Inter Neighborhood Foundation of Wilmington
- Assets
- $462.0k
- Revenue
- $360.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Wilmington, DE
- Founding
- Data as of
- 06/2017
- EIN
- 51-0265779
Organization Overview
Inter Neighborhood Foundation of Wilmington is located in Wilmington, DE. As of 06/2017, Inter Neighborhood Foundation of Wilmington employed 4 individuals. Inter Neighborhood Foundation of Wilmington 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 06/2017, Inter Neighborhood Foundation of Wilmington generated $360.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (22.9%) each year. All expenses for the organization totaled $341.4k during the year ending 06/2017. As we would expect to see with falling revenues, expenses have declined by (27.2%) per year over the past 2 years. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD BETTER NEIGHBORHOODS BY PHYSICAL IMPROVEMENT OF HOMES AND SURROUNDINGS, AND BY PROMOTING AND STRENGTHENING HOME OWNERSHIP. MAJOR ACTIVITY IN THIS FISCAL YEAR HAS BEEN DEVELOPMENT AND CONSTRUCTION OF A CLUSTER OF EIGHT TOWNHOUSES ON WILMINGTON'S EAST SIDE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY PLANNING AND DEVELOPMENT: COORDINATION WITH AND SUPPORT OF OTHER NEIGHBORHOOD ORGANIZATIONS. DURING THE FISCAL YEAR ENDED JUNE 30, 2016, THE FOUNDATION WAS ENGAGED IN DEVELOPMENT AND CONSTRUCTION OF A PROJECT TO BUILD EIGHT NEW LOW-TO-MODERATE INCOME HOMES IN ITS TARGET AREA. CONSTRUCTION COMMENCED IN NOVEMBER 2015 AND WAS COMPLETED IN OCTOBER 2016. SALES OF ALL EIGHT UNITS WERE CLOSED BETWEEN OCTOBER 2016 AND JUNE 2017. TO MORE FAIRLY PRESENT THE FOUNDATION'S ACTIVITIES, $669,483 OF CAPITALIZED COSTS ARE INCLUDED IN EXPENSES AND DEDUCTED IN PART IX, LINE 24. DURING THE YEAR ENDED JUNE 30, 2017, FOUNDATION MANAGEMENT PURSUED VARIOUS COMMUNITY DEVELOPMENT AND HOUSING RENEWAL PROJECTS, INCLUDING A MULTI-USE RENOVATION OF A FORMER CHURCH BUILDING AT 922 LOMBARD STREET. PRE-ACQUISITION DEPOSITS AND PLANNING EXPENSES TOTALING $28,827 WERE INCURRED, OF WHICH $25,827 WAS CAPITALIZED. ACQUISTION AND FINANCING TRANSACTIONS WERE CLOSED DURING JULY, 2017. INVESTMENT IN THE PROJECT IS EXPECTED TO REACH $400,000, FUNDED BY A LOAN AND PUBLIC AND PRIVATE GRANTS.
DEDUCTION OF CAPITALIZED HOUSING RENEWAL EXPENSES AS INDICATED IN 4A ABOVE.
HOUSING RENEWAL: REHABILITATION OF DISTRESSED HOMES FOR RESALE TO QUALIFIED BUYERS. NO ACQUISITON OR CONSTRUCTION ACTIVITY TOOK PLACE DURING THE YEAR ENDED JUNE 30, 2016. FOR THE YEAR ENDED, JUNE 30, 2017,THE FOUNDATION ACQUIRED AND BEGAN PLANNING FOR THE REHABILITATION OF A NEW PROJECT.
SERVICES TO HOMEOWNERS: OFFERING FUNDING OF CRITICAL REPAIRS OR IMPROVEMENTS TO QUALIFIED HOMEOWNERS WHEN NO OTHER RESOURCES OR CONVENTIONAL FINANCING ARE AVAILABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beverly G Bell Director | Trustee | 0.5 | $0 |
Glenn Kocher Director | Trustee | 0.5 | $0 |
Joel D Stango Director | Trustee | 0.5 | $0 |
Barbara Y Washam Director | Trustee | 0.5 | $0 |
John Stafford President | OfficerTrustee | 10 | $0 |
John Mitchell Vice President | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $168,853 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $171,053 |
| Total Program Service Revenue | $0 |
| Investment income | $8,297 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $360,619 |
| 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. | $101,500 |
| Compensation of current officers, directors, key employees. | $20,301 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,382 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $669 |
| Payroll taxes | $12,971 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,925 |
| Fees for services: Accounting | $10,960 |
| 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 | $13,663 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18,801 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $14,895 |
| All other expenses | $13,221 |
| Total functional expenses | $341,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $350 |
| Savings and temporary cash investments | $117,966 |
| 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 | $51,792 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,526 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $260,506 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,828 |
| Total assets | $461,968 |
| Accounts payable and accrued expenses | $9,000 |
| 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 | $9,000 |
| Unrestricted restricted net Assets | $452,098 |
| Temporarily restricted net Assets | $870 |
| 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 | $452,968 |