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Nonprofiteer
← DELAWARE ADVANCEMENT CORPORATION

Form 990 for tax year 2023

Filed by DELAWARE ADVANCEMENT CORPORATION.

Totals

Total revenue
$4,359,701
Total expenses
$3,992,560
Contributions and grants received
$2,926,461
Grants paid
$0
Program service revenue
$303,500
Investment income
$127,993
Other revenue
$1,001,747
Total assets, end of year
$15,230,312
Total liabilities, end of year
$6,537,277
Net assets or fund balances, end of year
$8,693,035
Program services expenses (Part IX)
$3,503,748
Management and general expenses
$418,754
Fundraising expenses
$70,058
Program service expenses (Part III)
$3,503,748

Program services were 87.8% 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)

    $2,068,057

  • 1f · All other contributions, gifts and grants

    $858,404

  • 2a · Program service revenue: PUBLIC CONVENTION CENTER

    total $303,500 · related or exempt $303,500

  • 3 · Investment income

    total $145,040 · excluded $145,040

  • 6a · Gross rents

    real property $8,312

  • 6c · Rental income or loss

    real property $8,312

  • 6d · Net rental income or loss

    total $8,312 · excluded $8,312

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

    other assets $17,047

  • 7c · Gain or loss

    other assets -$17,047

  • 7d · Net gain or loss

    total -$17,047 · excluded -$17,047

  • 10a · Gross sales of inventory

    $1,211,612

  • 10b · Cost of goods sold

    $235,186

  • 10c · Net income from sales of inventory

    total $976,426 · related or exempt $976,426

  • 11a · Other revenue: MISC REVENUE

    total $17,009 · related or exempt $17,009

  • 11e · Other revenue, total

    $17,009

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $311,515 · program services $271,019 · management and general $34,266 · fundraising $6,230

  • 7 · Other salaries and wages

    total $1,314,214 · program services $1,143,366 · management and general $144,564 · fundraising $26,284

  • 9 · Other employee benefits

    total $242,287 · program services $210,791 · management and general $26,651 · fundraising $4,845

  • 10 · Payroll taxes

    total $118,547 · program services $103,136 · management and general $13,040 · fundraising $2,371

  • 11b · Fees: legal

    total $682 · management and general $682

  • 11c · Fees: accounting

    total $36,906 · management and general $36,906

  • 11g · Fees: other

    total $16,300 · program services $14,996 · management and general $1,141 · fundraising $163

  • 12 · Advertising and promotion

    total $80,228 · program services $69,798 · management and general $8,825 · fundraising $1,605

  • 13 · Office expenses

    total $59,099 · program services $51,416 · management and general $6,501 · fundraising $1,182

  • 14 · Information technology

    total $90,180 · program services $78,456 · management and general $9,920 · fundraising $1,804

  • 16 · Occupancy

    total $440,465 · program services $387,610 · management and general $44,046 · fundraising $8,809

  • 17 · Travel

    total $32,764 · program services $28,505 · management and general $3,604 · fundraising $655

  • 19 · Conferences, conventions and meetings

    total $8,864 · program services $7,712 · management and general $975 · fundraising $177

  • 20 · Interest

    total $37,305 · program services $37,305

  • 22 · Depreciation, depletion and amortization

    total $270,377 · program services $235,228 · management and general $29,741 · fundraising $5,408

  • 23 · Insurance

    total $69,682 · program services $60,624 · management and general $7,665 · fundraising $1,393

  • 24a · Other expenses: PROGRAM EXPENSES

    total $406,533 · program services $406,533

  • 24b · Other expenses: OTHER EXPENSES

    total $236,295 · program services $205,577 · management and general $25,992 · fundraising $4,726

  • 24c · Other expenses: MAINTENANCE

    total $170,099 · program services $147,986 · management and general $18,711 · fundraising $3,402

  • 24d · Other expenses: SUPPLIES

    total $45,807 · program services $39,852 · management and general $5,039 · fundraising $916

  • 24e · All other expenses

    total $4,411 · program services $3,838 · management and general $485 · fundraising $88

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,828,697 · end of year $4,749,007

  • 3 · Pledges and grants receivable

    beginning of year $92,970

  • 4 · Accounts receivable

    beginning of year $320,871 · end of year $182,154

  • 7 · Other notes and loans receivable

    beginning of year $13,959

  • 8 · Inventories for sale or use

    beginning of year $30,652 · end of year $24,422

  • 9 · Prepaid expenses and deferred charges

    beginning of year $54,028 · end of year $7,578

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

    $8,184,811

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

    $3,974,623

  • 10c · Land, buildings and equipment, net

    beginning of year $2,844,310 · end of year $4,210,188

  • 12 · Investments: other securities

    beginning of year $17,463 · end of year $17,463

  • 13 · Investments: program-related

    beginning of year $6,076,570 · end of year $6,039,500

  • 17 · Accounts payable and accrued expenses

    beginning of year $161,636 · end of year $215,606

  • 19 · Deferred revenue

    beginning of year $107,713 · end of year $128,171

  • 23 · Secured mortgages and notes payable

    beginning of year $5,456,679 · end of year $6,193,500

  • 27 · Net assets without donor restrictions

    beginning of year $7,018,937 · end of year $8,693,035

  • 28 · Net assets with donor restrictions

    beginning of year $534,555

Mission and programs · 2023

Mission

TO AGGRESSIVELY PROMOTE INVESTMENT IN MUNCIE-DELAWARE COUNTY WHICH WILL RESULT IN THE CREATION AND RETENTION OF QUALITY JOB OPPORTUNITIES AND ENHANCE THE QUALITY OF LIFE IN OUR COMMUNITY.

Activities or mission (Part I)

ECONOMIC DEVELOPMENT

  • OPERATION OF A CONVENTION CENTER WITH CATERING SERVICES TO ENCOURAGE ECONOMIC DEVELOPMENT BY PROVIDING MEETING FACILITIES.

    Expenses $2,542,254 · Revenue $303,500

  • ECONOMIC DEVELOPMENT OF MUNCIE-DELAWARE COUNTY BY SEEKING NEW EMPLOYERS AND MAINTAINING EXISTING BUSINESS.

    Expenses $892,146

  • MANAGE PARKING GARAGE ASSOCIATED WITH THE CONVENTION CENTER

    Expenses $69,348

As filed on the 2023 return.

Listed in Part VII

  • JOANN MCKINNEY

    PRES/CEO-HOR

    Total calculated
    $158,362
    From this org
    $149,547
    From related orgs
    $0
    Other
    $8,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,547
    Bonus
    not reported
    Other
    not reported
    Deferred
    $8,815
    Nontaxable benefits
    not reported
    Filer's total
    $158,362

  • ELIZABETH ROWRAY

    PRESIDENT/CE

    Total calculated
    $152,885
    From this org
    $144,231
    From related orgs
    $0
    Other
    $8,654
    Hours/week
    13

    Schedule J breakdown matched by us

    Base
    $144,231
    Bonus
    not reported
    Other
    not reported
    Deferred
    $8,654
    Nontaxable benefits
    not reported
    Filer's total
    $152,885

  • BRYAN AYERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WATASHA BARNES GRIFFIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOE BARR

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER GASIOREK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER GIBSON

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • JOE HAMILTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFF HOWE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFF HUFF

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROB KEISLING

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MIKE O'CONNELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFF PARSONS

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • JESSICA PIPER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANDREW POPP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DAN RIDENOUR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHERRY RIGGIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RHONDA WARD

    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 · Form 990 of other organizations
  • 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.

Provenance

Return type
form_990
Tax year
2023
Filed
15 August 2025
IRS schema version
2023v6.0
Source object
202512279349301971

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