Delaware Innovation Space Inc
- Assets
- $37.5m
- Revenue
- $6.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 06/2017
- Data as of
- 12/2021
- EIN
- 82-0832288
Organization Overview
Delaware Innovation Space Inc is located in Wilmington, DE. The organization was established in 2017. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Delaware Innovation Space Inc 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 12/2021, Delaware Innovation Space Inc generated $6.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (18.8%) each year. All expenses for the organization totaled $4.5m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ACCELERATE FORMATION AND GROWTH OF SCIENCE BASED START UP BUSINESSES AND NEW VENTURES BY COLLABORATING WITH ENTREPRENEURS AND VISIONARIES AND GROWING A WORLD LEADING INDUSTRIALLY AND MARKET RELEVANT INNOVATION ECOSYSTEM WITH ACCESS TO STATE OF THE ART FACILITIES, PEOPLE, TOOLS, EQUIPMENT, TRAINING AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISI PROVIDES ACCESS TO, AND WAS CREATED SPECIFICALLY IN RESPONSE TO THE STATE OF DELAWARE'S RECOGNITION OF THE NEED FOR, HIGH-QUALITY INCUBATION SERVICES AND EDUCATIONAL PROGRAMS FOR START-UP ENTERPRISES LOOKING TO LAUNCH OR GROW INNOVATIVE STEM INITIATIVES WITHIN DELAWARE TO MAKE DELAWARE'S COMMUNITIES STRONGER THROUGH RETENTION OF TALENTED INDIVIDUALS, INCREASED JOB OPPORTUNITIES, AND POSITIVE CHANGE IN THE STATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Provine President An | OfficerTrustee | 40 | $0 |
Jeffrey Bullock Director/tre | OfficerTrustee | 5 | $0 |
Charles Riordan Director/cha | OfficerTrustee | 5 | $0 |
Alexa Dembek Director/sec | OfficerTrustee | 5 | $0 |
Dennis Assanis Director | Trustee | 2 | $0 |
Alex Khutorsky Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bancroft Construction Construction | 12/30/19 | $5,226,441 |
Design Collective Architectural | 12/30/19 | $256,675 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $279,981 |
| All other contributions, gifts, grants, and similar amounts not included above | $751,127 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,031,108 |
| Total Program Service Revenue | $4,206,664 |
| Investment income | $59,569 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,537,655 |
| 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 | $6,834,996 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $16,005 |
| Fees for services: Legal | $22,828 |
| Fees for services: Accounting | $130,305 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $24,607 |
| Office expenses | $256,300 |
| Information technology | $57,042 |
| Royalties | $0 |
| Occupancy | $1,203,782 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $261 |
| Interest | $56,342 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $973,377 |
| Insurance | $56,287 |
| All other expenses | $0 |
| Total functional expenses | $4,532,443 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,688,589 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $440,745 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $310,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $19,593,529 |
| Investments—publicly traded securities | $15,479,568 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $37,512,431 |
| Accounts payable and accrued expenses | $167,247 |
| Grants payable | $0 |
| Deferred revenue | $290,639 |
| 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 | $3,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $661,402 |
| Total liabilities | $4,119,288 |
| Net assets without donor restrictions | $20,894,725 |
| Net assets with donor restrictions | $12,498,418 |
| 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 | $37,512,431 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pennsylvania Compensation Rating Bureau Philadelphia, PA | $10,444,965 | $13,500,527 |
Can Do Inc Hazleton, PA | $88,120,031 | $19,938,198 |
York County Economic Alliance York, PA | $4,435,375 | $9,671,986 |
Bridgeway Capital Inc Pittsburgh, PA | $100,800,088 | $11,446,748 |
Altoona-Blair County Development Corporation Altoona, PA | $122,969,142 | $33,416,279 |
Greater Wilkes-Barre Industrial Fund Inc Wilkesbarre, PA | $1,685,287 | $7,409,722 |
Delaware Innovation Space Inc Wilmington, DE | $37,512,431 | $6,834,996 |
Maryland Mep Inc Columbia, MD | $556,379 | $4,266,915 |
Deep Foundations Institute Hawthorne, NJ | $5,212,450 | $3,079,060 |
Committee For Digital Advertising And Marketing Accountability New Providence, NJ | $2,955,807 | $3,729,430 |
Aviation Information Sharing And Analysis Center Inc Annapolis, MD | $5,165,435 | $2,922,779 |
Northwestern Pennsylvania Industrial Resource Center Inc Erie, PA | $3,886,922 | $2,218,860 |