Civic Intelligence

Philadelphia Accelerator Fund

990 • Fiscal year 2023 • EIN 84-3332182

Jan 01, 2023 to Dec 31, 2023 • Filed on Aug 05, 2024

Organization ProfileN/A

View Organization Page

100 East Penn Square Suite 402Philadelphia, PA 19107

(215) 496-9373

Siviq Scores

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

Liabilities / Assets

85th percentile

0.88x

Higher debt load relative to assets than 85% of similar nonprofits.

2023 filings • NTEE S • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

96th percentile

31.35x

Higher debt load relative to revenue than 96% of similar nonprofits.

2023 filings • NTEE S • $10M-$25M nonprofits • Source year 2023

Net Margin

37th percentile

-2.5%

Higher net margin than 37% of similar nonprofits.

2023 filings • NTEE S • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

38th percentile

$130,000

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 32.6% of source-year revenue.

2023 filings • NTEE S • $10M-$25M nonprofits • Source year 2023

Asset Growth

86th percentile

33%

Faster asset growth than 86% of similar nonprofits.

2023 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

97th percentile

784%

Faster revenue growth than 97% of similar nonprofits.

2023 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets85th percentile

Assets

Up

$14,162,972

Up $3,480,974 (+33%) from 2022

Net Assets

Down

$1,649,842

Down $10,081 (-0.6%) from 2022

Liabilities

Up

$12,513,130

Up $3,491,055 (+39%) from 2022

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin37th percentile

Revenue

Up

$399,105

Up $353,962 (+784%) from 2022

Expenses

Up

$409,186

Up $86,236 (+27%) from 2022

Net Income

Up

-$10,081

Up $267,726 (+96%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$20M$15M$10M$5.0M$0Assets 2021: $10,937,730Liabilities 2021: $9,000,000Net Assets 2021: $1,937,7302021Assets 2022: $10,681,998Liabilities 2022: $9,022,075Net Assets 2022: $1,659,9232022Assets 2023: $14,162,972Liabilities 2023: $12,513,130Net Assets 2023: $1,649,8422023Assets 2024: $16,942,836Liabilities 2024: $14,050,574Net Assets 2024: $2,892,2622024

Highlighted filing

2023

Assets$14,162,972
Liabilities$12,513,130
Net Assets$1,649,842
Open 2023 Filing

Operations Trend

Revenue Growth97th percentile

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

$2.0M$1.0M$0-$1.0MRevenue 2021: $54,762Expenses 2021: $76,169Net Income 2021: -$21,4072021Revenue 2022: $45,143Expenses 2022: $322,950Net Income 2022: -$277,8072022Revenue 2023: $399,105Expenses 2023: $409,186Net Income 2023: -$10,0812023Revenue 2024: $1,898,965Expenses 2024: $656,545Net Income 2024: $1,242,4202024

Highlighted filing

2023

Revenue$399,105
Expenses$409,186
Net Income-$10,081
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Aug 5, 2024
Return Version
2023v5.0
Gross Receipts
$399,105
Mission and Program Overview

Mission

Making low cost loans in affordable housing projects throughout the city of philadelphia to increase the availability and quality of affordable housing to city residents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable-$3,430,928-
Investments Other Securities-$3,000,000-
Cash and Non-Interest-Bearing Accounts$10,635,331$676,234▼ $9,959,097
Prepaid Expenses and Deferred Charges$46,667$750▼ $45,917
Total Assets$10,681,998$14,162,972▲ $3,480,974
Other Assets Total-$7,055,060-
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,000,000$12,455,928▲ $3,455,928
Deferred Revenue$6,500$46,675▲ $40,175
Accounts Payable and Accrued Expenses$15,575--
Other Liabilities-$10,527-
Total Liabilities$9,022,075$12,513,130▲ $3,491,055
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,659,923$1,649,842▼ $10,081
Total Net Assets Fund Balance$1,659,923$1,649,842▼ $10,081
Total Liabilities and Net Assets / Fund Balance$10,681,998$14,162,972▲ $3,480,974

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,200--
Other Securities$3,000,000--
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeBaseTotal
-Executive DiFT$130,000$130,000

Board Members and Trustees

NameTitle
Mo RushdyChair
Anne FadullonDirector
David ThomasDirector
James SandersDirector
Jennifer Lucas CrowtherDirector
John MondlakDirector
Karen FegelyDirector
Katya NoreikaDirector
Matthew StittDirector
Paul BadgerDirector
Robert McdermottDirector
Suzanne S MayesDirector
Vidhi AndersonDirector
Jennifer BellotSecretary
Charles LomaxTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$84,116
Investment Income
$314,782
Other Revenue
$207
Change in Net Assets
$-10,081

Audited Revenue Reconciliation

Revenue per Audited Statements
$399,105
Revenue Not Reported on Form 990
$10,800
Total Revenue per Audited Statements
$409,905
Total Revenue per Form 990
$399,105
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$266,859
Salaries, Compensation, and Employee Benefits$142,327
Total Fundraising Expense$24,770
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$97,500$32,500-$130,000
Fees for Services Legal-$55,811-$55,811
Insurance$31,545--$31,545
Advertising--$24,770$24,770
Interest$19,022--$19,022
Fees for Services Accounting-$18,408-$18,408
Payroll Taxes$9,245$3,082-$12,327
Office Expenses-$7,953-$7,953
Occupancy$2,450--$2,450
Conferences and Meetings$2,100--$2,100
Other Expenses$900--$900
Total Functional Expenses$266,662$117,754$24,770$409,186

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$419,986
Expenses per Audited Statements$409,186
Total Expenses per Form 990$409,186
Expenses Not Reported on Form 990$10,800
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$10,527
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“A draft copy is circulated to all members prior to filing”

Form 990, Page 6, Part VI, Line 12C

“The board reviews the conflict of interest policy on an annual basis”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Philadelphia Accelerator Fund
EIN
84-3332182
Phone
2154969373
Address
100 EAST PENN SQUARE SUITE 402, PHILADELPHIA, PA 19107

Signing Officer

Name
David Langlieb
Title
Executive Director
Phone
2154969373
Signed
2024-08-05
Discuss with paid preparer
Yes

Organization Details

Formed
2019
Legal Domicile
Pa
Voting Board Members
15
Independent Board Members
15
Employees
1

Preparer

Firm
Baratz & Associates Pa
Address
4B EVES DR STE 100, MARLTON, NJ 08053
Preparer
Edward a Suarez CPA
Phone
8569855688
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Fasb asc 740-10-65-1 requires financial statement recognition of the impact of a tax position, if that position is more than likely than not to be sustained on examination, based on the technical merits of the position. The benefit is calculated as the largest amount that is more than 50 percent likely to be realized upon resolution of the benefit. The organization has evaluated its tax positions and believes all could be sustained upon examination. With few exceptions, the organization is no longer subject to income tax examinations by federal authorities for years before 2020.”

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1LOAN ORIGINATION FEES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2RIGHT OF USE ASSET
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LEASE LIABILITY
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0CERTIFICATE OF DEPOSIT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB ASC 740-10-65-1 REQUIRES FINANCIAL STATEMENT RECOGNITION OF THE IMPACT OF A TAX POSITION, IF THAT POSITION IS MORE THAN LIKELY THAN NOT TO BE SUSTAINED ON EXAMINATION, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE BENEFIT IS CALCULATED AS THE LARGEST AMOUNT THAT IS MORE THAN 50 PERCENT LIKELY TO BE REALIZED UPON RESOLUTION OF THE BENEFIT. THE ORGANIZATION HAS EVALUATED ITS TAX POSITIONS AND BELIEVES ALL COULD BE SUSTAINED UPON EXAMINATION. WITH FEW EXCEPTIONS, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY FEDERAL AUTHORITIES FOR YEARS BEFORE 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalLiabilityAmt010527
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT COPY IS CIRCULATED TO ALL MEMBERS PRIOR TO FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TypeOfOrganizationAssocInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0100 EAST PENN SQUARE SUITE 402
IRS990/USAddress/CityNm0PHILADELPHIA
IRS990/USAddress/StateAbbreviationCd0PA
IRS990/USAddress/ZIPCd019107
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ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DAVID LANGLIEB
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,162,972
Liabilities
$12,513,130
Net assets
$1,649,842
Revenue
$399,105
Expenses
$409,186
Net income
-$10,081
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$16.9$14.1$2.89$1.90$0.66$1.24
2023Detailed filing. Detailed filing data is available for this year.$14.2$12.5$1.65$0.40$0.41$0.01
2022Detailed filing. Detailed filing data is available for this year.$10.7$9.02$1.66$0.05$0.32$0.28
2021Detailed filing. Detailed filing data is available for this year.$10.9$9.00$1.94$0.05$0.08$0.02