Civic Intelligence

First State Innovation Inc

990 • Fiscal year 2016 • EIN 20-5095603

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 09, 2017

Organization ProfileWWW.FIRSTSTATEINNOVATION.ORG
1 Righter Parkway No 150Wilmington, DE 19803-1510

(302) 888-5561

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

71st percentile

0.04x

Higher debt load relative to assets than 71% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Liabilities / Revenue

77th percentile

0.06x

Higher debt load relative to revenue than 77% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Net Margin

54th percentile

4.8%

Higher net margin than 54% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Top Officer Pay

75th percentile

$0

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Asset Growth

50th percentile

1.8%

Faster asset growth than 50% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Revenue Growth

98th percentile

391%

Faster revenue growth than 98% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$481,282

Up $8,520 (+1.8%) from 2015

Net Assets

Up

$462,108

Up $15,946 (+3.6%) from 2015

Liabilities

Down

$19,174

Down $7,426 (-28%) from 2015

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin54th percentile

Revenue

Up

$329,000

Up $262,000 (+391%) from 2015

Expenses

Up

$313,054

Up $287,223 (+1112%) from 2015

Net Income

Down

$15,946

Down $25,223 (-61%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600K$400K$200K$0Assets 2010: $422,079Liabilities 2010: $0Net Assets 2010: $422,0792010Assets 2011: $431,577Liabilities 2011: $26,600Net Assets 2011: $404,9772011Assets 2013: $457,655Liabilities 2013: $26,600Net Assets 2013: $431,0552013Assets 2015: $472,762Liabilities 2015: $26,600Net Assets 2015: $446,1622015Assets 2016: $481,282Liabilities 2016: $19,174Net Assets 2016: $462,1082016Assets 2017: $451,428Liabilities 2017: $0Net Assets 2017: $451,4282017Assets 2018: $426,217Liabilities 2018: $0Net Assets 2018: $426,2172018Assets 2019: $421,183Liabilities 2019: $0Net Assets 2019: $421,1832019Assets 2020: $418,467Liabilities 2020: $0Net Assets 2020: $418,4672020Assets 2021: $405,833Liabilities 2021: $0Net Assets 2021: $405,8332021Assets 2022: $403,995Liabilities 2022: $0Net Assets 2022: $403,9952022Assets 2023: $403,755Liabilities 2023: $0Net Assets 2023: $403,7552023Assets 2024: $401,323Liabilities 2024: $0Net Assets 2024: $401,3232024

Highlighted filing

2016

Assets$481,282
Liabilities$19,174
Net Assets$462,108
Open 2016 Filing

Operations Trend

Revenue Growth98th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$300K$200K$100K$0-$100KExpenses 2010: $205,4752010Revenue 2011: $24,038Expenses 2011: $41,140Net Income 2011: -$17,1022011Revenue 2013: $59,616Expenses 2013: $36,141Net Income 2013: $23,4752013Revenue 2015: $67,000Expenses 2015: $25,831Net Income 2015: $41,1692015Revenue 2016: $329,000Expenses 2016: $313,054Net Income 2016: $15,9462016Revenue 2017: $50Expenses 2017: $10,730Net Income 2017: -$10,6802017Revenue 2018: $0Expenses 2018: $13,838Net Income 2018: -$13,8382018Revenue 2019: $0Expenses 2019: $5,034Net Income 2019: -$5,0342019Revenue 2020: $100Expenses 2020: $2,816Net Income 2020: -$2,7162020Revenue 2021: $0Expenses 2021: $12,634Net Income 2021: -$12,6342021Revenue 2022: $200Expenses 2022: $2,038Net Income 2022: -$1,8382022Revenue 2023: $0Expenses 2023: $40Net Income 2023: -$402023Revenue 2024: $0Expenses 2024: $2,432Net Income 2024: -$2,4322024

Highlighted filing

2016

Revenue$329,000
Expenses$313,054
Net Income$15,946
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 9, 2017
Return Version
2016v3.0
Gross Receipts
$329,000
Mission and Program Overview

Mission

To help grow wealth and the workforce of delaware's innovation economy by growing, attracting, retaining, and connecting high growth technology-based businesses and supporting infrastructure in the state. Its primary goal is to help create an environment that makes it easy for emerging companies to locate the resources that will enable them to incubate, grow or relocate to the state and the surrounding region.

