WILMINGTON ECONOMIC DEVELOPMENT CORP

EIN: 510240524 501(c)(3) Community Improvement

WILMINGTON, DE

Total Revenue
$885,381
Total Expenses
$362,634
Total Assets
$2,332,749
Net Assets
$1,955,749
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1979
Legal Domicile
DE
Principal Officer
TERRI DUKE
Phone
3025719142
Tax Period
2023-07-01 to 2024-06-30

WILMINGTON ECONOMIC DEVELOPMENT CORP, founded in 1979, is a small nonprofit in the Community Improvement sector that reported $885K in total revenue in fiscal year 2023. Revenue fell 33% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $523K, a strong 59% operating margin.

Mission

TO RENDER FINANCIAL ASSISTANCE FOR START UP, OR EXPANDING BUSINESSES LOCATED WITHIN THE CITY OF WILMINGTON.

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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 $789,581
Program Service Revenue $68,864
Investment Income $26,936
Other Revenue $0
TOTAL REVENUE $885,381

Expense Breakdown

Grants Paid $0
Salaries & Benefits $92,608
Fundraising Expenses $0
Program Expenses $348,816
Other Expenses $270,026
TOTAL EXPENSES $362,634

Year-over-Year Comparison

2023 2022 Change
Revenue $885,381 $1,318,756 -0.3%
Expenses $362,634 $143,397 +1.5%
Net Income $522,747 $1,175,359 -0.6%
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
12
Independent Members
12
Employees
N/A
Volunteers
12

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
$31,527
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
STANLEY F SOJA JR BOARD MEMBER 1.00
Director
$0 $0 $0
HEATH KAHRS TREASURER 1.00
Officer Director
$0 $0 $0
ROBERT DUKE BOARD MEMBER 1.00
Director
$0 $0 $0
JEFF FLYNN BOARD MEMBER 1.00
Director
$0 $0 $0
PATRICIA PONZO BOARD MEMBER 1.00
Director
$0 $0 $0
TONY ROUSTOPOULOS VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
ANTHONY J RYAN PRESIDENT 1.00
Officer Director
$0 $0 $0
JAMES BRETT TAYLOR SECRETARY 1.00
Officer Director
$0 $0 $0
MICHAEL TURICK BOARD MEMBER 1.00
Director
$0 $0 $0
TANYA WASHINGTON BOARD MEMBER 1.00
Director
$0 $0 $0
DAVID DANIELS EXECUTIVE DIRECTOR 10.00
Officer
$0 $0 $31,527
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 No data No data No data No data
2024 $885,381 $362,634 $2,332,749 $522,747
2023 $1,318,756 $143,397 $2,899,392 $1,175,359
2022 $336,072 $126,733 $2,846,208 $209,339
2021 $118,607 $104,605 $668,789 $14,002
2020 $62,643 $130,510 $590,255 $-67,867
2019 $71,315 $85,017 $657,850 $-13,702
2018 $68,628 $73,138 $675,757 $-4,510
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