Civic Intelligence

City of Baltimore Development Corporation

990 • Fiscal year 2020 • EIN 52-1744007

Jul 01, 2019 to Jun 30, 2020 • Filed on May 11, 2021

Organization Profilewww.baltimoredevelopment.com

View Organization Page

36 S Charles StBaltimore, MD 21201

(410) 837-9305

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

87th percentile

0.82x

Higher debt load relative to assets than 87% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

89th percentile

2.87x

Higher debt load relative to revenue than 89% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

11th percentile

-22%

Higher net margin than 11% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

49th percentile

$244,140

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

73rd percentile

18%

Faster asset growth than 73% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

28th percentile

-7.3%

Faster revenue growth than 28% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$31,908,066

Up $4,971,632 (+18%) from 2019

Net Assets

Down

$5,625,501

Down $2,016,287 (-26%) from 2019

Liabilities

Up

$26,282,565

Up $6,987,919 (+36%) from 2019

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin11th percentile

Revenue

Down

$9,152,119

Down $724,186 (-7.3%) from 2019

Expenses

Up

$11,168,406

Up $1,745,641 (+19%) from 2019

Net Income

Down

-$2,016,287

Down $2,469,827 (-545%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth73rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0-$20MAssets 2011: $8,158,635Liabilities 2011: $2,658,740Net Assets 2011: $5,499,8952011Assets 2012: $8,647,660Liabilities 2012: $3,523,135Net Assets 2012: $5,124,5252012Assets 2013: $9,689,681Liabilities 2013: $4,214,152Net Assets 2013: $5,475,5292013Assets 2014: $10,453,056Liabilities 2014: $4,862,932Net Assets 2014: $5,590,1242014Assets 2015: $17,453,429Liabilities 2015: $6,666,298Net Assets 2015: $10,787,1312015Assets 2016: $21,112,784Liabilities 2016: $14,550,766Net Assets 2016: $6,562,0182016Assets 2017: $26,351,416Liabilities 2017: $19,762,785Net Assets 2017: $6,588,6312017Assets 2018: $28,685,288Liabilities 2018: $21,579,623Net Assets 2018: $7,105,6652018Assets 2019: $26,936,434Liabilities 2019: $19,294,646Net Assets 2019: $7,641,7882019Assets 2020: $31,908,066Liabilities 2020: $26,282,565Net Assets 2020: $5,625,5012020Assets 2021: $22,115,045Liabilities 2021: $25,342,825Net Assets 2021: -$3,227,7802021Assets 2022: $34,390,220Liabilities 2022: $39,309,129Net Assets 2022: -$4,918,9092022Assets 2023: $29,043,367Liabilities 2023: $39,426,135Net Assets 2023: -$10,382,7682023Assets 2024: $30,646,132Liabilities 2024: $48,326,610Net Assets 2024: -$17,680,4782024

Highlighted filing

2020

Assets$31,908,066
Liabilities$26,282,565
Net Assets$5,625,501
Open 2020 Filing

Operations Trend

Revenue Growth28th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10M-$20MRevenue 2011: $8,866,179Expenses 2011: $8,675,570Net Income 2011: $190,6092011Revenue 2012: $8,894,430Expenses 2012: $9,010,856Net Income 2012: -$116,4262012Revenue 2013: $7,701,371Expenses 2013: $7,350,367Net Income 2013: $351,0042013Revenue 2014: $7,940,981Expenses 2014: $7,826,386Net Income 2014: $114,5952014Revenue 2015: $12,634,794Expenses 2015: $7,437,787Net Income 2015: $5,197,0072015Revenue 2016: $12,469,847Expenses 2016: $11,677,980Net Income 2016: $791,8672016Revenue 2017: $11,540,804Expenses 2017: $11,486,166Net Income 2017: $54,6382017Revenue 2018: $14,655,514Expenses 2018: $14,123,983Net Income 2018: $531,5312018Revenue 2019: $9,876,305Expenses 2019: $9,422,765Net Income 2019: $453,5402019Revenue 2020: $9,152,119Expenses 2020: $11,168,406Net Income 2020: -$2,016,2872020Revenue 2021: $13,864,142Expenses 2021: $25,519,602Net Income 2021: -$11,655,4602021Revenue 2022: $7,592,660Expenses 2022: $9,959,023Net Income 2022: -$2,366,3632022Revenue 2023: $6,026,374Expenses 2023: $11,490,233Net Income 2023: -$5,463,8592023Revenue 2024: $2,618,286Expenses 2024: $9,915,996Net Income 2024: -$7,297,7102024

Highlighted filing

2020

Revenue$9,152,119
Expenses$11,168,406
Net Income-$2,016,287
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 11, 2021
Return Version
2019v5.0
Gross Receipts
$9,152,119
Mission and Program Overview

Mission

The City of Baltimore Development Corporation (BDC) is contracted with the City of Baltimore to provide economic development services. With a mission to retain and expand existing employers and attract new ones, we work collaboratively within City government, and with private partners, to deliver services that will help your business grow.