Increasing delaware's entrepreneurial capacity

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$379,477$379,477→ $0
Cash and Non-Interest-Bearing Accounts$93,285$101,805▲ $8,520
Total Assets$472,762$481,282▲ $8,520
Liabilities
Accounts Payable and Accrued Expenses$26,600$19,174▼ $7,426
Total Liabilities$26,600$19,174▼ $7,426
Net Assets / Fund Balance
Unrestricted Net Assets$446,162$462,108▲ $15,946
Total Net Assets Fund Balance$446,162$462,108▲ $15,946
Total Liabilities and Net Assets / Fund Balance$472,762$481,282▲ $8,520
Compensation and Service Providers
Top Officer Pay75th percentile

Board Members and Trustees

NameTitle
Ernest J DianastasisChairman & President
Andy LubinBoard Member
Bernice WhaleyBoard Member
Charles G RiordanBoard Member
Dan KennedyBoard Member
David GatesBoard Member
Douglas MuzykaBoard Member
Dr Harry L WilliamsBoard Member
Dr Jack P VarsalonaBoard Member
Dr Mark BrainardBoard Member
Frank PennellaBoard Member
J Michael BowmanBoard Member
James J RoszkowskiBoard Member
Janice E NevinBoard Member
Jeffrey E FettermanBoard Member
Mark a TurnerBoard Member
Matthew B SwansonBoard Member
Paul FisherBoard Member
Paul M McconnellBoard Member
Robert Va Harra JrBoard Member
William J WallachBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$329,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$179,000
Change in Net Assets
$15,946
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$313,054
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal$29,173--$29,173
Office Expenses$10,776--$10,776
Advertising$9,681--$9,681
Insurance$2,849--$2,849
Fees for Services Accounting$2,795--$2,795
Conferences and Meetings$346--$346
Other Expenses$40--$40
Total Functional Expenses$313,054$0$0$313,054
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“Minutes are kept for the quarterly board meetings, but not for the advisory board meetings.”

Form 990, Part VI, Section B, Line 11B

“The board reviewed the form 990 prior to filing.”

Form 990, Part VI, Section C, Line 18

“Form 990, part the organization makes its financial statements available to the public as requested on a case by case basis.”

Form 990, Part VI, Section C, Line 19

“Form 990, part the organization makes its governing documents and financial statements available to the public as requested on a case by case basis.”

Filing and Contact Details

Filer

Filer Name
First State Innovation Inc
EIN
20-5095603
Phone
3028885561
Address
1 RIGHTER PARKWAY NO 150, WILMINGTON, DE 19803-1510

Signing Officer

Name
Francis Pennella
Title
Vice President
Phone
3028885561
Signed
2017-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Francis Pennella
Formed
2006
Legal Domicile
De
Voting Board Members
22
Independent Board Members
22
Employees
0
Volunteers
0

