Delaware River Waterfront Corporation
- Assets
- $138.5m
- Revenue
- $19.8m
- Investments
- $0.0
- Employees
- 224
- Location
- Philadelphia, PA
- Founding
- 10/2009
- Data as of
- 06/2022
- EIN
- 23-1734559
Organization Overview
Delaware River Waterfront Corporation is located in Philadelphia, PA. The organization was established in 2009. 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, Delaware River Waterfront Corporation employed 224 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Delaware River Waterfront 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 06/2022, Delaware River Waterfront Corporation generated $19.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $17.9m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DRWC'S MISSION IS TO MAINTAIN AND PROMOTE THE USE AND DEVELOPMENT OFTHE CITY OF PHILADELPHIA'S CENTRAL WATERFRONT. THIS TASK IS OF VITALIMPORTANCE TO THE CITY AND ONE WHICH THE CITY WOULD OTHERWISE BEREQUIRED TO PERFORM ITSELF ABSENT THE DRWC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DRWC IS DEDICATED TO THE PLANNING, DESIGN, DEVELOPMENT AND MANAGEMENTOF THE CENTRAL DELAWARE RIVER WATERFRONT IN PHILADELPHIA, DEFINED ASTHE SIX MILE STRETCH OF THE CENTRAL DELAWARE, WHICH IS THE AREA DEFINEDBY OREGON AVENUE IN THE SOUTH OF ALLEGHENY AVENUE IN THE NORTH AND FROMI-95 TO THE DELAWARE RIVER. THE GOAL OF DRWC IS TO EFFECTUATE OVER TIMETHE TRANSFORMATION OF THE CENTRAL DELAWARE RIVER WATERFRONT INTO AVIBRANT DESTINATION LOCATION FOR THE RECREATIONAL, CULTURAL,PORT/INDUSTRIAL, AND COMMERCIAL ACTIVITIES OF PHILADELPHIA'S RESIDENTS,WORKERS AND VISITORS.
DRWC REMAINS STEADFAST IN ITS COMMITMENT TO FREE PUBLIC PROGRAMMING ON THE WATERFRONT AT PENN'S LANDING. ALL EVENTS PRODUCED BY DRWC ARE FREE TO THE PUBLIC. THE RIVER STAGE HOSTED A VARIETY OF NATIONAL ARTISTS IN THE ROCK, JAZZ, GOSPEL AND CLASSICAL GENRES AND ALSO WAS ABLE TOACCOMMODATE THE FULL PHILADELPHIA ORCHESTRA. PENN'S LANDING CONTINUES TO SERVE AS A FEATURED LOCATION FOR THE CITY'S INDEPENDENCE DAY CELEBRATION, HOSTING HIGH PROFILE WATERFRONT CONCERT WITH FIREWORKS. THE SUMMER PROGRAM SEASON INCLUDED DIFFERENT MULTICULTURAL SERIES CELEBRATING THE RICH DIVERSITY OF THE GREATER PHILADELPHIA REGION, MARQUEE CONCERTS FEATURING FAMILY ENTERTAINMENT, THE SOUNDS OF R&B AND JAZZ.
DRWC ENGAGES IN A VARIETY OF ACTIVITIES IN SUPPORT OF ITS MISSION, ON BEHALF OF THE CITY, OF MAINTAINING AND PROMOTING THE USE AND DEVELOPMENT OF CITY'S CENTRAL WATERFRONT, WHICH INCLUDES "BLUE CROSS RIVER RINK" AT PENN'S LANDING. IT IS A STANDARD OLYMPIC REGULATION SIZEICE RINK, DURING WINTER AND TURNED INTO A ROLLER SKATING RINK IN THE SUMMER, OPEN TO THE PUBLIC AS A RECREATIONAL AND EDUCATIONAL ARENA. SLED SKATING LESSONS ARE AVAILABLE FOR DISABLED CHILDREN. THE RINK IS OPEN FOR PUBLIC SKATING AND AVAILABLE TO SCHOOL GROUPS ON WEEKDAYS. THEOPERATION OF THESE SKATING RINKS RELIEVES THE CITY FROM HAVING TO OPERATE THE PUBLIC ARENA, WHICH IT WOULD OTHERWISE DO FOR THE GENERAL WELFARE OF ITS CITIZENS, INCLUDING THE MULTITUDE OF YOUNGER PEOPLE UTILIZING THIS FACILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Forkin President | Officer | 40 | $205,635 |
Jodie Milman Executive Vice President | Officer | 40 | $169,093 |
Lavelle Young Vice President, Operations | Officer | 40 | $103,976 |
Elizabeth Woods Vice President, Operations | Officer | 40 | $94,846 |
Larry Bell Chief Financial Officer | Officer | 40 | $103,846 |
Alan P Hoffmann Board Chairman | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jm Patton Assoc Inc Insurance Broker | 6/29/22 | $731,809 |
Red Hawk Protection Solutions Llc Security Services | 6/29/22 | $533,493 |
Independence Blue Cross Health Insurance | 6/29/22 | $309,028 |
Eastern Llc Snow Removal | 6/29/22 | $199,023 |
Wj Castle Pe & Assoc Pc Engineering Services | 6/29/22 | $188,725 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,394,457 |
| 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 | $7,394,457 |
| Total Program Service Revenue | $11,618,049 |
| Investment income | $281,770 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $193,338 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,823,036 |
| 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. | $970,907 |
| Compensation of current officers, directors, key employees. | $640,832 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,687,275 |
| Pension plan accruals and contributions | $136,178 |
| Other employee benefits | $477,155 |
| Payroll taxes | $309,134 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $528,347 |
| Fees for services: Accounting | $75,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,365,491 |
| Advertising and promotion | $255,388 |
| Office expenses | $109,356 |
| Information technology | $91,641 |
| Royalties | $0 |
| Occupancy | $674,658 |
| Travel | $128,807 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $70,000 |
| Depreciation, depletion, and amortization | $92,798 |
| Insurance | $1,250,708 |
| All other expenses | $0 |
| Total functional expenses | $17,856,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,237,425 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,749,674 |
| 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 | $187,116 |
| Net Land, buildings, and equipment | $967,387 |
| Investments—publicly traded securities | $6,978,688 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $110,424,480 |
| Total assets | $138,544,770 |
| Accounts payable and accrued expenses | $5,809,410 |
| Grants payable | $0 |
| Deferred revenue | $12,077,024 |
| 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 | $4,290,100 |
| Other liabilities | $85,382,385 |
| Total liabilities | $107,558,919 |
| Net assets without donor restrictions | $30,985,851 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $138,544,770 |