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← TRI-STATE COMMUNITY PARTNERS INC

Form 990 for tax year 2024

Filed by TRI-STATE COMMUNITY PARTNERS INC.

Totals

Total revenue
$3,701,807
Total expenses
$41,512
Contributions and grants received
$3,659,364
Grants paid
$10,500
Program service revenue
$0
Investment income
$42,443
Other revenue
$0
Total assets, end of year
$12,995,830
Total liabilities, end of year
$3,642,423
Net assets or fund balances, end of year
$9,353,407
Program services expenses (Part IX)
$24,774
Management and general expenses
$16,738
Fundraising expenses
$0
Program service expenses (Part III)
$24,774

Program services were 59.7% 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)

    $3,659,364

  • 3 · Investment income

    total $42,443 · related or exempt $40,000 · excluded $2,443

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,500 · program services $10,500

  • 11b · Fees: legal

    total $283 · management and general $283

  • 11c · Fees: accounting

    total $15,565 · management and general $15,565

  • 11g · Fees: other

    total $14,274 · program services $14,274

  • 13 · Office expenses

    total $890 · management and general $890

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $322,697 · end of year $3,669,220

  • 13 · Investments: program-related

    beginning of year $5,667,246 · end of year $9,326,610

  • 17 · Accounts payable and accrued expenses

    beginning of year $25 · end of year $5,264

  • 19 · Deferred revenue

    beginning of year $296,806 · end of year $3,637,159

  • 27 · Net assets without donor restrictions

    beginning of year $5,693,112 · end of year $9,353,407

Mission and programs · 2024

Mission

TRI-STATE COMMUNITY PARTNERS, INC. (TSCP) WILL LESSEN THE BURDENS OF GOVERNMENT AND PROMOTE THE GENERAL WELFARE OF THE COMMUNITY BY ASSISTING THE CITY OF SEAFORD, DELAWARE (CITY), AND THE STATE OF DELAWARE (STATE) IN ELIMINATING A BLIGHTED AREA IN THE COMMUNITY.

  • FUNDS RECEIVED IN 2024 WERE USED IN FURTHERANCE OF TSCP'S NYLON CAPITAL SHOPPING CENTOR REVITALIZATION PROJECT. IT BROKE GROUND IN 2024, 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 $24,774 · Grants $10,500 · Revenue $40,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • WILL HORROCKS

    PRESIDENT AND DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • VINCENT GARMAN

    SECRETARY AND DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • ANDREW LEVIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • DAVID RINNIER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • TAYLOR SANTORO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.1
Source object
202501359349303680

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