Pidc-Local Development Corporation
- Assets
- $228.9m
- Revenue
- $6.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 02/2011
- Data as of
- 12/2021
- EIN
- 30-0598934
Organization Overview
Pidc-Local Development Corporation is located in Philadelphia, PA. The organization was established in 2011. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pidc-Local Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Pidc-Local Development Corporation generated $6.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (16.0%) each year. All expenses for the organization totaled $4.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (20.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Pidc-Local Development Corporation has awarded 68 individual grants totaling $26,796,749. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PIDC LOCAL DEVELOPMENT CORPORATION (PIDC-LDC) ADMINISTERS, AS A SUBRECIPIENT OF THE CITY OF PHILADELPHIA, VARIOUS FEDERALLY FUNDED GRANT PROGRAMS. THESE PROGRAMS ASSIST IN THE ECONOMIC DEVELOPMENT INITIATIVES OF THE CITY OF PHILADELPHIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OSUPPORTING GROWING BUSINESSES: PIDC-LDC PROVIDES INVESTMENT CAPITAL TO PHILADELPHIA'S GROWING TECHNOLOGY-BASED, SEED STAGE BUSINESS COMMUNITY. PIDC-LDC ACTIVELY WORKS TO CULTIVATE PHILADELPHIA'S ENTREPRENEUR CLIMATE AND PROVIDES FINANCING TO BRIDGE THE PERIOD BETWEEN THE EARLY DEVELOPMENT OF INTELLECTUAL PROPERTY AND THE POINT AT WHICH A COMPANY ATTRACTS THE ATTENTION OF VENTURE CAPITAL. A COLLABORATIVE EFFORT BETWEEN THE CITY OF PHILADELPHIA'S DEPARTMENT OF COMMERCE AND PIDC, STARTUPPHL AIMS TO SUPPORT ENTREPRENEURS IN THE CITY WHO BRING ENERGY, IDEAS, AND VITALITY TO PHILADELPHIA AS WELL AS FURTHER ENABLE THE EXISTING ENTREPRENEURIAL TALENT THAT RESIDES IN THE CITY'S DIFFERENT NEIGHBORHOODS TO FLOURISH. BEN FRANKLIN TECHNOLOGY PARTNERS IS THE INVESTMENT FUND MANAGER FOR STARTUPPHL SEED FUND I LP. WITH CAPITAL FROM PIDC AND BEN FRANKLIN TECHNOLOGY PARTNERS, THE FUND MADE 12 INVESTMENTS FOR $507K IN A DIVERSE RANGE OF ENTREPRENEURS BY THE CLOSE OF 2021.MANAGEMENT DUTIESFORM 990, PART VI, SECTION A, LINE 3:PIDC PROVIDES THE STAFF AND FACILITIES FOR PIDC-LDC TO PERFORM ITS WORK. PIDC-LDC ITSELF HAS NO EMPLOYEES.
INVESTING IN HIGH IMPACT COMMUNITY REVITALIZATION: PIDC-LDC INVESTS IN HIGH-IMPACT COMMUNITY REVITALIZATION PROJECTS TO BRING CRITICAL GOODS AND SERVICES, CREATE JOBS, AND ELIMINATE BLIGHT THROUGHOUT THE CITY OF PHILADELPHIA. IN 2021, PIDC INVESTED $32.6M THROUGH 23 LOANS IN 13 CATALYTIC PROJECTS IN NEIGHBORHOODS THROUGHOUT PHILADELPHIA.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Salvatore J Patti Chair | OfficerTrustee | 0.3 | $0 |
Andrea R Allon Vice Chair | OfficerTrustee | 0.3 | $0 |
Terry Booker Secretary | OfficerTrustee | 0.05 | $0 |
Sam Rhoads Svp- Executive Vice President | Officer | 4 | $0 |
Anne Nevins President | Officer | 4 | $0 |
Thomas Queenan Treasurer/svp-Coo | Officer | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $883,618 |
| 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 | $883,618 |
| Total Program Service Revenue | $4,914,914 |
| Investment income | $16,111 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $767,615 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,496,519 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $656,234 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $850,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,076,068 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,555 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,218,182 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,231,448 |
| Savings and temporary cash investments | $44,358,063 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,410,293 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $99,596,993 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,229,677 |
| Intangible assets | $0 |
| Other assets | $21,090,735 |
| Total assets | $228,917,209 |
| Accounts payable and accrued expenses | $1,386,242 |
| Grants payable | $0 |
| Deferred revenue | $10,025,376 |
| 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 | $68,303,036 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $65,914,399 |
| Total liabilities | $145,629,053 |
| Net assets without donor restrictions | $83,288,156 |
| 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 | $228,917,209 |
Grants Awarded
Over the last fiscal year, Pidc-Local Development Corporation has awarded $617,234 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
ABBI PRINT LLC PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
BEST HOUSE PIZZERIA PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
Philadelphia, PA PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
ON POINT CUISINE LLC PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
1338 INC PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
CDS REALTY LLC PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Pidc-Local Development Corporation has recieved totaling $2,354,314.
| Awarding Organization | Amount |
|---|---|
Pidc Community Capital Philadelphia, PA PURPOSE: SUB-GRANT OF PRIVATE FUNDS TO LDC | $2,232,813 |
University City District Philadelphia, PA PURPOSE: WORKFORCE DEVELOPMENT | $121,501 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |