PAF 2025 FINAL AUDIT

Philadelphia Accelerator Fund Financial Statements For the Years Ended December 31, 2025 and 2024

Philadelphia Accelerator Fund Year Ended December 31, 2025 Contents

Page(s) Independent Auditors’ Report

1–2

Financial Statements: Statements of Financial Position

3

Statements of Activities

4

Statements of Functional Expenses

5

Statements of Cash Flows

6

Notes to Financial Statements

7 – 14

4B EVES DRIVE | SUITE 100 | MARLTON, NJ 08053 | P 856.985.5688 | F 856.985.8340

Independent Auditors’ Report To the Board of Directors Philadelphia Accelerator Fund Philadelphia, PA Opinion We have audited the accompanying financial statements of Philadelphia Accelerator Fund (a nonprofit organization) which comprise the statements of financial position as of December 31, 2025 and 2024 and the related statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial position of Philadelphia Accelerator Fund as of December 31, 2025 and 2024, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Philadelphia Accelerator Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Philadelphia Accelerator Fund’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

1 550 PINETOWN RD | SUITE 410 | FORT WASHINGTON, PA 19034 | P 215.641.8300 | F 215.641.8335 991 ROUTE 22 WEST | SUITE 200 | BRIDGEWATER, NJ 08807 | P 732.412.3825 | F 732.412.3826

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Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards we: 

Exercise professional judgment and maintain professional skepticism throughout the audit.



Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.



Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Philadelphia Accelerator Fund’s internal control. Accordingly, no such opinion is expressed.



Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.



Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Philadelphia Accelerator Fund’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Baratz & Associates, P.A. Baratz & Associates, P.A. Marlton, NJ

April 14, 2026

2

Philadelphia Accelerator Fund Statements of Financial Position As of December 31, 2025 and 2024

Assets

2025

Current Assets Cash and cash equivalents Loans receivable, current portion Interest receivable Prepaid expense

$

Total Current Assets Other Assets Restricted cash Investments, at market, restricted Loans receivable, net of current portion Loan origination fees, net Security deposit Right of use asset Total Other Assets Total Assets

2024

3,085,817 18,667 28,552 7,500

$

2,450,951 17,626 -

3,140,536

2,468,577

7,000,000 3,000,000 5,957,520 36,667 1,800 10,312

6,230,432 3,769,568 4,409,772 40,000 1,800 22,687

16,006,299

14,474,259

$

19,146,835

$

16,942,836

$

15,401 10,312

$

19,595 12,375

Liabilities and Net Assets Current Liabilities Accounts payable and accrued expenses Current portion of lease liability Total Current Liabilities

25,713

31,970

6,955,928 9,000,000 65,305

4,955,928 9,000,000 52,364

16,021,233

14,018,604

Total Liabilities

16,046,946

14,050,574

Net Assets Without donor restrictions With donor restrictions

2,199,889 900,000

1,992,262 900,000

Total Net Assets

3,099,889

2,892,262

Long -Term Liabilities Lines of credit Long-term debt Deferred revenue Total Long-Term Liabilities

Total Liabilities and Net Assets

$

19,146,835

$

The accompanying notes are an integral part of these financial statements.

16,942,836

3

Philadelphia Accelerator Fund Statements of Activities Years Ended December 31, 2025 and 2024

2025

Without Donor Restrictions Revenue and Support Contributions Interest from customer loans Fees Other income Net assets released from restrictions

$

265,000 299,550 15,228 1,850 46,393

2024

With Donor Restrictions $

46,393 (46,393)

Total $

311,393 299,550 15,228 1,850 -

Without Donor Restrictions

With Donor Restrictions

$

$

241,250 224,115 16,228 43 100,000

1,000,000 (100,000)

Total $

1,241,250 224,115 16,228 43 -

628,021

-

628,021

581,636

900,000

1,481,636

Expenses Program services Management and general Fundraising

617,701 230,846 46,757

-

617,701 230,846 46,757

410,693 221,499 24,353

-

410,693 221,499 24,353

Total Expenses

895,304

-

895,304

656,545

-

656,545

Other Income Interest from cash and investments

474,910

-

474,910

417,329

-

417,329

Change in Net Assets

207,627

-

207,627

342,420

900,000

1,242,420

1,992,262

900,000

2,892,262

1,649,842

-

1,649,842

Total Revenues and Support

Net Assets at Beginning of Period Net Assets at End of Period

$

2,199,889

$

900,000

$

3,099,889

$

1,992,262

$

900,000

The accompanying notes are an integral part of these financial statements.

