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.

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