Civic Intelligence

Delaware Prosperity Partnership Inc.

990 • Fiscal year 2020 • EIN 82-2881997

Jan 01, 2020 to Dec 31, 2020 • Filed on May 16, 2021

Organization ProfileWWW.CHOOSEDELAWARE.COM

View Organization Page

1007 North Orange Street Suite 731Wilmington, DE 19801

(302) 477-7497

Siviq Scores

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

Liabilities / Assets

34th percentile

0.03x

Higher debt load relative to assets than 34% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

29th percentile

0.03x

Higher debt load relative to revenue than 29% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

19th percentile

-15%

Higher net margin than 19% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

94th percentile

$268,346

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 10.1% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

7th percentile

-13%

Faster asset growth than 7% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

18th percentile

-27%

Faster revenue growth than 18% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets34th percentile

Assets

Down

$3,150,516

Down $467,829 (-13%) from 2019

Net Assets

Down

$3,062,249

Down $390,639 (-11%) from 2019

Liabilities

Down

$88,267

Down $77,190 (-47%) from 2019

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin19th percentile

Revenue

Down

$2,644,951

Down $993,877 (-27%) from 2019

Expenses

Up

$3,035,590

Up $132,096 (+4.5%) from 2019

Net Income

Down

-$390,639

Down $1,125,973 (-153%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2017: $1,179,914Liabilities 2017: $102,779Net Assets 2017: $1,077,1352017Assets 2018: $2,801,959Liabilities 2018: $84,405Net Assets 2018: $2,717,5542018Assets 2019: $3,618,345Liabilities 2019: $165,457Net Assets 2019: $3,452,8882019Assets 2020: $3,150,516Liabilities 2020: $88,267Net Assets 2020: $3,062,2492020Assets 2021: $3,299,751Liabilities 2021: $166,948Net Assets 2021: $3,132,8032021Assets 2022: $3,511,837Liabilities 2022: $309,980Net Assets 2022: $3,201,8572022Assets 2023: $3,281,664Liabilities 2023: $646,604Net Assets 2023: $2,635,0602023Assets 2024: $3,149,350Liabilities 2024: $533,067Net Assets 2024: $2,616,2832024

Highlighted filing

2020

Assets$3,150,516
Liabilities$88,267
Net Assets$3,062,249
Open 2020 Filing

Operations Trend

Revenue Growth18th percentile

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

$4.0M$2.0M$0-$2.0MRevenue 2017: $1,307,300Expenses 2017: $230,165Net Income 2017: $1,077,1352017Revenue 2018: $2,999,397Expenses 2018: $1,358,978Net Income 2018: $1,640,4192018Revenue 2019: $3,638,828Expenses 2019: $2,903,494Net Income 2019: $735,3342019Revenue 2020: $2,644,951Expenses 2020: $3,035,590Net Income 2020: -$390,6392020Revenue 2021: $3,168,461Expenses 2021: $3,097,906Net Income 2021: $70,5552021Revenue 2022: $3,121,078Expenses 2022: $3,052,024Net Income 2022: $69,0542022Revenue 2023: $2,860,513Expenses 2023: $3,427,310Net Income 2023: -$566,7972023Revenue 2024: $3,191,555Expenses 2024: $3,210,332Net Income 2024: -$18,7772024

Highlighted filing

2020

Revenue$2,644,951
Expenses$3,035,590
Net Income-$390,639
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 16, 2021
Return Version
2020v4.1
Gross Receipts
$2,644,951
Mission and Program Overview

Mission

To lead the state of delaware's economic development efforts.

The delaware prosperity partnership (dpp) was created as a private entity to lead the state of delaware's economic development efforts. Establishment of this private entity was a critical step to enhance the state's ability to attract, grow and retain companies; to build stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting, and developing talent.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$3,270,792$2,719,365▼ $551,427
Cash and Non-Interest-Bearing Accounts$185,327$236,451▲ $51,124
Accounts Receivable$120,000$170,000▲ $50,000
Land, Buildings, and Equipment, Net$23,783$19,950▼ $3,833
Prepaid Expenses and Deferred Charges$18,400$4,750▼ $13,650
Other Notes and Loans Receivable, Net$43--
Total Assets$3,618,345$3,150,516▼ $467,829
Liabilities
Accounts Payable and Accrued Expenses$165,457$88,267▼ $77,190
Total Liabilities$165,457$88,267▼ $77,190
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,204,888$2,992,449▼ $212,439
Net Assets With Donor Restrictions$248,000$69,800▼ $178,200
Total Net Assets Fund Balance$3,452,888$3,062,249▼ $390,639
Total Liabilities and Net Assets / Fund Balance$3,618,345$3,150,516▼ $467,829

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$19,950$7,528$27,478
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseTotal
William Kurt ForemanCEOFT$268,346$268,346

Board Members and Trustees

NameTitle
John Carney JrCo Chair
Rodman Ward IiiCo-chairman
Anthony DelcolloBoard Member
Doneene DamonBoard Member
Ed KeeBoard Member
Eric a Cheek PhdBoard Member
Gregg MooreBoard Member
Jack WalshBoard Member
Lyndon YearickBoard Member
Nick LambrowBoard Member
Patrick CallahanBoard Member
Richelle VibleBoard Member
Rob RiderBoard Member
Robert HerreraBoard Member
Robin MorganBoard Member
Tony AllenBoard Member
William BushBoard Member
Desmond BakerSecretary
Jeanmarie DesmondTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,634,000
Program Service Revenue
$0
Investment Income
$10,951
Other Revenue
$0
All Other Contributions
$634,000
Change in Net Assets
$-390,639

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,644,951
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$5,500
Total Revenue per Audited Statements
$2,650,451
Total Revenue per Form 990
$2,644,951
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,552,934
Salaries, Compensation, and Employee Benefits$1,482,656
Total Fundraising Expense$181,262
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$803,582$133,082$134,543$1,071,207
Advertising$324,600-$3,402$328,002
Current Officers, Directors, Trustees, and Key Employees$220,044$34,885$13,417$268,346
All Other Expenses$86,869$94,589-$181,458
Other Expenses$158,222--$158,222
Insurance$99,667$26,211$14,331$140,209
Occupancy-$91,465-$91,465
Payroll Taxes$64,509$10,227$3,934$78,670
Other Employee Benefits$45,185$7,613$11,635$64,433
Fees for Services Accounting-$32,595-$32,595
Fees for Services Other-$20,239-$20,239
Office Expenses-$7,133-$7,133
Conferences and Meetings-$4,056-$4,056
Depreciation Depletion-$3,834-$3,834
Fees for Services Legal-$2,500-$2,500
Travel-$164-$164
Total Functional Expenses$2,385,735$468,593$181,262$3,035,590

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,041,090
Expenses per Audited Statements$3,035,590
Total Expenses per Form 990$3,035,590
Expenses Not Reported on Form 990$5,500
Expenses Not Reported on Financial Statements$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
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
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 7A

“The governor has the right to appoint directors to the board”

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

“The 990 is reviewed, along with the draft financial statements, during the audit committee meeting. The 990 and financial statements are presented by the audit committee to the executive committee of the board for approval then ratified at the next scheduled meeting of the entire board of directors.”

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

“The organization's governing body establishes the ceo's salary based upon comparable data obtained from other similar organizations and going market rates for the area.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, and conflicts of interest policy available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Delaware Prosperity Partnership Inc
EIN
82-2881997
Phone
3024777497
Address
1007 NORTH ORANGE STREET SUITE 731, WILMINGTON, DE 19801

Signing Officer

Name
William Kurt Foreman
Title
CEO
Phone
3024777497
Signed
2021-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Kurt Foreman
Formed
2017
Legal Domicile
De
Voting Board Members
19
Independent Board Members
19
Employees
14
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
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The process for the oversight of the audit and selection of an independent accountant has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The corporation is a not-for-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code and, therefore, has made no provisions for federal income taxes in the accompanying financial statements. In addition, the corporation has been determined by the internal revenue service not to be a private foundation within the meaning of section 509(a) of the internal revenue code. The corporation adopted asc 740-10, income taxes, as it relates to uncertain tax positions. Management has reviewed its current and past federal income tax positions and has determined, based on clear and unambiguous tax law and regulations, that the tax positions taken are certain and that there is no likelihood that a material tax assessment would be made if a respective government agency examined tax returns subject to audit. Accordingly, no provision for the effects of uncertain tax positions has been recorded. Currently the 2017, 2018 and 2019 tax years are open and subject to examination by the internal revenue service. However, the corporation is not currently under audit nor has the corporation been contacted by this jurisdiction. Interest and penalties related to income taxes are included in income tax expense when incurred.”

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IRS990/ActivityOrMissionDesc0THE DELAWARE PROSPERITY PARTNERSHIP (DPP) WAS CREATED AS A PRIVATE ENTITY TO LEAD THE STATE OF DELAWARE'S ECONOMIC DEVELOPMENT EFFORTS. ESTABLISHMENT OF THIS PRIVATE ENTITY WAS A CRITICAL STEP TO ENHANCE THE STATE'S ABILITY TO ATTRACT, GROW AND RETAIN COMPANIES; TO BUILD STRONGER ENTREPRENEURIAL AND INNOVATION ECOSYSTEM; AND TO SUPPORT PRIVATE EMPLOYERS IN IDENTIFYING, RECRUITING, AND DEVELOPING TALENT.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND, THEREFORE, HAS MADE NO PROVISIONS FOR FEDERAL INCOME TAXES IN THE ACCOMPANYING FINANCIAL STATEMENTS. IN ADDITION, THE CORPORATION HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE CORPORATION ADOPTED ASC 740-10, INCOME TAXES, AS IT RELATES TO UNCERTAIN TAX POSITIONS. MANAGEMENT HAS REVIEWED ITS CURRENT AND PAST FEDERAL INCOME TAX POSITIONS AND HAS DETERMINED, BASED ON CLEAR AND UNAMBIGUOUS TAX LAW AND REGULATIONS, THAT THE TAX POSITIONS TAKEN ARE CERTAIN AND THAT THERE IS NO LIKELIHOOD THAT A MATERIAL TAX ASSESSMENT WOULD BE MADE IF A RESPECTIVE GOVERNMENT AGENCY EXAMINED TAX RETURNS SUBJECT TO AUDIT. ACCORDINGLY, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED. CURRENTLY THE 2017, 2018 AND 2019 TAX YEARS ARE OPEN AND SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. HOWEVER, THE CORPORATION IS NOT CURRENTLY UNDER AUDIT NOR HAS THE CORPORATION BEEN CONTACTED BY THIS JURISDICTION. INTEREST AND PENALTIES RELATED TO INCOME TAXES ARE INCLUDED IN INCOME TAX EXPENSE WHEN INCURRED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,150,516
Liabilities
$88,267
Net assets
$3,062,249
Revenue
$2,644,951
Expenses
$3,035,590
Net income
-$390,639
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.15$0.53$2.62$3.19$3.21$0.02
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.28$0.65$2.64$2.86$3.43$0.57
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.51$0.31$3.20$3.12$3.05$0.07
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.30$0.17$3.13$3.17$3.10$0.07
2020Detailed filing. Detailed filing data is available for this year.$3.15$0.09$3.06$2.64$3.04$0.39
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.62$0.17$3.45$3.64$2.90$0.74
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.80$0.08$2.72$3.00$1.36$1.64
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.18$0.10$1.08$1.31$0.23$1.08
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)3 • $1M-$5M nonprofits