DELAWARE RIVER WATERFRONT CORPORATION (EIN 231734559) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1970

Legal Domicile

Principal Officer

LARRY BELL

Phone

2156293200

Tax Period

2024-07-01 to 2025-06-30

DELAWARE RIVER WATERFRONT CORPORATION, founded in 1970, is a mid-sized nonprofit in the Community Improvement sector that reported $18.4M in total revenue in fiscal year 2024.

Mission

DRWC'S MISSION IS TO MAINTAIN AND PROMOTE THE USE AND DEVELOPMENT OF THE CITY OF PHILA'S WATERFRONT. THIS TASK IS OF VITAL IMPORTANCE TO THE CITY AND ONE WHICH THE CITY WOULD OTHER- WISE BE REQUIRED TO PERFORM ITSELF ABSENT THE DRWC.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $6,279,879

Program Service Revenue $10,424,393

Investment Income $764,396

Other Revenue $936,547

TOTAL REVENUE $18,405,215

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,738,879

Fundraising Expenses $422,940

Program Expenses $16,779,421

Other Expenses $11,933,380

TOTAL EXPENSES $19,672,259

Year-over-Year Comparison

	2024	2023	Change
Revenue	$18,405,215	$17,491,111	+0.1%
Expenses	$19,672,259	$17,797,878	+0.1%
Net Income	$-1,267,044	$-306,767	+3.1%

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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

304

Volunteers

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

$562,164

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH FORKIN	PRESIDENT	40.0	Officer	$310,426	$63,528	$373,954
JODIE MILKMAN	EXECUTIVE VICE PRESIDENT	40.0	Highest	$189,821	$52,821	$242,642
LARRY BELL	CHIEF FINANCIAL OFFICER	40.0	Officer	$162,977	$25,233	$188,210
LAVELLE YOUNG	VICE PRESIDENT-OPERATIONS	40.0	Highest	$131,231	$24,690	$155,921
ELIZABETH WOODS	VICE PRESIDENT - OPERATIONS	40.0	Highest	$125,820	$23,789	$149,609
JAY R GOLDSTEIN	BOARD CHAIRMAN/TREASURER	1.0	Officer Director	$0	$0	$0
OBRA KERNODLE IV	BOARD VICE CHAIRMAN	1.0	Officer Director	$0	$0	$0
BILL HANKOWSKY	SECRETARY	1.0	Officer Director	$0	$0	$0
MIKE DIBERARDINIS	DIRECTOR	1.0	Director	$0	$0	$0
DIANE DALTO WOOSNAM	DIRECTOR	1.0	Director	$0	$0	$0
AVI EDEN	DIRECTOR	1.0	Director	$0	$0	$0
JOHN MONDLAK	DIRECTOR	1.0	Director	$0	$0	$0
BILL HANKOWSKY	DIRECTOR	1.0	Director	$0	$0	$0
MICHAEL HAUPTMAN	DIRECTOR	1.0	Director	$0	$0	$0
ANGELA VAL	DIRECTOR	1.0	Director	$0	$0	$0
MARILYN JORDAN TAYLOR	DIRECTOR	1.0	Director	$0	$0	$0
MATT RUBEN	DIRECTOR	1.0	Director	$0	$0	$0
DONN SCOTT	DIRECTOR	1.0	Director	$0	$0	$0
BILL WILSON	DIRECTOR	1.0	Director	$0	$0	$0
ELLEN YIN	DIRECTOR	1.0	Director	$0	$0	$0
MARIO ZACHARJASZ	DIRECTOR	1.0	Director	$0	$0	$0
KAREN FEGELY	DIRECTOR	1.0	Director	$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
2025	$18,405,215	$19,672,259	$94,849,179	$-1,267,044
2024	$17,491,111	$17,797,878	$60,538,833	$-306,767
2023	$18,515,350	$17,445,036	$52,801,701	$1,070,314
2022	$19,823,036	$17,856,655	$138,544,770	$1,966,381
2021	$24,883,136	$25,000,753	$26,551,411	$-117,617
2020	$25,633,090	$23,924,697	$34,778,215	$1,708,393
2019	$23,801,262	$24,892,840	$24,901,363	$-1,091,578
2018	$21,816,350	$21,823,717	$26,081,179	$-7,367

DELAWARE RIVER WATERFRONT CORPORATION