$

2,892,262

4

Philadelphia Accelerator Fund Statements of Functional Expenses Years Ended December 31, 2025 and 2024

Program Services Advertising Amortization Contributions Employee benefits Insurance Interest and loan fees Office expenses Payroll taxes Professional fees Rent Salaries and wages Travel and seminars Total Functional Expenses

2025 Management and General Fundraising

2024 Program Services

Total

Management and General

Fundraising

Total

$

3,333 9,045 29,735 33,323 115,115 19,027 163,573 13,599 227,310 3,641

$

9,912 13,034 6,342 125,788 75,770 -

$

46,757 -

$

46,757 3,333 9,045 39,647 33,323 115,115 13,034 25,369 289,361 13,599 303,080 3,641

$

3,333 5,945 1,312 32,609 93,126 21,830 70,202 9,750 172,586 -

$

438 17,462 7,277 138,793 57,529 -

$

24,353 -

$

24,353 3,333 5,945 1,750 32,609 93,126 17,462 29,107 208,995 9,750 230,115 -

$

617,701

$

230,846

$

46,757

$

895,304

$

410,693

$

221,499

$

24,353

$

656,545

The accompanying notes are an integral part of these financial statements.

5

Philadelphia Accelerator Fund Statements of Cash Flows Years Ended December 31, 2025 and 2024 2025 Cash Flows from Operating Activities: Change in net assets

$

Adjustments to Reconcile Change in Net Assets to Net Cash (Used In) Operating Activities: Amortization

2024

207,627

$

1,242,420

3,333

3,333

(1,548,789) (28,552) (7,500) -

(996,470) 750 (600)

(4,194) 12,941

19,595 5,689

Net Cash (Used In) Operating Activities

(1,365,134)

274,717

Cash Flows from Investing Activities: Purchase of investments Sale of investments

769,568

(769,568) -

Net Cash Provided By Investing Activities

769,568

(769,568)

Cash Flows from Financing Activities: Proceeds from line of credit

2,000,000

1,500,000

Net Cash Provided By Financing Activities

2,000,000

1,500,000

Net Increase in Cash and Cash Equivalents

1,404,434

1,005,149

Cash and Cash Equivalents, Beginning of Year

8,681,383

7,676,234

(Increase) Decrease in Operating Assets: Loans receivable Interest receivable Prepaid expenses Security Deposits Increase (Decrease) in Operating Liabilities: Accounts payable and accrued expenses Deferred revenue

Cash and Cash Equivalents, End of Year

$

10,085,817

$

8,681,383

Cash and Cash Equivalents Cash and Cash Equivalents Restricted Cash

$

3,085,817 7,000,000

$

2,450,951 6,230,432

Total Cash and Cash Equivalents

$

10,085,817

$

8,681,383

The accompanying notes are an integral part of these financial statements.

6

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024 1. Nature of the Organization Philadelphia Accelerator Fund (the Organization) is incorporated as a Pennsylvania non-profit corporation. The Organization makes low-cost loans and equity investments in affordable housing projects throughout the city of Philadelphia to increase the availability and quality of affordable housing to city residents.

2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and provisions related to Financial Accounting Standards for Not-For-Profit Organizations (ASC 958), which require the Organization to report information regarding its financial position and activities according to the following net asset classifications: Net Assets without Donor Restrictions - Net assets that are not subject to donor-imposed restrictions and may be expended for any purpose in performing the primary objectives of the Organization. These net assets may be used at the discretion of the Organization’s management and the Board of Directors.

