Civic Intelligence

The Lenfest Inst for Journalism Spe Asset Fund of the Phl Foundation

990 • Fiscal year 2015 • EIN 04-3731829

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 01, 2016

1234 Market Street No 1800Philadelphia, PA 19107

(215) 563-6417

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

99th percentile

94%

Higher net margin than 99% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

87th percentile

$618,744

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

100th percentile

2122%

Faster asset growth than 100% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

99th percentile

982%

Faster revenue growth than 99% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Assets

Up

$35,135,447

Up $33,553,889 (+2122%) from 2014

Net Assets

Up

$35,135,447

Up $33,555,477 (+2124%) from 2014

Liabilities

Down

$0

Down $1,588 (-100%) from 2014

Revenue

Up

$34,876,624

Up $31,653,828 (+982%) from 2014

Expenses

Down

$1,927,111

Down $21,840,016 (-92%) from 2014

Net Income

Up

$32,949,513

Up $53,493,844 (+260%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $7,405Liabilities 2010: $7,405Net Assets 2010: $02010Assets 2011: $15,256,000Liabilities 2011: $0Net Assets 2011: $15,256,0002011Assets 2012: $23,993,917Liabilities 2012: $2,440,503Net Assets 2012: $21,553,4142012Assets 2013: $21,914,694Liabilities 2013: $26,242Net Assets 2013: $21,888,4522013Assets 2014: $1,581,558Liabilities 2014: $1,588Net Assets 2014: $1,579,9702014Assets 2015: $35,135,447Liabilities 2015: $0Net Assets 2015: $35,135,4472015Assets 2016: $57,016,345Liabilities 2016: $334,937Net Assets 2016: $56,681,4082016Assets 2017: $61,300,526Liabilities 2017: $713,736Net Assets 2017: $60,586,7902017Assets 2018: $100,598,800Liabilities 2018: $900,563Net Assets 2018: $99,698,2372018Assets 2019: $105,118,770Liabilities 2019: $7,463,771Net Assets 2019: $97,654,9992019Assets 2020: $97,432,232Liabilities 2020: $5,859,295Net Assets 2020: $91,572,9372020Assets 2021: $99,634,192Liabilities 2021: $4,880,799Net Assets 2021: $94,753,3932021Assets 2022: $107,280,135Liabilities 2022: $4,625,558Net Assets 2022: $102,654,5772022Assets 2023: $124,527,937Liabilities 2023: $3,788,099Net Assets 2023: $120,739,8382023Assets 2024: $133,928,628Liabilities 2024: $5,672,646Net Assets 2024: $128,255,9822024

Highlighted filing

2015

Assets$35,135,447
Liabilities$0
Net Assets$35,135,447

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20M-$40MExpenses 2010: $429,4492010Expenses 2011: $02011Revenue 2012: $14,820,785Expenses 2012: $7,364,530Net Income 2012: $7,456,2552012Revenue 2013: $3,641,746Expenses 2013: $2,349,072Net Income 2013: $1,292,6742013Revenue 2014: $3,222,796Expenses 2014: $23,767,127Net Income 2014: -$20,544,3312014Revenue 2015: $34,876,624Expenses 2015: $1,927,111Net Income 2015: $32,949,5132015Revenue 2016: $22,615,026Expenses 2016: $1,069,065Net Income 2016: $21,545,9612016Revenue 2017: $7,899,693Expenses 2017: $5,467,437Net Income 2017: $2,432,2562017Revenue 2018: $51,599,715Expenses 2018: $9,759,033Net Income 2018: $41,840,6822018Revenue 2019: $25,125,953Expenses 2019: $28,688,218Net Income 2019: -$3,562,2652019Revenue 2020: $21,750,954Expenses 2020: $30,909,697Net Income 2020: -$9,158,7432020Revenue 2021: $14,397,650Expenses 2021: $16,429,153Net Income 2021: -$2,031,5032021Revenue 2022: $41,516,736Expenses 2022: $21,565,100Net Income 2022: $19,951,6362022Revenue 2023: $31,951,841Expenses 2023: $21,808,175Net Income 2023: $10,143,6662023Revenue 2024: $26,054,320Expenses 2024: $22,756,190Net Income 2024: $3,298,1302024

Highlighted filing

2015

Revenue$34,876,624
Expenses$1,927,111
Net Income$32,949,513
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 1, 2016
Return Version
2015v2.1
Gross Receipts
$34,876,624
Mission and Program Overview

Mission

Receive, manage and distribute assets, primarily illiquid assets, in support of the philadelphia foundation.

