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Nonprofiteer
← DELAWARE RIVER WATERFRONT CORPORATION

Form 990 for tax year 2023

Filed by DELAWARE RIVER WATERFRONT CORPORATION.

Totals

Total revenue
$17,491,111
Total expenses
$17,797,878
Contributions and grants received
$6,367,568
Grants paid
$0
Program service revenue
$10,054,837
Investment income
$513,760
Other revenue
$554,946
Total assets, end of year
$60,538,833
Total liabilities, end of year
$48,821,610
Net assets or fund balances, end of year
$11,717,223
Program services expenses (Part IX)
$14,185,335
Management and general expenses
$3,305,643
Fundraising expenses
$306,900
Program service expenses (Part III)
$14,185,335

Program services were 79.7% 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.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $6,367,568

  • 2a · Program service revenue: RENTAL INCOME

    total $8,199,688 · related or exempt $8,199,688

  • 2b · Program service revenue: SERVICE REVENUE

    total $1,855,149 · related or exempt $1,855,149

  • 3 · Investment income

    total $611,291 · excluded $611,291

  • 7a · Gross sales of assets other than inventory

    other assets $48,767

  • 7b · Less cost or other basis and sales expenses

    other assets $146,298

  • 7c · Gain or loss

    other assets -$97,531

  • 7d · Net gain or loss

    total -$97,531 · excluded -$97,531

  • 8a · Fundraising events: gross income

    $275,988

  • 8b · Fundraising events: direct expenses

    $48,331

  • 8c · Net income from fundraising events

    total $227,657 · excluded $227,657

  • 11a · Other revenue: MISC. INCOME

    total $327,289 · excluded $327,289

  • 11e · Other revenue, total

    $327,289

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,103,176 · program services $212,457 · management and general $686,034 · fundraising $204,685

  • 7 · Other salaries and wages

    total $3,674,491 · program services $3,550,491 · management and general $124,000

  • 8 · Pension plan contributions

    total $576,882 · program services $557,414 · management and general $19,468

  • 9 · Other employee benefits

    total $677,218 · program services $654,364 · management and general $22,854

  • 10 · Payroll taxes

    total $352,464 · program services $340,570 · management and general $11,894

  • 11b · Fees: legal

    total $225,064 · program services $225,064

  • 11c · Fees: accounting

    total $172,347 · management and general $172,347

  • 11g · Fees: other

    total $1,136,604 · program services $909,283 · management and general $227,321

  • 12 · Advertising and promotion

    total $473,023 · program services $354,767 · management and general $94,605 · fundraising $23,651

  • 13 · Office expenses

    total $1,400,825 · program services $1,050,619 · management and general $280,165 · fundraising $70,041

  • 16 · Occupancy

    total $1,423,664 · program services $1,138,931 · management and general $284,733

  • 17 · Travel

    total $177,971 · program services $142,377 · management and general $35,594

  • 20 · Interest

    total $179,218 · program services $179,218

  • 22 · Depreciation, depletion and amortization

    total $326,136 · program services $326,136

  • 23 · Insurance

    total $1,440,804 · program services $1,440,804

  • 24a · Other expenses: OTHER

    total $1,546,895 · program services $1,237,516 · management and general $309,379

  • 24b · Other expenses: ADMINISTRATIVE SERVICES

    total $1,037,249 · management and general $1,037,249

  • 24c · Other expenses: ENGINEERING SERVICES

    total $1,026,136 · program services $1,026,136

  • 24d · Other expenses: PERFORMANCE/SITE ACTIVI

    total $426,139 · program services $417,616 · fundraising $8,523

  • 24e · All other expenses

    total $421,572 · program services $421,572

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $12,201,183 · end of year $12,383,140

  • 4 · Accounts receivable

    beginning of year $3,589,902 · end of year $4,687,210

  • 9 · Prepaid expenses and deferred charges

    beginning of year $73,354 · end of year $65,041

  • 10a · Land, buildings and equipment: cost or other basis

    $8,732,887

  • 10b · Land, buildings and equipment: accumulated depreciation

    $522,232

  • 10c · Land, buildings and equipment, net

    beginning of year $1,117,658 · end of year $8,210,655

  • 11 · Investments: publicly traded securities

    beginning of year $4,296,241 · end of year $4,295,267

  • 15 · Other assets

    beginning of year $31,523,363 · end of year $30,897,520

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,422,650 · end of year $3,115,058

  • 19 · Deferred revenue

    beginning of year $8,843,538 · end of year $15,345,557

  • 24 · Unsecured notes and loans payable

    beginning of year $3,217,283 · end of year $944,889

  • 25 · Other liabilities

    beginning of year $28,182,899 · end of year $29,416,106

  • 27 · Net assets without donor restrictions

    beginning of year $8,896,333 · end of year $11,717,223

  • 28 · Net assets with donor restrictions

    beginning of year $238,998 · end of year $0

Mission and programs · 2023

Mission

DRWC'S MISSION IS TO MAINTAIN AND PROMOTE THE USE AND DEVELOPMENT OFTHE CITY OF PHILADELPHIA'S CENTRAL WATERFRONT. THIS TASK IS OF VITALIMPORTANCE TO THE CITY AND ONE WHICH THE CITY WOULD OTHERWISE BEREQUIRED TO PERFORM ITSELF ABSENT THE DRWC.

