INSTITUTE FOR ECONOMIC DEVELOPMENT

EIN: 232843207 501(c)(3) Community Improvement

CHESTER, PA

Total Revenue
$272,889
Total Expenses
$207,587
Total Assets
$1,701,013
Net Assets
$1,598,537
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Financial Trends

Organization Details

Formation Year
1996
Legal Domicile
PA
Principal Officer
LISA GAFFNEY
Phone
6104477861
Tax Period
2024-07-01 to 2025-06-30

INSTITUTE FOR ECONOMIC DEVELOPMENT, founded in 1996, is a small nonprofit in the Community Improvement sector that reported $273K in total revenue in fiscal year 2024. Revenue fell 63% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $65K, a strong 24% operating margin.

Mission

THE INSTITUTE FOR ECONOMIC DEVELOPMENT, DBA RIVERFRONT ALLIANCE OF DELAWARE COUNTY (RADC), IS A CONSORTIUM OF PRIVATE SECTOR CORPORATIONS AND NON-PROFIT INSTITUTIONS THAT HAVE COME TOGETHER TO DEVELOP AND IMPLEMENT PROGRAMS AND ACTIVITIES DESIGNED TO COUNTER THE SOCIAL AND ECONOMIC CONDITIONS THAT RESULT FROM DISINVESTMENT IN THIS COMMUNITY. WITHIN THIS BROAD CONTEXT, RADC IS SPECIFICALLY COMMITTED TO UNDERTAKING A TARGETED MIX OF INNOVATIVE ECONOMIC DEVELOPMENT PROGRAMS AND ACTIVITIES FOCUSED ON THE PHYSICAL, ECONOMIC AND SOCIAL REVITALIZATION OF THE CITY OF CHESTER.

Program Service Accomplishments

Program 1
Expenses: $21,773 Revenue: $0

HOUSING & NEIGHBORHOOD REVITALIZATIONIN PARTNERSHIP WITH THE CHESTER COMMUNITY IMPROVEMENT PROJECT (CCIP), RADC IS FOCUSING ON PROVIDING QUALITY AFFORDABLE HOUSING, ELIMINATING BLIGHT AND...

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HOUSING & NEIGHBORHOOD REVITALIZATIONIN PARTNERSHIP WITH THE CHESTER COMMUNITY IMPROVEMENT PROJECT (CCIP), RADC IS FOCUSING ON PROVIDING QUALITY AFFORDABLE HOUSING, ELIMINATING BLIGHT AND REVITALIZING NEIGHBORHOODS. IN THE PAST FISCAL YEAR, THE EMPHASIS HAS BEEN ON DEVELOPING THE GRACE MANOR HOUSING DEVELOPMENT AND SUPPORTING CCIP IN ITS EFFORTS TO UNDERTAKE A RESIDENT DRIVEN PLANNING PROCESS FOR THE NEIGHBORHOOD SURROUNDING THE NEW HOUSING DEVELOPMENT. -GRACE MANOR NEIGHBORHOOD REVITALIZATION PROJECTTHE GRACE MANOR NEIGHBORHOOD REVITALIZATION PROJECT CONSISTS OF DEVELOPING TEN UNITS OF AFFORDABLE FOR SALE HOUSING AND ADDRESSING NEIGHBORHOOD HOUSING CONCERNS. RADC IS WORKING WITH CCIP TO IMPROVE HOUSING CONDITIONS THROUGH ITS FAADE AND CAMERA INITIATIVES IN THE BLOCKS SURROUNDING THE NEW HOUSING. A DEMONSTRATION HOME REPAIR PROGRAM WILL BE DEVELOPED TO ASSIST LOW-INCOME OWNER OCCUPANTS WITHIN THE TARGET AREA AS WELL.THE GOAL OF THE GRACE MANOR NEIGHBORHOOD REVITALIZATION PROJECT IS TO PROMOTE QUALITY AFFORDABLE HOUSING IN CHESTER. THIS PROJECT WILL MEET THIS GOAL BY CONSTRUCTING NEW HOMES FOR FIRST TIME, LOW- AND MODERATE-INCOME HOUSEHOLDS. INTERESTED BUYERS WILL BE REQUIRED TO ATTEND PRE-PURCHASE COUNSELING AND, IF ELIGIBLE, WILL RECEIVE DOWN PAYMENT AND CLOSING COST ASSISTANCE THROUGH CHESTER'S HOMEBUYER ASSISTANCE PROGRAM. THE GRACE MANOR NEIGHBORHOOD PROJECT CONSISTS OF ADDRESSING HOUSING AND OTHER RESIDENT NEEDS IN A TARGET AREA SURROUNDING THE NEW DEVELOPMENT. CCIP IS CURRENTLY ENGAGED IN A NEIGHBORHOOD PLANNING PROCESS THAT INCLUDES A VARIETY OF STAKEHOLDERS. HOUSING HAS BEEN A MAJOR ISSUE MENTIONED BY RESIDENTS AND SUPPORTED BY DATA. AS SUCH, FAADE IMPROVEMENTS, SIMILAR TO THE PROGRAM RADC HAS UNDERTAKEN IN SEVERAL OTHER CHESTER NEIGHBORHOODS, MAY BE A PART OF THE INVESTMENT NEEDED TO STRENGTHEN THIS COMMUNITY. THERE IS ALSO A PENT-UP DEMAND FOR HOUSING REHABILITATION ASSISTANCE.