Net Assets with Donor Restrictions - Net assets subject to stipulations imposed by donors and grantors. Some donor restrictions are temporary in nature; those restrictions will be met by actions of the Organization or by the passage of time.

The Organization reports contributions restricted by donors as increases in net assets without donor restrictions if the restrictions expire (that is, when a stipulated time restriction ends or purpose restriction is accomplished) in the reporting period in which the revenue is recognized. All other donor-restricted contributions are reported as increases in net assets with donor restrictions, depending on the nature of the restrictions. When a restriction expires, net assets are reclassified from net assets with donor restrictions to net assets without donor restrictions in the statement of activities.

Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from these estimates.

Cash and Cash Equivalents The Organization considers all highly liquid debt instruments with an initial maturity of three months or less to be cash equivalents.

Restricted Cash The Organization maintains $10,000,000 of restricted reserves for the Project Loans Loss Reserve according to the terms of the line of credit. The reserve is comprised of $7,000,000 and $6,230,432 of restricted cash and $3,000,000 and $3,769,568 of restricted certificates of deposit on the statements of financial position as of December 31, 2025 and 2024 respectively.

7

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024 Loans Receivable The Organization accounts for loans receivable in accordance with ASC 310, Receivables. Loans receivable are structured promissory notes with varying terms extended by the Organization in service of its mission to provide low-cost loans and equity investments in affordable housing projects. Loans receivable are classified as held for investment and reported on the statement of financial position at amortized cost basis.

Allowance for Credit Losses When the Organization records customer receivables, the Organization records an allowance for credit losses for the current expected credit losses (CECL) inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets.

Fair Value Measurements Valuation techniques used in fair value measurements need to maximize the use of observable inputs and minimize the use of unobservable inputs. A valuation method may produce a fair value measurement that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Organization believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions could result in different fair value measurements at the reporting date. Assets and liabilities measured at fair value are categorized into one of three different levels depending on the observability of the inputs employed in their measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability, including the Organization’s own assumptions in determining the fair value of the assets or liabilities.

Property and Equipment Property and equipment are stated at cost, if purchased, or at fair value, if donated. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are expensed as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the change in net assets. The Organization has adopted a $2,500 capitalization policy according to which all assets below that threshold are expensed as incurred. The Organization had no property or equipment at December 31, 2025.

Impairment of Long-Lived Assets The Organization reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Organization assesses recoverability by comparing the estimated undiscounted cash flows associated with the related asset or group of assets against their respective carrying amounts. The amount of impairment, if any, is calculated based on the excess of the carrying amount over the fair value of those assets.

8

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024 Intangibles Loan origination costs relating to the Organization's line of credit are being amortized on a straight-line basis over 15 years. Amortization expense for the years ended December 31, 2025 and 2024 respectively was $3,333.

Deferred Revenue Loan origination fees collected by the Organization from customers are amortized over the expected lives of the loans receivable, in accordance with ASC 310, Receivables. Fee income for the years ended December 31, 2025 and 2024 respectively was $15,228 and $16,228. The unamortized balance of deferred revenue at December 31, 2025 and 2024 respectively was $65,305 and $52,364.

Revenue Recognition The Organization accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers.

Revenue is recognized based on the five-step model; (i) identify the contract with the customer; (ii) identify the performance obligation in the contract; (iii) determine the contract price; (iv) allocate the transaction price; and (v) recognize revenue (or as) each performance obligation is satisfied. If the Organization determines that a contract with enforceable rights and obligations does not exist, revenues are deferred until all criteria for an enforceable contract are met. The Organization’s revenue streams are not subject to the ASC 606 standard.

Public Support and Contributions The Organization receives public support as well as contributions from corporations, foundations and the general public. Generally, contributions are received without restrictions and those received with restrictions are typically met within the Organization’s fiscal year.

