Science Park Development Corporation
Public records show a registered, tax-exempt organization in good standing.
Points to look into
- It owes more than it owns.
These come from the organization's own tax return. There may be a good explanation; ask the charity.
What it says it does
COMPLETE THE DEVELOPMENT/REDEVELOPMENT OF SCIENCE PARK AND ITS ENVIRONS FOR THE PURPOSE OF INCREASING EMPLOYMENT IN THE CITY OF NEW HAVEN IN GENERAL AND THE DIXWELL AND NEWHALLVILLE NEIGHBORHOODS IN PARTICULAR, INCREASING THE TAX BASE IN THE CITY OF NEW HAVEN, ATTRACTING RESEARCH AND TECHNOLOGICAL ENTERPRISES, AND THE EXTENT COMPATIBLE WITH THE FOREGOING, INCREASING THE VARIETY OF HOUSING IN SCIENCE PARK AND ITS ENVIRONS.
- Income
- $6.7 million
- Spending
- $5.3 million
- Spent on programs
- 97%
- Reserves
- -52 months of spending
- Largest source of income
- fees for its services, 60%
- Employees
- 1
- Volunteers
- 9
- Highest pay
- $97,969, exec. dir. & asst. secreta
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 45 out of 100. Higher than 15% of charities in its peer group (community improvement, $1m to $10m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
0 of 20It owes 161% of what it owns.
Living within its means
15 of 15Income exceeded spending by 21% of income.
Income trend
15 of 15Income rose 70% on the year before.
Spending floor
15 of 1597% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 68% of charities in its peer group (community improvement, $1m to $10m).
Independent board
25 of 258 of 9 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $5.1 million spent. SCIENCE PARK DEVELOPMENT CORPORATION ("SPDC") WAS ESTABLISHED IN AUGUST OF 1981 AS A PART OF A COOPERATIVE EFFORT BY THE CITY OF NEW HAVEN, THE STATE OF CONNECTICUT, YALE UNIVERSITY, AND OLIN CORPORATION TO MOBILIZE THEIR CONSIDERABLE RESOURCES TO CREATE A NEW ECONOMIC BASE AT THE SITE OF A MULTI-TRACT, PREDOMINANTLY VACANT, INDUSTRIAL COMPLEX ADJACENT TO THE YALE SCIENCE HILL CAMPUS AND IN NEW HAVEN'S STATE-DESIGNATED ENTERPRISE ZONE. IT'S GOAL IS TO FURTHER THE REVITALIZATION OF THE CITY OF NEW HAVEN THROUGH THE DEVELOPMENT OF OFFICE AND LAB SPACES FOR TECH AND BIOTECH COMPANIES AND THROUGH THE ESTABLISHMENT OF A VARIETY OF HOUSING IN SCIENCE PARK WHICH WILL RESULT IN THE ENHANCEMENT EMPLOYMENT OPPORTUNITIES FOR AREA RESIDENTS, RELIEF OF POVERTY AND NEIGHBORHOOD TENSION, AND THE PREVENTION OF BLIGHT AND DETERIORATION IN THE SURROUNDING DIXWELL-NEWHALLVILLE NEIGHBORHOOD AREAS.IN JULY OF 1998, THE CONNECTICUT HOUSING FINANCE AUTHORITY ("CHFA") AND THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT ("DECD") COMMITTED $15 MILLION TO DEMOLISH OBSOLETE STRUCTURES, AND TO REHABILITATE AND/OR CONSTRUCT NEW BUILDINGS IN THE PARK TO SUPPORT THE REDEVELOPMENT AND EXPANSION 140,000 SQUARE FEET OF OFFICES AND LAB SPACE IN 4 AND 5 SCIENCE PARK. THESE WERE IN ADDITION TO PREVIOUS COMMITMENTS TO THE PARK FROM THE CONNECTICUT DEVELOPMENT AUTHORITY ("CDA", NOW CONNECTICUT INNOVATIONS INC. "CII") AND DECD. IN ADDITION, YALE UNIVERSITY, OLIN CORPORATION AND THE CITY OF NEW HAVEN PROVIDED ADDITIONAL FUNDS, LAND OR CAPITAL TO FURTHER DEVELOPMENT OF THE PARK.SINCE 2000, THROUGH VARIOUS GROUND LEASES WITH DEVELOPERS, OFFICE/LAB BUILDINGS AND PARKING LOTS HAVE BEEN RENOVATED AND ABANDONED AND DERELICT BUILDINGS HAVE BEEN DEMOLISHED. IN ADDITION, A 1000-CAR PARKING STRUCTURE, CHILLER PLAN AND PARKING LOTS HAVE BEEN CONSTRUCTED AND HISTORIC FACTORY BUILDINGS HAVE BEEN RENOVATED INTO