PGH Development Corporation

EIN: 232351015 501(c)(3) Health Care

PHILADELPHIA, PA

Total Revenue
$1,050,967
Total Expenses
$1,646,140
Total Assets
$8,011,190
Net Assets
$7,585,177
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1985
Legal Domicile
PA
Principal Officer
CRAIG CARNAROLI
Phone
2155901000
Tax Period
2023-07-01 to 2024-06-30

PGH Development Corporation, founded in 1985, is a community nonprofit in the Health Care sector that reported $1.1M in total revenue in fiscal year 2023. Revenue surged 42% from the prior year, signaling strong growth momentum. Expenses of $1.6M exceeded revenue, resulting in a 57% operating deficit.

Mission

THE ORGANIZATION WAS FORMED FOR THE PURPOSE OF DEVELOPING AND SERVICING CERTAIN ACCESS AREAS, COMMON GROUNDS, AND PARKING FACILITIES FOR HEALTHCARE AND RESEARCH FACILITIES.

Program Service Accomplishments

Program 1
Expenses: $595,172 Revenue: $1,049,309

PGH DEVELOPMENT CORPORATION (PGHDC) IS A PENNSYLVANIA NON PROFIT CORPORATION THAT SUPPORTS THE HEALTH AND EDUCATIONAL ACTIVITIES OF THE UNIVERSITY OF PENNSYLVANIA AND THE CHILDREN'S HOSPITAL OF...

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PGH DEVELOPMENT CORPORATION (PGHDC) IS A PENNSYLVANIA NON PROFIT CORPORATION THAT SUPPORTS THE HEALTH AND EDUCATIONAL ACTIVITIES OF THE UNIVERSITY OF PENNSYLVANIA AND THE CHILDREN'S HOSPITAL OF PHILADELPHIA. PGHDC PROVIDES SUPPORT TO THESE ACTIVITIES BY DEVELOPING, MAINTAINING AND IMPROVING ACCESS, PARKING, OPEN AREAS AND FACILITIES UTILIZED IN COMMON BY THESE ORGANIZATIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,047,152
Investment Income $1,658
Other Revenue $2,157
TOTAL REVENUE $1,050,967

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $595,172
Other Expenses $1,646,140
TOTAL EXPENSES $1,646,140

Year-over-Year Comparison

2023 2022 Change
Revenue $1,050,967 $740,821 +0.4%
Expenses $1,646,140 $1,316,665 +0.3%
Net Income $-595,173 $-575,844 +0.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
4
Independent Members
N/A
Employees
N/A
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$5,178,564
Total Directors
4
$5,178,564
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DOUGLAS HOCK VICE PRESIDENT 1.0
Officer Director
$0 $72,049 $2,084,313
CRAIG CARNAROLI PRESIDENT 1.0
Officer Director
$0 $399,165 $1,614,402
JEFFREY KAHN FORMER TREASURER 0.0
$0 $67,663 $1,566,924
LEE DOBKIN ESQ FORMER SECRETARY 0.0
$0 $56,523 $992,866
ANNE PAPAGEORGE SECRETARY 1.0
Officer Director
$0 $75,096 $782,380
DONALD MOORE TREASURER 1.0
Officer Director
$0 $26,028 $697,469
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $1,050,967 $1,646,140 $8,011,190 $-595,173
2023 $740,821 $1,316,665 $8,283,281 $-575,844
2022 $905,518 $1,461,807 $8,745,713 $-556,289
2021 $832,871 $1,380,386 $8,407,285 $-547,515
2020 $763,912 $1,270,276 $9,059,750 $-506,364
2019 $925,753 $1,415,572 $9,537,903 $-489,819
2018 $948,114 $1,416,761 $9,551,222 $-468,647
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