RIVERFRONT DEVELOPMENT CORPORATION… - Form 990 Financial Data

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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

1996

Legal Domicile

Principal Officer

MEGAN MCGLINCHEY

Phone

3024254890

Tax Period

2024-07-01 to 2025-06-30

RIVERFRONT DEVELOPMENT CORPORATION OF DELAWARE, founded in 1996, is a community nonprofit in the Community Improvement sector that reported $6.0M in total revenue in fiscal year 2024. Revenue surged 46% from the prior year, signaling strong growth momentum. Expenses of $14.0M exceeded revenue, resulting in a 131% operating deficit.

Mission

THE MISSION OF THE RIVERFRONT DEVELOPMENT CORPORATION OF DELAWARE IS TO CREATE ECONOMIC VITALITY ALONG THE BRANDYWINE AND CHRISTINA RIVERS, ENHANCE THE ENVIRONMENT, ENCOURAGE HISTORIC PRESERVATION, AND PROMOTE COMMUNITY ACCESS. THROUGH TARGETED AND LEVERAGED INVESTMENTS, RDC WILL CREATE EMPLOYMENT AND RESIDENTIAL DEVELOPMENT WHILE PROMOTING EDUCATION, THE ARTS, CREATION AND TOURISM.

Program Service Accomplishments

Program 1

Expenses: $8,380,687 Revenue: $1,280,932

VARIOUS OTHER PROGRAMS FOR THE PURPOSE OF PROMOTING DEVELOPMENT OF THE RIVERFRONT AREA. THERE ARE AN AVERAGE TOTAL OF 3.5 MILLION VISITORS PER YEAR TO THE MANY ATTRACTIONS, RESTAURANTS, AND...

VARIOUS OTHER PROGRAMS FOR THE PURPOSE OF PROMOTING DEVELOPMENT OF THE RIVERFRONT AREA. THERE ARE AN AVERAGE TOTAL OF 3.5 MILLION VISITORS PER YEAR TO THE MANY ATTRACTIONS, RESTAURANTS, AND BUSINESSES IN THE ENTIRE RIVERFRONT AREA AS A RESULT OF RDC DEVELOPMENT EFFORTS. PROGRAMS INCLUDE MAINTENANCE OF THE RIVERWALK WHICH IS AN AESTHETIC WALKWAY CONNECTING THE RIVERFRONT ATTRACTIONS. OPERATION OF A BEAUTIFULLY LANDSCAPED MINIATURE GOLF COURSE OVERLOOKING THE CHRISTINA RIVER, DEVELOPED ON A PREVIOUSLY VACANT CONCRETE LOT, WHICH ATTRACTED OVER 21,000 VISITORS. THE MINIATURE GOLF COURSE AESTHETICALLY IMPROVED THE PARCEL AND BROUGHT NEW VISITORS TO RIVERFRONT ATTRACTIONS. MORE INFORMATION ON THE RIVERFRONT DEVELOPMENT CORPORATION OF DELAWARE MAY BE FOUND AT WWW.RIVERFRONTWILM.COM

Program 2

Expenses: $2,744,079 Revenue: $536,200

OPERATION OF A CONFERENCE CENTER WHICH DRAWS OVER 198,000 PEOPLE ANNUALLY TO A PREVIOUSLY RUN DOWN AREA. THE CENTER HAS CREATED MORE THAN 60 FULL TIME JOBS PLUS SEASONAL POSITIONS.

Program 3

Expenses: $652,180 Revenue: $649,770

RENTAL REAL ESTATE - EXPENSES RELATED TO THE OPERATION OF A BASEBALL STADIUM WHICH IS THE HOME OF A MINOR LEAGUE ADVANCED-A BASEBALL TEAM. THE BASEBALL TEAM DRAWS AN ANNUAL ATTENDANCE OF 156,000 FANS TO THEIR GAMES AND OTHER EVENTS HELD AT THE STADIUM DRAW 12,000 VISITORS ANNUALLY. ALSO, EXPENSES RELATED TO THE MAINTENANCE OF A PUBLIC MARKET IN A HISTORIC WAREHOUSE WHICH IS RENTED TO VENDORS IN A EUROPEAN STYLE MARKETPLACE, IN ADDITION TO A FINE DINING RESTAURANT.

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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 $2,795,560

Program Service Revenue $1,987,580

Investment Income $634,653

Other Revenue $627,402

TOTAL REVENUE $6,045,195

Expense Breakdown

Grants Paid $184,850

Salaries & Benefits $1,744,652

Fundraising Expenses $0

Program Expenses $12,854,637

Other Expenses $12,021,385

TOTAL EXPENSES $13,950,887

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,045,195	$4,149,656	+0.5%
Expenses	$13,950,887	$12,515,287	+0.1%
Net Income	$-7,905,692	$-8,365,631	-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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

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

$211,645

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MEGAN MCGLINCHEY	EXECUTIVE DIRECTOR	40.00	Officer	$0	$40,718	$211,645
FRANCIS J LUCEY JR	COMPTROLLER	40.00	Highest	$0	$30,913	$152,063
JAMIE SENN	DIRECTOR OF OPERATIONS	40.00	Highest	$0	$37,559	$140,726
PEGGY STRINE	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
DESMOND A BAKER	VICE CHAIR	1.00	Officer Director	$0	$0	$0
JOHN BLYDEN	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JENNIFER BOES	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
STEPHANIE BOLDEN	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
DARIUS BROWN	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JEFFREY BULLOCK	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JOHN CARNEY	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
ERNEST CONGO	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
SHAWN GARVIN	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MARGARET M HANNUM	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
DEBRA HEFFERNAN	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MARCUS HENRY	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MARGARET ROSE HENRY	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JAMES LARDEAR	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
CURTIS LINTON	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
DONALD MELL	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MATTHEW MEYER	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
DARRYL PARSON ESQ	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
CHARUNI PATIBANDA - SANCHEZ	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
REV PROVEY POWELL	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MARIE REED	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
HANIFA SHABAZZ	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
CLINTON WALKER	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JACK WALSH	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
FIONN WELCH	BOARD OF DIRECTORS	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	$6,045,195	$13,950,887	$144,827,938	$-7,905,692
2024	$4,149,656	$12,515,287	$147,912,666	$-8,365,631
2023	$3,658,097	$13,336,255	$155,880,628	$-9,678,158
2022	$1,670,893	$9,769,682	$140,150,021	$-8,098,789
2021	$2,038,846	$9,337,704	$112,283,807	$-7,298,858
2020	$2,390,014	$9,740,557	$105,208,880	$-7,350,543
2019	$3,243,430	$11,288,741	$107,676,700	$-8,045,311

RIVERFRONT DEVELOPMENT CORPORATION OF DELAWARE