SCIENCE PARK DEVELOPMENT CORPORATION

EIN: 061062368 501(c)(3) Community Improvement

NEW HAVEN, CT

Total Revenue
$3,925,423
Total Expenses
$4,832,646
Total Assets
$12,783,020
Net Assets
$-10,956,389
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1981
Legal Domicile
CT
Principal Officer
DAVID SILVERSTONE
Phone
2037850840
Tax Period
2023-01-01 to 2023-12-31

SCIENCE PARK DEVELOPMENT CORPORATION, founded in 1981, is a community nonprofit in the Community Improvement sector that reported $3.9M in total revenue in fiscal year 2023. Expenses of $4.8M exceeded revenue, resulting in a 23% operating deficit.

Mission

A NON-PROFIT FORMED TO ENGAGE IN ECONOMIC DEVELOPMENT IN A DISTRESSED COMMUNITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $3,894,497
Investment Income $23,533
Other Revenue $7,393
TOTAL REVENUE $3,925,423

Expense Breakdown

Grants Paid $0
Salaries & Benefits $159,933
Fundraising Expenses $0
Program Expenses $4,718,082
Other Expenses $4,672,713
TOTAL EXPENSES $4,832,646

Year-over-Year Comparison

2023 2022 Change
Revenue $3,925,423 $3,846,142 +0.0%
Expenses $4,832,646 $4,830,027 +0.0%
Net Income $-907,223 $-983,885 -0.1%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
8
Independent Members
8
Employees
1
Volunteers
9

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$151,798
Total Directors
9
$60,000
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PETER A PENCZER DIRECTOR 0.50
Director
$0 $0 $0
MICHAEL A SCHAFFER TREASURER; DIRECTOR 0.50
Officer Director
$0 $0 $0
DAVID SILVERSTONE BOARD CHAIRMAN/PRESIDENT 22.00
Officer Director
$60,000 $0 $60,000
JEROME E TURECK VICE PRESIDENT; DIRECTOR 0.50
Officer Director
$0 $0 $0
CYNTHIA PETRUZZELLO DIRECTOR 0.50
Director
$0 $0 $0
LAUREN ZUCKER DIRECTOR (EXIT AS OF 12/31/23) 0.50
Director
$0 $0 $0
MICHAEL PISCITELLI DIRECTOR 0.50
Director
$0 $0 $0
DAVID SHARE DIRECTOR 0.50
Director
$0 $0 $0
DARRELL BROOKS DIRECTOR 0.50
Director
$0 $0 $0
CLIO NICOLAKIS EXEC. DIR. & ASST. SECRETARY 30.00
Officer
$91,798 $0 $91,798
NICLAS A FERLAND SECRETARY 1.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $3,925,423 $4,832,646 $12,783,020 $-907,223
2022 $3,846,142 $4,830,027 $13,068,624 $-983,885
2021 $3,489,303 $4,374,838 $13,300,850 $-885,535
2020 $3,510,868 $4,300,456 $13,979,158 $-789,588
2019 $3,278,066 $4,394,102 $14,382,399 $-1,116,036
2018 $3,597,558 $4,305,599 $14,907,430 $-708,041
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