PIDC Philadelphia

What it reported doing in 2024

Support growth & resilience of businesses and developers (economic development)see schedule opidc and its affiliates (pidc community capital, pidc financing corporation, pidc local development corporation, pidc development management corporation and pidc pennventure fund) provide capital where traditional financing is difficult to access or not able to meet an owner's needs. Pidc invests flexible, affordable capital in growing local businessesthe backbone of our economybecause theycreate jobs, build wealth for entrepreneurs, and stabilizeneighborhoods. Pidc also supports developers in financingcommunity-oriented projects. Through a variety of funding resources, educational programs, and one-on-one technical support, pidc fillscritical gaps for business owners and nonprofit leaders who lack accessto traditional capital. In addition, pidc & its affiliates support developers producing transformative projects that have a positive, lasting impact across thecity providing jobs, services, and amenities. In 2024, pidc originated $72.4 million in new loans to 69 small and mid-sized businesses, nonprofits, and developers through catalytic projects in neighborhoods in philadelphia. $13.8 million was invested in small businesses. $26.1 million was invested in commercial real estate businesses and 32.5 million was invested in new markets tax credits. 85% of all pidc core lending went to diverse/minority business enterprises. Pidc allocated $32.5m of new market tax credits to four high-impactprojects in philadelphia. The nmtc program is a us treasury programwhich utilizes federal tax credits to attract private investment inlow-income communities. These projects create quality jobs, provideessential goods and services, and stimulate additional investment inour neighborhoods. Pidc has won over $473 million in nmtc allocationbetween 2007 and 2024 and deployed $412.5 million in tax creditallocation since 2007. These projects have created over 5,300 jobs, provided essential goods and services , and have stimulated an additional $1.2 billion investment in our neighborhoods. In 2024, we continued our business support services educationalworkshops, one-on-one counseling, credit repair, and networking eventsdesigned to support business growth and connect philadelphia's small businesscommunity to trusted knowledge and resources via workshops.pidc business builder workshops are year-round workshops which providecritical business education to entrepreneurs and organizations fromevery industry. Pidc hosted 29 workshops with more than 700 hoursdedicated to coaching and consulting support for pidc clients. Topics included debt management, project oversight, buying and financing commercial real estate, federal government contracting, and business educationand mentoring programs.of the hosted 29 workshops, sixteen (16) were held in spanish whereby pidccontinued a series of spanish-language workshops, as started in 2022, as a part of pidc's strategy to better serve spanish-speakingentrepreneurs, one of the fastest growing business groups inphiladelphia. The series is part of pidc's business builder workshops.topics in the series included mental health, building credit, cityresources, buying and financing commercial real estate, leadership, and more.

Financial Efficiency

• Mission deployment rate: 63.2%; rating input score 63
• Program expense ratio: 74.7%; rating input score 75
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 93.3%; rating input score 93; 14th percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 97.4%; rating input score 97; 28th percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 16.2%; rating input score 78; 78th percentile among comparable filings
• Total-asset coverage ratio: 2.68; rating input score 71; 71st percentile among comparable filings
• Liabilities to assets ratio: 0.65; rating input score 20; 20th percentile among comparable filings
• Officer compensation ratio: 15.8%; rating input score 7; 7th percentile among comparable filings

Growth

• Program expense growth: 2.9% per year; rating input score 100; 25th percentile among comparable filings
• Revenue growth: 2.5% per year; rating input score 100; 22nd percentile among comparable filings
• Asset growth: -1.4% per year; rating input score 0; 7th percentile among comparable filings