AN OFFICE BUILDING (2011) AND 158 LOFT-STYLE RESIDENTIAL APARTMENTS (2015), 20% OF WHICH ARE CHFA AFFORDABLE UNITS.IN 2014, TWO OF THE GROUND LEASES WERE SOLD TO THE OWNERS OF THE BUILDINGS THEREON. SINCE THEN, OVER $2 MILLION WAS INVESTED IN REPAIRS TO 4 AND 5 SCIENCE PARK, AS WELL AS THE ENVIRONMENTAL ASSESSMENT AND DEVELOPMENT DESIGN FOR THE UNDEVELOPED REMAINS OF SCIENCE PARK'S EASTERN COURTYARD OF TRACT A ("EASTERN COURTYARD"). SPDC RECEIVED A $485,000 SUBGRANT THROUGH CTNEXT'S INNOVATION PLACES PROGRAM IN 2017 AND TOGETHER WITH A TENANT INVESTED OVER $700,000 AND EXPANDED THE INFRASTRUCTURE OF LIFE SCIENCE SUPPORT SERVICES IN 4 SCIENCE PARK, AVAILABLE FOR BOTH SPDC TENANTS AND THE NEW HAVEN BIOTECH COMMUNITY. THIS INFRASTRUCTURE WAS FURTHER EXPANDED IN 2021 BY ANOTHER TENANT IN ORDER TO MAXIMIZE SERVICES IN THE PARK. SINCE DECEMBER 2017, SPDC HAS BEEN WORKING WITH A NEW DEVELOPMENT PARTNER FOR THE LAST 300,000 SQUARE FEET AND COMPLETING THE ENVIRONMENTAL ASSESSMENT OF THE EASTERN COURTYARD WITH A $200,000 DECD BROWNFIELDS GRANT AWARDED IN LATE 2018 AND A $2 MILLION BROWNFIELDS REMEDIATION GRANT AWARDED IN 2021. IN DECEMBER 2022, THE CITY OF NEW HAVEN WAS AWARDED A CONDITIONAL $2 MILLION BROWNFIELD AWARD TO BENEFIT SPDC AS ADDITIONAL FUNDING FOR THE DEMOLITION AND REMEDIATION OF THE EASTERN COURTYARD. UPON ITS EXPIRATION IN DECEMBER 2023, THE CONDITIONAL AWARD WAS TRANSFERRED TO SPDC AS APPLICANT WITH A FIRM AWARD AND CERTAIN DEVELOPMENT REQUIREMENTS STIPULATED IN A MEMORANDUM OF AGREEMENT BETWEEN DECD AND SPDC. IN 2024, SPDC WAS AWARDED AN ADDITIONAL $6.8 MILLION FROM DECD BROWNFIELDS AND URBAN SITES REMEDIAL ACTION PROGRAM TO COMPLETE THE DEMOLITION AND REMEDIATION OF THE EASTERN COURTYARD. AN AGREEMENT WITH DECD WAS REACHED IN DECEMBER 2024 WHEREIN SPDC WOULD DEMOLISH AND REMEDIATE THE EASTERN COURTYARD BUILDINGS. UNDER THE TERMS OF THAT AGREEMENT, SPDC MUST BUILD OR CAUSE TO BE BUILT EITHER A MINIMUM OF 100 HOUSING UNITS OF 100,000 SQUARE FEET OF LAB/OFFICE SPACE BY 2030. BY THE END OF 2023, SPDC'S CURRENT DEVELOPMENT PARTNER HAD RECEIVED ALL STATE AND LOCAL APPROVALS, AND FINALIZED PLANS AND RELATED FINANCING TO DEVELOP A MIXED USE BUILDING WITH ALMOST 300 APARTMENTS, INCLUDING 20% RESERVED FOR AFFORDABLE HOUSING, AND PARKING ON THE WINCHESTER AVENUE SURFACE PARKING LOT KNOWN AS TRACT E. SIMULTANEOUSLY, SPDC WAS AWARDED A $5 MILLION DECD URBAN ACTION GRANT THROUGH THE CITY OF NEW HAVEN TO CREATE PUBLIC OPEN SPACE AND OPEN UP ROADS THROUGH THE SITE FOR COMMUNITY ACCESS AND ENJOYMENT. BOTH PROJECTS SHOULD BE COMPLETED IN THE FIRST QUARTER OF 2026.THE PARK HAS CONTINUED TO ATTRACT START-UP BIOTECH AND TECHNOLOGY FIRMS IN SMALL SUITES AS WELL AS SHARED LAB SPACES. SPDC HAS CONTINUED TO MAKE OFFICE SPACE AVAILABLE TO SOCIAL SERVICES, VOCATIONAL TRAINING AND LITERACY ORGANIZATIONS, WHICH DIRECTLY SERVE THE FAMILIES IN THE NEIGHBORHOOD AND THROUGHOUT NEW HAVEN. THE ENTIRE SCIENCE PARK PLANNED DEVELOPMENT DISTRICT, INCLUDING PROPERTIES NOT OWNED BY SPDC, TALLIES OVER 30 COMPANIES, CAFES, NOT-FOR-PROFIT ORGANIZATIONS AND UNIVERSITY AFFILIATES COMBINED WITH AN ESTIMATED 1600+ EMPLOYEES. DUE TO THE CLOSE PROXIMITY TO YALE'S RESEARCH FACILITIES AND NEW HAVEN'S POSITION AS A NEW BIOSCIENCE ECONOMIC CLUSTER, THE DEMAND FOR LAB SPACE IN NEW HAVEN HAS LED TO NEAR FULL OCCUPANCY OF SPDC-OWNED BUILDINGS SINCE 2019.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since November 1982.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.