Regional Industrial Development Corporation Of Sw Pa
- Assets
- $178.2m
- Revenue
- $22.7m
- Investments
- $0.0
- Employees
- 39
- Location
- Pittsburgh, PA
- Founding
- 07/1962
- Data as of
- 12/2022
- EIN
- 25-1033264
Organization Overview
Regional Industrial Development Corporation Of Sw Pa is located in Pittsburgh, PA. The organization was established in 1962. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Regional Industrial Development Corporation Of Sw PA employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Regional Industrial Development Corporation Of Sw PA is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Regional Industrial Development Corporation Of Sw PA generated $22.7m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $20.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Smith Donald F Jr President | OfficerTrustee | 35 | $591,142 |
Blocksidge Charles T Director Emeritus | Trustee | 1 | $0 |
Desantis Mark Director | Trustee | 0.5 | $0 |
Fitzgerald Rich Director Ex-Officio | Trustee | 0.5 | $0 |
Hunt William Director/vice Chairman | OfficerTrustee | 1 | $0 |
Kurtzrock Mark Jay Director | Trustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chubb Insurance | 12/30/22 | $913,671 |
Ftba Electrical Maintenance | 12/30/22 | $622,454 |
Scalise Industries Dba Emcor Services Construction Contractor | 12/30/22 | $571,745 |
Upmc Insurance | 12/30/22 | $503,890 |
Plantscape Inc Landscaping | 12/30/22 | $333,261 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $18,644,361 |
| Investment income | $3,473,170 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $525,585 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,677,325 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,869,398 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,440,653 |
| Pension plan accruals and contributions | $258,433 |
| Other employee benefits | $688,354 |
| Payroll taxes | $299,562 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $71,533 |
| Fees for services: Accounting | $30,563 |
| Fees for services: Lobbying | $63,204 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $455,254 |
| Advertising and promotion | $208,513 |
| Office expenses | $129,520 |
| Information technology | $430,732 |
| Royalties | $0 |
| Occupancy | $340,577 |
| Travel | $19,688 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $443,470 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,050,738 |
| Insurance | $631,463 |
| All other expenses | $0 |
| Total functional expenses | $20,523,426 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,636,451 |
| Savings and temporary cash investments | $30,207,946 |
| Pledges and grants receivable | $1,663,677 |
| Accounts receivable, net | $82,886,119 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,407,500 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $872,480 |
| Net Land, buildings, and equipment | $52,394,431 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,096,986 |
| Total assets | $178,165,590 |
| Accounts payable and accrued expenses | $2,479,262 |
| Grants payable | $0 |
| Deferred revenue | $1,285,213 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $14,373,912 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,167,529 |
| Total liabilities | $26,305,916 |
| Net assets without donor restrictions | $151,859,674 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $178,165,590 |