Receive, manage, and distribute primarily illiquid assets in support of the philadelphia foundation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$0$21,000,000▲ $21,000,000
Investments Other Securities$904,274$14,108,614▲ $13,204,340
Cash and Non-Interest-Bearing Accounts$568,569$26,833▼ $541,736
Total Assets$1,581,558$35,135,447▲ $33,553,889
Other Assets Total$108,715$0▼ $108,715
Liabilities
Accounts Payable and Accrued Expenses$1,588$0▼ $1,588
Total Liabilities$1,588$0▼ $1,588
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$33,858,614▲ $33,858,614
Temporarily Rstr Net Assets$0$1,000,000▲ $1,000,000
Unrestricted Net Assets$1,579,970$276,833▼ $1,303,137
Total Net Assets Fund Balance$1,579,970$35,135,447▲ $33,555,477
Total Liabilities and Net Assets / Fund Balance$1,581,558$35,135,447▲ $33,553,889

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$13,858,614--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Pedro a Ramos-as of 8115Pres/CEO & Secr/mgr - Institute$137,776$137,776

Board Members and Trustees

NameTitle
Hf Gerry LenfestChair - Institute
Lawrence J Beaser EsqDirector, Chair
Anthony J ContiDirector, Chair-elect
R Andrew Swinney-ret 63015President & Secretary
Kate S AllisonDirector, Vice Chair
Alan HirsigDirector
Anne MorrisseyDirector
Daniel PhelanDirector
Edward Morris JrDirector
Elizabeth Leebron Tutelman PhdDirector
Francis J Mirabello EsqDirector
John NihillDirector
Kerry BensonDirector
Mindy PosoffDirector
N Nina Ahmad PhdDirector
R Duane PerryDirector
Richard Negrin EsqDirector
Roseline H MarstonDirector
Steven Scott BradleyDirector
William C Bullitt EsqDirector, Treasurer
David BoardmanManager - Institute
David SchizerManager - Institute
David W HaasManager - Institute
Leonard TowManager - Institute
Michael X Delli CarpiniManager - Institute
Rosalind RemerManager - Institute
Sarah BartlettManager - Institute
Patricia MellerV.p. Finance & Administration
Revenue and Support

Revenue Composition

Contributions and Grants
$34,876,624
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$34,876,624
Change in Net Assets
$32,949,513

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Closely Held Stock1$13,858,614Appraised Value
Total Noncash Contributions1$13,858,614-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,923,300
Other Expenses$3,811
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,923,300--$1,923,300
Fees for Service Investment Mgmnt Fees-$3,811-$3,811
Total Functional Expenses$1,923,300$3,811$0$1,927,111
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Harry R Halloran Jr Charitable TrustPhiladelphia, PA501(c)(3)General Operating Support$1,194,245
The Harry R Halloran Jr Charitable TrustPhiladelphia, PA501(c)(3)To Provide Support to the Harry R. Halloran, Jr. Charitable Trust-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

Tpf special assets fund revised its bylaws in june 2016 to assure that the officers and directors are shall be the same as the philadelphia foundation unless the foundation determines otherwise.

Form 990, Part VI, Section B, Line 11

Tpf special assets fund's public accounting firm prepares the form 990 based on the information provided by members of the finance team. Once the return is prepared, it is reviewed by the finance team along with executive management before being provided to the audit committee and governing body for their review.

FORM 990, PART VI, SECTION B:

Form 990, part vi, section b has been completed based on governance practices and policies of tpf special assets fund (saf). Saf's disregarded entity, the institute for journalism in new media, llc (institute) does not follow the specific policies and governance practices as outlined within part vi. Since the institute was established on december 2015, these practices and policies will be adopted in the future.

Form 990, Part VI, Section B, Line 12C

Board members, standing committee members, and staff shall advise the president and ceo of the tpf special assets fund (saf) of affiliation with any grantee, potential grantee or vendor in response to an annual questionnaire from saf and at any other time when such person becomes aware of an affiliation which has not previously been disclosed. No member of the board or any standing committee who is affiliated with any organization being considered for a grant from saf shall participate in the consideration of such grant, or shall vote on such grant award. No member of the board or any standing committee who is affiliated with any vendor of goods or services to saf shall participate in the consideration or administration of any contract with such vendor. No member of the staff of saf shall, without the permission of the president and ceo, be affiliated with any grantee, prospective grantee or vendor to saf.

Form 990, Part VI, Section C, Line 19

Tpf special assets fund (saf) makes its governing documents and conflict of interest policy available upon request. Saf makes its audited financial statements available through the saf's annual report and also on the philadelphia foundation's website.

