Title: Note A - Basis of Presentation
Accounting Policies: The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal, State and City Awards (the “SEFA”) include
the grant activity of Philadelphia Industrial Development Corporation and Affiliated Entities (the
Corporation) for the year ended December 31, 2023.
The information in the Schedule of Expenditures of Federal, State and City Awards is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance), and the City of Philadelphia Subrecipient Audit Guide. Therefore, some
amounts presented in this schedule may differ from amounts presented in or used in the preparation
of the basic combined financial statements. In addition, because the Schedule of Expenditures of
Federal, State and City Awards presents only a selected portion of the operations of the Corporation,
it is not intended to and does not present the combined financial position, changes in net assets, or
cash flows of the Corporation.
The programs, as discussed below, represent the significant funding sources used in sustaining the
mission and primary activities of the Corporation. All of the Corporation’s federal awards were in
the form of cash assistance for the year ended December 31, 2023.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs
and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the
requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia
Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State
and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized
following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia
Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited
as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
Title: Note C - Community Development Block Grant and HUD Section 108 Loan Programs
Accounting Policies: The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The Corporation, under contract with the City, is engaged in selected economic development programs that are funded by the City through Community Development Block Grant (CDBG) Funds provided by the U.S. Department of Housing and Urban Development (HUD). The Corporation enters into annual contracts with the City with respect to administration of the program funds. The goals of these programs are the creation and retention of permanent jobs for very low and low to moderate income residents of the City, the stimulation of investment in economic activity in the City, and the generation of tax ratables throughout the City. The funds are used for limited direct loans and grants, which will make conventional private financing feasible for the bulk of an improvement project. Such loans and grants are used for the acquisition, site preparation, construction, reconstruction and rehabilitation of industrial and commercial property, machinery and equipment, and related site improvements. The Corporation reports/calculates SEFA loan expenditures as per 2 CFR § 200.502 (d) as there are no continuing compliance requirements. At December 31, 2023, the Corporation held $9,985,768 in CDBG loans receivable, net of an allowance for doubtful accounts of $333,705. At December 31, 2023, the Corporation held $11,980,014 in HUD Section 108 loans receivable, net of an allowance for doubtful accounts of $17,874,976. At December 31, 2023, the Corporation held $2,439,979 of Greenwork Program-Energy Efficiency and Conservation Block Grant loans receivable having no related allowance.
Title: Note D – U.S Department of the Treasury, Community Development Financial Institutions Fund Grant Programs
Accounting Policies: The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The purpose of grants received under ALN #21.020 is to aide to promote economic revitalization and community development. During 2020, CDFI Awards were used/disbursed for Business Supportive Services and Lending Capital for loans to businesses or developers. At December 31, 2023, the Corporation held $2,944,101 in CDFI loans receivable related to ALN #21.020, net of an allowance for doubtful accounts of $0.The purpose of grants received under ALN #21.024 is to aide to promote economic revitalization and community development. During 2022, CDFI Awards were used/disbursed for Business Supportive Services and Lending Capital for loans to businesses or developers. At December 31, 203, the Corporation held $759,788 in CDFI loans receivable related to ALN #21.024 net of an allowance for doubtful accounts of $0.
Title: Note E – U.S Department of Transportation Federal Highway Administration-Pennsylvania
Accounting Policies: The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The purpose of this grant award received under ALN #20.205 is to be used to pay grantees to address the need for an internal circulation shuttle to reduce the wait time for the Navy Yard/NRG Station Loop for its tenants (and future residents) to access amenities throughout the facility and the Sports Complex/SEPTA station. The project includes the use of an all-electric autonomous vehicle (AV), as a supplement to existing PIDC Services, as part of this solution. During 2022, the Corporation was awarded $347,000 to fund grantees for services provided for shuttle services. At December 31, 2023, the Corporation disbursed a total of $344,750 to grantees.
Title: Note F – U.S Department of Labor
Accounting Policies: The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The purpose of this grant award received under ALN #17.258 is for the expansion of the West Philadelphia Skills Initiative and PIDC’s Navy Yard Skills Initiative, both cohort-based, employer-driven training models developed in partnership with universities, health systems and other major employers. During 2022, the Corporation was awarded $525,000 to fund grantees for services provided for skill-based initiative services. At December 31, 2023, the Corporation fully disbursed the award total of $57,321 to grantees.
Title: Note G - Sub-recipient Award
Accounting Policies: The accompanying Cumulative Schedules of Source and Status of Funds, Schedules of Program Costs and Cumulative Schedules of Miscellaneous Revenue are presented in accordance with the requirements of grant agreements with the City of Philadelphia (City) and the City of Philadelphia Subrecipient Audit Guide. Expenditures reported on the Schedule of Expenditures of Federal, State and City Awards are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, and the City of Philadelphia Subrecipient Audit Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The Corporation does not provide any funds from federal programs to any sub-recipients; therefore, there are no sub-recipient amounts reported on the SEFA.