Technology Council Of Maryland Inc
- Assets
- $1.1m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 8
- Location
- Frederick, MD
- Founding
- 06/2008
- Data as of
- 06/2021
- EIN
- 20-4950778
Organization Overview
Technology Council Of Maryland Inc, operating under the name Maryland Technology Council Inc, is located in Frederick, MD. The organization was established in 2008. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Maryland Technology Council Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maryland Technology Council Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2021, Maryland Technology Council Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $2.1m during the year ending 06/2021. While expenses have increased by 0.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ITS MEMBERS IN THE ADVANCED TECHNOLOGY AND LIFE SCIENCE INDUSTRIES IN MARYLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MTC'S INDUSTRY AWARDS CELEBRATION - MTC INDUSTRY AWARDS CELEBRATION IS ONE OF MARYLAND'S LARGEST AND MOST PRESTIGIOUS AWARD CEREMONIES. THE EVENING BRINGS THE VERY BEST OF TECHNOLOGY, LIFE SCIENCE, GOVERNMENT, ACADEMIA, AND SUPPORTING BUSINESSES TOGETHER. THE ONLY AWARD CEREMONY OF ITS KIND IN THE INDUSTRY, THE MTC INDUSTRY AWARDS HONORS THE DEDICATION AND OUTSTANDING SERVICE OF MARYLAND'S TECHNOLOGY AND LIFE SCIENCE COMMUNITY. MTC PROUDLY TAKES THIS OPPORTUNITY TO RECOGNIZE THEIR EXCELLENCE AND THANK THEM FOR BEING AN INTEGRAL PART OF BUSINESS DEVELOPMENT IN MARYLAND.
THE COVID-19 PANDEMIC HAS CAUSED SEISMIC SHIFTS IN THE GLOBAL ECONOMY, IMPACTING SALES, ACCESS TO CAPITAL, WORKFORCE MANAGEMENT, AND MORE. NOW TECH, LIFE SCIENCE, AND B2B EXECUTIVES CAN NAVIGATE THIS LANDSCAPE WITH THE HELP OF THE BUSINESS CONTINUITY TASK FORCE (BCTF). THE TASK FORCE IS A MENTORING MATCH PROGRAM THAT PAIRS EXECUTIVES AT SMALL AND MID-SIZED BUSINESSES WITH EXPERIENCED BUSINESS LEADERS AT NO COST TO HELP TACKLE BUSINESS CHALLENGES. THERE ARE 90 ENROLLED COMPANIES,OF WHICH 40% ARE MINORITY OWNED.
BIO INNOVATION CONFERENCE,PRESENTED BY MTC IN ITS FOURTH YEAR, CONTINUES TO BRING TOGETHER THE LIFE SCIENCE AND TECHNOLOGY SECTORS TO MEET AND LEVERAGE THEIR TALENTS FOR THE GROUP TO GROW THE INDUSTRY AND THEIR ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Ferrone Chief Operating Officer | Officer | 50 | $215,155 |
Martin Rosendale See Sched O Chief Executive Officer | Officer | 50 | $49,394 |
Todd Marks Chairman | OfficerTrustee | 3 | $0 |
Brad Stewart Co-Vice Chair | OfficerTrustee | 3 | $0 |
Steven Meltzer Secretary | OfficerTrustee | 3 | $0 |
David Tohn Co-Vice Chair | OfficerTrustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Newport Board Group Llc Contractual Ceo Services | 6/29/21 | $177,997 |
Prosourcing Partners Llc Dba Accounting | 6/29/21 | $116,668 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $80,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $648,144 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $728,144 |
| Total Program Service Revenue | $962,959 |
| Investment income | $8 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $839,053 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,530,909 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $435,952 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $319,241 |
| Pension plan accruals and contributions | $14,234 |
| Other employee benefits | $43,849 |
| Payroll taxes | $52,784 |
| Fees for services: Management | $70,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $219,970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $326,807 |
| Advertising and promotion | $145,261 |
| Office expenses | $68,927 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,138 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $176,732 |
| Interest | $32,596 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,868 |
| Insurance | $12,885 |
| All other expenses | $0 |
| Total functional expenses | $2,060,884 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $635,080 |
| Savings and temporary cash investments | $40,938 |
| Pledges and grants receivable | $43,415 |
| Accounts receivable, net | $218,136 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,444 |
| Net Land, buildings, and equipment | $136,579 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $40,349 |
| Total assets | $1,120,941 |
| Accounts payable and accrued expenses | $227,650 |
| Grants payable | $0 |
| Deferred revenue | $141,804 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $150,000 |
| Unsecured mortgages and notes payable | $235,000 |
| Other liabilities | $19,182 |
| Total liabilities | $773,636 |
| Net assets without donor restrictions | $347,305 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,120,941 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Technology Council Of Maryland Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Biotechnology Innovation Organization Washington, DC PURPOSE: SUPPORT | $15,000 |
Biotechnology Innovation Organization Washington, DC PURPOSE: SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Amt-The Association For Manufacturing Technology Mclean, VA | $46,538,427 | $7,983,774 |
Personal Care Products Council Washington, DC | $26,566,920 | $19,071,135 |
American Hotel & Lodging Association Directory Corporation Washington, DC | $39,158,961 | $23,973,024 |
Responsible Business Alliance Inc Alexandria, VA | $17,217,182 | $20,384,843 |
Asis International Inc Alexandria, VA | $27,323,586 | $13,144,142 |
National Institute For Automotive Service Exellence Leesburg, VA | $25,163,895 | $18,755,834 |
International Masonry Institute Bowie, MD | $25,662,049 | $19,254,775 |
Association For Financial Professionals Inc Bethesda, MD | $30,134,135 | $15,069,162 |
Portland Cement Association Alexandria, VA | $21,852,055 | $18,216,465 |
American College Of Radiology Association Reston, VA | $28,168,186 | $16,951,008 |
Plastics Industry Association Inc Washington, DC | $19,265,703 | $12,261,158 |
Aerospace Industries Association Of America Inc Arlington, VA | $34,239,387 | $18,520,879 |