Delaware Innovation Fund
- Assets
- $0.0
- Revenue
- -$11.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- Data as of
- 12/2018
- EIN
- 23-2799695
Organization Overview
Delaware Innovation Fund is located in Wilmington, DE. Delaware Innovation Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
THE DELAWARE INNOVATION FUND IS A PRIVATE DELAWARE CORPORATE NONPROFIT, NONSTOCK ECONOMIC DEVELOPMENT FIRM ESTABLISHED TO ASSIST IN THE INITIAL CAPITALIZATION OF PRE-SEED AND EARLY STAGE BUSINESSES. THE GOAL OF THE DELAWARE INNOVATION FUND IS TO PROMOTE EARLY STAGE VENTURE INVESTMENTS AND JOB GROWTH WITHIN HIGH TECHNOLOGY AND PROPRIETARY COMPANIES THROUGHOUT DELAWARE AND THE SURROUNDING REGION. TO ACCOMPLISH THIS, THE FUND PROVIDES FINANCIAL AND TECHNICAL SUPPORT DURING THE CRITICAL EARLY STAGES OF COMPANY DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2018, THE ORGANIZATION COMPLETED ONGOING ACTIVITIES INCLUDING ATTENDING VARIOUS ENTREPRENEURIAL EVENTS PROVIDING MENTORSHIP TO EARLY STAGE COMPANIES AND ADVISING THEM ON HOW TO PROPERLY RAISE CAPITAL, AND CEASED OPERATIONS. FINAL DISTRIBUTION OF ASSETS WAS MADE IN DECEMBER 2018.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick J Foley Jr PHD Boardmember | Trustee | 1 | $0 |
Michael Kelley Chairman | Trustee | 1 | $0 |
Scott K Jones PHD Boardmember | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $9,161 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$20,783 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$11,312 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $23,888 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $25,234 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,848 |
| Interest | $9 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $5,253 |
| Total functional expenses | $65,407 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |