Civic Intelligence

Delaware Innovation Fund

990 • Fiscal year 2014 • EIN 23-2799695

Jan 01, 2014 to Dec 31, 2014 • Filed on Sep 16, 2015

Organization ProfileWWW.DIFONLINE.COM
1601 Concord Pike Suite 82-84Wilmington, DE 19803

(302) 777-1616

Siviq Scores

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

Liabilities / Assets

80th percentile

0.43x

Higher debt load relative to assets than 80% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

100th percentile

51503.43x

Higher debt load relative to revenue than 100% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Net Margin

1st percentile

-2896429%

Higher net margin than 1% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

47th percentile

$0

Higher top officer pay than 47% of similar nonprofits.

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

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Asset Growth

4th percentile

-37%

Faster asset growth than 4% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

1st percentile

-100%

Faster revenue growth than 1% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets80th percentile

Assets

Down

$844,671

Down $485,923 (-37%) from 2013

Net Assets

Down

$484,147

Down $383,947 (-44%) from 2013

Liabilities

Down

$360,524

Down $101,976 (-22%) from 2013

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Down

$7

Down $3,098 (-100%) from 2013

Expenses

Up

$202,757

Up $81,535 (+67%) from 2013

Net Income

Down

-$202,750

Down $84,633 (-72%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth4th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2010: $1,920,868Liabilities 2010: $597,500Net Assets 2010: $1,323,3682010Assets 2011: $1,697,764Liabilities 2011: $610,000Net Assets 2011: $1,087,7642011Assets 2012: $1,483,326Liabilities 2012: $497,115Net Assets 2012: $986,2112012Assets 2013: $1,330,594Liabilities 2013: $462,500Net Assets 2013: $868,0942013Assets 2014: $844,671Liabilities 2014: $360,524Net Assets 2014: $484,1472014Assets 2015: $386,704Liabilities 2015: $0Net Assets 2015: $386,7042015Assets 2016: $378,799Liabilities 2016: $35,842Net Assets 2016: $342,9572016Assets 2017: $274,104Liabilities 2017: $35,842Net Assets 2017: $238,2622017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2014

Assets$844,671
Liabilities$360,524
Net Assets$484,147
Open 2014 Filing

Operations Trend

Revenue Growth1st percentile

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

$400K$200K$0-$200K-$400KExpenses 2010: $354,5372010Expenses 2011: $297,0442011Expenses 2012: $102,7252012Revenue 2013: $3,105Expenses 2013: $121,222Net Income 2013: -$118,1172013Revenue 2014: $7Expenses 2014: $202,757Net Income 2014: -$202,7502014Revenue 2015: $172,248Expenses 2015: $269,691Net Income 2015: -$97,4432015Revenue 2016: $382Expenses 2016: $85,415Net Income 2016: -$85,0332016Revenue 2017: $1Expenses 2017: $104,696Net Income 2017: -$104,6952017Revenue 2018: -$11,312Expenses 2018: $65,407Net Income 2018: -$76,7192018

Highlighted filing

2014

Revenue$7
Expenses$202,757
Net Income-$202,750
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Sep 16, 2015
Return Version
2014v5.0
Gross Receipts
$7
Mission and Program Overview

Mission

The delaware innovation fund is a private delaware corporate nonprofit, nonstock economic development firm established to assist in the initial capitalization of pre-seed and early stage businesses. The goal of the delaware innovation fund is to promote early stage venture investments and job growth within high technology and proprietary companies throughout delaware and the surrounding region. To accomplish this, the fund provides financial and technical support during the critical early stages of company development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$574,373$435,101▼ $139,272
Investments Other Securities$744,335$406,869▼ $337,466
Accounts Receivable$7,500$0▼ $7,500
Land, Buildings, and Equipment, Net$1,685$0▼ $1,685
Total Assets$1,330,594$844,671▼ $485,923
Other Assets Total$2,701$2,701→ $0
Liabilities
Accounts Payable and Accrued Expenses$412,500$350,524▼ $61,976
Mortgage Notes Payable Secured by Investment Property$50,000$10,000▼ $40,000
Total Liabilities$462,500$360,524▼ $101,976
Net Assets / Fund Balance
Unrestricted Net Assets$868,094$484,147▼ $383,947
Total Net Assets Fund Balance$868,094$484,147▼ $383,947
Total Liabilities and Net Assets / Fund Balance$1,330,594$844,671▼ $485,923

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$36,369$36,369
Leasehold Improvements$0$3,091$3,091
Other Securities$406,869--
Compensation and Service Providers
Top Officer Pay47th percentile

Board Members and Trustees

NameTitle
Michael KelleyChairman
David Freschman CPAPresident
Carolyn a Thoroughgood PhdBoardmember
Patrick J Foley Jr PhdBoardmember
Richard C Birkmeyer PhdBoardmember
Richard P Eckman EsqBoardmember
Scott K Jones PhdBoardmember
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$7
Other Revenue
$0
Change in Net Assets
$-202,750
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$202,757
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 Management$61,133$1,891-$63,024
Occupancy$27,079$838-$27,917
Insurance$3,010$93-$3,103
Fees for Services Accounting$960$30-$990
Interest$485$15-$500
Office Expenses$205$6-$211
Other Expenses$24$1-$25
Total Functional Expenses$199,883$2,874$0$202,757
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
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 2

“David freschman, the president, and patrick foley, a board member, own majority shares in the management company used by the organization to handle the daily operating duties of the corporation.”

Form 990, Part VI, Section A, Line 3

“The organization entered into an agreement with innovation capital advisors, llc to assume the responsibility of the day-to-day operating duties of the organization including technical, operating, business and reporting functions.”

Form 990, Part VI, Section B, Line 11

“990 is e-mailed to all board of directors for review prior to filing return with internal revenue service.”

Form 990, Part VI, Section B, Line 12C

“Officers, directors and employees are required annually to sign a conflict of interest statement.”

Form 990, Part VI, Section C, Line 18

“The 990 is available on guidestar.org or upon direct request to the organization.”

Form 990, Part VI, Section C, Line 19

“Governing documents, conflict of interest policy and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Delaware Innovation Fund
EIN
23-2799695
Phone
3027771616
Address
1601 CONCORD PIKE SUITE 82-84, WILMINGTON, DE 19803

Signing Officer

Name
Pedro Moore
Title
Executive Director
Phone
3027771616
Signed
2015-09-16

Organization Details

Principal Officer
Pedro Moore
Formed
1995
Legal Domicile
De
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Barbacane Thornton & Company Llp
Address
200 SPRINGER BLDG 3411 SILVERSIDE, RD, WILMINGTON, DE 19810-4866
Preparer
Jeffrey a Kowalczyk CPA
Phone
3024788940
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The delaware innovation fund is a not-for-profit organization which is exempt from income taxes under section 501(c)(3) of the internal revenue code. In accordance with the section of the financial accounting standards board accounting standards codification ("fasb asc") regarding accounting for uncertainty in income taxes, the organization is required to recognize the financial statement effects of a tax position if it is more likely than not that the position will not be sustained upon examination. The organization has no uncertain tax positions that qualify for recognition in the financial statements. The organization's return of organization exempt from income tax (form 990) for 2011, 2012, and 2013 are subject to examination by the irs, generally for three years after they were filed.”

