Maryland Economic Development Corporation
- Assets
- $663.1m
- Revenue
- $218.8m
- Investments
- $75.0k
- Employees
- 14
- Location
- Baltimore, MD
- Founding
- 09/1986
- Data as of
- 06/2022
- EIN
- 52-1376562
Organization Overview
Maryland Economic Development Corporation is located in Baltimore, MD. The organization was established in 1986. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Maryland Economic Development Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maryland Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Maryland Economic Development Corporation generated $218.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $168.0m during the year ending 06/2022. While expenses have increased by 1.2% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ATTRACT NEW BUSINESSES AND ENCOURAGE EXPANSION OF EXISTING BUSINESSES IN MARYLAND THROUGH DEVELOPMENT, EXPANSION, AND/OR MODERNIZATION OF FACILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND.
UMCP HOUSING IS A PROGRAM UNDER WHICH MEDCO LEASES LAND USED FOR THE SOUTH CAMPUS COMMONS AND THE COURTYARDS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND.
UMCP ENERGY IS A PROGRAM UNDER WHICH MEDCO LEASES LAND, CERTAIN ENERGY CONVERSION FACILITIES AND STEAM, ELECTRICITY AND CHILLED WATER DELIVERY SYSTEMS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND, AND PROVIDES ENERGY CONVERSION, DELIVERY AND RELATED SERVICES TO UMCP.
MEDCO PROVIDED FINANCING PACKAGES OR FAVORABLE LEASE TERMS FOR MANY PROJECTS THROUGHOUT THE STATE. IN ADDITION, MEDCO ASSISTED ORGANIZATIONS IN THEIR EFFORTS TO EXPAND OR MODERNIZE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Brennan Executive Director And Sec-Part Year | Officer | 40 | $278,745 |
Richard S Cassard Director Of Special Projects | 40 | $187,996 | |
James R Miller CFO | 40 | $170,695 | |
John Genakos Director Of Development | 40 | $133,609 | |
Louis J Nocar Controller | 40 | $122,663 | |
J Thomas Sadowski Jr Executive Director And Secretary | Officer | 40 | $122,298 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ernst & Young Us Llp Consultant | 6/29/22 | $3,769,907 |
Capstone On-campus Mgt Llc Management Fee | 6/29/22 | $1,732,505 |
James Davis Construction Contractor | 6/29/22 | $3,357,234 |
Grimm And Parker Consultant | 6/29/22 | $896,688 |
Hyatt Corporation Management Fee | 6/29/22 | $729,126 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $157,505,712 |
| Investment income | $538,196 |
| Tax Exempt Bond Proceeds | $143,602 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$728,880 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $218,789,271 |
| 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. | $473,551 |
| Compensation of current officers, directors, key employees. | $473,551 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,031,781 |
| Pension plan accruals and contributions | $143,205 |
| Other employee benefits | $119,436 |
| Payroll taxes | $104,055 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $111,018 |
| Fees for services: Accounting | $92,662 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,684 |
| Fees for services: Other | $104,072 |
| Advertising and promotion | $0 |
| Office expenses | $54,901 |
| Information technology | $65,273 |
| Royalties | $0 |
| Occupancy | $96,205 |
| Travel | $39,873 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $37,138,843 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,569,301 |
| Insurance | $72,805 |
| All other expenses | $25,089,329 |
| Total functional expenses | $168,008,743 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $39,148,929 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,973,591 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $75,000 |
| Inventories for sale or use | $367,151 |
| Prepaid expenses and deferred charges | $1,682,394 |
| Net Land, buildings, and equipment | $472,167,319 |
| Investments—publicly traded securities | $7,592,491 |
| Investments—other securities | $75,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $130,058,179 |
| Total assets | $663,140,054 |
| Accounts payable and accrued expenses | $44,426,814 |
| Grants payable | $0 |
| Deferred revenue | $7,593,731 |
| Tax-exempt bond liabilities | $663,694,338 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $46,422,306 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $178,995,904 |
| Total liabilities | $941,133,093 |
| Net assets without donor restrictions | -$357,202,974 |
| Net assets with donor restrictions | $79,209,935 |
| 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 | $663,140,054 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Maryland Economic Development Corporation has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Washington County Maryland Incorporated Hagerstown, MD PURPOSE: NATIONAL PARKS | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maryland Economic Development Corporation Baltimore, MD | $663,140,054 | $218,789,271 |
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |