Civic Intelligence

The Pete Du Pont Freedom Foundation LLC

990 • Fiscal year 2019 • EIN 82-1237132

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 07, 2020

Organization ProfileWWW.PETEDUPONTFREEDOMFOUNDATION.ORG

View Organization Page

PO Box 221Montchanin, DE 19710

(302) 388-1552

Siviq Scores

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

Liabilities / Assets

50th percentile

0.03x

Higher debt load relative to assets than 50% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

49th percentile

0.03x

Higher debt load relative to revenue than 49% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

91st percentile

49%

Higher net margin than 91% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

93rd percentile

$139,528

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 24.6% of source-year revenue.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

95th percentile

117%

Faster asset growth than 95% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

97th percentile

224%

Faster revenue growth than 97% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$538,669

Up $290,783 (+117%) from 2018

Net Assets

Up

$523,240

Up $275,354 (+111%) from 2018

Liabilities

Up

$15,429

Up $15,429 from 2018

Revenue And Expenses
Liabilities / Revenue49th percentileNet Margin91st percentile

Revenue

Up

$566,411

Up $391,681 (+224%) from 2018

Expenses

Up

$291,057

Up $133,541 (+85%) from 2018

Net Income

Up

$275,354

Up $258,140 (+1500%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$1.5M$1.0M$500K$0Assets 2017: $230,672Liabilities 2017: $0Net Assets 2017: $230,6722017Assets 2018: $247,886Liabilities 2018: $0Net Assets 2018: $247,8862018Assets 2019: $538,669Liabilities 2019: $15,429Net Assets 2019: $523,2402019Assets 2020: $485,921Liabilities 2020: $35,271Net Assets 2020: $450,6502020Assets 2021: $738,832Liabilities 2021: $345,459Net Assets 2021: $393,3732021Assets 2022: $571,629Liabilities 2022: $231,394Net Assets 2022: $340,2352022Assets 2023: $617,284Liabilities 2023: $477,112Net Assets 2023: $140,1722023Assets 2024: $1,439,186Liabilities 2024: $32,189Net Assets 2024: $1,406,9972024

Highlighted filing

2019

Assets$538,669
Liabilities$15,429
Net Assets$523,240
Open 2019 Filing

Operations Trend

Revenue Growth97th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2017: $269,154Expenses 2017: $38,482Net Income 2017: $230,6722017Revenue 2018: $174,730Expenses 2018: $157,516Net Income 2018: $17,2142018Revenue 2019: $566,411Expenses 2019: $291,057Net Income 2019: $275,3542019Revenue 2020: $254,009Expenses 2020: $326,599Net Income 2020: -$72,5902020Revenue 2021: $555,982Expenses 2021: $613,259Net Income 2021: -$57,2772021Revenue 2022: $384,828Expenses 2022: $437,966Net Income 2022: -$53,1382022Revenue 2023: $896,007Expenses 2023: $1,096,070Net Income 2023: -$200,0632023Revenue 2024: $1,795,688Expenses 2024: $973,693Net Income 2024: $821,9952024

Highlighted filing

2019

Revenue$566,411
Expenses$291,057
Net Income$275,354
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 7, 2020
Return Version
2019v5.1
Gross Receipts
$566,411
Mission and Program Overview

Mission

The pete du pont freedom foundation runs the reinventing delaware process to identify and then develop creative ideas, programs, entrepreneurs, and/or organizations to make sure our state is a better place to live, work, and raise a family.

