Pidc Local Development Corporation

Nonprofit profile at a glance

EIN
300598934
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Philadelphia, PA, USA
Phone
2154968020
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$8,866,630
Expenses
$13,901,201
Assets
$202,763,846
Liabilities
$134,626,379

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

42 people listed

Executive titles in this filing

  • JODIE HARRIS (PRESIDENT)
  • SAMUEL RHOADS (EXECUTIVE VICE PRESIDENT)
  • KATHLEEN MCNAMARA (SENIOR VICE PRESIDENT)
  • ILENE BURAK (EXECUTIVE VICE PRESIDENT)
  • THOMAS J DALFO (SENIOR VICE PRESIDENT)
  • LAWRENCE MCCOMIE (SENIOR VICE PRESIDENT)

Highest reported compensation

  • JODIE HARRIS (PRESIDENT): $383,179 total reported compensation
  • SAMUEL RHOADS (EXECUTIVE VICE PRESIDENT): $344,114 total reported compensation
  • KATHLEEN MCNAMARA (SENIOR VICE PRESIDENT): $300,064 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule o.pidc-ldc administers, as a subrecipient of the city of philadelphia, various federally funded grant programs, including community development block grants, housing and urban development loans, and economic development administration loans. These programs assist in the economic development initiatives of the city of philadelphia.

What it reported doing in 2024

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. In 2024, pidc administered 186 grants totaling $163.5 million for projects on behalf of the commonwealth of Pennsylvania, city of philadelphia, and the philadelphia water department. During 2024, 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 2024, pidc structured and facilitated a stormwater management project in philadelphia for the stormwater retrofit at 1240 e. Erie avenue. This project will feature a subsurface stormwater basin designed to treat stormwater runoff from impervious surfaces. By reducing flow to the combined sewer system, this project directly contributes to decreasing pollution discharged into rivers during rain events, fostering cleaner waterways for future generations.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 86% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 64
  • Accountability: 91
  • Sustainability: 38
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 10th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99%; rating input score 99; 37th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: -56.8%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 14.59; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.66; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 3.6%; rating input score 64; 64th percentile among comparable filings

Growth

  • Program expense growth: -3.5% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -7.9% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -1.6% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 27 of 27 board members independent · 7 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $13.9M in reported program spending
  • Leadership: top reported pay $383K · 42 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 18 of 19 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 7 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 39 filed money-flow records
  • Related organizations: 47 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.