Delaware Advancement Corporation
- Assets
- $19.1m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 51
- Location
- Muncie, IN
- Founding
- 12/1984
- Data as of
- 09/2021
- EIN
- 31-1111841
Organization Overview
Delaware Advancement Corporation is located in Muncie, IN. The organization was established in 1984. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Delaware Advancement Corporation employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Delaware Advancement Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Delaware Advancement Corporation generated $3.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $3.1m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A CONVENTION CENTER WITH CATERING SERVICES TO ENCOURAGE ECONOMIC DEVELOPMENT BY PROVIDING MEETING FACILITIES.
ECONOMIC DEVELOPMENT OF MUNCIE-DELAWARE COUNTY BY SEEKING NEW EMPLOYERS AND MAINTAINING EXISTING BUSINESS.
MANAGE PARKING GARAGE ASSOCIATED WITH THE CONVENTION CENTER
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joann Mckinney Pres/ceo-Horizon Conv | Officer | 40 | $130,687 |
Traci Lutton Vice President-Econ Develo | Officer | 40 | $90,042 |
Jay Julian President/ceo | Officer | 20 | $74,753 |
Mike Tschuor 2nd Vice Chair | OfficerTrustee | 1 | $0 |
Chris Caldwell Treasurer | OfficerTrustee | 1 | $0 |
Kelly Shrock Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,608,558 |
| All other contributions, gifts, grants, and similar amounts not included above | $303,431 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,911,989 |
| Total Program Service Revenue | $235,419 |
| Investment income | $1,419 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $602,019 |
| Net Gain/Loss on Asset Sales | -$11,598 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $168,346 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,911,691 |
| 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. | $324,841 |
| Compensation of current officers, directors, key employees. | $29,833 |
| Compensation to disqualified persons | $930,659 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $44,483 |
| Other employee benefits | $140,108 |
| Payroll taxes | $80,587 |
| Fees for services: Management | $900 |
| Fees for services: Legal | $3,865 |
| Fees for services: Accounting | $23,143 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,502 |
| Advertising and promotion | $35,732 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $261,790 |
| Travel | $3,660 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $525,455 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $290,302 |
| Insurance | $52,520 |
| All other expenses | $59,209 |
| Total functional expenses | $3,065,731 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,409,849 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $136,088 |
| Accounts receivable, net | $107,734 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,959 |
| Inventories for sale or use | $28,978 |
| Prepaid expenses and deferred charges | $91,812 |
| Net Land, buildings, and equipment | $2,612,317 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,716,574 |
| Intangible assets | $0 |
| Other assets | $17,631 |
| Total assets | $19,134,942 |
| Accounts payable and accrued expenses | $197,518 |
| Grants payable | $0 |
| Deferred revenue | $140,672 |
| 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 | $13,290,356 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,628,546 |
| Net assets without donor restrictions | $5,199,537 |
| Net assets with donor restrictions | $306,859 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $19,134,942 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Delaware Advancement Corporation has recieved totaling $156,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Muncie And Delaware County Inc Muncie, IN PURPOSE: ECONOMIC DEVELOPMENT | $101,000 |
Ball Brothers Foundation Muncie, IN PURPOSE: BIPOLAR IONIZATION SYSTEM & VISION PLAN FUNDING | $55,000 |
Endowment Analysis
| Beg. Balance | $13,534 |
| Earnings | $4,097 |
| Ending Balance | $17,631 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Electrical Industry Vacation - Holiday Plan Wauwatosa, WI | $15,465,835 | $13,612,321 |
Community Ventures Corporation Inc Lexington, KY | $84,057,573 | $14,249,179 |
Seton Property Corporation Of North Alabama St Louis, MO | $50,940,533 | $5,932,254 |
Horizon House Inc Indianapolis, IN | $11,235,353 | $7,114,001 |
St Marys Building Corporation St Louis, MO | $40,020,947 | $3,125,452 |
Delaware Advancement Corporation Muncie, IN | $19,134,942 | $3,911,691 |
Providence Building Corporation Inc St Louis, MO | $6,600,443 | $3,711,993 |
Austin Peoples Action Center Chicago, IL | $1,169,247 | $2,618,671 |
Choose Chicago Foundation Chicago, IL | $859,781 | $2,550,000 |
Delta Institute Chicago, IL | $8,129,187 | $1,847,841 |
Lafayette-West Lafayette Development Corporation Lafayette, IN | $8,692,255 | $2,407,037 |
Experimental Station Chicago, IL | $1,624,397 | $2,920,468 |