Overview
What is Pittsburgh Economic And Industrial Development Corporation?
The Pittsburgh Economic and Industrial Development Corporation is a nonprofit organization situated in Pittsburgh, Pennsylvania. With a focus on advancing economic growth, they primarily engage in purchasing real estate for development purposes within the city. They also offer financial assistance through low-interest loans and leases to other entities, furthering economic expansion. The organization's main objective is to formulate, implement, and promote commercial, industrial, and other economic development strategies and projects in Pittsburgh, ultimately contributing to the city's overall prosperity.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 0 stars (40%)
The Pittsburgh Economic and Industrial Development Corporation has received a low rating of 40%, earning it a Zero-Star out of Four Stars designation. This rating is based solely on its Accountability & Finance score, where the organization scored particularly poorly in areas such as program expense ratio and liabilities to assets ratio. The absence of a whistleblower policy and document retention policy further contributed to its low overall score.
Despite these weaknesses, the organization does have strengths, including a fully independent board with 10 out of 10 points for both majority independent board members and board size. Additionally, it has demonstrated no material diversion of assets and maintains proper documentation for board meeting minutes, indicating a level of financial integrity in certain operational aspects.
Overall, while there are positive elements related to governance, the significant shortcomings in financial management and transparency raise concerns. Stakeholders may want to consider these factors when evaluating their support and engagement with the Pittsburgh Economic and Industrial Development Corporation.
This AI summary has been generated from information found on Charity Navigator.
Is Pittsburgh Economic And Industrial Development Corporation legitimate?
Pittsburgh Economic And Industrial Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Pittsburgh Economic And Industrial Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Pittsburgh Economic And Industrial Development Corporation?
The Pittsburgh Economic and Industrial Development Corporation's mission is centered around formulating, implementing, and advocating for economic development objectives. Their strategies encompass a variety of commercial, industrial, and other economic projects. The organization also engages in the purchase and master-leasing of real estate, as well as extending loans and leases to other entities, with the ultimate goal of furthering economic development.
What is the revenue of Pittsburgh Economic And Industrial Development Corporation?
Pittsburgh Economic And Industrial Development Corporation's revenue in 2023 was $47,566.
Who are the executives of Pittsburgh Economic And Industrial Development Corporation and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for Pittsburgh Economic And Industrial Development Corporation?
Pittsburgh Economic And Industrial Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Pittsburgh Economic And Industrial Development Corporation
Pittsburgh Economic and Industrial Development Corporation, abbreviated as PEIDC, is dedicated to formulating, implementing, and promoting commercial, industrial, and other economic development goals, strategies, and projects within the city. This organization achieves its mission by purchasing real estate for the purpose of economic development and leasing it to other entities. Furthermore, PEIDC provides low-interest loans to sellers, thereby facilitating economic growth. This nonprofit organization's main objective is to stimulate and enhance the city's economic development by implementing strategic projects and offering financial support to other entities.
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Impact
October, 2024
The Pittsburgh Economic and Industrial Development Corporation plays a crucial role in enhancing the economic landscape of the City of Pittsburgh. By formulating and implementing strategies aimed at commercial and industrial growth, the organization drives initiatives that stimulate economic development, benefiting the community at large.
Through the acquisition and master-leasing of real estate, the Corporation facilitates the development of key properties that can attract businesses and create jobs. This real estate engagement not only revitalizes underutilized areas but also contributes to a more vibrant urban environment.
Additionally, the organization provides essential financial support in the form of low-interest loans and leases to businesses and entities, encouraging investment and fostering economic activity. By addressing financial barriers, the Corporation empowers local entrepreneurs and companies to pursue growth opportunities, ultimately enhancing the overall economic vitality of Pittsburgh.
Through these efforts, the Pittsburgh Economic and Industrial Development Corporation significantly impacts community improvement, making a lasting contribution to the economic resilience and prosperity of the City of Pittsburgh.
This information is meant to be a general summary of Pittsburgh Economic And Industrial Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $14,126
- Gross Receipts: $47,566
Assets and Liabilities:
- Total Assets: $1,862,011
- Total Liabilities: $231,996
- Net Assets: $1,630,015
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Organization Details
Founding Year
1995
Principal Officer
Glenn Groninger
NTEE Category
Code: S310 - Community improvement
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