Wilmington Economic Development Corporation
- Assets
- $2.8m
- Revenue
- $336.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 05/1980
- Data as of
- 06/2022
- EIN
- 51-0240524
Organization Overview
Wilmington Economic Development Corporation is located in Wilmington, DE. The organization was established in 1980. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wilmington Economic 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 06/2022, Wilmington Economic Development Corporation generated $336.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.3% each year . All expenses for the organization totaled $126.7k 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
TO RENDER FINANCIAL ASSISTANCE FOR START UP, OR EXPANDING BUSINESSES LOCATED WITHIN THE CITY OF WILMINGTON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT ADMINISTRATION - PROVIDES LOANS AND/OR GRANTS TO BUSINESSES IN THE WILMINGTON AREA USING FEDERAL GRANTS.
WILMINGTON PARTNERSHIP - PROVIDES LOANS TO STARTUP OR EXPANDING BUSINESSES WITHIN THE CITY OF WILMINGTON.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stanley F Soja Jr President | OfficerTrustee | 1 | $0 |
Joseph V Williams Jr Secretary | OfficerTrustee | 1 | $0 |
Heath Kahrs Treasurer | OfficerTrustee | 1 | $0 |
Robert Duke Board Member | Trustee | 1 | $0 |
Jeff Flynn Board Member | Trustee | 1 | $0 |
Willie F Henry Jr Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $315,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $317,500 |
| Total Program Service Revenue | $17,695 |
| Investment income | $877 |
| 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 | $336,072 |
| 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. | $27,000 |
| Compensation of current officers, directors, key employees. | $3,200 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $47,893 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,263 |
| Payroll taxes | $5,757 |
| Fees for services: Management | $18,408 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,486 |
| Information technology | $1,734 |
| Royalties | $0 |
| Occupancy | $6,787 |
| Travel | $1,526 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $400 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,344 |
| All other expenses | $0 |
| Total functional expenses | $126,733 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $147,926 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,644 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $507,367 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,504 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,183,767 |
| Total assets | $2,846,208 |
| Accounts payable and accrued expenses | $11,205 |
| Grants payable | $0 |
| Deferred revenue | $1,962,500 |
| 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 | $31,917 |
| Other liabilities | $584,304 |
| Total liabilities | $2,589,926 |
| Net assets without donor restrictions | -$242,328 |
| Net assets with donor restrictions | $498,610 |
| 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 | $2,846,208 |