Riverfront Development Corporation Of Delaware
- Assets
- $140.2m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 24
- Location
- Wilmington, DE
- Founding
- 10/1997
- Data as of
- 06/2022
- EIN
- 51-0373101
Organization Overview
Riverfront Development Corporation Of Delaware is located in Wilmington, DE. The organization was established in 1997. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Riverfront Development Corporation Of Delaware employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Riverfront Development Corporation Of Delaware 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 06/2022, Riverfront Development Corporation Of Delaware generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.6%) each year. All expenses for the organization totaled $9.8m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE RIVERFRONT DEVELOPMENT CORPORATION OF DELAWARE IS TO CREATE ECONOMIC VITALITY ALONG THE BRANDYWINE AND CHRISTINA RIVERS,ENHANCE THE ENVIRONMENT, ENCOURAGE HISTORIC PRESERVATION, AND PROMOTE COMMUNITY ACCESS. THROUGH TARGETED AND LEVERAGED INVESTMENTS, RDC WILL CREATE EMPLOYMENT AND RESIDENTIAL DEVELOPMENT WHILE PROMOTING EDUCATION, THE ARTS, CREATION AND TOURISM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A CONFERENCE CENTER WHICH DRAWS OVER 100,000 PEOPLE ANNUALLY TO A PREVIOUSLY RUN DOWN AREA. THE CENTER HAS CREATED MORE THAN 60 FULL TIME JOBS PLUS SEASONAL POSITIONS.
OPERATION OF THE DUPONT ENVIRONMENTAL EDUCATION CENTER. THE CENTER PROVIDES ENVIRONMENTAL EDUCATION PROGRAMS FOR INDIVIDUALS, FAMILIES, SCHOOLS AND GROUPS, AND ALSO MARSH, RIVER AND WILDLIFE INTERPRETATION TO VISITORS. THE CENTER SERVED OVER 60,000 VISITORS DURING THE YEAR.
VARIOUS OTHER PROGRAMS FOR THE PURPOSE OF PROMOTING DEVELOPMENT OF THE RIVERFRONT AREA. THERE ARE AN AVERAGE TOTAL OF 3.5 MILLION VISITORS PER YEAR TO THE MANY ATTRACTIONS, RESTAURANTS, AND BUSINESSES IN THE ENTIRE RIVERFRONT AREA AS A RESULT OF RDC DEVELOPMENT EFFORTS. PROGRAMS INCLUDE MAINTENANCE OF THE RIVERWALK WHICH IS AN AESTHETIC WALKWAY CONNECTING THE RIVERFRONT ATTRACTIONS. OPERATION OF A BEAUTIFULLY LANDSCAPED MINIATURE GOLF COURSE OVERLOOKING THE CHRISTINA RIVER, DEVELOPED ON A PREVIOUSLY VACANT CONCRETE LOT, WHICH ATTRACTED OVER 25,000 VISITORS. THE MINIATURE GOLF COURSE AESTHETICALLY IMPROVED THE PARCEL AND BROUGHT NEW VISITORS TO RIVERFRONT ATTRACTIONS. MORE INFORMATION ON THE RIVERFRONT DEVELOPMENT CORPORATION OF DELAWARE MAY BE FOUND AT WWW.RIVERFRONTWILM.COM
EXPENSES RELATED TO THE DEVELOPMENT, IMPROVEMENT, AND RENTAL OF COMMERCIAL REAL ESTATE, ALSO EXPENSES RELATED TO THE MAINTENANCE OF A PUBLIC MARKET IN AN HISTORIC WAREHOUSE WHICH IS RENTED TO VENDORS IN A EUROPEAN STYLE MARKETPLACE, IN ADDITION TO A FINE DINING RESTAURANT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Megan Mcglinchey Executive Director | Officer | 40 | $144,361 |
Francis J Lucey Jr Comptroller | 40 | $100,468 | |
Peggy Strine Board Chair | OfficerTrustee | 1 | $0 |
Honmatthew Meyer Board Of Directors | Trustee | 1 | $0 |
Hon Michael Purzycki Board Of Directors | Trustee | 1 | $0 |
Hon Stephanie Bolden Board Of Directors | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monzack Mersky Mclaughlin And Browder Legal Services | 6/29/22 | $552,806 |
Rummel Klepper & Kahl Engineering & Design | 6/29/22 | $1,381,396 |
Green Dreams Inc Landscaping | 6/29/22 | $334,714 |
Bpgs Construction Llc Construction | 6/29/22 | $13,410,622 |
Delaware Nature Society Educational Programming | 6/29/22 | $301,179 |
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 | $25,800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,800 |
| Total Program Service Revenue | $1,424,542 |
| Investment income | $13,654 |
| 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 | $1,670,893 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $67,349 |
| 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. | $144,361 |
| Compensation of current officers, directors, key employees. | $14,436 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $788,567 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $127,653 |
| Payroll taxes | $56,801 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $552,806 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,277 |
| Advertising and promotion | $255,486 |
| Office expenses | $73,429 |
| Information technology | $61,093 |
| Royalties | $0 |
| Occupancy | $30,000 |
| Travel | $59 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $807,508 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,915,988 |
| Insurance | $152,202 |
| All other expenses | $571,882 |
| Total functional expenses | $9,769,682 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,672,530 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $299,407 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,045,911 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $57,717 |
| Net Land, buildings, and equipment | $131,595,203 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $479,253 |
| Total assets | $140,150,021 |
| Accounts payable and accrued expenses | $2,775,464 |
| Grants payable | $0 |
| Deferred revenue | $90,000 |
| 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 | $21,834,761 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $354,590 |
| Total liabilities | $25,054,815 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $115,095,206 |
| Total liabilities and net assets/fund balances | $140,150,021 |
Grants Awarded
Over the last fiscal year, Riverfront Development Corporation Of Delaware has awarded $67,349 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Wilmington, DE PURPOSE: GENERAL OPERATING COSTS | $49,999 |
Wilmington, DE PURPOSE: GENERAL OPERATING COSTS | $17,350 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |