Overview
What is Delaware Technology Park Inc?
Delaware Technology Park Inc, situated in Newark, Delaware, is a nonprofit organization committed to fostering the commercialization of startup companies within the technology sector. The organization accomplishes this by collaborating with state, university, and private industries, thereby opening up opportunities for grants, university patents, and potential business partnerships. Their mission is to stimulate economic growth and create high-value jobs in the mid-Atlantic region by offering affordable, state-of-the-art facilities and providing connections to local industry, government, and academic leaders. In addition, Delaware Technology Park Inc manages advanced research facilities to further promote technology and innovation.
Official website here: www.deltechpark.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Star rating, 69%)
Delaware Technology Park Inc has received a rating indicating it needs improvement, primarily due to deficiencies in governance policies and financial management practices. While the organization excels in several areas such as accountability and finance, achieving a perfect score in these categories, it struggles with the lack of essential policies like conflict of interest and whistleblower protections, which impacts its overall score.
The organization demonstrates strong financial oversight, with a high program expense ratio of 88.37%, suggesting that a significant portion of its resources is directed towards its programs. Additionally, the board is comprised entirely of independent members, reflecting a commitment to proper governance and oversight. However, the liabilities to assets ratio stands at an alarming 104.63%, indicating potential financial instability.
Despite these strengths, the missing governance policies and low score in the financial health category highlight critical areas that require attention. For stakeholders and potential donors, these factors may raise concerns regarding the long-term sustainability and ethical practices of the organization. Overall, while Delaware Technology Park Inc has some solid management structures in place, it must address its governance gaps to improve its standing.
This AI summary has been generated from information found on Charity Navigator.
Is Delaware Technology Park Inc legitimate?
Delaware Technology Park Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Delaware Technology Park Inc 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: $75,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.deltechpark.org
What is the mission statement of Delaware Technology Park Inc?
The Delaware Technology Park's mission is to foster economic growth and generate high-value jobs in the mid-Atlantic region. They achieve this by offering affordable, cutting-edge research facilities, connecting companies with essential resources, and providing access to influential leaders in the industry, government, and academia. The park plays a significant role in the commercialization of startup companies in the technology sector, facilitating interactions with the state, university, and private industries, and opening up opportunities for grants, university patents, and potential business collaborations.
Official website here: www.deltechpark.org
Who is the CEO of Delaware Technology Park Inc?
J Michael Bowman is the Chair of Delaware Technology Park Inc. The CEO's salary of Delaware Technology Park Inc is $0 and their total compensation is $75,000.
Official website here: www.deltechpark.org
What is the revenue of Delaware Technology Park Inc?
Delaware Technology Park Inc's revenue in 2023 was $5,204,019.
Official website here: www.deltechpark.org
Who are the executives of Delaware Technology Park Inc and what are their salaries?
There 5 volunteers at Delaware Technology Park Inc.
Here are 9 key members and their salaries (Delaware Technology Park Inc's CEO's salary is $0 and their total compensation is $75,000):
- Compensation: $68,750
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $75,000
- Other: $0
Official website here: www.deltechpark.org
Where can I find the form 990 for Delaware Technology Park Inc?
Delaware Technology Park Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.deltechpark.org
Learn more at the official website: www.deltechpark.org
Mission Statement of Delaware Technology Park Inc
Delaware Technology Park, a pioneering organization, is dedicated to stimulating economic growth and creating high-value employment opportunities in the mid-Atlantic region. To achieve this mission, the Park provides state-of-the-art facilities at an affordable cost to startups in the technology sector. By doing so, it opens up avenues for these companies to access vital resources and establish connections with regional leaders in industry, government, and academia. The Park further facilitates the commercialization of these startups by offering access to grants, existing patents within the University of Delaware, and potential business prospects in the private sector.
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Impact
July, 2024
Delaware Technology Park Inc plays a crucial role in stimulating economic growth and creating high-value jobs in the mid-Atlantic region. By promoting the commercialization of startup companies in the technology industry, DTP actively facilitates interactions between the state, university, and private industries. By offering affordable state-of-the-art facilities and access to necessary resources, DTP opens pathways to grants, existing patents within the University of Delaware, and potential business opportunities in the private sector. As a result, DTP's impact extends beyond its immediate community, contributing to the overall advancement of the technology sector and fostering innovation and job creation in the region.
This information is meant to be a general summary of Delaware Technology Park Inc. 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 2023.
- Program Service Revenue: $4,374,104
- Gross Receipts: $5,204,019
Assets and Liabilities:
- Total Assets: $56,922,886
- Total Liabilities: $59,559,349
- Net Assets: -$2,636,463
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Income
Revenue
$4,374,104
Organization Details
Founding Year
1991
Phone
(302) 452-1100Principal Officer
J Michael Bowman
Main Address
591 Collaboration Way 204, Newark, DE, 19713
Website
www.deltechpark.orgNTEE Category
Code: S20 - Community improvement
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