First State Innovation Inc

Nonprofit profile at a glance

EIN
205095603
IRS 990 coverage
2010–2025
Forms available
Form 990 2025, Form 990-EZ 2015, Form 990-N 2014
Location
Wilmington, DE, USA
Phone
6106598268
Rating confidence
Limited
Sector
Economic Development

Official website

Reported finances

Revenue
$0
Expenses
$1,000
Assets
$400,323
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • ERNEST J DIANASTASIS (CHAIRMAN & PRESIDENT)

People named in this filing

  • ERNEST J DIANASTASIS (CHAIRMAN & PRESIDENT)
  • J MICHAEL BOWMAN (BOARD MEMBER)
  • FRANK PENNELLA (BOARD MEMBER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To help grow wealth and the workforce of Delaware's innovation economy by growing, attracting, retaining, and connecting high growth technology-based businesses and supporting infrastructure in the state, and to help create an environment that makes it easy for emerging companies to locate the resources that will enable them to incubate, grow or relocate to the state and the surrounding region.

What it reported doing in 2025

Support of Delaware's entrepreneurial activities

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 44
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: 400.32; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 66; 66th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 58; 58th percentile among comparable filings

Growth

  • Program expense growth: -49.7% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -27.6% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: -0.8% per year; rating input score 0; 32nd percentile among comparable filings

Details

  • Where the money goes: 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 11 of 11 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 11 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • 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.

  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 58/100.