Delaware River Waterfront Corporation

Analysis

Delaware River Waterfront Corporation is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in October 2009, 17 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Delaware River Waterfront Corporation reported income of $18.5m and spending of $17.4m, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $23.8m to $18.5m (-22%), an average of -6.1% a year. The sharpest change came in the year to June 2022, when income dropped by 20%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Delaware River Waterfront Corporation sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within PA. Charities of a similar size with the same main cause include Sertoma Star Services Inc ($18.5m), Seattle-King County Workforce Development Council ($18.5m) and North East Texas Workforce Development Board Inc ($18.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 27% and program service revenue 68% of the total. Compensation of current officers, directors and key employees was $887k (5.1% of expenses). Other salaries and wages came to $3.6m. At year end it held assets of $52.8m against liabilities of $43.7m, net assets of $9.1m. It reported 261 employees.