  • DRWC IS DEDICATED TO THE PLANNING, DESIGN, DEVELOPMENT AND MANAGEMENTOF THE CENTRAL DELAWARE RIVER WATERFRONT IN PHILADELPHIA, DEFINED ASTHE SIX MILE STRETCH OF THE CENTRAL DELAWARE, WHICH IS THE AREA DEFINEDBY OREGON AVENUE IN THE SOUTH OF ALLEGHENY AVENUE IN THE NORTH AND FROMI-95 TO THE DELAWARE RIVER. THE GOAL OF DRWC IS TO EFFECTUATE OVER TIMETHE TRANSFORMATION OF THE CENTRAL DELAWARE RIVER WATERFRONT INTO AVIBRANT DESTINATION LOCATION FOR THE RECREATIONAL, CULTURAL,PORT/INDUSTRIAL, AND COMMERCIAL ACTIVITIES OF PHILADELPHIA'S RESIDENTS,WORKERS AND VISITORS.

    Expenses $10,639,001 · Revenue $7,930,351

  • DRWC REMAINS STEADFAST IN ITS COMMITMENT TO FREE PUBLIC PROGRAMMING ON THE WATERFRONT AT PENN'S LANDING. ALL EVENTS PRODUCED BY DRWC ARE FREE TO THE PUBLIC. THE RIVER STAGE HOSTED A VARIETY OF NATIONAL ARTISTS IN THE ROCK, JAZZ, GOSPEL AND CLASSICAL GENRES AND ALSO WAS ABLE TOACCOMMODATE THE FULL PHILADELPHIA ORCHESTRA. PENN'S LANDING CONTINUES TO SERVE AS A FEATURED LOCATION FOR THE CITY'S INDEPENDENCE DAY CELEBRATION, HOSTING HIGH PROFILE WATERFRONT CONCERT WITH FIREWORKS. THE SUMMER PROGRAM SEASON INCLUDED DIFFERENT MULTICULTURAL SERIES CELEBRATING THE RICH DIVERSITY OF THE GREATER PHILADELPHIA REGION, MARQUEE CONCERTS FEATURING FAMILY ENTERTAINMENT, THE SOUNDS OF R&B AND JAZZ.

    Expenses $1,418,534

  • 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 CROSS RIVER RINK" AT PENN'S LANDING. IT IS A STANDARD OLYMPIC REGULATION SIZEICE RINK, DURING 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 OPEN FOR PUBLIC SKATING AND AVAILABLE TO SCHOOL GROUPS ON WEEKDAYS. THEOPERATION OF THESE SKATING RINKS RELIEVES THE CITY FROM HAVING TO OPERATE THE PUBLIC ARENA, WHICH IT WOULD OTHERWISE DO FOR THE GENERAL WELFARE OF ITS CITIZENS, INCLUDING THE MULTITUDE OF YOUNGER PEOPLE UTILIZING THIS FACILITY.

    Expenses $2,127,800 · Revenue $2,124,486

As filed on the 2023 return.

Listed in Part VII

  • JOSEPH FORKIN

    PRESIDENT

    Total calculated
    $336,849
    From this org
    $276,424
    From related orgs
    $0
    Other
    $60,425
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $276,424
    Bonus
    $0
    Other
    $0
    Deferred
    $22,500
    Nontaxable benefits
    $37,925
    Filer's total
    $336,849

  • LARRY BELL

    CHIEF FINANCIAL OFFICER

    Total calculated
    $183,680
    From this org
    $159,000
    From related orgs
    $0
    Other
    $24,680
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,000
    Bonus
    $0
    Other
    $0
    Deferred
    $3,180
    Nontaxable benefits
    $21,500
    Filer's total
    $183,680

  • JODIE MILKMAN

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $245,857
    From this org
    $189,968
    From related orgs
    $0
    Other
    $55,889
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,968
    Bonus
    $0
    Other
    $0
    Deferred
    $3,799
    Nontaxable benefits
    $52,090
    Filer's total
    $245,857

  • LAVELLE YOUNG

    VICE PRESIDENT, OPERATIONS

    Total calculated
    $143,750
    From this org
    $120,506
    From related orgs
    $0
    Other
    $23,244
    Hours/week
    40

  • ELIZABETH WOODS

    VICE PRESIDENT, OPERATIONS

    Total calculated
    $150,546
    From this org
    $127,408
    From related orgs
    $0
    Other
    $23,138
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,408
    Bonus
    $0
    Other
    $0
    Deferred
    $2,548
    Nontaxable benefits
    $20,590
    Filer's total
    $150,546

  • JAY R GOLDSTEIN

    BOARD CHAIRMAN/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • OBRA KERNODLE IV

    BOARD VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • BILL HANKOWSKY

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • DIANE DALTO WOOSNAM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL DIBERARDINIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • AVI D EDEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL HAUPTMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARILYN JORDAN TAYLOR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALBA MARTINEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN MONDLAK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MATT RUBEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DONN G SCOTT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANGELA VAL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BILL WILSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ELLEN YIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARIO ZACHARJASZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • DRWC LAND CONSERVANCY

    501(C)(3) · PRESERVAION OF LAND AND PROTECTION OF THE NATURAL ENVIRONMENT · PA · controlled entity

    Directly controlled by DELAWARE RIVER WATERFRONT CORPORATION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • PENN'S LANDING LLC

    HOLD PA LIQUOR LICENSE FOR SALES AT PENN'S LANDING WATERFRONT · PA · income $1,130,305 · assets $12,485,889

    Directly controlled by DELAWARE RIVER WATERFRONT CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
19 March 2025
IRS schema version
2023v6.0
Source object
202500789349300430

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