PIDC-LOCAL DEVELOPMENT CORPORATION (EIN 300598934) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1977

Legal Domicile

Principal Officer

JODIE HARRIS

Phone

2154968020

Tax Period

2023-01-01 to 2023-12-31

PIDC-LOCAL DEVELOPMENT CORPORATION, founded in 1977, is a community nonprofit in the Community Improvement sector that reported $9.7M in total revenue in fiscal year 2023. Revenue decreased 15% compared to the prior year. Expenses of $28.8M exceeded revenue, resulting in a 196% operating deficit.

Mission

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.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,050,625

Program Service Revenue $4,896,014

Investment Income $2,795,873

Other Revenue $0

TOTAL REVENUE $9,742,512

Expense Breakdown

Grants Paid $1,828,357

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $28,763,448

Other Expenses $26,971,063

TOTAL EXPENSES $28,799,420

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,742,512	$11,504,902	-0.2%
Expenses	$28,799,420	$2,485,824	+10.6%
Net Income	$-19,056,908	$9,019,078	-3.1%

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

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

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

$4,065,391

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SALVATORE J PATTI	CHAIR	0.50	Officer Director	$0	$0	$0
ANDREA ALLON	VICE-CHAIR	0.50	Officer Director	$0	$0	$0
KEVIN R BOYLE	SECRETARY	0.50	Officer Director	$0	$0	$0
MIGUEL ALBAN	DIRECTOR	0.05	Director	$0	$0	$0
TUMAR ALEXANDER	DIRECTOR	0.50	Director	$0	$0	$0
EMILY BITTENBENDER	DIRECTOR	0.50	Director	$0	$0	$0
CRAIG CARNAROLI	DIRECTOR	0.50	Director	$0	$0	$0
DOMINIQUE CASIMIR	DIRECTOR	0.05	Director	$0	$0	$0
DIANA CORTES ESQUIRE	DIRECTOR	0.50	Director	$0	$0	$0
FRED COSENZA	DIRECTOR	0.05	Director	$0	$0	$0
HONORABLE CURTIS JONES JR	DIRECTOR	0.50	Director	$0	$0	$0
HONORABLE DARRELL L CLARKE	DIRECTOR	0.50	Director	$0	$0	$0
ROB DUBOW	DIRECTOR	0.50	Director	$0	$0	$0
ANNE FADULLON	DIRECTOR	0.50	Director	$0	$0	$0
REGINALD C FULLER III	DIRECTOR	0.05	Director	$0	$0	$0
JAY GOLDSTEIN	DIRECTOR	0.50	Director	$0	$0	$0
JOVAN GOLDSTEIN	DIRECTOR	0.05	Director	$0	$0	$0
LEE HUANG MPA	DIRECTOR	0.05	Director	$0	$0	$0
HONORABLE JAMES F KENNEY	DIRECTOR	0.50	Director	$0	$0	$0
LEROY JONES	DIRECTOR	0.05	Director	$0	$0	$0
BRIAN T KEECH	DIRECTOR	0.05	Director	$0	$0	$0
HONORABLE KENYATTA JOHNSON	DIRECTOR	0.50	Director	$0	$0	$0
JUAN LOPEZ	DIRECTOR	0.50	Director	$0	$0	$0
SUZANNE S MAYES ESQ	DIRECTOR	0.50	Director	$0	$0	$0
ELIZABETH MURPHY	DIRECTOR	0.05	Director	$0	$0	$0
ANNE K NADOL	DIRECTOR	0.50	Director	$0	$0	$0
BRET PERKINS	DIRECTOR	0.50	Director	$0	$0	$0
ANGELO PERRYMAN	DIRECTOR	0.05	Director	$0	$0	$0
THOMAS AK QUEENAN	DIRECTOR	0.05	Director	$0	$0	$0
WILLIAM R SAUTTER	DIRECTOR	0.05	Director	$0	$0	$0
JODIE HARRIS	PRESIDENT (START 06/2023)	4.50	Officer	$0	$22,126	$210,166
SAM RHOADS	EXECUTIVE VICE PRESIDENT	4.50	Officer	$0	$57,124	$336,869
TIFFANY CANADY	SVP - CFO	7.00	Officer	$0	$60,854	$298,166
ILENE BURAK	SVP AND GENERAL COUNSEL	1.50	Officer	$0	$71,701	$288,727
KATHLEEN MCNAMARA	EVP - THE NAVY YARD	4.00	Officer	$0	$71,518	$285,078
SHAYNE MOORE	SVP - INFORMATION TECHNOLGY	4.00	Officer	$0	$13,896	$226,278
THOMAS DALFO	SVP - REAL ESTATE SERVICES	3.00	Officer	$0	$70,632	$274,441
MARLA HAMILTON	SVP - CLIENT ENGAGEMENT	0.10	Officer	$0	$32,818	$238,668
MARQUIS UPSHUR	SVP - HUMAN RESOURCES	0.10	Officer	$0	$58,503	$254,393
LAWRENCE MCCOMIE	SVP AND CHIEF CREDIT OFFICER	4.50	Officer	$0	$13,105	$215,143
CHRISTOPHER CHAPLIN	VP - PORTFOLIO MANAGEMENT	4.00	Officer	$0	$67,852	$224,079
JENNIFER LUCAS CROWTHER	SVP- CAPITALIZATION & IMPACT	4.50	Officer	$0	$67,481	$219,591
NICOLE HENNESSY	VP - CONTROLLER	0.10	Officer	$0	$67,770	$219,982
ANYA DAVIS	VP AND ASST GENERAL COUNSEL	1.50	Officer	$0	$67,100	$202,774
KEVIN LESSARD	VP - REAL ESTATE SERVICES	0.10	Officer	$0	$26,625	$173,735
HEATHER HANOWITZ	SVP - MARCOMM & GOVT AFFAIRS	4.50	Officer	$0	$28,133	$158,779
ANGIE FREDRICKSON	VP & MANAGING DIRECTOR OF LENDING	0.10	Officer	$0	$8,175	$153,134
ANNE NEVINS	PRESIDENT (THRU 01/2023)	4.50	Officer	$0	$1,712	$85,388

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
2024	No data	No data	No data	No data
2023	$9,742,512	$28,799,420	$203,539,067	$-19,056,908
2022	$11,504,902	$2,485,824	$223,227,512	$9,019,078
2021	$6,496,519	$4,218,182	$228,917,209	$2,278,337
2020	$13,534,095	$7,578,218	$219,967,614	$5,955,877
2019	$8,260,767	$6,818,285	$227,173,554	$1,442,482
2018	$29,914,264	$31,729,821	$232,719,709	$-1,815,557

PIDC-LOCAL DEVELOPMENT CORPORATION