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Nonprofit · EIN 06-1062368

SCIENCE PARK DEVELOPMENT CORPORATION

Tax-exempt · NEW HAVEN, CT 06511

Financials

$3.9M$4.8M2023$6.7M$5.3M2024
Revenue Expenses · by fiscal year end
Financials of SCIENCE PARK DEVELOPMENT CORPORATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$6,688,368$5,278,184$1,410,184$15,609,110$25,159,659-$9,550,549
December 31, 2023990$3,925,423$4,832,646-$907,223$12,783,020$23,739,409-$10,956,389
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$2,569,342
of which government grants
$2,569,342
Program service revenue
$3,998,737
Investment income
$36,979
Other revenue
$83,310

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$169,969
Salaries, compensation and benefits (total)
$177,739
Professional fundraising fees
$0
Legal fees
$73,139
Accounting fees
$40,170
Occupancy
$1,848,769
Depreciation
$747,808
Program services (functional)
$5,125,859
Management and general (functional)
$152,325

Balance sheet and other

Total assets, start of year
$12,783,020
Total assets, end of year
$15,609,110
Total liabilities, end of year
$25,159,659
Net assets, end of year
-$9,550,549
Land, buildings and equipment
$13,332,774
Publicly traded securities
$693,112
Net assets without donor restrictions
-$9,550,549
Gross receipts
$6,688,368
Employees
1
Volunteers
9
Year formed
1981
State of legal domicile
CT

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
CLIO NICOLAKISEXEC. DIR. & ASST. SECRETA
Officer
30$97,969
DAVID SILVERSTONEBOARD CHAIRMAN/PRESIDENT
Trustee or director, Officer
22$72,000
JEROME E TURECKVICE PRESIDENT; DIRECTOR
Trustee or director, Officer
0.5$0
MICHAEL A SCHAFFERTREASURER; DIRECTOR
Trustee or director, Officer
0.5$0
PETER A PENCZERDIRECTOR
Trustee or director
0.5$0
CYNTHIA PETRUZZELLODIRECTOR
Trustee or director
0.5$0
MICHAEL PISCITELLIDIRECTOR
Trustee or director
1$0
DAVID SHAREDIRECTOR
Trustee or director
0.5$0
DARRELL BROOKSDIRECTOR
Trustee or director
0.5$0
SUSAN CASCIODIRECTOR (AS OF 12/9/24)
Trustee or director
0.5$0
NICLAS A FERLANDSECRETARY
Officer
1$0
990 for the year ended December 31, 2023: 11 people
NameTitleHours / weekCompensation
CLIO NICOLAKISEXEC. DIR. & ASST. SECRETARY
Officer
30$91,798
DAVID SILVERSTONEBOARD CHAIRMAN/PRESIDENT
Trustee or director, Officer
22$60,000
PETER A PENCZERDIRECTOR
Trustee or director
0.5$0
MICHAEL A SCHAFFERTREASURER; DIRECTOR
Trustee or director, Officer
0.5$0
JEROME E TURECKVICE PRESIDENT; DIRECTOR
Trustee or director, Officer
0.5$0
CYNTHIA PETRUZZELLODIRECTOR
Trustee or director
0.5$0
LAUREN ZUCKERDIRECTOR (EXIT AS OF 12/31/23)
Trustee or director
0.5$0
MICHAEL PISCITELLIDIRECTOR
Trustee or director
0.5$0
DAVID SHAREDIRECTOR
Trustee or director
0.5$0
DARRELL BROOKSDIRECTOR
Trustee or director
0.5$0
NICLAS A FERLANDSECRETARY
Officer
1$0

Address and contacts

Address (IRS master file)
5 SCIENCE PARK STE 1B, NEW HAVEN, CT 06511-1989
Principal officer (990 for 2024)
DAVID SILVERSTONE, 5 SCIENCE PARK, NEW HAVEN, CT 06511
Signed the 990
DAVID SILVERSTONE, BOARD CHAIR/PRESIDENT
Phone
(203) 785-0840
Return prepared by
CBIZ ADVISORS LLC

Mission

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.

990 for the year ended December 31, 2024

Program accomplishments

  • 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.
    Expenses $5,125,859 · revenue $4,082,047

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
06-1062368
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1982
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$15,609,110
Income (IRS master file)
$6,688,368

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$6,688,368$5,278,184$15,609,110XML
990December 2023$3,925,423$4,832,646$12,783,020XML
990December 2022$3,846,142$4,830,027$13,068,624IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 06-1062368).

Questions about SCIENCE PARK DEVELOPMENT CORPORATION

What is the EIN of SCIENCE PARK DEVELOPMENT CORPORATION?
The employer identification number (EIN) of SCIENCE PARK DEVELOPMENT CORPORATION is 06-1062368.
Is SCIENCE PARK DEVELOPMENT CORPORATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1982.
Are donations to SCIENCE PARK DEVELOPMENT CORPORATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does SCIENCE PARK DEVELOPMENT CORPORATION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of SCIENCE PARK DEVELOPMENT CORPORATION due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did SCIENCE PARK DEVELOPMENT CORPORATION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of SCIENCE PARK DEVELOPMENT CORPORATION?
The 990 for the year ended December 31, 2024 names DAVID SILVERSTONE.
Who are the officers and directors of SCIENCE PARK DEVELOPMENT CORPORATION?
The 990 for the year ended December 31, 2024 lists 11 people; 2 received compensation from the organization, the highest $97,969 (CLIO NICOLAKIS, EXEC. DIR. & ASST. SECRETA).
How much revenue does SCIENCE PARK DEVELOPMENT CORPORATION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $6,688,368, expenses of $5,278,184 and total assets of $15,609,110 at year end.

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