DELAWARE INNOVATION SPACE INC

EIN: 820832288 501(c)(3) Community Improvement

WILMINGTON, DE

Total Revenue
$9,981,142
Total Expenses
$6,986,612
Total Assets
$42,913,549
Net Assets
$37,188,341
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2017
Legal Domicile
DE
Principal Officer
WILLIAM D PROVINE
Phone
3022008600
Tax Period
2024-01-01 to 2024-12-31

DELAWARE INNOVATION SPACE INC, founded in 2017, is a community nonprofit in the Community Improvement sector that reported $10.0M in total revenue in fiscal year 2024. Revenue surged 36% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.0M, a strong 30% operating margin.

Mission

TO ACCELERATE FORMATION AND GROWTH OF SCIENCE BASED START UP BUSINESSES AND NEW VENTURES BY COLLABORATING WITH ENTREPRENEURS AND VISIONARIES AND GROWING A WORLD LEADING INDUSTRIALLY AND MARKET RELEVANT INNOVATION ECOSYSTEM WITH ACCESS TO STATE OF THE ART FACILITIES, PEOPLE, TOOLS, EQUIPMENT, TRAINING AND SERVICES.

Program Service Accomplishments

Program 1
Expenses: $5,547,087 Revenue: $2,725,941

DISI PROVIDES ACCESS TO, AND WAS CREATED SPECIFICALLY IN RESPONSE TO THE STATE OF DELAWARE'S RECOGNITION OF THE NEED FOR, HIGH-QUALITY INCUBATION SERVICES AND EDUCATIONAL PROGRAMS FOR START-UP...

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DISI PROVIDES ACCESS TO, AND WAS CREATED SPECIFICALLY IN RESPONSE TO THE STATE OF DELAWARE'S RECOGNITION OF THE NEED FOR, HIGH-QUALITY INCUBATION SERVICES AND EDUCATIONAL PROGRAMS FOR START-UP ENTERPRISES LOOKING TO LAUNCH OR GROW INNOVATIVE STEM INITIATIVES WITHIN DELAWARE TO MAKE DELAWARE'S COMMUNITIES STRONGER THROUGH RETENTION OF TALENTED INDIVIDUALS, INCREASED JOB OPPORTUNITIES, AND POSITIVE CHANGE IN THE STATE.

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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 (2024)

Revenue Breakdown

Contributions & Grants $5,232,654
Program Service Revenue $2,837,921
Investment Income $880,836
Other Revenue $1,029,731
TOTAL REVENUE $9,981,142

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $5,547,087
Other Expenses $6,986,612
TOTAL EXPENSES $6,986,612

Year-over-Year Comparison

2024 2023 Change
Revenue $9,981,142 $7,341,673 +0.4%
Expenses $6,986,612 $6,583,253 +0.1%
Net Income $2,994,530 $758,420 +2.9%
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

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Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
6
Employees
N/A
Volunteers
N/A

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
4
$358,239
Total Directors
8
$358,239
Key Employees
0
$0
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DENNIS ASSANIS DIRECTOR/CHA 5.00
Officer Director
$0 $0 $0
ALEXA A DEMBEK DIRECTOR/SEC 5.00
Officer Director
$0 $0 $0
JEFFREY W BULLOCK DIRECTOR/TRE 5.00
Officer Director
$0 $0 $0
JON SHEEHAN DIRECTOR 2.00
Director
$0 $0 $0
ALEX KHUTORSKY DIRECTOR 2.00
Director
$0 $0 $0
JULIUS KORLEY DIRECTOR 2.00
Director
$0 $0 $0
MIGUEL GARCIA-DIAZ DIRECTOR 2.00
Director
$0 $0 $0
WILLIAM D PROVINE PRESIDENT AN 40.00
Officer Director
$0 $76,889 $358,239
ALEX DULIN DIRECTOR, OP 40.00
Highest
$0 $60,225 $272,164
HATTIE DUPLECHAIN DIRECTOR, LE 40.00
Highest
$0 $51,895 $155,851
MARCIE REILLY DIRECTOR, EN 40.00
Highest
$0 $64,345 $202,945
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 $9,981,142 $6,986,612 $42,913,549 $2,994,530
2023 $7,341,673 $6,583,253 $40,091,384 $758,420
2022 $6,030,856 $6,099,311 $38,897,802 $-68,455
2021 $6,834,996 $4,532,443 $37,512,431 $2,302,553
2020 $7,333,904 $4,154,467 $34,892,302 $3,179,437
2019 $9,765,260 $3,816,992 $31,483,052 $5,948,268
2018 $6,728,650 $3,660,827 $24,097,051 $3,067,823
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