEVELOPERS IN FINANCING COMMUNITY-ORIENTED PROJECTS. THROUGH A VARIETY OF FUNDING RESOURCES, EDUCATIONAL PROGRAMS, AND ONE-ON-ONE TECHNICAL SUPPORT, PIDC-LDC FILLS CRITICAL GAPS FOR BUSINESS OWNERS AND NONPROFIT LEADERS WHO LACK ACCESS TO TRADITIONAL CAPITAL. IN ADDITION, PIDC-LDC SUPPORTS DEVELOPERS PRODUCING TRANSFORMATIVE PROJECTS THAT HAVE A POSITIVE, LASTING IMPACT ACROSS THE CITY - PROVIDING JOBS, SERVICES, AND AMENITIES.SEE SCHEDULE OIN 2022, PIDC ORIGINATED $35.3 MILLION IN NEW LOANS TO 76 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $20.1 MILLION WAS INVESTED IN MINORITY BUSINESSES. $7.9 MILLION WAS INVESTED IN WOMEN-OWNED BUSINESSES. 62% OF ALL PIDC CORE LENDING WENT TO DIVERSE/MINORITY BUSINESS ENTERPRISES. PIDC- LDC PROVIDES FINANCING SOLUTIONS FOR SMALL BUSINESSES AND NONPROFITS SEEKING TO PURCHASE NEW OR REAL ESTATE TO BUILD WEALTH, LIMIT DISPLACEMENT, AND SUPPORT LONG-TERM GROWTH IN PHILADELPHIA. DURING 2022, PIDC-LDC PROVIDED A COMMERCIAL MORTGAGE LOAN OF $750,000 TO PENN SCALE MANUFACTURING COMPANY, A NEARLY 100-YEAR-OLD FAMILY-OWNED MANUFACTURER OF COMMERCIAL FOOD AND KITCHEN SCALES IN FRANKFORD, WHICH WAS USED TO RELOCATE THE COMPANIES' HEADQUARTERS TO A NEARBY BUILDING, RETAINING 16 JOBS. IN ADDITION, PENN SCALE MANUFACTURING COMPANY USED THE FUNDS FOR NECESSARY IMPROVEMENTS TO THE FACILITY, INCLUDING THE ADDITION OF A 2,000 SF OFFICE, WHICH ALSO COMPLEMENTED THREE OTHER BUSINESSES ON-SITE. PIDC- LDC ALSO PROVIDED SPECTRUM HEALTH SERVICES, A BLACK-LED FEDERALLY QUALIFIED HEALTH CENTER (FQHC) THAT PROVIDES AFFORDABLE, HIGH QUALITY MEDICAL AND MENTAL HEALTH SERVICES AND SUPPORT TO LOW-INCOME PEOPLE IN PHILADELPHIA WITH A COMMERCIAL MORTGAGE LOAN OF $750,000 TO PURCHASE THE BUILDING THEY OCCUPIED.

  Expenses $846,174 · Grants $685,007 · Revenue $1,457,568

• INVESTING IN HIGH IMPACT REVITALIZATION: PIDC-LDC PLAYS A CRITICAL ROLE AS A TRUSTED CONDUIT TO INCREASE ACCESS, REDUCE COMPLEXITY, AND SUCCESSFULLY DELIVER ECONOMIC DEVELOPMENT RESOURCES FROM OUR PARTNERS TO A BROAD RANGE OF CLIENTS TO SUPPORT HIGH IMPACT COMMUNITY REVITALIZATION PROJECTS IN PHILADELPHIA. PIDC-LDC STRUCTURES AND DEPLOYS PUBLIC AND PRIVATE CAPITAL FOR CLIENTS AND PROJECTS BY ADMINISTERING GRANT PROGRAMS ON BEHALF OF THE CITY AND COMMONWEALTH AND ISSUING TAX-EXEMPT BONDS TO HELP NONPROFITS RAISE PRIVATE CAPITAL FOR MAJOR PROJECTS. SEE SCHEDULE OIN 2022, PIDC ADMINISTERED 54 GRANTS TOTALING $55 MILLION FOR PROJECTS ON BEHALF OF THE COMMONWEALTH OF PENNSYLVANIA, SEE SCHEDULE OCITY OF PHILADELPHIA, AND THE PHILADELPHIA WATER DEPARTMENT. DURING 2022, PIDC-LDC CONTINUED ITS ADMINISTRATION OF THE PHILADELPHIA WATER DEPARTMENT GREEN INFRASTRUCTURE GRANT, WHICH PROVIDES FUNDS FOR THE DESIGN AND CONSTRUCTION OF STORMWATER RETROFIT PROJECTS ON COMMERCIAL, INDUSTRIAL, MULTIFAMILY, AND INSTITUTIONAL PROPERTIES. IN 2022, PIDC-LDC STRUCTURED THE SECOND LARGEST SHARED STORMWATER MANAGEMENT PROJECT IN PHILADELPHIA FOR THE PARKING LOTS NEAR HYPERLINK "HTTPS://WWW.MLB.COM/PHILLIES/BALLPARK"CITIZENS BANK PARK, WHICH COMES ONE YEAR AFTER ALSO STRUCTURING AN EVEN LARGER STORMWATER PROJECT IN 2021 ON THE SITE OF A VACANT WAREHOUSE NEAR CITIZENS BANK PARK.

  Expenses $1,434,368 · Grants $900,000 · Revenue $3,557,498

• CONTRACT MANAGEMENT: MANAGE VARIOUS LOANS AND GRANT PROGRAMS ON BEHALF OF THE CITY OF PHILADELPHIA, COMMONWEALTH OF PENNSYLVANIA AND FEDERAL AGENCIES THAT SERVE TO RETAIN AND GROW EMPLOYMENT IN PHILADELPHIA.

  Revenue $56,278

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

• AXALTA COATING SYSTEMS

  $750,000

  ECONOMIC DEVELOPMENT

• FRANK RECRUITMENT GROUP

  $150,000

  ECONOMIC DEVELOPMENT

• URBAN AFFAIRS COALITION

  $100,000

  ECONOMIC DEVELOPMENT

• ASTAN HAIR BRAIDING

  $50,000

  ECONOMIC DEVELOPMENT

• HARRISON CONSULTANTS

  $50,000

  ECONOMIC DEVELOPMENT

• SUNSHINE MEAT MARKET

  $50,000

  ECONOMIC DEVELOPMENT

• URBAN EXCHANGE PROJECT INC

  $50,000

  ECONOMIC DEVELOPMENT

• VISION OPTICS

  $50,000

  ECONOMIC DEVELOPMENT

• ZELDAS RESTAURANT AND BAR

  $50,000

  ECONOMIC DEVELOPMENT

• ECONOMY LEAGUE OF GTR

  $50,000

  ECONOMIC DEVELOPMENT

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

• PHILADELPHIA INDUSTRIAL DEVELOPMENT CORP

  501(C)(4) · ECONOMIC DEVELOPMENT · PA

• PIDC - PENN VENTURE FUND

  501(C)(4) · ECONOMIC DEVELOPMENT · PA

• PIDC - DEVELOPMENT MANAGEMENT CORP

  501(C)(4) · ECONOMIC DEVELOPMENT · PA

• PIDC - FINANCING CORPORATION

  501(C)(4) · ECONOMIC DEVELOPMENT · PA

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Provenance

Return type

form_990

Tax year

2022

Filed

8 November 2023

IRS schema version

2022v5.0

Source object

202323129349304942

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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