Program 2
Expenses: $35,475 Revenue: $0

ECONOMIC DEVELOPMENTIN THE LAST FISCAL YEAR, RADC MADE A GOOD DEAL OF PROGRESS ON IMPROVING STREETSCAPES AND TRAILS ALONG THE CHESTER WATERFRONT AND ENHANCING THE CONNECTION BETWEEN RESIDENTS AND THE...

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ECONOMIC DEVELOPMENTIN THE LAST FISCAL YEAR, RADC MADE A GOOD DEAL OF PROGRESS ON IMPROVING STREETSCAPES AND TRAILS ALONG THE CHESTER WATERFRONT AND ENHANCING THE CONNECTION BETWEEN RESIDENTS AND THE DELAWARE RIVER. THIS PROGRESS INCLUDES COMPLETING THE REMAINING CONCRETE WORK ON THE UNIT AND 100 BLOCKS OF REANEY STREET NOW THAT THE UTILITY POLES HAVE BEEN RELOCATED, FINISHING THE DESIGN OF THE COMPLETE STREETS ON HIGHLAND AVENUE AND SUBSTANTIALLY COMPLETING THE DESIGN WORK FOR THE NORRIS STREET CONNECTOR TO THE EAST COAST GREENWAY. NOW THAT THE DESIGN OF THE HIGHLAND AVENUE IMPROVEMENTS IS FINISHED, THE IMPROVEMENTS AND TRAIL INSTALLATION HAS BEEN PUT OUT TO BID AND WILL SOON BE UNDER CONSTRUCTION. -WEST 2ND STREET (ROUTE 291) IMPROVEMENTS CHESTER WATERFRONT TRAILRADC IS WORKING ON DESIGN AND FINANCING FOR CONSTRUCTION OF A MULTI-USE, OFF-ROAD PATH AND GREEN STORMWATER LANDSCAPED STRIP ALONG ROUTE 291 (WEST 2ND STREET) FROM HIGHLAND AVE TO NORRIS ST TO ENHANCE PEDESTRIAN AND BICYCLE SAFETY AND CONNECT RESIDENTIAL NEIGHBORHOODS TO THE DELAWARE RIVER WATERFRONT. THE CURRENT LAND, LOCATED ON THE SOUTH SIDE OF ROUTE 291, WILL BE RECLAIMED TO COMPLETE A FULLY CONSTRUCTED 2.9-MILE LOOP OF PUBLIC RECREATION SPACE. THE NEW TRAIL LOOP SEGMENT, THE ROUTE 291 CONNECTIVITY CORRIDOR, WILL CONNECT WITH THE EXISTING TRAIL SEGMENTS ALONG HIGHLAND AVENUE AND NORRIS STREET THAT CONNECT WITH THE EAST COAST GREENWAY TRAIL ALONG THE DELAWARE RIVER WATERFRONT TO CREATE THIS LOOP.THE PROJECT WILL ADD A TRAIL ALONG THE EXISTING 4-LANE CORRIDOR WITH CENTER TURNING LANE, TRANSFORMING IT FROM A HIGH-SPEED, BARE CONCRETE ROADWAY TO A MULTI-USE TRANSPORTATION CORRIDOR WITH OPTIONS WHICH WILL FUEL THE GROWTH OF THE CHESTER WATERFRONT AREA WHILE ALSO IMPROVING THE SAFETY AND QUALITY OF LIFE FOR THE PEOPLE WHO WORK, LIVE, AND VISIT THE CITY.USING WATERFRONT TAX CREDITS AND OTHER SOURCES OF FINANCING, RADC IS FUNDING THE LAND ACQUISITION PIECE AS WELL AS MANAGING THE DESIGN PROCESS. -WATERFRONT PROGRAMMING, COMMUNITY WORKDAYS & EVENTSIN THE SPRING OF 2025, RADC IN CONJUNCTION WITH THE PARTNERSHIP FOR THE DELAWARE ESTUARY (PDE) AND OTHER LOCAL COMMUNITY-BASED PARTNERS PLANNED ITS THIRD DELAWARE RIVER FESTIVAL. THIS FESTIVAL HAS BEEN HELD IN PHILADELPHIA AND IN CAMDEN FOR A NUMBER OF YEARS AND PDE DECIDED TO EXPAND IT TO THE CHESTER WATERFRONT. RADC PLAYED A SIGNIFICANT ROLE IN ORGANIZING AND PROMOTING THE EVENT THAT WAS HELD THIS YEAR IN THE UNION YARDS LOCATION NEAR THE SUBARU PARK SOCCER STADIUM. WHILE THE EVENT HAS AN ENVIRONMENTAL FOCUS, IT ALSO INCLUDES FOOD TRUCKS, LOCAL DANCE TROUPES AND A D.J. THE GOAL IS TO BRING LOCAL RESIDENTS TO THE WATERFRONT.IN ADDITION TO THE CHESTER RIVER FESTIVAL, RADC SUPPORTED VOLUNTEER TREE PLANTING ACTIVITIES WITH THE CHESTER SHADE TREE COMMISSION. THIS YEAR, THE CHESTER SHADE TREE COMMISSION WORKED WITH A CONTRACTOR TO INSTALL SIDEWALK TREE PITS. BARE ROOT TREES, PROVIDED BY THE PENNSYLVANIA HORTICULTURAL SOCIETY (PHS), WERE PLANTED BY VOLUNTEERS IN PARTNERSHIP WITH WILLING PROPERTY OWNERS.

Program 3
Expenses: $5,869 Revenue: $0

WORKFORCE DEVELOPMENTWORKFORCE DEVELOPMENT COMPLEMENTS THE STRONG EMPLOYER BASE OF RADC BOARD MEMBERS AND PROVIDES A MECHANISM TO ENHANCE CONNECTIONS BETWEEN CHESTER RESIDENTS AND LOCAL EMPLOYMENT...

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WORKFORCE DEVELOPMENTWORKFORCE DEVELOPMENT COMPLEMENTS THE STRONG EMPLOYER BASE OF RADC BOARD MEMBERS AND PROVIDES A MECHANISM TO ENHANCE CONNECTIONS BETWEEN CHESTER RESIDENTS AND LOCAL EMPLOYMENT OPPORTUNITIES. IN ADDITION TO ESTABLISHING A WORKFORCE DEVELOPMENT COMMITTEE, RADC HAS BEEN INVOLVED IN LAUNCHING THE JUMPSTART CHESTER PROGRAM TO ASSIST EMERGING DEVELOPERS AS FOLLOWS:-JUMPSTART CHESTERTHE JUMPSTART PROGRAM, FOUNDED BY KEN WEINSTEIN IN 2015 IN THE GERMANTOWN SECTION OF PHILADELPHIA, REDUCES BLIGHT AND INCREASES INVESTMENT IN THE COMMUNITY. THE MODEL INCLUDES A REAL ESTATE TRAINING PROGRAM, A DEVELOPER'S NETWORK AND ACCESS TO FINANCING OPTIONS FOR THE ACQUISITION AND RENOVATION OF RESIDENTIAL PROPERTIES. THE JUMPSTART CHESTER PROGRAM PROVIDES TRAINING AND MENTORING TO LOCAL RESIDENTS INTERESTED IN REAL ESTATE DEVELOPMENT. AT PRESENT, THE RESIDENTIAL MARKET IN CHESTER IS DEPRESSED WITH INSUFFICIENT INVESTMENT IN THE HOUSING STOCK, LIMITING THE SUPPLY OF AFFORDABLE UNITS. SUPPORTING INTERESTED BUT INEXPERIENCED INDIVIDUALS WITH TECHNICAL ASSISTANCE AND FINANCING WILL REDUCE GENTRIFICATION BY BUILDING LOCALLY AND FOCUSING ON SLOW, STEADY GROWTH. THESE EMERGING DEVELOPERS UNDERSTAND THE VALUE OF LOCAL PROPERTIES AND THE WIDER IMPACT ON THE COMMUNITY OF ADDRESSING PROPERTY CONDITIONS BUT LACK THE TECHNICAL SKILLS, BUSINESS CONNECTIONS AND ACCESS TO CAPITAL THAT THE JUMPSTART PROGRAM IS DESIGNED TO PROVIDE. JUMPSTART CHESTER WILL ENCOURAGE DIVERSITY IN THE DEVELOPMENT COMMUNITY. MOREOVER, IT WILL IMPROVE NEIGHBORHOODS THAT ARE STARTING TO EXPERIENCE DISINVESTMENT. CHESTER RESIDENTS, WHO WANT TO STAY IN THE CITY, WILL HAVE HOUSING OPPORTUNITIES THAT ARE NOT CURRENTLY OFFERED ON THE MARKET. THE TRAINING PROGRAM OFFERS AT LEAST 9 HOURS OF INSTRUCTION ON A VARIETY OF TOPICS INCLUDING PROPERTY SOURCING, FINANCING AND OBTAINING PERMITS, VISITING A RESIDENTIAL CONSTRUCTION SITE AND ASSIGNING A MENTOR TO ASSIST WITH THE DEVELOPER'S INITIAL PROJECT. THE DEVELOPERS' NETWORK CONSISTS OF PANEL DISCUSSIONS AND GUEST SPEAKERS CREATING OPPORTUNITIES FOR DEVELOPERS TO CONNECT WITH STAKEHOLDERS. THE LOAN PROGRAM OFFERS ACCESS TO DIFFICULT TO OBTAIN FINANCING FOR BOTH ACQUISITION AND RENOVATION OR POSSIBLY NEW CONSTRUCTION. RADC IS CONTINUING TO WORK ON DEVELOPING A FINANCING PROGRAM SPECIFIC TO JUMPSTART CHESTER.

