Civic Intelligence

Delaware Valley Regional Economic Development Fund

990 • Fiscal year 2016 • EIN 23-2801099

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

Organization ProfileWWW.DVREDF.ORG
1500 Market St 12th FL East TowerPhiladelphia, PA 19102

(215) 531-7450

Siviq Scores

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

Liabilities / Assets

18th percentile

0.00x

Higher debt load relative to assets than 18% of similar nonprofits.

2016 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

28th percentile

0.06x

Higher debt load relative to revenue than 28% of similar nonprofits.

2016 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2016

Net Margin

81st percentile

39%

Higher net margin than 81% of similar nonprofits.

2016 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

44th percentile

$90,000

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 15.9% of source-year revenue.

2016 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2016

Asset Growth

19th percentile

-4.0%

Faster asset growth than 19% of similar nonprofits.

2016 filings • 501(c)4 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

7th percentile

-66%

Faster revenue growth than 7% of similar nonprofits.

2016 filings • 501(c)4 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets18th percentile

Assets

Down

$22,393,278

Down $922,236 (-4.0%) from 2015

Net Assets

Down

$22,357,426

Down $950,110 (-4.1%) from 2015

Liabilities

Up

$35,852

Up $27,874 (+349%) from 2015

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin81st percentile

Revenue

Down

$566,423

Down $1,080,773 (-66%) from 2015

Expenses

Up

$346,501

Up $29,099 (+9.2%) from 2015

Net Income

Down

$219,922

Down $1,109,872 (-83%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

$40M$30M$20M$10M$0Assets 2011: $20,190,153Liabilities 2011: $47,020Net Assets 2011: $20,143,1332011Assets 2012: $19,516,746Liabilities 2012: $30,155Net Assets 2012: $19,486,5912012Assets 2013: $20,669,102Liabilities 2013: $16,533Net Assets 2013: $20,652,5692013Assets 2014: $22,887,715Liabilities 2014: $95,427Net Assets 2014: $22,792,2882014Assets 2015: $23,315,514Liabilities 2015: $7,978Net Assets 2015: $23,307,5362015Assets 2016: $22,393,278Liabilities 2016: $35,852Net Assets 2016: $22,357,4262016Assets 2017: $24,669,779Liabilities 2017: $32,393Net Assets 2017: $24,637,3862017Assets 2018: $27,282,421Liabilities 2018: $47,731Net Assets 2018: $27,234,6902018Assets 2019: $27,857,352Liabilities 2019: $23,548Net Assets 2019: $27,833,8042019Assets 2020: $27,050,503Liabilities 2020: $272,094Net Assets 2020: $26,778,4092020Assets 2021: $33,395,418Liabilities 2021: $61,579Net Assets 2021: $33,333,8392021Assets 2022: $35,443,943Liabilities 2022: $51,961Net Assets 2022: $35,391,9822022Assets 2023: $28,149,503Liabilities 2023: $22,899Net Assets 2023: $28,126,6042023

Highlighted filing

2016

Assets$22,393,278
Liabilities$35,852
Net Assets$22,357,426
Open 2016 Filing

Operations Trend

Revenue Growth7th percentile

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

$10M$5.0M$0-$5.0M-$10MExpenses 2011: $605,9132011Expenses 2012: $519,6922012Expenses 2013: $630,3182013Revenue 2014: $1,298,767Expenses 2014: $869,863Net Income 2014: $428,9042014Revenue 2015: $1,647,196Expenses 2015: $317,402Net Income 2015: $1,329,7942015Revenue 2016: $566,423Expenses 2016: $346,501Net Income 2016: $219,9222016Revenue 2017: $469,470Expenses 2017: $361,104Net Income 2017: $108,3662017Revenue 2018: $1,339,978Expenses 2018: $590,631Net Income 2018: $749,3472018Revenue 2019: $1,207,586Expenses 2019: $857,940Net Income 2019: $349,6462019Revenue 2020: -$875,442Expenses 2020: $1,955,276Net Income 2020: -$2,830,7182020Revenue 2021: $1,486,740Expenses 2021: $717,135Net Income 2021: $769,6052021Revenue 2022: $2,146,988Expenses 2022: $891,617Net Income 2022: $1,255,3712022Revenue 2023: $1,185,199Expenses 2023: $7,181,975Net Income 2023: -$5,996,7762023

Highlighted filing

2016

Revenue$566,423
Expenses$346,501
Net Income$219,922
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$566,423
Mission and Program Overview

