Maryland Economic Development Corporation

“Maryland economic development corporation, from time to time, enters into a management agreement (contract) delegating to the manager the authority to manage a project. The manager is an independent contractor subject to the terms and conditions set forth in the management agreement and all terms and conditions relating to the management of the project contained in other applicable documents (typically the ground lease and trust indenture). The management of the project commonly includes the marketing, leasing, managing, and operating of the project pursuant to, in accordance with, and subject to the terms and conditions contained in other applicable documents (typically the ground lease and trust indenture). During the taxable year, maryland economic development corporation had an agreement with capstone on-campus management llc, laz parking, acc sc management llc, hyatt hotels corporation of maryland, metro centre garage ii, ltd and ctu foundation, inc. In addition, there is an interim management, operation and maintenance agreement with college park energy, llc. In place for the umcp energy and utility infrastructure program.”

“The governor of maryland appoints who will serve on medco's board of directors.”

“The only decision of the board subject to the governor of maryland's approval is the hiring of the executive director.”

“A full copy of the form 990 was sent via email to the entire board of directors for their review prior to filing. The form 990 was also presented to the board of directors at its scheduled monthly meeting in february 2022.”

“As a quasi-state entity, medco adheres to the state of maryland's ethics policy in addition to having its own separate policy. In accordance with these policies, the executive director and each board member submit defined reports at appointment and annually thereafter with the state ethics commission. Medco contacts each board member to ascertain that the required filing has been completed. Regular and consistent monitoring is done through the filings and required disclosures with the state ethics commission as required.”

“Medco retains the services of human resources consultant to review written position descriptions for all employees and to prepare a range of compensation for similar positions in medco's market. The executive director reviews, approves and implements the consultant's report. The executive director's performance and compensation are reviewed and set by the board of directors.”

“The audited financial statements of medco and its projects are available on the corporation's website. The governing documents and conflict of interest policy are available upon request. The website includes information on how to contact medco.”

“Covid-19 has had an immediate direct and on-going impact on the projects. Project specific impacts have included, but are not limited to, a reduction of parking demand at city garages, periods of reduced occupancy at cbcc and a reduction of student housing occupancy rates as a result of universities shifting to a virtual learning environment. Management currently expects improved occupancy rates and operating performance at the projects as the impact of covid-19 stabilizes with the resulting removal of certain government restrictions and the return to in-person classes at universities.”

“Operations of univ. Village: program service expenses 4,781,647. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,781,647. Operations of garages, ctu, frostburg, rockville, nccoe, and other expenses: program service expenses 4,779,366. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,779,366. Operations of umb & umbc student housing: program service expenses 4,438,926. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,438,926. Operations of salisbury: program service expenses 3,652,223. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,652,223. Operations of morgan: program service expenses 2,725,870. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,725,870. Operations of bowie: program service expenses 2,165,891. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,165,891. Sponsorship/membership: program service expenses 0. Management and general expenses 50,100. Fundraising expenses 0. Total expenses 50,100. Bad debt: program service expenses 0. Management and general expenses 14,821. Fundraising expenses 0. Total expenses 14,821.”

“This process has not changed from the prior year.”