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $221,346
Program Service Revenue $0
Investment Income $51,543
Other Revenue $0
TOTAL REVENUE $272,889

Expense Breakdown

Grants Paid $1,000
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $63,117
Other Expenses $206,587
TOTAL EXPENSES $207,587

Year-over-Year Comparison

2024 2023 Change
Revenue $272,889 $729,503 -0.6%
Expenses $207,587 $432,155 -0.5%
Net Income $65,302 $297,348 -0.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
22
Independent Members
22
Employees
N/A
Volunteers
86

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
$0
Total Directors
23
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ADAM KALINER CHAIR/PRESIDENT 1.00
Officer Director
$0 $0 $0
DR STACEY ROBERTSON VICE CHAIR/VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
LISA GAFFNEY EXECUTIVE DIRECTOR 1.00
Officer Director
$0 $0 $0
TIM MCDERMOTT SECRETARY 1.00
Officer Director
$0 $0 $0
GERALD MILLER TREASURER 1.00
Officer Director
$0 $0 $0
JON COHN DIRECTOR 1.00
Director
$0 $0 $0
VINCE DEL ROSSI DIRECTOR 1.00
Director
$0 $0 $0
JOANNE MCFALL DIRECTOR 1.00
Director
$0 $0 $0
FRANCES SHEEHAN DIRECTOR 1.00
Director
$0 $0 $0
LAURA GOODRICH CAIRNS DIRECTOR 1.00
Director
$0 $0 $0
GEOFFREY BRANDON DIRECTOR 1.00
Director
$0 $0 $0
JAMES TURNER DIRECTOR 1.00
Director
$0 $0 $0
JOHN SCOTT DIRECTOR 1.00
Director
$0 $0 $0
ZARA ALAYAN DIRECTOR 1.00
Director
$0 $0 $0
VICKY PATEL DIRECTOR 1.00
Director
$0 $0 $0
TODD STRINE DIRECTOR 1.00
Director
$0 $0 $0
JUSTIN DUNN DIRECTOR 1.00
Director
$0 $0 $0
SHEPARD GARNER DIRECTOR 1.00
Director
$0 $0 $0
REGAN HOWELL DIRECTOR 1.00
Director
$0 $0 $0
MARTA YERA CRONIN DIRECTOR 1.00
Director
$0 $0 $0
DR LATRICE MUMIN DIRECTOR AS OF 12/1/24 1.00
Director
$0 $0 $0
CINDY THOMPSON DIRECTOR AS OF 9/1/24 1.00
Director
$0 $0 $0
STEVEN FISCHER DIRECTOR UNTIL 8/31/24 1.00
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 $272,889 $207,587 $1,701,013 $65,302
2024 $729,503 $432,155 $1,557,098 $297,348
2023 $889,100 $1,228,778 $1,642,013 $-339,678
2022 $960,990 $233,213 $1,642,197 $727,777
2021 $732,750 $410,920 $856,102 $321,830
2020 $657,766 $410,286 $585,223 $247,480
2019 $304,794 $228,862 $289,967 $75,932
2018 $239,035 $237,790 $202,546 $1,245
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