Prince Georges County Economic Development Corporation
- Assets
- $6.1m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 25
- Location
- Largo, MD
- Founding
- 04/1984
- Data as of
- 06/2022
- EIN
- 52-1298515
Organization Overview
Prince Georges County Economic Development Corporation is located in Largo, MD. The organization was established in 1984. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Prince Georges County Economic Development Corporation employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prince Georges County Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Prince Georges County Economic Development Corporation generated $4.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.1%) each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (12.9%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE ECONOMIC DEVELOPMENT BY PROVIDING BUSINESS SERVICES TO ATTRACT, RETAIN, AND EXPAND BUSINESSES IN THE COUNTY, GROWING BOTH JOBS AND THE COMMERCIAL TAX BASE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE PRINCE GEORGE'S COUNTY ECONOMIC DEVELOPMENT CORPORATION'S (EDC)COMMUNITY OUTREACH PROGRAM IS TO INFORM AND EDUCATE THE BUSINESS COMMUNITY ON VARIOUS PROGRAMS, INCENTIVES, AND ASSISTANCE AVAILABLE IN PRINCE GEORGE'S COUNTY FOR THE PURPOSE OF BUSINESS ATTRACTION, EXPANSION, AND RETENTION.
THE PURPOSE OF THE EDC'S BUSINESS DEVELOPMENT PROGRAM IS TO FACILITATE THE ECONOMIC GROWTH AND DEVELOPMENT OF PRINCE GEORGE'S COUNTY.
EDC'S INTERNATIONAL DEPARTMENT PROMOTES BUSINESS EXPANSION, ATTRACTION AND RETENTION OF PRINCE GEORGE'S COUNTY COMPANIES DOING BUSINESS INTERNATIONALLY. THE EDC IS FOCUSED ON EXPANDING AND GROWING EXPORTS FROM COUNTY'S BUSINESSES THROUGH OUTREACH, CONNECTING BUSINESSES WITH RESOURCES TO EXPLORE FOREIGN MARKETS AND INCREASE EXPORTING CAPACITY, AND SUPPORTING TRADE MISSIONS TO TARGET GLOBAL MARKETS. IN ADDITION, EDC'S FOCUS INCLUDES EXPANDING AND GROWING COUNTY'S BUSINESSES THROUGH THE ATTRACTION OF FOREIGN DIRECT INVESTMENT BY HOSTING FOREIGN BUSINESS, MATCHMAKING, SERVING AS A SOFT LANDING FOR FOREIGN COMPANIES AND PROMOTING PRINCE GEORGES COUNTY AS THE BEST PLACE FOR INTERNATIONAL BUSINESS.
EDC PROVIDES SMALL BUSINESSES WITH TECHNICAL ASSISTANCE, TRAININGS, AND SEMINARS ON IMPORTANT TOPICS INCLUDING BUSINESS OPERATIONS, MANAGEMENT, FINANCE, MARKETING, STRATEGIC PLANNING, BUSINESS DEVELOPMENT, AND HUMAN RESOURCES. SMALL BUSINESSES ARE ALSO CONNECTED WITH RESOURCE PARTNERS, PROCUREMENT OPPORTUNITIES, AND GUIDANCE ON FEDERAL, STATE, AND LOCAL INCENTIVES AND WORKFORCE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David S Iannucci President/ceo | Officer | 40 | $204,632 |
Ebony Stocks Executive Vice President | Officer | 40 | $141,085 |
Ramsey Koojo Controller | Officer | 40 | $131,330 |
Lori C Valentine VP Of Policy And Public Re | Officer | 40 | $125,926 |
Orlan Johnson Chairman | OfficerTrustee | 1 | $0 |
Gary Michael Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $135,695 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $135,695 |
| Total Program Service Revenue | $4,161,137 |
| Investment income | $4,103 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $4,300,935 |
| 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. | $771,706 |
| Compensation of current officers, directors, key employees. | $228,318 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,307,476 |
| Pension plan accruals and contributions | $60,886 |
| Other employee benefits | $227,708 |
| Payroll taxes | $155,281 |
| Fees for services: Management | $107,068 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $61,169 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $589,654 |
| Office expenses | $73,227 |
| Information technology | $38,521 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $37,581 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,021 |
| Insurance | $31,582 |
| All other expenses | $0 |
| Total functional expenses | $3,528,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,824,381 |
| Savings and temporary cash investments | $952,068 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $994,948 |
| 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 | $176,448 |
| Net Land, buildings, and equipment | $105,079 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,118 |
| Other assets | $0 |
| Total assets | $6,056,042 |
| Accounts payable and accrued expenses | $545,433 |
| Grants payable | $0 |
| Deferred revenue | $251,667 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,113 |
| Total liabilities | $803,213 |
| Net assets without donor restrictions | $5,252,829 |
| 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 | $6,056,042 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Prince Georges County Economic Development Corporation has recieved totaling $200,399.
| Awarding Organization | Amount |
|---|---|
Anne Arundel Workforce Development Corporation Inc Millersville, MD PURPOSE: TRAINING | $200,399 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Prosperity Now Washington, DC | $29,090,376 | $24,644,874 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Venture Richmond Inc Richmond, VA | $7,025,585 | $5,575,003 |
Maryland Manufacturing Service Inc Salisbury, MD | $279,305 | $5,207,545 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Enterprise Center Philadelphia, PA | $14,775,584 | $14,297,548 |
Pidc Community Capital Philadelphia, PA | $51,592,924 | $9,506,766 |
North Central Pennsylvania Regional Planning And Development Commi Ridgway, PA | $10,860,037 | $4,914,515 |
Historic East Baltimore Community Action Coalition Inc Baltimore, MD | $9,898,806 | $3,562,151 |
Prince Georges County Economic Development Corporation Largo, MD | $6,056,042 | $4,300,935 |
Southwest Business Improvement District Washington, DC | $5,791,931 | $4,241,632 |