After Forbes, the Mayor's Fund has some dues to pay - Generocity Philly

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-
LEAVE A COMMENT

From our Partners

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

Meet the leaders advancing The Promise’s mission to lift Philadelphians out of poverty

An Omicron plan from a Philadelphia public school teacher

SPONSORED

Generocity Philly

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

Hamilton, NJ

Grounds For Sculpture

Collections & Exhibitions Coordinator

Apply Now
Philadelphia, PA

PA Humanities

Senior Operations Manager

Apply Now
Hamilton, NJ

Grounds For Sculpture

Preparator

Apply Now

Philadelphia’s crises of 2022

Will philanthropy commit to racial equity progress?

Youth mental health is a crisis. We need radical prevention

SPONSORED

Generocity Philly

Village of the Arts seeks to deepen and scale its impact as it reflects on its legacy

Philadelphia, PA

Local Initiatives Support Corporation (LISC) Philadelphia

Program Officer, Equitable Neighborhoods

Apply Now
3675 Market Street, Philadelphia, PA 19104

University City Science Center

Development Associate

Apply Now
Erie

Hagen History Center/Erie County Historical Society

Hagen History Center Executive Director

Apply Now

Sign-up for daily news updates from Generocity