Philadelphia Shipyard Development Corporation
- Assets
- $987.2k
- Revenue
- $389.9k
- Investments
- $0.0
- Employees
- 1
- Location
- Eagleville, PA
- Founding
- 04/1999
- Data as of
- 12/2023
- EIN
- 23-2939646
Organization Overview
Philadelphia Shipyard Development Corporation is located in Eagleville, PA. The organization was established in 1999. According to its NTEE Classification (S02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philadelphia Shipyard 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 12/2023, Philadelphia Shipyard Development Corporation generated $389.9k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 68.3% each year . All expenses for the organization totaled $227.8k during the year ending 12/2023. 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
PSDC'S PRIMARY EXEMPT PURPOSE IS TO LESSEN THE BURDENS OF GOVERNMENT FOR TWO GOVERNMENTAL ORGANIZATIONS: COMMONWEALTH OF PA (COMMONWEALTH)AND CITY OF PHILADELPHIA (CITY)
Describe the Organization's Program Activity:
Part 3 - Line 4a
PSDC SUCCESSFULLY OVERSAW THE CONSTRUCTION OF A STATE OF THE ART SHIPBUILDING FACILITY IN THE FORMER PHILADELPHIA NAVAL SHIPYARD THAT IS NOW PRODUCING COMMERCIAL VESSELS AT FULL CAPACITY AS WELL AS WORKING ON GOVERNMENT SHIPS. IT WAS ALSO INVOLVED IN THE PROCESS OF HIRING AND TRAINING SHIPYARD WORKERS, THROUGH ITS ADMINISTRATION OF PUBLIC FUNDS USED FOR THOSE PURPOSES. MORE THAN 1402 JOBS AT THE REVITALIZED SHIPYARD WERE CREATED THROUGH THESE EFFORTS. PSDC LESSENS THE BURDEN OF GOVERNMENT BY REPRESENTING THE INTERESTS OF GOVERNMENTAL ENTITIES IN CONNECTION WITH TRANSACTIONS THAT CONTRIBUTE TO THE RETENTION OF SHIPBUILDING JOBS IN THE PHILADELPHIA REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Manuel N Stamatakis Chairperson | Trustee | 1 | $0 |
Michael J Acker Treasurer | Trustee | 1 | $0 |
William P Hankowsky Secretary | Trustee | 1 | $0 |
John Saler Member | Trustee | 1 | $0 |
Jim Snell Member | Trustee | 1 | $0 |
Lisa M Chambers Exec Dir | Officer | 40 | $103,000 |
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 | $169,388 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $169,388 |
| Total Program Service Revenue | $0 |
| Investment income | $20,326 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $200,000 |
| 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 | $389,891 |
| 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. | $117,722 |
| Compensation of current officers, directors, key employees. | $17,658 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,736 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,698 |
| Fees for services: Accounting | $23,581 |
| Fees for services: Lobbying | $873 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,329 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $558 |
| 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 | $0 |
| Insurance | $46,496 |
| All other expenses | $0 |
| Total functional expenses | $227,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $551,294 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,476 |
| Net Land, buildings, and equipment | $161,425 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $260,000 |
| Total assets | $987,195 |
| Accounts payable and accrued expenses | $0 |
| 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 | $337,698 |
| Total liabilities | $337,698 |
| Net assets without donor restrictions | $488,073 |
| Net assets with donor restrictions | $161,424 |
| 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 | $987,195 |