Pidc-Penn Venture Fund

“Management duties pidc provides the staff and facilities for pidc pvf to perform its work. Pidc pvf itself has no employees.”

“Members or stockholders the members of pidc are the persons who are the directors of the corporation. The business and affairs of the corporation are managed by the directors. The organization has three classes of directors: 1) 8 city directors consisting of the eight officers of the city of philadelphia; the mayor of the city of philadelphia, the director of commerce, two members of the city council who is designated by the president of city council, the director of planning & development, the city solicitor, the managing director, and the director of finance. 2) 9 chamber of commerce directors nominated by the president of the greater philadelphia chamber of commerce. 3) 13 public directors as nominated jointly by the president of the greater philadelphia chamber of commerce and the director of commerce of the city of philadelphia.”

“Decisions subject to approval the board of directors (comprised of the 30 members) is authorized to approve by appropriate resolution the purchase, sale, lease, mortgage pledge, or other disposal of real estate and the borrowing of money for that purpose. In addition, between the times of the board of directors meetings, the executive committee has the right to exercise the authority of the board of directors. The executive committee consists of 17 directors including the eight (8) city directors and nine (9) chamber directors who are named to the board of directors. The chairman of the board of directors is also the chairman of the executive committee.”

“Form 990 review process pidc's accounting & finance team assembles the information for the form 990. It is reviewed internally and is prepared 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 stated above, pidc pvf has no employees. The compensation for pidc's ceo is approved by the compensation committee, which includes the chairman of the board of directors and designated board members appointed by the chairman of the board of directors. 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. Pidc completed a compensation study in 2020 for all employees. In addition, the compensation structure embeds a risk based component that considers achievement of performance goals.”

“How documents are made available to the public pidc-penn venture fund 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, governing documents, and conflict of interest policy are not ordinarily made available to the public.”