Donated Assets and Services Donated goods and services are recorded as contributions at their fair values at the date of donation. Such donations are reported as increases in net assets without donor restrictions unless the donor has restricted the donated asset for a specific purpose. Assets donated with explicit restrictions regarding their use are reported as contributions with donor restrictions. Absent donor stipulations regarding how long those donated assets must be maintained, the Organization reports expirations of donor restrictions when the donated or acquired assets are placed in service as instructed by the donor. The Organization reclassifies net assets with donor restrictions to net assets without donor restrictions at that time. Donated services are recognized as contributions if the services: (a) create or enhance nonfinancial assets or (b) require specialized skills, are performed by people with those skills, and would otherwise be purchased by the Organization. The Organization also receives donated services from other contributors and volunteers that are not measurable, and therefore, are excluded from the financial statements.

Functional Allocation of Expenses The costs of providing the various programs and other activities have been summarized on a functional basis in the statement of functional expenses. Accordingly, certain costs have been allocated amongst the programs and supporting services rendered. Costs are allocated to the functional category by using the direct method. Certain costs that are not directly related to specific functions are allocated on a percentage basis.

9

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024 Advertising The Organization expenses advertising costs when the advertising first takes place. Advertising costs for the years ended December 31, 2025 and 2024 respectively was $46,757 and $24,353.

Income Taxes No provisions are made for federal and state income taxes. The Organization is exempt from federal income taxes pursuant to Section 501(c)(3) of the Internal Revenue Code. In addition, the Organization has been determined by the Internal Revenue Service not to be a "private foundation" within the meaning of Section 509(a) of the Internal Revenue Code. There was no unrelated business income for 2025.

FASB ASC 740-10-65-1 requires financial statement recognition of the impact of a tax position, if that position is more likely than not to be sustained on examination, based on the technical merits of the position. The benefit is calculated as the largest amount that is more than 50 percent likely to be realized upon resolution of the benefit.

The Organization has evaluated its tax positions and believes all could be sustained upon examination. With few exceptions, the Organization is no longer subject to income tax examinations by federal authorities for years before 2022.

Leases For any new or modified lease, the Organization, at the inception of the contract, determines whether a contract is or contains a lease. The Organization records right-of-use ("ROU") assets and lease obligations for its finance and operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate in the Organization's leases is not easily determinable, the Organization’s applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments. The lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Organization will exercise the option.

The Organization has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less. For a majority of all classes of underlying assets, the Organization has elected to not separate lease from non-lease components. The operating ROU asset and lease obligations will be amortized on a straight-line basis to the earlier of its useful life or lease term. For leases in which the lease and non-lease components have been combined, the variable lease expense includes expenses such as common area maintenance, utilities, and repairs and maintenance.

Accounting Standards Issued but Not Yet Adopted The Organization believes that any new accounting standard issued during the year but not yet adopted will not have a material impact on these financial statements.

3. Loans Receivable Loans receivable are made up of loans held for investment. These loans are interest only until they reach their conversion dates. As of December 31, 2025, one loan has reached the conversion date. The balance of loans receivable as of December 31, 2025 and 2024 respectively was $5,976,187 and $4,427,398.

10

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024 4. Investments The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

The three levels of the fair value hierarchy under ASC 820 are described as follows: Level 1

Level 2

Level 3

Inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Organization can access at the measurement date.

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as: a.

Quoted prices for similar assets or liabilities in active markets Quoted prices for identical or similar assets or liabilities in inactive b. markets Inputs other than quoted prices that are observable for the asset or c. liability d.

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Inputs that are unobservable inputs for the asset or liability.

Fair Value Measurement as of December 31, 2025:

Description Certificates of deposit

$

Fair Value 3,000,000 $

Total

$

3,000,000 $

Quoted Prices in Active Markets for Identical Assets Level I - $

Significant Other Observable Inputs Level II 3,000,000 $

Unobservable Inputs Level III -

- $

3,000,000 $

-

Quoted Prices in Active Markets for Identical Assets Level I - $

Significant Other Observable Inputs Level II 3,769,568 $

Unobservable Inputs Level III -

- $

3,769,568 $

-

Fair Value Measurement as of December 31, 2024:

Description Certificates of deposit

$

Fair Value 3,769,568 $

Total

$

3,769,568 $

11

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024 Interest and dividend income, and unrealized gains and losses, are reported separately on the statement of activities.