The City of Baltimore Development Corporation (BDC) is contracted with the City of Baltimore to provide economic development services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$13,038,137$14,838,652▲ $1,800,515
Other Notes and Loans Receivable, Net$12,063,021$12,810,758▲ $747,737
Cash and Non-Interest-Bearing Accounts$50,170$3,363,158▲ $3,312,988
Accounts Receivable$1,213,502$297,684▼ $915,818
Land, Buildings, and Equipment, Net$286,980$286,980→ $0
Investments Other Securities$176,525$176,525→ $0
Prepaid Expenses and Deferred Charges$93,099$119,309▲ $26,210
Pledges and Grants Receivable$15,000$15,000→ $0
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$26,936,434$31,908,066▲ $4,971,632
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,500,000$10,170,955▲ $670,955
Deferred Revenue$5,788,169$10,032,287▲ $4,244,118
Other Liabilities$3,064,617$5,130,227▲ $2,065,610
Accounts Payable and Accrued Expenses$941,860$949,096▲ $7,236
Total Liabilities$19,294,646$26,282,565▲ $6,987,919
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,461,051$5,228,314▼ $2,232,737
Net Assets With Donor Restrictions$180,737$397,187▲ $216,450
Total Net Assets Fund Balance$7,641,788$5,625,501▼ $2,016,287
Total Liabilities and Net Assets / Fund Balance$26,936,434$31,908,066▲ $4,971,632

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$286,980$133,924$420,904
Compensation and Service Providers
Top Officer Pay49th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Colin TarbertPresident & CEOFT$210,099$34,041$244,140
Kimberly ClarkExec. VPFT$195,660$31,894$227,554
Jeff PillasCFOFT$146,655$32,609$179,264
William BeckfordDirector of Neigh.FT$143,286$32,095$175,381
Nancy Jordan-HowardCOOFT$123,649$21,858$145,507
Deborah TillettDirector of Tech.FT$116,838$18,921$135,759
Larisa SalamachaManaging DirectorFT$112,730$21,963$134,693
Daniel TaylorManaging DirectorFT$110,511$22,151$132,662
David AdamskiTreas. Control.FT$94,107$19,388$113,495

Board Members and Trustees

NameTitle
Augie ChiaseraChairman
Alice KennedyDirector
Angela Wells-SimsDirector
Arnold WilliamsDirector
Carolyn MozellDirector
Charisse HughesDirector
Christy WyskielDirector
Elda DevarieDirector
Greg CangialosiDirector
Henry RaymondDirector
Jeffrey FraleyDirector
Jeffrey HargraveDirector
Michael WaltonDirector
Miriam FuchsDirector
Paul TaylorDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$452,269
Program Service Revenue
$8,315,869
Investment Income
$383,981
Other Revenue
$0
All Other Contributions
$429,619
Change in Net Assets
$-2,016,287

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,152,119
Total Revenue per Audited Statements
$9,152,119
Total Revenue per Form 990
$9,152,119
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,841,768
Salaries, Compensation, and Employee Benefits$4,326,638
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,632,434$833,554-$3,465,988
Fees for Services Other$176,946$540,193-$717,139
Occupancy$324,587$104,080-$428,667
Other Employee Benefits$277,950$89,126-$367,076
All Other Expenses$193,459$88,848-$282,307
Payroll Taxes$201,146$64,499-$265,645
Pension Plan Contributions$172,588$55,341-$227,929
Other Expenses$87,356$38,260-$125,616
Travel$48,909$15,824-$64,733
Interest-$60,061-$60,061
Office Expenses$36,151$8,235-$44,386
Advertising$5,074$27,777-$32,851
Insurance$4,644$4,644-$9,288
Total Functional Expenses$8,961,265$2,207,141$0$11,168,406

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$11,168,406
Total Expenses per Audited Statements$11,168,406
Total Expenses per Form 990$11,168,406
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Agency transactions payable$4,698,117
Deferred rent$432,110
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The 990 is reviewed by the Controller and CFO.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“There is an annual affirmation of compliance and disclosure statement that the Board members and employees attest to every year as compliance monitoring and enforcement method.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The Organization reviews salaries of like Organizations across the country and tries to conform to those while working within the dollars provided by the City compensation for President, Officers, and Key Personnel are typically reviewed by the Chairman of the Board for final consideration. Managers and Directors salary changes are determined after review by Executive Staff.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The Organization reviews salaries of like Organizations across the country and tries to conform to those while working within the dollars provided by the City. Compensation for Officers and Key Personnel are typically reviewed by the President and then reviewed by the Chairman of the Board for final consideration. Managers and Directors salary changes are determined after review by Executive staff.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Available on site upon request.”

Filing and Contact Details

Filer

Filer Name
City of Baltimore Development
EIN
52-1744007
Phone
4108379305
Address
36 S Charles St, Baltimore, MD 21201

Signing Officer

Name
Jeffrey Pillas
Title
Vice President & CFO
Signed
2021-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Colin Tarbert
Formed
1991
Legal Domicile
Md
Voting Board Members
15
Independent Board Members
11
Employees
51
Volunteers
15

Preparer

Firm
KL Hoffman & Company PC
Address
2809 BOSTON ST, BALTIMORE, MD 21224
Preparer
Karen L Hoffman CPA
Phone
4439901005
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Internal Revenue Service has not examined (audited) any income tax returns of the Organization. Thus the previous three (3) years are subject to examination. The Organization has not taken any questionable tax positions with respect to unrelated business income tax or anything that would jeopardize its 501(c)(3)status.”

