Delaware Prosperity Partnership Inc
- Assets
- $3.3m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 12
- Location
- Wilmington, DE
- Founding
- 12/2017
- Data as of
- 12/2021
- EIN
- 82-2881997
Organization Overview
Delaware Prosperity Partnership Inc is located in Wilmington, DE. The organization was established in 2017. 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. As of 12/2021, Delaware Prosperity Partnership Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Delaware Prosperity Partnership 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 Prosperity Partnership Inc generated $3.2m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 19.4% each year . All expenses for the organization totaled $3.1m 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
THE DELAWARE PROSPERITY PARTNERSHIP (DPP) WAS CREATED AS A PRIVATE ENTITY TO LEAD THE STATE OF DELAWARE'S ECONOMIC DEVELOPMENT EFFORTS. ESTABLISHMENT OF THIS PRIVATE ENTITY WAS A CRITICAL STEP TO ENHANCE THE STATE'S ABILITY TO ATTRACT, GROW AND RETAIN COMPANIES; TO BUILD STRONGER ENTREPRENEURIAL AND INNOVATION ECOSYSTEM; AND TO SUPPORT PRIVATE EMPLOYERS IN IDENTIFYING, RECRUITING, AND DEVELOPING TALENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACTIVITIES DEVELOPED TO ENHANCE BUSINESS RECRUITMENT, PROMOTE ENTREPRENUERSHIP AND INNOVATION, SUPPORT WORKFORCE DEVELOPMENT EFFORTS, AND PRODUCE FORWARD LOOKING ANALYSIS ON ECONOMIC TRENDS TO BEST POSITION DELAWARE'S ECONOMY TO GROW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Kurt Foreman CEO | OfficerTrustee | 40 | $277,124 |
Michele Schiavoni Director Of Marketing & External Relations | 40 | $152,164 | |
Charles Madden Director Of Talent Services | 40 | $147,676 | |
Rebecca Harrington Director Of Business Development | 40 | $144,361 | |
John Taylor Director Of Economic Research | 40 | $112,298 | |
Desmond Baker Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,168,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,168,000 |
| Total Program Service Revenue | $0 |
| Investment income | $461 |
| 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 | $3,168,461 |
| 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. | $285,000 |
| Compensation of current officers, directors, key employees. | $99,750 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,060,050 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $54,563 |
| Payroll taxes | $93,268 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,560 |
| Fees for services: Accounting | $38,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,815 |
| Advertising and promotion | $542,230 |
| Office expenses | $4,589 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $94,006 |
| Travel | $117 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,090 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,834 |
| Insurance | $126,849 |
| All other expenses | $181,514 |
| Total functional expenses | $3,097,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $323,002 |
| Savings and temporary cash investments | $2,619,661 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $271,250 |
| 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 | $69,722 |
| Net Land, buildings, and equipment | $16,116 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,299,751 |
| Accounts payable and accrued expenses | $99,918 |
| 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 | $67,030 |
| Total liabilities | $166,948 |
| Net assets without donor restrictions | $3,069,091 |
| Net assets with donor restrictions | $63,712 |
| 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 | $3,299,751 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Delaware Prosperity Partnership Inc has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Wsfs Community Foundation Philadelphia, PA PURPOSE: GRANT TO SUPPORT "ADVANCING PROSPERITY CAMPAIGN" | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |