Overview
What is Science Park Development Corporation?
Science Park Development Corporation (SPDC) is a nonprofit organization established in 1981 with the collaboration of the City of New Haven, the State of Connecticut, Yale University, and Olin Corporation. Their primary mission is to revitalize New Haven's economy by developing Science Park, a previously vacant industrial complex adjacent to Yale Science Hill Campus. This revitalization involves creating office and lab spaces for tech and biotech companies, establishing a variety of housing options, and enhancing employment opportunities for local residents. By 1998, CHFA and DECD committed $15 million to support the redevelopment and expansion of the park, with additional funds from other partners. Since 2000, the corporation has renovated and demolished buildings, constructed parking structures, and established affordable housing units. SPDC continues to pursue funding opportunities for the remediation and demolition of contaminated buildings, aiming to improve the community and attract research and technological enterprises. Today, the park is home to several companies, cafes, and educational organizations, with full occupancy since 2019. Despite the COVID-19 pandemic, the park has remained active, showcasing New Haven's growing bioscience economic cluster.
Official website here: www.scienceparknewhaven.org
What are the reviews and ratings of this charity?
Charity Navigator rating: 81%, Three-Star out of Four Star rating.
Science Park Development Corporation has received an 81% rating from Charity Navigator, reflecting a strong emphasis on accountability and finance. This rating is derived solely from their performance in this area, highlighting the organization's commitment to transparency and effective management of resources.
The organization boasts a fully independent board, with all eight members meeting the criteria for independence. They have implemented strong financial oversight practices, including an audit and oversight committee, and have no reported instances of material diversion of assets. Further, their policies regarding conflicts of interest, whistleblowing, and document retention are well-established, demonstrating a robust governance framework.
Despite these strengths, the overall rating hinges on a single beacon score, which may limit insight into other operational areas such as program effectiveness or community impact. While the financial management appears solid, potential donors and stakeholders may desire a more comprehensive evaluation of the organization's overall performance and outcomes.
This AI summary has been generated from information found on Charity Navigator.
Is Science Park Development Corporation legitimate?
Science Park Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Science Park Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $151,798
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.scienceparknewhaven.org
What is the mission statement of Science Park Development Corporation?
The Science Park Development Corporation, established as a non-profit entity, is dedicated to driving economic development in a distressed community. Its primary mission is to oversee the completion of the Science Park and its surrounding areas for various purposes. These objectives include boosting employment opportunities in the city in general and specifically in the Dixwell and Newhallville neighborhoods. Additionally, the corporation aims to increase the city's tax base, attract research and technological enterprises, and enhance the variety of housing options in the Science Park and its environs, all while remaining compatible with these primary goals.
Official website here: www.scienceparknewhaven.org
Who is the CEO of Science Park Development Corporation?
David Silverstone is the Director of Science Park Development Corporation.
Official website here: www.scienceparknewhaven.org
What is the revenue of Science Park Development Corporation?
Science Park Development Corporation's revenue in 2022 was $3,846,142.
Official website here: www.scienceparknewhaven.org
Who are the executives of Science Park Development Corporation and what are their salaries?
The average compensation at Science Park Development Corporation during 2022 was $151,798. There is 1 employee and 9 volunteers at Science Park Development Corporation.
Here are 12 key members and their salaries:
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- Compensation: $91,798
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Official website here: www.scienceparknewhaven.org
Where can I find the form 990 for Science Park Development Corporation?
Science Park Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.scienceparknewhaven.org
Learn more at the official website: www.scienceparknewhaven.org
Mission Statement of Science Park Development Corporation
Science Park Development Corporation, a non-profit organization, is established with the mission to drive economic development in a distressed community. Their primary goal is to complete the development and redevelopment of Science Park and its surroundings. This initiative aims to increase employment opportunities in the city as a whole and specifically in the Dixwell and Newhallville neighborhoods. By doing so, the corporation intends to boost the tax base within the city of New Haven.
Furthermore, Science Park Development Corporation seeks to attract research and technological enterprises to the area, extending the variety of businesses available. The organization's mission is not limited to economic growth; it also strives to enhance the housing landscape in Science Park and its surroundings, aiming for a more diverse housing market. This holistic approach to development ensures that the community benefits from both economic and residential improvements.
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Impact
July, 2024
Science Park Development Corporation has had a significant impact on the revitalization and economic development of the city of New Haven, particularly in the Dixwell and Newhallville neighborhoods. Through its efforts to develop office and lab spaces for tech and biotech companies, as well as create housing opportunities, SPDC has contributed to increased employment opportunities, alleviation of poverty, and prevention of blight in the surrounding areas. Additionally, SPDC's initiatives have led to the attraction of start-up biotech and technology firms, resulting in full occupancy of its buildings since 2019.
Furthermore, SPDC has worked with various partners and secured funding to demolish obsolete structures, renovate existing buildings, and construct new facilities within the Science Park complex. These efforts have not only enhanced the area's infrastructure but also resulted in the creation of a vibrant community with over 30 companies, cafes, nonprofit organizations, and university affiliates employing over 1600 individuals. The organization's focus on promoting social service and educational organizations has further reinforced its commitment to serving the community.
Overall, Science Park Development Corporation's dedication to economic development, job creation, and community improvement has made a meaningful impact on the city of New Haven and its residents. Through its ongoing efforts to attract businesses, develop housing options, and enhance the surrounding environment, SPDC continues to play a vital role in the growth and prosperity of the region.
This information is meant to be a general summary of Science Park Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $5,594
- Program Service Revenue: $3,769,919
- Gross Receipts: $3,846,142
Assets and Liabilities:
- Total Assets: $13,068,624
- Total Liabilities: $23,120,182
- Net Assets: -$10,051,558
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROG.SERV.REVENUE
Revenue
$3,769,919
Organization Details
Founding Year
1981
Phone
(203) 785-0840Principal Officer
David Silverstone
Main Address
5 SCIENCE PARK, NEW HAVEN, CT, 06511
Website
www.scienceparknewhaven.orgNTEE Category
Code: S40 - Community improvement
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