Delaware River Waterfront Corporation

Nonprofit profile at a glance

EIN
231734559
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Philadelphia, PA, USA
Phone
2156293200
Rating
78
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Economic Development

Official website

Reported finances

Revenue
$18,405,215
Expenses
$19,672,259
Assets
$94,849,179
Liabilities
$83,787,538

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • JOSEPH FORKIN (PRESIDENT)
  • JODIE MILKMAN (EXECUTIVE VICE PRESIDENT)
  • LAVELLE YOUNG (VICE PRESIDENT-OPERATIONS)
  • ELIZABETH WOODS (VICE PRESIDENT - OPERATIONS)

Highest reported compensation

  • JOSEPH FORKIN (PRESIDENT): $373,954 total reported compensation
  • JODIE MILKMAN (EXECUTIVE VICE PRESIDENT): $242,642 total reported compensation
  • LARRY BELL (CHIEF FINANCIAL OFFICER): $188,210 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Drwc's mission is to maintain and promote the use and development of the city of philadelphia's waterfront. This task is of vital importance to the city and one which the city would otherwise be rquired to perform absent the drwc.

What it reported doing in 2024

Drwc engages in a variety of activities in support of its mission, on behalf of the city, of maintaining and promoting the use and development of city's central waterfront, which includes "blue ross river rink" at penn's landing. It is a standard olympic regulations size ice rink, during the winter and turned into a roller-skating rink in the summer, open to the public as a recreational and educational arena. Sled skating lessons are available for disabled children. The rink is operation of these skating rinks relieves the city of from having to operate the public arena, which it would otherwise do the general welfare of its citizens, including the multitude of younger people utilizing this facility.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 67
  • Accountability: 95
  • Sustainability: 38
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.5%; rating input score 92
  • Program expense ratio: 85.3%; rating input score 85
  • Fundraising efficiency: $14.85 raised per $1 spent on fundraising; rating input score 49; 49th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.9%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 4.82; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 5.6%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: -0.2% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 12% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 91.5% of revenue deployed · 85.3% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $16.8M in reported program spending
  • Leadership: top reported pay $374K · 22 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $6.6M reported
  • Consistency: 33 of 34 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 49/100.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.