5. Concentration of Credit Risk The Organization maintains deposit accounts with reputable financial institutions. Financial instruments which potentially subject the Organization to concentrations of credit risk include cash deposits with commercial banks and brokerage firms. The Organization's cash management policies limit its exposure to concentrations of credit risk by maintaining primary cash accounts at financial institutions whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). At times, however, such deposits may exceed FDIC insurance limits.

The Organization believes it is not exposed to any significant financial risk on cash and has not experienced any losses from these accounts.

6. Lines of Credit The Organization has obtained from Univest, Citizens, Firstrust, WSFS, Penn Community Banks and Radian Guaranty, Inc. non-revolving lines of credit with a total borrowing limit of $15,000,000. All the lines of credit charge interest at a fixed rate of 2.00%. The lines of credit include an interest only period with varying end dates between December 2026 and October 2029. After this interest only period ends, payments of principal and interest are due monthly until the maturity dates. The maturity dates range from December 30, 2036 to September 30, 2039. The total outstanding balance on the lines of credit as of December 31, 2025 and 2024 respectively was $6,955,928 and $4,955,928.

7. Long-Term Debt Long-term debt consists of the following: Note payable to the Philadelphia Redevelopment Authority due in monthly installments totaling $0, including interest at 0.00% through November 2040. The purpose of the loan is establishing a loan-loss reserve, providing guarantees, and/or to satisfy liquidity covenants for use in affordable housing projects. Upon maturity, any amount of the loan that the Organization has used as a guarantee or first-loss fund to leverage private investment in accordance with the purpose, and which the Organization subsequently was required to repay its third-party investors for experienced losses, may be forgiven if authorized by Lender's Board of Directors upon certain conditions.

Less: current portion

$ 9,000,000 -

Long-term portion

$ 9,000,000

Annual maturities of long-term debt borrowings at December 31, 2025 were as follows: 2026 2027 2028 2029 2030 Thereafter

$

9,000,000

$ 9,000,000

12

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024

8. Net Assets with Donor Restrictions Net assets with donor restrictions are restricted for the following purposes and periods as of December 31, 2025

2024

Time restricted Purpose restricted

$

900,000

$

900,000

Total net assets with donor restrictions

$

900,000

$

900,000

9. Liquidity and Availability of Financial Assets The following reflects the Organization's financial assets as of the statement of financial position date, reduced by amounts not available for general use because of contractual or donor-imposed restrictions within one year of the statement of financial position date.

2025 Financial assets at year-end Cash and cash equivalents Interest receivable Current portion of loans receivable

$

Total financial assets Less those unavailable for General expenditures within one year, due to donor restrictions Financial assets available to meet cash needs for general expenditure within one year

$

2024

3,085,817 $ 28,552 18,667

2,450,951 17,626

3,133,036

2,468,577

(900,000)

(900,000)

2,233,036 $

1,568,577

10. Leases The Organization currently holds a lease agreement for coworking space. The lease includes monthly payments of $1,125 and has an anticipated expiration date of October 31, 2026. Rent expense was $13,599 and $9,750 for the years ended December 31, 2025 and 2024 respectively.

The following is the schedule of future minimum rental payments and reconciliation to the statement of financial position at December 31, 2025: 2026 Total future undiscounted lease payments

$

Less present value factor (8.5%) Total lease liability

11,250 11,250 (938)

$

10,312

11. Supplemental Cash Flow The Organization had noncash amortization of right of use assets and lease liabilities in the amount of $12,375 and $9,080 in the years ended December 31, 2025 and 2024 respectively.

13

Philadelphia Accelerator Fund Notes to Financial Statements Years Ended December 31, 2025 and 2024 12. Subsequent Events Management has evaluated subsequent events through April 14, 2026, the date on which the financial statements were available to be issued.

14