Riverfront Development Corporation of Delaware
Nonprofit profile at a glance
- EIN
- 510373101
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Wilmington, DE, USA
- Phone
- 3024254890
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Economic Development
Reported finances
- Revenue
- $6,045,195
- Expenses
- $13,950,887
- Assets
- $144,827,938
- Liabilities
- $17,009,634
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
29 people listed
Executive titles in this filing
- MEGAN MCGLINCHEY (EXECUTIVE DIRECTOR)
Highest reported compensation
- MEGAN MCGLINCHEY (EXECUTIVE DIRECTOR): $211,645 total reported compensation
- FRANCIS J LUCEY JR (COMPTROLLER): $152,063 total reported compensation
- JAMIE SENN (DIRECTOR OF OPERATIONS): $140,726 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
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.
What it reported doing in 2024
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
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 99% 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
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and liabilities are high compared with assets.
Rating breakdown
- Financial Efficiency: 86
- Transparency & Controls: 87
- Accountability: 95
- Sustainability: 43
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 92.1%; rating input score 92
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 92.3%; rating input score 92; 23rd percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -130.8%; rating input score 0; 0th percentile among comparable filings
- Total-asset coverage ratio: 10.38; rating input score 91; 91st percentile among comparable filings
- Liabilities to assets ratio: 0.12; rating input score 55; 55th percentile among comparable filings
- Officer compensation ratio: 0.8%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: 3.4% per year; rating input score 100; 30th percentile among comparable filings
- Revenue growth: 4.5% per year; rating input score 100; 38th percentile among comparable filings
- Asset growth: 1.4% per year; rating input score 100; 17th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 92.1% of spending went to programs
- Governance: 24 of 26 board members independent · 8 of 8 filing controls reported
- Programs: 4 filed program accomplishments · $12.9M in reported program spending
- Leadership: top reported pay $212K · 29 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $6.3M reported
- Consistency: 33 of 33 current checks pass
- Schedules: 7 filed schedules · includes major donors, grants, and executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: 3 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.
- High — Sustainability: Operating margin scored 0/100.
- Review — Sustainability: Liabilities to assets ratio scored 55/100.