Pidc Community Capital

“Management duties pidc provides the staff and facilities for pidc cc to perform its work. Pidc cc itself has no employees. Part vi, section a, line 6 members or stockholders pidc is the sole member of pidc cc.”

“Pidc cc's board of directors is comprised of at least three directors, that are appointed annually by the chair of the pidc board of directors.”

“FORM 990 REVIEW PROCESS PIDC's Senior Vice President of Accounting & Finance assembles the information for the Form 990. The Form 990 is reviewed internally, and is prepared and reviewed by PIDC's outside tax advisors. The Form 990 is required to be reviewed by the Audit Committee of the Board prior to filing with the Internal Revenue Service. The Form 990 is made available to all Board members upon request.”

“CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT All Directors of the organization must disclose the nature and extent of any interests, direct or indirect, contact, and/or activity related to such projects promoted by the organization. No director who has such an interest can vote on any matter relating to it. The disclosure is retained in the minute book of the organization. In addition, PIDC has included a conflict of interest policy within the Personnel Policy Manual, and is applicable to all employees of PIDC (and its combined entities, together the Corporation). Further, on a periodic basis, the Corporation requires the officers of the Corporation to disclose any conflicted interests.”

“PROCESS FOR DETERMINING COMPENSATION As noted above, PIDC CC has no employees, executive director, or CEO; however, John Grady, Sam Rhoads, Thomas Queenan and Wanda Speight are officers of PIDC CC, and are also officers of PIDC. PIDC has established a compensation program to ensure the compensation, including bonuses paid to officers and employees, is fair, competitive, and reflective of employee's actual performance. For PIDC's senior executives, this includes establishing performance standards at the beginning of the year, which are used by the CEO to measure each executive's performance at year end. PIDC periodically performs pay-range surveys of other comparable employers and monitors trends in compensation. In addition, the compensation structure embeds a risk based component that considers achievement of performance goals. The compensation for PIDC's CEO is approved by the Compensation Committee, which includes the Chair of the PIDC Board of Directors, and designated Board members appointed by the Chair of the PIDC Board of Directors.”

“How documents are made available to the public pidc makes its form 990 available to the public by retaining a copy at its place of business.”

“How documents are made available to the public pidc financial statements and governing documents (including the conflict of interest policy) are not ordinarily made available to the public.”

“Other changes in net assets Provision for Loan loss $1,513,012 Adoption of New Guidance (see below) $580,516 Total $2,093,528 Adoption of New Guidance: In June 2018, the FASB issued ASU 2018-08: Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made Topic 958 (ASU 2018-08). The ASU clarifies the scope of accounting guidance for contributions received and contributions made by assisting entities in: (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of Topic 958, or as exchange (reciprocal transactions) subject to Topic 606, and (2) determining whether a contribution is conditional. PIDC CC adopted this guidance as of January 1, 2019. PIDC CC elected to use the full retrospective method to adopt the standard, as such prior period revenue recognized relating to conditional grants was required to be restated. The derecognition of revenue associated with conditional grants, reduced 2018 ending net assets without donor restrictions by $580,516. PART XII, LINE 3B SINGLE AUDIT ACT AND OMB CIRCULAR FEDERAL AWARDS SUBJECT TO THE SINGLE AUDIT ACT AND OMB CIRCULAR ARE INCLUDED WITHIN THE COMBINED STATEMENTS OF PIDC.”