The pete du pont freedom foundation strives to enhance delaware through identifying and bringing to life bold and innovative entrepreneurial ideas. Each year the foundation celebrates entrepreneurship through its presentation of the freedom award and hosts reinventing delaware.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$96,528$357,875▲ $261,347
Savings and Temporary Cash Investments$151,358$174,794▲ $23,436
Accounts Receivable-$5,000-
Prepaid Expenses and Deferred Charges-$1,000-
Total Assets$247,886$538,669▲ $290,783
Liabilities
Deferred Revenue-$13,200-
Accounts Payable and Accrued Expenses-$1,595-
Other Liabilities$0$634▲ $634
Total Liabilities$0$15,429▲ $15,429
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$247,886$523,240▲ $275,354
Total Net Assets Fund Balance$247,886$523,240▲ $275,354
Total Liabilities and Net Assets / Fund Balance$247,886$538,669▲ $290,783
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephen SyeExecutive DirectorFT$135,000$4,528$139,528

Board Members and Trustees

NameTitle
Scott MalfitanoChairman
Ben Du PontDirector
Bill ManningDirector
Melanie AugustinDirector
Mike HoughtonDirector
Robert MartinelliDirector
There Du PontDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$557,161
Program Service Revenue
$7,510
Investment Income
$1,740
Other Revenue
$0
All Other Contributions
$506,911
Change in Net Assets
$275,354
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$171,975
Other Expenses$109,082
Total Fundraising Expense$43,968
Grants and Similar Amounts Paid$10,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$91,004$7,000$42,002$140,006
Fees for Services Other$26,497-$570$27,067
Other Salaries and Wages$18,833--$18,833
Payroll Taxes$11,638--$11,638
Grants to Domestic Orgs$10,000--$10,000
Fees for Services Legal$7,005$1,732-$8,737
Fees for Services Accounting$984$5,364-$6,348
Insurance-$4,976-$4,976
Advertising$2,375-$716$3,091
Information Technology$491$577$680$1,748
All Other Expenses$260$992-$1,252
Pension Plan Contributions$1,003--$1,003
Other Expenses$600$380-$980
Other Employee Benefits$495--$495
Conferences and Meetings$10--$10
Total Functional Expenses$220,228$26,861$43,968$291,057
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Second Chances Farm LLCWilmington, DE-Operational Funding$10,000
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
Payroll Liabilities$634
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
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 A, Line 2

“Two officers of the organization are siblings.”

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

“The foundation's board of directors are provided a draft copy of the current year 990 for review and approval prior to its filing.”

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

“The organization's staff and board are required to sign and acknowledge that they have received a copy of the conflict of interest policy and will identify and report any conflicts to a member of management or the board of directors.”

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

“Compensation of management is reviewed and approved by the organization's board of directors.”

Form 990, Part VI, Section C, Line 18

“The foundation makes their form 990 available to the public upon request.”

Form 990, Part VI, Section C, Line 19

“The organization's operating agreement and form 990 are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
The Pete Du Pont Freedom Foundation LLC
EIN
82-1237132
Phone
3023881552
Address
PO BOX 221, MONTCHANIN, DE 19710

Signing Officer

Name
Scott Malfitano
Title
Board Chariman
Phone
3023881552
Signed
2020-10-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Scott Malfitano
Formed
2017
Legal Domicile
De
Voting Board Members
7
Independent Board Members
7
Employees
2
Volunteers
15

