Delaware Innovation Space Inc
- Assets
- $40.1m
- Revenue
- $7.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 06/2017
- Data as of
- 12/2023
- 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 12/2023, Delaware Innovation Space Inc generated $7.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $6.6m during the year ending 12/2023. While expenses have increased by 10.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
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 |
|---|---|---|---|
Dennis Assanis Director/cha | OfficerTrustee | 5 | $0 |
Alexa A Dembek Director/sec | OfficerTrustee | 5 | $0 |
Jeffrey W Bullock Director/tre | OfficerTrustee | 5 | $0 |
Jon Sheehan Director | Trustee | 2 | $0 |
Alex Khutorsky Director | Trustee | 2 | $0 |
Julius Korley 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 | $448,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $920,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,368,800 |
| Total Program Service Revenue | $4,404,365 |
| Investment income | $832,111 |
| 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 | $7,341,673 |
| 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 | $41,742 |
| Fees for services: Legal | $42,258 |
| Fees for services: Accounting | $33,570 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $205,248 |
| Office expenses | $70,620 |
| Information technology | $97,471 |
| Royalties | $0 |
| Occupancy | $2,381,740 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,128 |
| Interest | $45,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $984,907 |
| Insurance | $45,192 |
| All other expenses | $110,190 |
| Total functional expenses | $6,583,253 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,233,961 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $88,908 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $239,720 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $19,139,907 |
| Investments—publicly traded securities | $17,710,821 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,678,067 |
| Other assets | $0 |
| Total assets | $40,091,384 |
| Accounts payable and accrued expenses | $608,038 |
| Grants payable | $0 |
| Deferred revenue | $62,086 |
| 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 | $1,714,556 |
| Other liabilities | $534,476 |
| Total liabilities | $5,919,156 |
| Net assets without donor restrictions | $23,661,759 |
| Net assets with donor restrictions | $10,510,469 |
| 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 | $40,091,384 |