Raw XML Appendix365 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE DELAWARE INNOVATION FUND IS A PRIVATE DELAWARE CORPORATE NONPROFIT, NONSTOCK ECONOMIC DEVELOPMENT FIRM ESTABLISHED TO ASSIST IN THE INITIAL CAPITALIZATION OF PRE-SEED AND EARLY STAGE BUSINESSES. THE GOAL OF THE DELAWARE INNOVATION FUND IS TO PROMOTE EARLY STAGE VENTURE INVESTMENTS AND JOB GROWTH WITHIN HIGH TECHNOLOGY AND PROPRIETARY COMPANIES THROUGHOUT DELAWARE AND THE SURROUNDING REGION. TO ACCOMPLISH THIS, THE FUND PROVIDES FINANCIAL AND TECHNICAL SUPPORT DURING THE CRITICAL EARLY STAGES OF COMPANY DEVELOPMENT.
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IRS990/Desc0ASSISTED IN THE CREATION AND SUPPORT OF OVER 30 NEW COMPANIES, CREATING AND SUPPORTING OVER 2000 NEW JOBS SINCE INCEPTION, COUNSELED AND CONSULTED WITH OVER 300 EMERGING COMPANIES AND ISSUED QUARTERLY NEWSLETTERS. CO-HOSTED 2 EDUCATIONAL CONFERENCES WHICH SUPPORTED OVER 500 EMERGING ENTREPRENEURS.
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IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt03091
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt03091
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0406869
IRS990ScheduleD/OtherSecuritiesGrp/Desc0CLASS A CONVERTIBLE STOCK, NET OF ALLOWANCE
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE DELAWARE INNOVATION FUND IS A NOT-FOR-PROFIT ORGANIZATION WHICH IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ACCORDANCE WITH THE SECTION OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION ("FASB ASC") REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, THE ORGANIZATION IS REQUIRED TO RECOGNIZE THE FINANCIAL STATEMENT EFFECTS OF A TAX POSITION IF IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL NOT BE SUSTAINED UPON EXAMINATION. THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION IN THE FINANCIAL STATEMENTS. THE ORGANIZATION'S RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR 2011, 2012, AND 2013 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueSecuritiesAmt0406869
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DAVID FRESCHMAN, THE PRESIDENT, AND PATRICK FOLEY, A BOARD MEMBER, OWN MAJORITY SHARES IN THE MANAGEMENT COMPANY USED BY THE ORGANIZATION TO HANDLE THE DAILY OPERATING DUTIES OF THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION ENTERED INTO AN AGREEMENT WITH INNOVATION CAPITAL ADVISORS, LLC TO ASSUME THE RESPONSIBILITY OF THE DAY-TO-DAY OPERATING DUTIES OF THE ORGANIZATION INCLUDING TECHNICAL, OPERATING, BUSINESS AND REPORTING FUNCTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2990 IS E-MAILED TO ALL BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING RETURN WITH INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OFFICERS, DIRECTORS AND EMPLOYEES ARE REQUIRED ANNUALLY TO SIGN A CONFLICT OF INTEREST STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE 990 IS AVAILABLE ON GUIDESTAR.ORG OR UPON DIRECT REQUEST TO THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01330594
IRS990/TotalAssetsEOYAmt0844671
IRS990/TotalAssetsGrp/BOYAmt01330594
IRS990/TotalAssetsGrp/EOYAmt0844671
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt02874
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0199883
IRS990/TotalFunctionalExpensesGrp/TotalAmt0202757
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0462500
IRS990/TotalLiabilitiesEOYAmt0360524
IRS990/TotalLiabilitiesGrp/BOYAmt0462500
IRS990/TotalLiabilitiesGrp/EOYAmt0360524
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0868094
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0484147
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0199883
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt07
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01330594
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0844671
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0868094
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0484147
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0THREE MILL ROAD SUITE 201
IRS990/USAddress/CityNm0WILMINGTON
IRS990/USAddress/StateAbbreviationCd0DE
IRS990/USAddress/ZIPCd019806
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.DIFONLINE.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/PersonNm0PEDRO MOORE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum03027771616
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-09-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0DELAWARE INNOVATION FUND
ReturnHeader/Filer/BusinessNameControlTxt0DELA
ReturnHeader/Filer/EIN0232799695
ReturnHeader/Filer/PhoneNum03027771616
ReturnHeader/Filer/USAddress/AddressLine1Txt01601 CONCORD PIKE SUITE 82-84
ReturnHeader/Filer/USAddress/CityNm0WILMINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0DE
ReturnHeader/Filer/USAddress/ZIPCd019803
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0510229493
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BARBACANE THORNTON & COMPANY LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0200 SPRINGER BLDG 3411 SILVERSIDE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine2Txt0RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WILMINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0DE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0198104866
ReturnHeader/PreparerPersonGrp/PhoneNum03024788940
ReturnHeader/PreparerPersonGrp/PreparationDt02015-09-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JEFFREY A KOWALCZYK CPA
ReturnHeader/ReturnTs02015-09-15T15:02:00-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$844,671
Liabilities
$360,524
Net assets
$484,147
Revenue
$7
Expenses
$202,757
Net income
-$202,750
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$0.01$0.07$0.08
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.27$0.04$0.24$0.00$0.10$0.10
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.38$0.04$0.34$0.00$0.09$0.09
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.39$0.00$0.39$0.17$0.27$0.10
2014Detailed filing. Detailed filing data is available for this year.$0.84$0.36$0.48$0.00$0.20$0.20
2013Detailed filing. Detailed filing data is available for this year.$1.33$0.46$0.87$0.00$0.12$0.12
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.48$0.50$0.99$0.10
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.70$0.61$1.09$0.30
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.92$0.60$1.32$0.35