Preparer

Firm
Wheeler Wolfenden & Dwares Pa
Address
4550 NEW LINDEN HILL ROAD STE 201, WILMINGTON, DE 19808
Preparer
Kathleen Corcoran CPA
Phone
3022548240
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IRS990/NetAssetsOrFundBalancesEOYAmt0462108
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ProgramServicesAmt010776
IRS990/OfficeExpensesGrp/TotalAmt010776
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0EVENTS
IRS990/OtherExpensesGrp/Desc1SPONSORSHIP
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc3BANK FEES
IRS990/OtherExpensesGrp/ProgramServicesAmt0247942
IRS990/OtherExpensesGrp/ProgramServicesAmt16488
IRS990/OtherExpensesGrp/ProgramServicesAmt22964
IRS990/OtherExpensesGrp/ProgramServicesAmt340
IRS990/OtherExpensesGrp/TotalAmt0247942
IRS990/OtherExpensesGrp/TotalAmt16488
IRS990/OtherExpensesGrp/TotalAmt22964
IRS990/OtherExpensesGrp/TotalAmt340
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0FRANCIS PENNELLA
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt067000
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt025831
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt041169
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt025831
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt067000
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt015946
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0329000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0417533
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt067000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt02000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt059616
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt040797
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0586946
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt055
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt055
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99990
IRS990ScheduleA/PublicSupportPY170Pct00.99950
IRS990ScheduleA/PublicSupportTotal170Amt0586946
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0417533
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt067000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt02000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt059616
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt040797
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0586946
IRS990ScheduleA/TotalSupportAmt0587001
IRS990/ScheduleBRequiredInd00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MINUTES ARE KEPT FOR THE QUARTERLY BOARD MEETINGS, BUT NOT FOR THE ADVISORY BOARD MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD REVIEWED THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990, PART THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS REQUESTED ON A CASE BY CASE BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990, PART THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS REQUESTED ON A CASE BY CASE BASIS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0DE
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0472762
IRS990/TotalAssetsEOYAmt0481282
IRS990/TotalAssetsGrp/BOYAmt0472762
IRS990/TotalAssetsGrp/EOYAmt0481282
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0329000
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0313054
IRS990/TotalFunctionalExpensesGrp/TotalAmt0313054
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt026600
IRS990/TotalLiabilitiesEOYAmt019174
IRS990/TotalLiabilitiesGrp/BOYAmt026600
IRS990/TotalLiabilitiesGrp/EOYAmt019174
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0446162
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0462108
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0313054
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0329000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0472762
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0481282
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0446162
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0462108
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01201 NORTH MARKET STREET SUITE 1404
IRS990/USAddress/CityNm0WILMINGTON
IRS990/USAddress/StateAbbreviationCd0DE
IRS990/USAddress/ZIPCd019801
IRS990/VotingMembersGoverningBodyCnt022
IRS990/VotingMembersIndependentCnt022
IRS990/WebsiteAddressTxt0WWW.FIRSTSTATEINNOVATION.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02018-03-14 21:41:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANCIS PENNELLA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03028885561

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$481,282
Liabilities
$19,174
Net assets
$462,108
Revenue
$329,000
Expenses
$313,054
Net income
$15,946
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.01$0.00$4.01$0.00$0.02$0.02
2023Detailed filing. Detailed filing data is available for this year.$4.04$0.00$4.04$0.00$0.00$0.00
2022Detailed filing. Detailed filing data is available for this year.$4.04$0.00$4.04$0.00$0.02$0.02
2021Detailed filing. Detailed filing data is available for this year.$4.06$0.00$4.06$0.00$0.13$0.13
2020Detailed filing. Detailed filing data is available for this year.$4.18$0.00$4.18$0.00$0.03$0.03
2019Detailed filing. Detailed filing data is available for this year.$4.21$0.00$4.21$0.00$0.05$0.05
2018Detailed filing. Detailed filing data is available for this year.$4.26$0.00$4.26$0.00$0.14$0.14
2017Detailed filing. Detailed filing data is available for this year.$4.51$0.00$4.51$0.00$0.11$0.11
2016Detailed filing. Detailed filing data is available for this year.$4.81$0.19$4.62$3.29$3.13$0.16
2015Detailed filing. Detailed filing data is available for this year.$4.73$0.27$4.46$0.67$0.26$0.41
2013Detailed filing. Detailed filing data is available for this year.$4.58$0.27$4.31$0.60$0.36$0.23
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.32$0.27$4.05$0.24$0.41$0.17
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.22$0.00$4.22$2.05