Mission

To serve southeastern pennsylvania by promoting economic development with job impact, assisting area entities to secure necessary capital to grow and prosper, and supporting and promoting tourism.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$16,280,369$15,189,295▼ $1,091,074
Investments Other Securities$4,357,320$5,281,256▲ $923,936
Other Notes and Loans Receivable, Net$2,267,704$1,550,532▼ $717,172
Savings and Temporary Cash Investments$306,682$112,518▼ $194,164
Total Assets$23,315,514$22,393,278▼ $922,236
Other Assets Total$103,439$259,677▲ $156,238
Liabilities
Accounts Payable and Accrued Expenses$7,978$35,852▲ $27,874
Total Liabilities$7,978$35,852▲ $27,874
Net Assets / Fund Balance
Unrestricted Net Assets$12,644,987$11,694,877▼ $950,110
Temporarily Rstr Net Assets$10,662,549$10,662,549→ $0
Total Net Assets Fund Balance$23,307,536$22,357,426▼ $950,110
Total Liabilities and Net Assets / Fund Balance$23,315,514$22,393,278▼ $922,236

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$2,284,267--
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleFull / Part TimeBaseTotal
John CoffmanExecutive DirectorFT$90,000$90,000

Board Members and Trustees

NameTitle
Lauri KavulichPresident
Albert MezzarobaDirector
Jonathan IrelandDirector
Rosanne PaucielloSecretary
Anthony DisandroTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$300,688
Investment Income
$265,735
Other Revenue
$0
Change in Net Assets
$219,922

Audited Revenue Reconciliation

Revenue per Audited Statements
$517,024
Revenue Not Reported on Financial Statements
$49,399
Revenue Not Reported on Form 990
$-432,032
Total Revenue per Audited Statements
$84,992
Total Revenue per Form 990
$566,423
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$249,248
Salaries, Compensation, and Employee Benefits$97,253
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$67,500$22,500-$90,000
Fees for Service Investment Mgmnt Fees-$49,399-$49,399
Fees for Services Accounting$19,478$6,493-$25,971
Advertising$18,886$6,294-$25,180
Insurance$12,425$4,143-$16,568
Occupancy$10,313$3,437-$13,750
Payroll Taxes$5,440$1,813-$7,253
Fees for Services Legal$5,239$1,746-$6,985
Travel$2,690$896-$3,586
Office Expenses$2,287$762-$3,049
Fees for Services Other$588$196-$784
Other Expenses$-799$1,194-$-799
Total Functional Expenses$247,628$98,873$0$346,501

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$346,501
Expenses per Audited Statements$297,102
Total Expenses per Audited Statements$297,102
Expenses Not Reported on Financial Statements$49,399
Expenses Not Reported on Form 990$0
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
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
Yes
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
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

“Once the 990 is completed by the tax preparers, it will be reviewed by the executive director. Once approved, and with recommendation, it will be sent to the full board of directors for comment. If no comments are received by the full board, it will be considered approved for submission.”

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

“At the start of each board meeting, board members are asked to state whether any new conflicts have arisen.”

Form 990, Part VI, Section B, Line 15A

“The executive director compensation was determined by use of an independent consultant that provided comparability salary data and assisted in writing the postions job description.”

Form 990, Part VI, Section C, Line 19

“Governing documents are available upon request”

Filing and Contact Details

Filer

Filer Name
Delaware Valley Regional Economic
EIN
23-2801099
Phone
2155317450
Address
1500 MARKET ST 12TH FL EAST TOWER, PHILADELPHIA, PA 19102

Signing Officer

Name
Lauri Kavulich
Title
President
Phone
2155317450
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lauri Kavulich
Formed
1994
Legal Domicile
Pa
Voting Board Members
5
Independent Board Members
5
Employees
1
Volunteers
0

Preparer

Firm
Isdaner & Company LLC
Address
THREE BALA PLAZA SUITE 501 WEST, BALA CYNWYD, PA 19004-3484
Preparer
Edward W Doran CPA
Phone
6106684200
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The process has not changed from the prior year”

Financial Statement Notes

PART X, LINE 2:

“Dvredf is exempt from tax under section 501(c)(4) of the internal revenue code. Pursuant to fasb accounting standards codification topic 740, dvredf recognizes tax benefits only if it is more likely than not that a tax position (including dvredf's assertion that its income is exempt from tax) will be sustained upon examination. No liability for uncertain tax positions was recorded as of june 30, 2016.”

