Funding

Jan. 6, 2016 8:05 am

After Forbes, the Mayor’s Fund has some dues to pay

Something to the tune of a million bucks.

The city never received $1 million owed by the Fund.

(Photo by Flickr user Peter Miller, used under a Creative Commons license)

A previous version of this story reported that the Forbes Under 30 Summit would not be returning to Philadelphia. However, the upcoming Tel Aviv summit is independent from the U.S. Under 30 Summit. Forbes is set to meet with the Kenney administration to discuss the 2016 summit.
Remember the Forbes Under 30 Summit?

The event that was held for two consecutive years in Philadelphia and was so hyped around the city after the Mayor’s Fund for Philadelphia, the city-partnered nonprofit, agreed to dish out $3 million in advertising (see Section 4b of its Form 990 from 2014)?

Turns out they still owe some folks some money.

As reported by WHYY‘s Dave Davies right before the New Year, in the waning days of Michael Nutter‘s reign as the Mayor of Philadelphia, the Fund paid Forbes $1 million with money borrowed from the Philadelphia Industrial Development Corporation.

Davies reported that the Fund finished paying its debts to Forbes last month, but here’s the thing — that loan from the PIDC was supposed to be repaid by Dec. 31. It was not.

“If [the Fund] repays that loan, that’s $1 million Jim Kenney does not have to spend on his priorities,” Davies writes. “If the city forgives the loan, then that’s $1 million less in the economic stimulus fund, which is also used at the mayor’s discretion to promote economic development.”

Yikes.

Read the full story -30-

From our Partners

Steering Through Change: Empowering Philadelphia’s Workforce in an Evolving Job Market

What Black professionals and professionals of color hope for from Philadelphia

Trade Diversity: How Workforce Development Programs Are Working to Close the Gaps

SPONSORED

Generocity Philly

Meet Kim Andrews, new executive director for The Fund for Women and Girls

Radnor, PA

The Grace S. and W. Linton Nelson Foundation

Communications and Outreach Manager

Apply Now
Philadelphia,PA

DiverseForce

Director of Communications

Apply Now
8033 Germantown Avenue Philadelphia, PA 19118

harp-weaver LLC

Administrative & Grants Associate

Apply Now

Strings attached: Philanthropy and BIPOC organizations

Black-Led Solutions

Uniting for a Just Philadelphia

SPONSORED

Generocity Philly

Be the leader to bring a 26-year mission into the future in Chester County

Hamilton, NJ

Grounds For Sculpture

Manager of Wellness Programs

Apply Now
Central Pennsylvania

Pennsylvania Prison Society

Prison Monitoring Manager

Apply Now
Philadelphia, PA

Play On Philly

Director of Education

Apply Now
   
       
       

Subscribe to Generocity

       
* indicates required