Civic Intelligence

Wilmington Economic Development Corp

EIN 51-0240524 • 501(c)3 • Wilmington, DE

Profile

To render financial assistance for start up, or expanding businesses located within the city of wilmington

100 West 10th Street 214Wilmington, DE 19801

www.wedco.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

83rd percentile

0.51x

Higher debt load relative to assets than 83% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

89th percentile

1.11x

Higher debt load relative to revenue than 89% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

97th percentile

89%

Higher net margin than 97% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

44th percentile

1.9%

Faster asset growth than 44% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

97th percentile

292%

Faster revenue growth than 97% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Down

$2,332,749

Down $566,643 (-20%) from 2023

Liabilities

Down

$377,000

Down $1,089,389 (-74%) from 2023

Net Assets

Up

$1,955,749

Up $522,746 (+36%) from 2023

Operations
Liabilities / Revenue89th percentileNet Margin97th percentile

Revenue

Down

$885,381

Down $433,375 (-33%) from 2023

Expenses

Up

$362,634

Up $219,237 (+153%) from 2023

Net Income

Down

$522,747

Down $652,612 (-56%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth44th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$3.0M$2.0M$1.0M$0Assets 2011: $710,961Liabilities 2011: $495,529Net Assets 2011: $215,4322011Assets 2012: $697,715Liabilities 2012: $557,019Net Assets 2012: $140,6962012Assets 2013: $729,137Liabilities 2013: $525,121Net Assets 2013: $204,0162013Assets 2014: $735,022Liabilities 2014: $509,903Net Assets 2014: $225,1192014Assets 2015: $739,275Liabilities 2015: $503,307Net Assets 2015: $235,9682015Assets 2016: $747,638Liabilities 2016: $570,115Net Assets 2016: $177,5232016Assets 2017: $680,572Liabilities 2017: $561,554Net Assets 2017: $119,0182017Assets 2018: $675,757Liabilities 2018: $561,249Net Assets 2018: $114,5082018Assets 2019: $657,850Liabilities 2019: $557,044Net Assets 2019: $100,8062019Assets 2020: $590,255Liabilities 2020: $557,316Net Assets 2020: $32,9392020Assets 2021: $668,789Liabilities 2021: $621,846Net Assets 2021: $46,9432021Assets 2022: $2,846,208Liabilities 2022: $2,589,926Net Assets 2022: $256,2822022Assets 2023: $2,899,392Liabilities 2023: $1,466,389Net Assets 2023: $1,433,0032023Assets 2024: $2,332,749Liabilities 2024: $377,000Net Assets 2024: $1,955,7492024

Highlighted filing

2024

Assets$2,332,749
Liabilities$377,000
Net Assets$1,955,749
Open 2024 Filing

Operations Trend

Revenue Growth97th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $126,022Expenses 2011: $108,772Net Income 2011: $17,2502011Revenue 2012: $111,204Expenses 2012: $111,230Net Income 2012: -$262012Revenue 2013: $146,964Expenses 2013: $83,644Net Income 2013: $63,3202013Revenue 2014: $92,309Expenses 2014: $71,206Net Income 2014: $21,1032014Revenue 2015: $80,305Expenses 2015: $69,456Net Income 2015: $10,8492015Revenue 2016: $87,034Expenses 2016: $145,479Net Income 2016: -$58,4452016Revenue 2017: $52,280Expenses 2017: $110,785Net Income 2017: -$58,5052017Revenue 2018: $68,628Expenses 2018: $73,138Net Income 2018: -$4,5102018Revenue 2019: $71,315Expenses 2019: $85,017Net Income 2019: -$13,7022019Revenue 2020: $62,643Expenses 2020: $130,510Net Income 2020: -$67,8672020Revenue 2021: $118,607Expenses 2021: $104,605Net Income 2021: $14,0022021Revenue 2022: $336,072Expenses 2022: $126,733Net Income 2022: $209,3392022Revenue 2023: $1,318,756Expenses 2023: $143,397Net Income 2023: $1,175,3592023Revenue 2024: $885,381Expenses 2024: $362,634Net Income 2024: $522,7472024