Raw XML Appendix357 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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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt049399
IRS990ScheduleD/RevenueSubtotalAmt0517024
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0DVREDF IS EXEMPT FROM TAX UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. PURSUANT TO FASB ACCOUNTING STANDARDS CODIFICATION TOPIC 740, DVREDF RECOGNIZES TAX BENEFITS ONLY IF IT IS MORE LIKELY THAN NOT THAT A TAX POSITION (INCLUDING DVREDF'S ASSERTION THAT ITS INCOME IS EXEMPT FROM TAX) WILL BE SUSTAINED UPON EXAMINATION. NO LIABILITY FOR UNCERTAIN TAX POSITIONS WAS RECORDED AS OF JUNE 30, 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueSecuritiesAmt05281256
IRS990ScheduleD/TotalExpensesPerForm990Amt0346501
IRS990ScheduleD/TotalRevenuePerForm990Amt0566423
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt084992
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0297102
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ONCE THE 990 IS COMPLETED BY THE TAX PREPARERS, IT WILL BE REVIEWED BY THE EXECUTIVE DIRECTOR. ONCE APPROVED, AND WITH RECOMMENDATION, IT WILL BE SENT TO THE FULL BOARD OF DIRECTORS FOR COMMENT. IF NO COMMENTS ARE RECEIVED BY THE FULL BOARD, IT WILL BE CONSIDERED APPROVED FOR SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AT THE START OF EACH BOARD MEETING, BOARD MEMBERS ARE ASKED TO STATE WHETHER ANY NEW CONFLICTS HAVE ARISEN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE EXECUTIVE DIRECTOR COMPENSATION WAS DETERMINED BY USE OF AN INDEPENDENT CONSULTANT THAT PROVIDED COMPARABILITY SALARY DATA AND ASSISTED IN WRITING THE POSTIONS JOB DESCRIPTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt010662549
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt010662549
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt023315514
IRS990/TotalAssetsEOYAmt022393278
IRS990/TotalAssetsGrp/BOYAmt023315514
IRS990/TotalAssetsGrp/EOYAmt022393278
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt098873
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0247628
IRS990/TotalFunctionalExpensesGrp/TotalAmt0346501
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07978
IRS990/TotalLiabilitiesEOYAmt035852
IRS990/TotalLiabilitiesGrp/BOYAmt07978
IRS990/TotalLiabilitiesGrp/EOYAmt035852
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt023307536
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt022357426
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0247628
IRS990/TotalProgramServiceRevenueAmt0300688
IRS990/TotalReportableCompFromOrgAmt090000
IRS990/TotalRevenueGrp/ExclusionAmt0265735
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0300688
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0566423
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt023315514
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt022393278
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt0896
IRS990/TravelGrp/ProgramServicesAmt02690
IRS990/TravelGrp/TotalAmt03586
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt012644987
IRS990/UnrestrictedNetAssetsGrp/EOYAmt011694877
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01500 MARKET ST 12TH FL EAST TOWER
IRS990/USAddress/CityNm0PHILADELPHIA
IRS990/USAddress/StateAbbreviationCd0PA
IRS990/USAddress/ZIPCd019102
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.DVREDF.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LAURI KAVULICH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02155317450
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0DELAWARE VALLEY REGIONAL ECONOMIC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT FUND
ReturnHeader/Filer/BusinessNameControlTxt0DELA
ReturnHeader/Filer/EIN0232801099
ReturnHeader/Filer/PhoneNum02155317450
ReturnHeader/Filer/USAddress/AddressLine1Txt01500 MARKET ST 12TH FL EAST TOWER
ReturnHeader/Filer/USAddress/CityNm0PHILADELPHIA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0PA
ReturnHeader/Filer/USAddress/ZIPCd019102
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0236410283
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ISDANER & COMPANY LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0THREE BALA PLAZA SUITE 501 WEST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BALA CYNWYD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0190043484
ReturnHeader/PreparerPersonGrp/PhoneNum06106684200
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWARD W DORAN CPA
ReturnHeader/ReturnTs02017-05-15T14:08:22-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-07-01
ReturnHeader/TaxPeriodEndDt02016-06-30
ReturnHeader/TaxYr02015

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$22,393,278
Liabilities
$35,852
Net assets
$22,357,426
Revenue
$566,423
Expenses
$346,501
Net income
$219,922
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$28.1$0.02$28.1$1.19$7.18$6.00
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$35.4$0.05$35.4$2.15$0.89$1.26
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.4$0.06$33.3$1.49$0.72$0.77
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.1$0.27$26.8$0.88$1.96$2.83
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.9$0.02$27.8$1.21$0.86$0.35
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.3$0.05$27.2$1.34$0.59$0.75
2017Summary only. Only limited summary data is available for this year.$24.7$0.03$24.6$0.47$0.36$0.11
2016Detailed filing. Detailed filing data is available for this year.$22.4$0.04$22.4$0.57$0.35$0.22
2015Detailed filing. Detailed filing data is available for this year.$23.3$0.01$23.3$1.65$0.32$1.33
2014Summary only. Only limited summary data is available for this year.$22.9$0.10$22.8$1.30$0.87$0.43
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$0.02$20.7$0.63
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.5$0.03$19.5$0.52
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.2$0.05$20.1$0.61
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2016 filings • 501(c)4 • $10M-$25M nonprofits