Reach Riverside Development Corporation
- Assets
- $33.1m
- Revenue
- $5.5m
- Investments
- $26.8m
- Employees
- 18
- Location
- Wilmington, DE
- Founding
- 02/2018
- Data as of
- 12/2022
- EIN
- 82-1401986
Organization Overview
Reach Riverside Development Corporation is located in Wilmington, DE. The organization was established in 2018. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Reach Riverside Development Corporation employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reach Riverside 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 12/2022, Reach Riverside Development Corporation generated $5.5m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 39.6% each year . All expenses for the organization totaled $4.6m during the year ending 12/2022. 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
TRANSFORM NORTHEAST WILMINGTON'S HISTORIC RIVERSIDE INTO A HEALTHY VIBRANT PLACE TO LIVE & THRIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A MEMBER OF THE PURPOSE BUILT COMMUNITIES NETWORK, A NATIONALLY REOWNED ORGANIZATION DEDICATED TO HOLISTIC COMMUNITY REDEVELOPMENT, REACH RIVERSIDE FOCUSES ON THE FOUR PILLARS OF REVITALIZATION SHOWN TO HAVE THE GREATEST IMPACT ON LONG-TERM COMMUNITY HEALTH AND WELL-BEING. REDEVELOPMENT - REACH RIVERSIDE IS COMMITTED TO BUILDING APPROXIMATELY 700 UNITS OF HIGH-QUALITY, MIXED-INCOME HOUSING THAT WILL ELEVATE THE STANDARD OF LIVING FOR RIVERSIDE NEIGHBORHOOD RESIDENTS AND PROVIDE THE SAFE AND AFFORDABLE HOUSING RESIDENTS DESERVE.EDUCATION - ACCESS TO EXCELLENT EDUCATION IS A MUST FOR ANY PROSPEROUS COMMUNITY. THE REACH RIVERSIDE PROMISE IS TO DELIVER A HIGH-QUALITY EDUCATION PIPELINE FROM CRADLE TO COLLEGE TO ENSURE GROWTH AND ACHIEVEMENT AT EVERY LEVEL, ENHANCING OPPORTUNITIES FOR SUCCESSFUL FUTURES.COMMUNITY HEALTH - A HEALTHY COMMUNITY IS THE FOUNDATION OF A THRIVING COMMUNITY, AND THE REACH RIVERSIDE PROMISE INCLUDES THE CREATION OF A COMPREHENSIVE HEALTH, WELLNESS, AND SAFETY PROGRAM TO MEET THE DIVERSE NEEDS OF THE RIVERSIDE RESIDENTS. FROM NEW SIDEWALKS AND PLAYGROUNDS TO MENTAL HEALTH SUPPORT, FINANCIAL LITERACY, YOUTH ENGAGEMENT, AND A LOCAL GROCERY STORE, RESIDENTS WILL HAVE THE SUPPORT NEEDED FOR A HEALTHY LIFESTYLE.ECONOMIC VITALITY - A STRONG COMMERCIAL CORE FOSTERS NEIGHBORHOOD PROSPERITY AND RESIDENTS' ECONOMIC ADVANCEMENT, OFFERING OPPORTUNITIES FOR MEANINGFUL WORK AND WEALTH BUILDING. A DUAL-PRONGED STRATEGY SUPPORTING OPPORTUNITIES ACROSS INCOME LEVELS ENSURES ABUNDANT LOCAL RESOURCES AND PARTICIPATION IN A THRIVING ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles S Mcdowell ESQ Chair | OfficerTrustee | 30 | $0 |
Perry Beberman Director | Trustee | 2 | $0 |
Stephen Briggs Director | Trustee | 1 | $0 |
Donald Fulton Director | Trustee | 1 | $0 |
Ray Fitzgerald Direcctor | Trustee | 1 | $0 |
Bettina Tweardy Riveros Director | Trustee | 1 | $0 |
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 | $5,399,527 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,399,527 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $147,445 |
| 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 | $5,546,972 |
| 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. | $504,333 |
| Compensation of current officers, directors, key employees. | $126,083 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $472,378 |
| Pension plan accruals and contributions | $33,445 |
| Other employee benefits | $176,723 |
| Payroll taxes | $95,445 |
| 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 | $0 |
| Advertising and promotion | $9,024 |
| Office expenses | $48,191 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $29,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,536 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,438 |
| Insurance | $3,827 |
| All other expenses | $59,922 |
| Total functional expenses | $4,639,336 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,769,704 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $429,186 |
| 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 | $0 |
| Net Land, buildings, and equipment | $89,836 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $26,764,637 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $83,117 |
| Total assets | $33,136,480 |
| Accounts payable and accrued expenses | $213,551 |
| 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 | $150,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $175,000 |
| Total liabilities | $538,551 |
| Net assets without donor restrictions | $4,560,613 |
| Net assets with donor restrictions | $28,037,316 |
| 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 | $33,136,480 |