Schuylkill River Development Corporation
- Assets
- $9.7m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 5
- Location
- Philadelphia, PA
- Founding
- 06/1992
- Data as of
- 06/2023
- EIN
- 23-2690558
Organization Overview
Schuylkill River Development Corporation is located in Philadelphia, PA. The organization was established in 1992. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Schuylkill River Development Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Schuylkill River Development 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 06/2023, Schuylkill River Development Corporation generated $2.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (12.2%) each year. All expenses for the organization totaled $3.1m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (8.2%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
REVITALIZE SCHUYLKILL RIVER CORRIDOR TO CONNECT NEIGHBORHOODS AND ENCOURAGE INVESTMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CAPITAL PROJECTS - GOAL IS TO PROMOTE THE CREATION OF A PUBLIC PARK, TRAIL AND GREENWAY ALONG THE BANKS OF THE SCHUYLKILL TIDAL RIVER IN THE CITY OF PHILADELPHIA AND TO ASSIST IN THE UPKEEP OF SUCH PARK, THEREBY LESSENING THE BURDEN OF CITY GOVERNMENT AND PROMOTING ECONOMIC DEVELOPMENT OF ADJACENT LAND.
MAINTENANCE PROGRAM - SRDC HAS AN AGREEMENT WITH PHILADELPHIA PARKS AND RECREATION TO SHARE MAINTENANCE RESPONSIBILITY FOR SCHUYLKILL BANKS. THIS PUBLIC-PRIVATE PARTNERSHIP LESSENS THE BURDEN ON GOVERNMENT AND INCREASES THE LEVEL OF UPKEEP ON SCHUYLKILL BANKS. THIS IN TURN MAKES THE SITE MORE ATTRACTIVE AND VALUABLE FROM A QUALITY OF LIFE STANDPOINT. MUCH OF THE WORK IS DONE BY VOLUNTEERS ESPECIALLY DURING THE SUMMER SEASON.
COMMUNITY PROGRAMMING - ANOTHER SRDC GOAL IS TO ENLIVEN SCHUYLKILL BANKS AND STRENGTHEN NEIGHBORHOOD CONNECTIONS BY CREATING ATTRACTIONS AND DESTINATIONS ALONG THE TRAIL AND GREENWAY. THIS IS DONE PARTIALLY THROUGH PUBLIC PROGRAMMING, SUCH AS OUTDOOR MOVIES, RIVER TOURS AND OTHER SPECIAL EVENTS. THESE ACTIVITIES CREATE A DESIRE TO BE ON THE BANKS AND TO ENJOY THE AMENITIES PROVIDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerard H Sweeney Chairman | OfficerTrustee | 1.5 | $0 |
Brian Keech Vice Chairman | OfficerTrustee | 1 | $0 |
Anne Papageorge Treasurer | OfficerTrustee | 1 | $0 |
Marc J Armstrong Board Member | Trustee | 0.5 | $0 |
Madeline Bell Board Member | Trustee | 0.5 | $0 |
Jaclyn Bliss Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Commerce Construction Corporation General Trail Construction | 6/29/23 | $1,231,854 |
Wsp Usa Inc Engineering/design Services | 6/29/23 | $202,470 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,548,463 |
| All other contributions, gifts, grants, and similar amounts not included above | $693,840 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,242,303 |
| Total Program Service Revenue | $5,120 |
| Investment income | $91,298 |
| 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 | $2,338,721 |
| 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. | $280,785 |
| Compensation of current officers, directors, key employees. | $44,047 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $283,307 |
| Pension plan accruals and contributions | $46,991 |
| Other employee benefits | $22,685 |
| Payroll taxes | $37,912 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $176,653 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $88,208 |
| Travel | $0 |
| 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 | $0 |
| Depreciation, depletion, and amortization | $6,428 |
| Insurance | $19,930 |
| All other expenses | $19,079 |
| Total functional expenses | $3,069,841 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,970,274 |
| Savings and temporary cash investments | $5,186,491 |
| Pledges and grants receivable | $800,816 |
| 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 | $36,848 |
| Net Land, buildings, and equipment | $30,810 |
| Investments—publicly traded securities | $1,087,115 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $602,162 |
| Total assets | $9,714,516 |
| Accounts payable and accrued expenses | $128,876 |
| Grants payable | $0 |
| Deferred revenue | $123,500 |
| 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 | $602,162 |
| Total liabilities | $854,538 |
| Net assets without donor restrictions | $5,387,134 |
| Net assets with donor restrictions | $3,472,844 |
| 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 | $9,714,516 |