Pidc-Local Development Corporation

“Members or stockholders the members of pidc-ldc 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 are 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 support for the form 990. The form 990 is reviewed internally and is prepared and reviewed by pidc's outside tax advisors. Once complete, the audit committee of the board of directors reviews the draft form 990, and any necessary revisions are made. The final version is provided to the full voting board of directors prior to submission to the internal revenue service.”

“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 an annual basis, the corporation requires the officers of the corporation to disclose any conflicted interests.”

“Process for determining compensation as stated above, pidc-ldc 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. As stated above, pidc-ldc has no employees. 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. 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.”

“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.”

“Pidc local development corporation (pidc-ldc) administers, as a subrecipient of the city of philadelphia, various federally funded grant programs. These programs assist in the economic development initiatives of the city of philadelphia. Pidc released the 2023-2026 strategic framework as a roadmap to achieve its mission and strive toward a more inclusive, equitable, and sustainable philadelphia where all residents benefit from economic development and a growing global economy. It is designed to help pidc make resource allocation and strategic partnership decisions that align with the organization's vision, mission, theory of change and to align pidc's stakeholders around a common vision and goal. The framework is grounded in three integral and intersecting lenses imperative to informing pidc's approach to achieving and delivering on its mission. Lenses are principles that inform the world view or perspective of pidc and provide focus and direction for pidc's scope and approach to achieving its mission. These three lenses are defined below: 1) racial equity: progressing toward a fair and just society in which all people can participate, prosper, and reach their full potential and a world where racial disparities do not exist. 2) future of work: adapting to the many forces of change affecting work, the workforce, and the workplace. 3) sustainability & resilience: advancing development and growth in balance with the environment to support present and future generations.”

“Impairment on investments -78,287.”