Pidc-Local Development Corporation
- Assets
- $223.2m
- Revenue
- $11.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 02/2011
- Data as of
- 12/2022
- 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 12/2022, Pidc-Local Development Corporation generated $11.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (17.4%) each year. All expenses for the organization totaled $2.5m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (39.9%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Pidc-Local Development Corporation has awarded 84 individual grants totaling $28,379,956. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PIDC LOCAL DEVELOPMENT CORPORATION ADMINISTERS VARIOUS FEDERALLY FUNDED GRANT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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.
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 |
|---|---|---|---|
Anne Nevins President | Officer | 4 | $0 |
Sam Rhoads Svp- Executive VP | Officer | 4 | $0 |
Thomas Queenan Treasurer/svp-Coo (thru 6/22) | Officer | 4 | $0 |
Thomas Dalfo Svp- Real Estate Services | Officer | 1.5 | $0 |
Ilene Burak Svp- Legal Counsel | Officer | 1.5 | $0 |
Kathleen Mcnamara Svp- Navy Yard | Officer | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,294,137 |
| 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 | $5,294,137 |
| Total Program Service Revenue | $5,071,344 |
| Investment income | $782,595 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $356,826 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,504,902 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,585,007 |
| 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 | $950,000 |
| 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 | $2,433,321 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,255 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,485,824 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,010,089 |
| Savings and temporary cash investments | $40,311,989 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,976,807 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $104,627,493 |
| 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 | $1,237,784 |
| Intangible assets | $0 |
| Other assets | $20,063,350 |
| Total assets | $223,227,512 |
| Accounts payable and accrued expenses | $1,488,309 |
| Grants payable | $0 |
| Deferred revenue | $7,595,930 |
| 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 | $57,152,411 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $64,683,629 |
| Total liabilities | $130,920,279 |
| Net assets without donor restrictions | $92,307,233 |
| 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 | $223,227,512 |
Grants Awarded
Over the last fiscal year, Pidc-Local Development Corporation has awarded $1,583,207 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
AXALTA COATING SYSTEMS PURPOSE: ECONOMIC DEVELOPMENT | $750,000 |
FRANK RECRUITMENT GROUP PURPOSE: ECONOMIC DEVELOPMENT | $150,000 |
URBAN AFFAIRS COALITION PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
ASTAN HAIR BRAIDING PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
HARRISON CONSULTANTS PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
VISION OPTICS PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |