Pidc Financing Corp
- Assets
- $6.6m
- Revenue
- $18.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 02/2011
- Data as of
- 12/2021
- EIN
- 36-4665239
Organization Overview
Pidc Financing Corp 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 Financing Corp 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 Financing Corp generated $18.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 43.1% each year . All expenses for the organization totaled $18.4m during the year ending 12/2021. While expenses have increased by 51.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Pidc Financing Corp has awarded 774 individual grants totaling $16,350,000. 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 FINANCING CORPORATION (PIDC FC) ADMINISTERS LOAN PROGRAMS THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA, INCLUDING THE PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA) LOAN PROGRAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORTING GROWING BUSINESSES: INCLUDES THE SERVICING AND ADMINISTRATION OF THE PIDA LOAN PROGRAM THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA. AT DECEMBER 31, 2021 THE PIDA LOAN PORTFOLIO TOTALED $6 MILLION.
THE PENNSYLVANIA COVID-19 HOSPITALITY INDUSTRY RECOVERY PROGRAM (CHIRP) IS THE $145M STATEWIDE FUND CREATED BY THE COMMONWEALTH OF PENNSYLVANIA TO ALLEVIATE REVENUE LOSSES AND PAY ELIGIBLE OPERATING EXPENSES FOR CERTAIN BUSINESSES IN THE HOSPITALITY INDUSTRY SEVERELY IMPACTED BY THE COVID-19 PANDEMIC. PHILADELPHIA COUNTY RECEIVED APPROXIMATELY $17M IN FUNDING TO PROVIDE GRANTS TO ELIGIBLE BUSINESSES THROUGH THIS PROGRAM.GRANTS WERE AVAILABLE IN THE RANGE FROM $5,000 - $50,000. PIDC ADMINISTERED THIS PROGRAM FOR BUSINESSES LOCATED IN PHILADELPHIA IN PARTNERSHIP WITH THE PHILADELPHIA DEPARTMENT OF COMMERCE. PIDC ALSO COLLABORATED WITH OTHER COMMUNITY PARTNERS TO DELIVER THIS PROGRAM. (CONTINUED IN SCHEDULE O)MORE THAN $17.4M WAS AWARDED TO 977 HOSPITALITY BUSINESSES IN PHILADELPHIA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Salvatore J Patti Chair | OfficerTrustee | 0.04 | $0 |
Andrea R Allon Vice Chair | OfficerTrustee | 0.04 | $0 |
Terry Booker Secretary | OfficerTrustee | 0.04 | $0 |
Sam Rhoads Svp- Executive Vice President | Officer | 0.5 | $0 |
Anne Nevins President | Officer | 0.5 | $0 |
Thomas Queenan Treasurer/svp-Coo | Officer | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $17,947,910 |
| 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 | $17,947,910 |
| Total Program Service Revenue | $448,033 |
| Investment income | $714 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,825 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,403,713 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,380,000 |
| 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 | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $994,910 |
| Total functional expenses | $18,374,910 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,429,999 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,779 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| 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 | $2,282 |
| Intangible assets | $0 |
| Other assets | $1,121,992 |
| Total assets | $6,556,052 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $25,000 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $343,990 |
| Total liabilities | $368,990 |
| Net assets without donor restrictions | $6,187,062 |
| 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 | $6,556,052 |
Grants Awarded
Over the last fiscal year, Pidc Financing Corp has awarded $16,350,000 in support to 774 organizations.
| Grant Recipient | Amount |
|---|---|
12 STEPS DOWN LLC PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT | $25,000 |
1225 RAW INC PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT | $25,000 |
11TH STREET PRETZEL FAC PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT | $25,000 |
1318 BRAUHAUS INC PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT | $25,000 |
1311 SANSOM ENTERPRISES PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT | $25,000 |
12TH STREET CANTINA INC PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
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 |