Form 990 for tax year 2023

Totals

Total revenue

$656,128

Total expenses

$39,443

Contributions and grants received

$617,246

Grants paid

$16,909

Program service revenue

$0

Investment income

$38,882

Other revenue

$0

Total assets, end of year

$5,989,943

Total liabilities, end of year

$296,831

Net assets or fund balances, end of year

$5,693,112

Program services expenses (Part IX)

$16,909

Management and general expenses

$22,534

Fundraising expenses

$0

Program service expenses (Part III)

$16,909

Program services were 42.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2023

• FUNDS RECEIVED IN 2023 WERE USED IN FURTHERANCE OF TSCP'S NYLON CAPITAL SHOPPING CENTOR REVITALIZATION PROJECT. IT BROKE GROUND IN 2023, WITH BOTH EXISTING TENANTS AND NEW ONES HAVE BEEN ANNOUNCED . THE SITE WILL EVENTUALLY BE HOME TO A HEALTHCARE INCUBATOR, DELAWARE TECH CAMPUS AND OTHER STATE OF THE ART ENTERPRISES. THE CITY HAS RECOGNIZED NYLON CAPITAL SHOPPING CENTER AS A BLIGHTED SITE. THE SITE CONSISTS OF APPROXIMATELY 22 ACRES OF MOSTLY VACANT DILAPIDATED BUILDINGS. THE SHOPPING CENTER, ONCE A SYMBOL OF PRIDE AND PROGRESS FOR THE CITY, IS CURRENTLY 86 PERCENT VACANT AND HAS BEEN PREDOMINANTLY VACANT FOR OVER A DECADE. MOST OF THE SHOPPING CENTER HAS DECAYED INTO A DILAPIDATED SHELL (DELAWARE BUSINESS TIMES, 2019). SUBSTANTIAL PORTIONS OF THE BUILDINGS ARE UNINHABITABLE DUE TO ASBESTOS AND DECAY FROM LACK OF USE AND SIGNIFICANT DEFERRED MAINTENANCE. IMPROVEMENT OF THE SITE WILL REQUIRE ENVIRONMENTAL EXPENDITURES FOR ASBESTOS, REMOVAL OF UNDERGROUND TANKS AND REMOVAL OF CONTAMINATED SOIL. WESTERN SUSSEX COUNTY, DELAWARE, WHERE THE BLIGHTED AREA IS LOCATED, HAS A HOST OF ECONOMIC, SOCIOECONOMIC AND HEALTHCARE ISSUES THAT HAVE BEEN EXACERBATED BY THE COVID-19 PANDEMIC. THE COMMUNITIES THERE EXPERIENCE A POVERTY RATE THAT IS DOUBLE OR TRIPLE THAT STATEWIDE POVERTY RATE OF 12 PERCENT. THIS POVERTY IS BEING EXPERIENCED DISPROPORTIONALLY BY MINORITY POPULATIONS AND SINGLE WOMEN. THE CITY HAS PARTICULARLY STRUGGLED AFTER AN IMPORTANT MANUFACTURING FACILITY CLOSED. THE REDEVELOPMENT OF THE BLIGHTED SITE WILL AID COMBATTING THESE CONDITIONS. THE REDEVELOPMENT OF THE SITE WILL HELP IMPLEMENT THE CITY'S GOAL TO REPLACE THE BLIGHTED SITE, WHICH WAS ONCE THE EPICENTER OF TOWN, AND ENTICE TENANTS WHO WILL BENEFIT THE COMMUNITY AS WELL AS PROVIDING MUCH NEEDED EMPLOYMENT.

  Expenses $16,909 · Grants $16,909 · Revenue $38,882

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

• JOSHUA M FREEMAN FOUNDATION

  $10,000

  ARTS ACCESS INITIATIVE IN WESTERN SUSSEX COUNTY

Provenance

Return type

form_990

Tax year

2023

Filed

17 June 2024

IRS schema version

2023v5.1

Source object

202431699349301488

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