Schuylkill River Development Corporation

Nonprofit profile at a glance

EIN
232690558
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Philadelphia, PA, USA
Phone
2153095523
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$2,015,035
Expenses
$1,672,260
Assets
$10,506,264
Liabilities
$613,425

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

Leadership & pay

29 people listed

Executive titles in this filing

  • JOSEPH R SYRNICK (PRESIDENT/CEO)

Highest reported compensation

  • JOSEPH R SYRNICK (PRESIDENT/CEO): $263,485 total reported compensation
  • BLAISE SYRNYCK (OPERATIONS MANAGER): $128,080 total reported compensation
  • HEATHER SAEGER (COO): $118,586 total reported compensation

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

Overview

Mission

Srdc is revitalizing philadelphia's tidal schuylkill river corridor into an asset that connects neighborhoods and encourages investment. Working with the city and stakeholders to build, maintain, and program schuylkill banks, srdc drives improvements in recreation and transportation, community and economic development, public health, and environmental stewardship, benefiting neighbors, philadelphia and the region.

What it reported doing in 2024

Maintenance program - srdc has an agreement with philadelphia parks and recreation to share certain maintenance responsibility for schuylkill banks. This public-private partnership lessens the burden on government and increases the level of upkeep on schuylkill banks. This in turn makes the site more attractive and valuable from a quality of life standpoint. Much of the work is done by volunteers especially during the summer season.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 68
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.2%; rating input score 65
  • Program expense ratio: 71.2%; rating input score 71
  • Fundraising efficiency: $7.99 raised per $1 spent on fundraising; rating input score 30; 30th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 17%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 6.28; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 30.5%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: -5.4% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -0.9% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: 8% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 65.2% of revenue deployed · 71.2% of spending went to programs
  • Governance: 26 of 26 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $1.2M in reported program spending
  • Leadership: top reported pay $263K · 29 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $521K reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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 30/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.