Highlighted filing

2024

Revenue$885,381
Expenses$362,634
Net Income$522,747
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,332,749
Liabilities
$377,000
Net assets
$1,955,749
Revenue
$885,381
Expenses
$362,634
Net income
$522,747
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.33$0.38$1.96$0.89$0.36$0.52
2023Detailed filing. Detailed filing data is available for this year.$2.90$1.47$1.43$1.32$0.14$1.18
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.85$2.59$0.26$0.34$0.13$0.21
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.67$0.62$0.05$0.12$0.10$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.59$0.56$0.03$0.06$0.13$0.07
2019Detailed filing. Detailed filing data is available for this year.$0.66$0.56$0.10$0.07$0.09$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.68$0.56$0.11$0.07$0.07$0.00
2017Detailed filing. Detailed filing data is available for this year.$0.68$0.56$0.12$0.05$0.11$0.06
2016Detailed filing. Detailed filing data is available for this year.$0.75$0.57$0.18$0.09$0.15$0.06
2015Detailed filing. Detailed filing data is available for this year.$0.74$0.50$0.24$0.08$0.07$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.74$0.51$0.23$0.09$0.07$0.02
2013Summary only. Only limited summary data is available for this year.$0.73$0.53$0.20$0.15$0.08$0.06
2012Summary only. Only limited summary data is available for this year.$0.70$0.56$0.14$0.11$0.11$0.00
2011Summary only. Only limited summary data is available for this year.$0.71$0.50$0.22$0.13$0.11$0.02
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$885,381
Mission and Program Overview

Mission

To render financial assistance for start up, or expanding businesses located within the city of wilmington.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,621,673$1,514,065▼ $107,608
Cash and Non-Interest-Bearing Accounts$141,194$73,782▼ $67,412
Pledges and Grants Receivable$4,644$44,380▲ $39,736
Land, Buildings, and Equipment, Net$14,532$11,369▼ $3,163
Prepaid Expenses and Deferred Charges$3,070$3,174▲ $104
Total Assets$2,899,392$2,332,749▼ $566,643
Other Assets Total$1,114,279$685,979▼ $428,300
Liabilities
Other Liabilities$644,945$294,973▼ $349,972
Deferred Revenue$805,164$67,583▼ $737,581
Accounts Payable and Accrued Expenses$16,280$14,444▼ $1,836
Total Liabilities$1,466,389$377,000▼ $1,089,389
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$947,949$1,470,695▲ $522,746
Net Assets With Donor Restrictions$485,054$485,054→ $0
Total Net Assets Fund Balance$1,433,003$1,955,749▲ $522,746
Total Liabilities and Net Assets / Fund Balance$2,899,392$2,332,749▼ $566,643

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$11,369$19,855$31,224
Other Assets Org$108,911--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
David DanielsExecutive DirectorPT$31,527$31,527

Board Members and Trustees

NameTitle
Anthony J RyanPresident
Tony RoustopoulosVice President
Jeff FlynnBoard Member
Michael TurickBoard Member
Patricia PonzoBoard Member
Robert DukeBoard Member
Stanley F Soja JrBoard Member
Tanya WashingtonBoard Member
James Brett TaylorSecretary
Heath KahrsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$789,581
Program Service Revenue
$68,864
Investment Income
$26,936
Other Revenue
$0
Change in Net Assets
$522,747
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$270,026
Salaries, Compensation, and Employee Benefits$92,608
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$45,570$7,625-$53,195
Current Officers, Directors, Trustees, and Key Employees$31,527--$31,527
Fees for Services Other$6,958$688-$7,646
Payroll Taxes$5,900$584-$6,484
Office Expenses$5,469$541-$6,010
Insurance$4,895$484-$5,379
Occupancy$4,486$482-$4,968
Other Expenses$1,809$179-$1,988
Other Employee Benefits$1,275$127-$1,402
Depreciation Depletion$1,139--$1,139
Travel$399$39-$438
Conferences and Meetings$226$22-$248
Interest-$46-$46
Total Functional Expenses$348,816$13,818$0$362,634
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Claims Payable$108,093
Lease Liability$104,758
Due to Related Organization$53,595
Advances Payable - Cdbg$28,527
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The form 990, as well as the financial statements, will be provided to the boards either prior or concurrent with their submission.”

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

“All board members are required to complete a statement declaring no conflict of interest.”

Form 990, Part VI, Section B, Line 15

“The personnel committee will review and make decision for approval. Historically, the organization has used market compensation of commercial lending officers in banks.”

Form 990, Part VI, Section C, Line 19

“The website www.wedco.org has information regarding the programs for both wedco as well as certain application documents pertaining to the loan programs. If requested the documents would be made available for viewing in our offices. Copies are provided with a cost of $5 per page.”

