Form 990 for tax year 2023

Totals

Total revenue

$9,742,512

Total expenses

$28,799,420

Contributions and grants received

$2,050,625

Grants paid

$1,828,357

Program service revenue

$4,896,014

Investment income

$2,795,873

Other revenue

$0

Total assets, end of year

$203,539,067

Total liabilities, end of year

$130,288,742

Net assets or fund balances, end of year

$73,250,325

Program services expenses (Part IX)

$28,763,448

Management and general expenses

$35,972

Fundraising expenses

$0

Program service expenses (Part III)

$28,763,448

Program services were 99.9% 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 · 2023

• SUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS: PIDC-LDC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSESTHE BACKBONE OF OUR ECONOMYBECAUSE 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 CITYPROVIDING JOBS, SERVICES, AND AMENITIES.IN 2023, PIDC ORIGINATED $57.5 MILLION IN NEW LOANS TO 69 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $35.6 MILLION WAS INVESTED IN MINORITY BUSINESSES. $11.5 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.

  Expenses $23,579,933 · Grants $1,077,542 · Revenue $125,004

• 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. IN 2023, PIDC ADMINISTERED 126 GRANTS TOTALING $73 MILLION FOR PROJECTS ON BEHALF OF THE COMMONWEALTH OF PENNSYLVANIA, CITY OF PHILADELPHIA, AND THE PHILADELPHIA WATER DEPARTMENT. DURING 2023, 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 2023, PIDC STRUCTURED AND FACILITATED A STORMWATER MANAGEMENT PROJECT IN PHILADELPHIA FOR THE CHOCOLATE FACTORY @2201 MARGARET STREET. THE RUGGIERO PLANTE LAND DESIGN, LLC, A MULTI-DISCIPLINE WOMAN-OWNED CONSULTING FIRM THAT PROVIDES ENGINEERING, DESIGN, AND PLANNING SERVICES REQUIRED FOR SUCCESSFUL LAND DEVELOPMENT, AND SISTER COMPANY STORMWATER SOLUTIONS, LLC PROVIDED CONSTRUCTION SERVICES INCLUDING MAINTENANCE OF HUNDREDS OF STORMWATER SYSTEMS THROUGHOUT THE PHILADELPHIA REGION. THE 2.25-ACRE SITE AT 2201 MARGARET STREET IN FRANKFORD IS HISTORICALLY SIGNIFICANT AS IT WAS BUILT IN THE EARLY 1900'S TO SERVE AS A PLANT FOR THE BLUMENTHAL BROTHERS CHOCOLATE FACTORY. THE EXISTING BUILDING HAS BEEN RESTORED BY D3 DEVELOPMENT. RUGGIERO PLANTE LAND DESIGN, LLC INSTALLED A SUBSURFACE INFILTRATION STORMWATER BASIN TO CAPTURE AND TREAT STORMWATER RUNOFF FROM THE SITE. THIS ULTIMATELY WILL IMPROVE WATER QUALITY, ENHANCE GROUNDWATER RECHARGE, AND REDUCE THE BURDEN ON CITY SEWER INFRASTRUCTURE BY REDUCING FLOW IN THE PUBLIC SEWER CONVEYANCE SYSTEM AND REDUCING DEMAND AT THE SEWAGE TREATMENT PLANT.

  Expenses $5,183,515 · Grants $750,815 · Revenue $4,721,010

• 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 $50,000

As filed on the 2023 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

• CHAMBER OF COMMERCE FOR

  $75,000

  NON-PASS-THROUGH

• INSUK LEE

  $35,000

  PASS- THROUGH

• EXPRESS GRAPHICS & PRINTING

  $35,000

  PASS- THROUGH

• PROMISE & POSSIBILITIES

  $35,000

  PASS- THROUGH

• THE PHILLY SHOPS LLC

  $35,000

  PASS- THROUGH

• FOUR SEASON NAIL AND SPA

  $35,000

  PASS- THROUGH

• MJ PHL ASSOCIATES LLC

  $35,000

  PASS- THROUGH

• AKWAABA TEA ROOM LLC

  $35,000

  PASS- THROUGH

• FATHER & SON CONSTRUCTI

  $33,215

  PASS- THROUGH

• FRANKFORD COMMUNITY DEV

  $32,290

  PASS- THROUGH

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

2023

Filed

15 November 2024

IRS schema version

2023v5.1

Source object

202403209349326850

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

The source document this was parsed from is served over the API, which is where bulk and document access live.