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IRS990/Form990PartVIISectionAGrp/PersonNm7Daniel Taylor
IRS990/Form990PartVIISectionAGrp/PersonNm8David Adamski
IRS990/Form990PartVIISectionAGrp/PersonNm9Arnold Williams
IRS990/Form990PartVIISectionAGrp/PersonNm10Alice Kennedy
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IRS990/Form990PartVIISectionAGrp/PersonNm13Elda Devarie
IRS990/Form990PartVIISectionAGrp/PersonNm14Charisse Hughes
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IRS990/Form990PartVIISectionAGrp/PersonNm16Miriam Fuchs
IRS990/Form990PartVIISectionAGrp/PersonNm17Jeffrey Hargrave
IRS990/Form990PartVIISectionAGrp/PersonNm18Henry Raymond
IRS990/Form990PartVIISectionAGrp/PersonNm19Carolyn Mozell
IRS990/Form990PartVIISectionAGrp/PersonNm20Paul Taylor
IRS990/Form990PartVIISectionAGrp/PersonNm21Michael Walton
IRS990/Form990PartVIISectionAGrp/PersonNm22Angela Wells-Sims
IRS990/Form990PartVIISectionAGrp/PersonNm23Christy Wyskiel
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Exec. VP
IRS990/Form990PartVIISectionAGrp/TitleTxt2CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt3Dir. of Neigh.
IRS990/Form990PartVIISectionAGrp/TitleTxt4COO
IRS990/Form990PartVIISectionAGrp/TitleTxt5Dir. of Tech.
IRS990/Form990PartVIISectionAGrp/TitleTxt6Managing Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Managing Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Treas. Control.
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
IRS990/Form990PartVIISectionAGrp/TitleTxt20Director
IRS990/Form990PartVIISectionAGrp/TitleTxt21Director
IRS990/Form990PartVIISectionAGrp/TitleTxt22Director
IRS990/Form990PartVIISectionAGrp/TitleTxt23Director
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IRS990/GamingActivitiesInd0false
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IRS990/GrantsToDomesticIndividualsGrp/TotalAmt00
IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
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IRS990/GrantsToOrganizationsInd0false
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IRS990/InsuranceGrp/ProgramServicesAmt04644
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IRS990/InterestGrp/ManagementAndGeneralAmt060061
IRS990/InterestGrp/TotalAmt060061
IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0383981
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0The City of Baltimore Development Corporation (BDC) is contracted with the City of Baltimore to provide economic development services. With a mission to retain and expand existing employers and attract new ones, we work collaboratively within City government, and with private partners, to deliver services that will help your business grow.
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/ProgramServicesAmt036151
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0277950
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IRS990/OtherExpensesGrp/Desc0Capital expenditures
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IRS990/OtherExpensesGrp/ProgramServicesAmt287356
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IRS990/OtherExpensesGrp/TotalAmt2176698
IRS990/OtherExpensesGrp/TotalAmt3125616
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IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0172588
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt015000

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$31,908,066
Liabilities
$26,282,565
Net assets
$5,625,501
Revenue
$9,152,119
Expenses
$11,168,406
Net income
-$2,016,287
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$30.6$48.3$17.7$2.62$9.92$7.30
2023Detailed filing. Detailed filing data is available for this year.$29.0$39.4$10.4$6.03$11.5$5.46
2022Detailed filing. Detailed filing data is available for this year.$34.4$39.3$4.92$7.59$9.96$2.37
2021Detailed filing. Detailed filing data is available for this year.$22.1$25.3$3.23$13.9$25.5$11.7
2020Detailed filing. Detailed filing data is available for this year.$31.9$26.3$5.63$9.15$11.2$2.02
2019Detailed filing. Detailed filing data is available for this year.$26.9$19.3$7.64$9.88$9.42$0.45
2018Detailed filing. Detailed filing data is available for this year.$28.7$21.6$7.11$14.7$14.1$0.53
2017Detailed filing. Detailed filing data is available for this year.$26.4$19.8$6.59$11.5$11.5$0.05
2016Detailed filing. Detailed filing data is available for this year.$21.1$14.6$6.56$12.5$11.7$0.79
2015Detailed filing. Detailed filing data is available for this year.$17.5$6.67$10.8$12.6$7.44$5.20
2014Summary only. Only limited summary data is available for this year.$10.5$4.86$5.59$7.94$7.83$0.11
2013Summary only. Only limited summary data is available for this year.$9.69$4.21$5.48$7.70$7.35$0.35
2012Summary only. Only limited summary data is available for this year.$8.65$3.52$5.12$8.89$9.01$0.12
2011Summary only. Only limited summary data is available for this year.$8.16$2.66$5.50$8.87$8.68$0.19