Preparer

Firm
Wheeler Wolfenden & Dwares Pa
Address
4550 NEW LINDEN HILL ROAD STE 201, WILMINGTON, DE 19808
Preparer
David M Wolfenden CPA Cva Ms
Phone
3022548240
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IRS990/Desc0THE PETE DU PONT FREEDOM FOUNDATION SERVES AS AN ENTREPRENEURIAL INCUBATOR BY PROVIDING A PLATFORM FOR INDIVIDUALS TO PRESENT IDEAS THAT WILL CREATE JOBS AND IMPROVE DELAWARE. THROUGH ITS REINVENTING DELAWARE PROGRAM, WHICH BEGAN IN 2014; THE PUBLIC, FOUNDATION MEMBERS, SUPPORTERS, AND THE BUSINESS COMMUNITY SUBMIT IDEAS TO THE FOUNDATION FOR CONSIDERATION. IDEAS SUBMITTERS ARE INVITED TO PRESENT THEIR IDEAS AT AN ANNUAL DINNER EVENT, WHICH INCLUDES KEY MEMBERS OF THE DELAWARE BUSINESS AND LEADERSHIP COMMUNITY. IN TOTAL 100 INDIVIDUALS ATTEND THE EVENT AND PRESENT IDEAS. THE FOUNDATION PROVIDES THE TOP IDEAS FROM REINVENTING DELAWARE DINNER THE FOLLOWING RESOURCES TO ASSIST IN ULTIMATELY LAUNCHING, CREATING JOBS AND IMPROVING DELAWARE: - SIX MONTHS OF PROFESSIONAL BUSINESS REFINEMENT, DEVELOPMENT AND MENTOR SERVICES IN PARTNERSHIP WITH THIRD PARTY FACILITATORS - SPOTLIGHT ARTICLES IN THE DELAWARE BUSINESS TIMES (ONLINE AND PRINT) - PROMOTION AND VISIBILITY THROUGH FOUNDATION SOCIAL MEDIA AND WEBSITE CHANNELS - PROFESSIONAL VIDEO SPOTLIGHT FOR PROGRAM FINALISTS - EXHIBITION OPPORTUNITY AT ANNUAL PETE DU PONT FREEDOM AWARD EVENT FOR PROGRAM FINALISTS - MONETARY AWARD FOR THE IDEA THAT CAN MAKE THE MOST IMPACT ON DELAWARE
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE PETE DU PONT FREEDOM AWARD IS PRESENTED ANNUALLY TO AN INDIVIDUAL WHO HAS CHAMPIONED A SUCCESSFUL IDEA, WHICH HAS LED TO ECONOMIC GROWTH OR BROUGHT INNOVATION TO THE PRIVATE SECTOR. THE AWARD HONORS OF ONE OF DELAWARE'S FINEST LEADERS, GOVERNOR PETE DU PONT, WHO DELIVERED DELAWARE FROM HARSH FISCAL TIMES INTO AN AGE OF VIBRANT ECONOMIC GROWTH BY WORKING WITH THE LEGISLATURE, BUSINESS LEADERS AND EDUCATORS. THE PETE DU PONT FREEDOM AWARD HELPS RAISE MONEY FOR FUTURE CAUSES AND HIGHLIGHTS THE TOP IDEAS FROM THE PREVIOUS YEAR'S REINVENTING DELAWARE PROCESS. THE FOUNDATION SELLS TICKETS AND SPONSORSHIPS FOR THE EVENT. TYPICALLY 200 PEOPLE ATTEND THE EVENT.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION'S BOARD OF DIRECTORS ARE PROVIDED A DRAFT COPY OF THE CURRENT YEAR 990 FOR REVIEW AND APPROVAL PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S STAFF AND BOARD ARE REQUIRED TO SIGN AND ACKNOWLEDGE THAT THEY HAVE RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY AND WILL IDENTIFY AND REPORT ANY CONFLICTS TO A MEMBER OF MANAGEMENT OR THE BOARD OF DIRECTORS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FOUNDATION MAKES THEIR FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION'S OPERATING AGREEMENT AND FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$538,669
Liabilities
$15,429
Net assets
$523,240
Revenue
$566,411
Expenses
$291,057
Net income
$275,354
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.44$0.03$1.41$1.80$0.97$0.82
2023Detailed filing. Detailed filing data is available for this year.$0.62$0.48$0.14$0.90$1.10$0.20
2022Detailed filing. Detailed filing data is available for this year.$0.57$0.23$0.34$0.38$0.44$0.05
2021Detailed filing. Detailed filing data is available for this year.$0.74$0.35$0.39$0.56$0.61$0.06
2020Detailed filing. Detailed filing data is available for this year.$0.49$0.04$0.45$0.25$0.33$0.07
2019Detailed filing. Detailed filing data is available for this year.$0.54$0.02$0.52$0.57$0.29$0.28
2018Detailed filing. Detailed filing data is available for this year.$0.25$0.00$0.25$0.17$0.16$0.02
2017Detailed filing. Detailed filing data is available for this year.$0.23$0.00$0.23$0.27$0.04$0.23