Filing and Contact Details

Filer

Filer Name
Tpf Special Assets Fund
EIN
04-3731829
Phone
2155636417
Address
1234 MARKET STREET NO 1800, PHILADELPHIA, PA 19107

Signing Officer

Name
Patricia Meller
Title
VP of Finance & Administration
Phone
2155636417
Signed
2016-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Pedro a Ramos
Formed
2002
Legal Domicile
Pa
Voting Board Members
25
Independent Board Members
25
Employees
0
Volunteers
29

Preparer

Firm
Cliftonlarsonallen Llp
Address
610 W GERMANTOWN PIKE STE 400, PLYMOUTH MEETING, PA 19462
Preparer
Karen Gries
Phone
6123764500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in unrelated business income tax liability 564,646.

Financial Statement Notes

PART X, LINE 2:

The philadelphia foundation (tpf), the philadelphia foundation, inc. (tpf, inc.), tpf special assets fund (saf), queen's jubilee education foundation (qjef), the harry r. Halloran, jr. Charitable trust (halloran trust), and delaware charitable assets, inc. (dca), collectively, "the foundation," are exempt from federal income taxes under section 501(c)(3) of the internal revenue code (the code). Tpf is treated as a publicly supported, tax-exempt community foundation as defined in sections 509(a)(1) and 170(b)(1)(a)(vi) of the code. In addition, the irs has determined that tpf, inc. Is a component part of tpf and is exempt as such. Saf, the halloran trust and dca are recognized as tax-exempt supporting organizations under section 509(a)(3) of the code. Qjef is recognized as a publicly supported tax-exempt organization as defined in sections 509(a)(1) and 170(b)(1)(a)(vi) of the code. Certain unrelated business income is subject to federal income taxes. The foundation follows the income tax standard for uncertain tax positions. The application of this standard has no impact on the foundation's consolidated financial statements. The institute for journalism in new media, llc is a single-member llc with saf as the sole member. The institute is a disregarded entity for tax purposes, and all activity will be reported under saf. The foundation engages in investments that produce unrelated business income. The associated unrelated business income tax is generated primarily from earnings on leveraged investments (primarily hedge funds) as well as ownership of private company stock. As of december 31, 2015, halloran trust had prepaid taxes of $98,215 which is included in halloran trust's prepaid expenses and other assets in the accompanying consolidated statements of financial position. As of december 31, 2014, tpf special assets fund had prepaid taxes of $108,715 which is included in tpf special assets fund's prepaid expenses and other assets in the accompanying consolidated statements of financial position.

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IRS990/Form990PartVIISectionAGrp/PersonNm1KATE S ALLISON
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IRS990/Form990PartVIISectionAGrp/PersonNm4N NINA AHMAD PHD
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IRS990/Form990PartVIISectionAGrp/PersonNm10EDWARD MORRIS JR
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR, CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR, VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR, TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR, CHAIR-ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18CHAIR - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt19MANAGER - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt20MANAGER - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt21MANAGER - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt22MANAGER - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt23MANAGER - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt24MANAGER - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt25MANAGER - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt26PRES/CEO & SECR/MGR - INSTITUTE
IRS990/Form990PartVIISectionAGrp/TitleTxt27PRESIDENT & SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt28V.P. FINANCE & ADMINISTRATION
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$134$5.67$128$26.1$22.8$3.30
2023Detailed filing. Detailed filing data is available for this year.$125$3.79$121$32.0$21.8$10.1
2022Detailed filing. Detailed filing data is available for this year.$107$4.63$103$41.5$21.6$20.0
2021Detailed filing. Detailed filing data is available for this year.$99.6$4.88$94.8$14.4$16.4$2.03
2020Detailed filing. Detailed filing data is available for this year.$97.4$5.86$91.6$21.8$30.9$9.16
2019Detailed filing. Detailed filing data is available for this year.$105$7.46$97.7$25.1$28.7$3.56
2018Detailed filing. Detailed filing data is available for this year.$101$0.90$99.7$51.6$9.76$41.8
2017Detailed filing. Detailed filing data is available for this year.$61.3$0.71$60.6$7.90$5.47$2.43
2016Detailed filing. Detailed filing data is available for this year.$57.0$0.33$56.7$22.6$1.07$21.5
2015Detailed filing. Detailed filing data is available for this year.$35.1$0.00$35.1$34.9$1.93$32.9
2014Detailed filing. Detailed filing data is available for this year.$1.58$0.00$1.58$3.22$23.8$20.5
2013Detailed filing. Detailed filing data is available for this year.$21.9$0.03$21.9$3.64$2.35$1.29
2012Summary only. Only limited summary data is available for this year.$24.0$2.44$21.6$14.8$7.36$7.46
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.3$0.00$15.3$0.00
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.01$0.01$0.00$0.43