Filing and Contact Details

Filer

Filer Name
Wilmington Economic Development Corp
EIN
51-0240524
Phone
3025719142
Address
100 WEST 10TH STREET 214, WILMINGTON, DE 19801

Signing Officer

Name
Terri Duke
Title
Interim Executive Director
Phone
3025719142
Signed
2025-05-15

Organization Details

Principal Officer
Terri Duke
Formed
1979
Legal Domicile
De
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
12

Preparer

Firm
Barbacane Thornton & Company Llp
Address
503 CARR ROAD SUITE 100, WILMINGTON, DE 19809
Preparer
Jeffrey a Kowalczyk CPA
Phone
3024788940
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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/OtherAssetsTotalGrp/BOYAmt01114279
IRS990/OtherAssetsTotalGrp/EOYAmt0685979
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0127
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt01275
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01402
IRS990/OtherExpensesGrp/Desc0RETURN OF GRANT FUNDS
IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS
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IRS990/OtherExpensesGrp/Desc3EQUIPMENT RENTAL
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1857
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2179
IRS990/OtherExpensesGrp/ProgramServicesAmt0210192
IRS990/OtherExpensesGrp/ProgramServicesAmt120299
IRS990/OtherExpensesGrp/ProgramServicesAmt28672
IRS990/OtherExpensesGrp/ProgramServicesAmt31809
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IRS990/OtherExpensesGrp/TotalAmt122443
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IRS990/OtherExpensesGrp/TotalAmt31988
IRS990/OtherLiabilitiesGrp/BOYAmt0644945
IRS990/OtherLiabilitiesGrp/EOYAmt0294973
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0584
IRS990/PayrollTaxesGrp/ProgramServicesAmt05900
IRS990/PayrollTaxesGrp/TotalAmt06484
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt04644
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IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt03070
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03174
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IRS990/ProfessionalFundraisingInd00
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IRS990/ProgramServiceRevenueGrp/BusinessCd1525990
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt040226
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IRS990/ProgSrvcAccomActy2Grp/Desc0WILMINGTON PARTNERSHIP - PROVIDES LOANS TO STARTUP OR EXPANDING BUSINESSES WITHIN THE CITY OF WILMINGTON.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt013468
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01187600
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt015074
IRS990/PYOtherExpensesAmt053106
IRS990/PYOtherRevenueAmt048457
IRS990/PYProgramServiceRevenueAmt067625
IRS990/PYRevenuesLessExpensesAmt01175359
IRS990/PYSalariesCompEmpBnftPaidAmt090291
IRS990/PYTotalExpensesAmt0143397
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01318756
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0522747
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt013468
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt01187600
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt098000
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt026936
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt015074
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0877
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0540
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0507
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0173764
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IRS990ScheduleA/PublicSupportPY170Pct00.99000
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IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01187600
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0317500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt098000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt044000
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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt011369
IRS990ScheduleD/EquipmentGrp/DepreciationAmt019855
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt031224
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0577068
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1108911
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RESTRICTED CASH
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1LEASE ASSET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0108093
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt153595
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt228527
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3104758
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED CLAIMS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DUE TO RELATED ORGANIZATION
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ADVANCES PAYABLE - CDBG
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3LEASE LIABILITY
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011369
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0685979
IRS990ScheduleD/TotalLiabilityAmt0294973
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990, AS WELL AS THE FINANCIAL STATEMENTS, WILL BE PROVIDED TO THE BOARDS EITHER PRIOR OR CONCURRENT WITH THEIR SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL BOARD MEMBERS ARE REQUIRED TO COMPLETE A STATEMENT DECLARING NO CONFLICT OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PERSONNEL COMMITTEE WILL REVIEW AND MAKE DECISION FOR APPROVAL. HISTORICALLY, THE ORGANIZATION HAS USED MARKET COMPENSATION OF COMMERCIAL LENDING OFFICERS IN BANKS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE WEBSITE WWW.WEDCO.ORG HAS INFORMATION REGARDING THE PROGRAMS FOR BOTH WEDCO AS WELL AS CERTAIN APPLICATION DOCUMENTS PERTAINING TO THE LOAN PROGRAMS. IF REQUESTED THE DOCUMENTS WOULD BE MADE AVAILABLE FOR VIEWING IN OUR OFFICES. COPIES ARE PROVIDED WITH A COST OF $5 PER PAGE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0BUSINESS IN
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0800 FRENCH STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0WILMINGTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0DE
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02899392
IRS990/TotalAssetsEOYAmt02332749
IRS990/TotalAssetsGrp/BOYAmt02899392

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