Civic Intelligence

Anne Arundel Economic Development Corporation

990 • Fiscal year 2018 • EIN 52-1810772

Jul 01, 2017 to Jun 30, 2018 • Filed on May 14, 2019

2660 Riva Road No 200Annapolis, MD 21401

(410) 222-7410

Siviq Scores

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

Liabilities / Assets

90th percentile

0.91x

Higher debt load relative to assets than 90% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

92nd percentile

3.62x

Higher debt load relative to revenue than 92% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

68th percentile

10%

Higher net margin than 68% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

63rd percentile

$218,230

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 6.5% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

41st percentile

-0.0%

Faster asset growth than 41% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

59th percentile

7.2%

Faster revenue growth than 59% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Assets

Down

$13,398,749

Down $630 (-0.0%) from 2017

Net Assets

Down

$1,256,849

Down $2,200,834 (-64%) from 2017

Liabilities

Up

$12,141,900

Up $2,200,204 (+22%) from 2017

Revenue

Up

$3,350,438

Up $224,418 (+7.2%) from 2017

Expenses

Down

$2,999,795

Down $602,136 (-17%) from 2017

Net Income

Up

$350,643

Up $826,554 (+174%) from 2017

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2010: $6,594,321Liabilities 2010: $2,114,714Net Assets 2010: $4,479,6072010Assets 2011: $6,474,955Liabilities 2011: $2,155,965Net Assets 2011: $4,318,9902011Assets 2012: $5,959,230Liabilities 2012: $2,079,931Net Assets 2012: $3,879,2992012Assets 2013: $6,540,854Liabilities 2013: $2,527,807Net Assets 2013: $4,013,0472013Assets 2014: $10,076,170Liabilities 2014: $5,586,561Net Assets 2014: $4,489,6092014Assets 2015: $10,801,510Liabilities 2015: $5,794,062Net Assets 2015: $5,007,4482015Assets 2016: $12,424,587Liabilities 2016: $7,002,930Net Assets 2016: $5,421,6572016Assets 2017: $13,399,379Liabilities 2017: $9,941,696Net Assets 2017: $3,457,6832017Assets 2018: $13,398,749Liabilities 2018: $12,141,900Net Assets 2018: $1,256,8492018Assets 2019: $14,717,678Liabilities 2019: $12,085,810Net Assets 2019: $2,631,8682019Assets 2020: $19,127,400Liabilities 2020: $15,497,408Net Assets 2020: $3,629,9922020Assets 2021: $15,670,028Liabilities 2021: $9,403,080Net Assets 2021: $6,266,9482021Assets 2022: $9,320,610Liabilities 2022: $7,288,965Net Assets 2022: $2,031,6452022Assets 2023: $10,622,173Liabilities 2023: $8,623,197Net Assets 2023: $1,998,9762023Assets 2024: $10,217,914Liabilities 2024: $8,885,666Net Assets 2024: $1,332,2482024

Highlighted filing

2018

Assets$13,398,749
Liabilities$12,141,900
Net Assets$1,256,849

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $2,374,1742010Expenses 2011: $2,416,9562011Expenses 2012: $2,454,1942012Expenses 2013: $2,519,3202013Revenue 2014: $3,411,211Expenses 2014: $2,934,649Net Income 2014: $476,5622014Revenue 2015: $3,552,289Expenses 2015: $3,034,450Net Income 2015: $517,8392015Revenue 2016: $3,383,424Expenses 2016: $2,969,215Net Income 2016: $414,2092016Revenue 2017: $3,126,020Expenses 2017: $3,601,931Net Income 2017: -$475,9112017Revenue 2018: $3,350,438Expenses 2018: $2,999,795Net Income 2018: $350,6432018Revenue 2019: $4,600,460Expenses 2019: $3,225,441Net Income 2019: $1,375,0192019Revenue 2020: $6,117,104Expenses 2020: $5,118,980Net Income 2020: $998,1242020Revenue 2021: $30,337,180Expenses 2021: $27,700,203Net Income 2021: $2,636,9772021Revenue 2022: $3,951,927Expenses 2022: $3,576,284Net Income 2022: $375,6432022Revenue 2023: $3,689,720Expenses 2023: $3,722,389Net Income 2023: -$32,6692023Revenue 2024: $4,386,829Expenses 2024: $4,463,024Net Income 2024: -$76,1952024

Highlighted filing

2018

Revenue$3,350,438
Expenses$2,999,795
Net Income$350,643
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 14, 2019
Return Version
2017v2.3
Gross Receipts
$3,554,893
Mission and Program Overview

Mission

To serve business needs and to increase anne arundel county economic base through job growth and investment.

To promote economic development by providing financing options and provide economic information.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$7,224,299$7,658,888▲ $434,589
Savings and Temporary Cash Investments$2,688,006$2,726,620▲ $38,614
Cash and Non-Interest-Bearing Accounts$2,122,667$2,183,127▲ $60,460
Cap Stk Tr Prin Current Funds$105,755$765,170▲ $659,415
Land, Buildings, and Equipment, Net$478,145$284,705▼ $193,440
Rtn Earn Endowment Incm Other Fnds$250,000$250,000→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$428,078$241,679▼ $186,399
Accounts Receivable$97,338--
Prepaid Expenses and Deferred Charges$66,608$12,336▼ $54,272
Total Assets$13,399,379$13,398,749▼ $630
Other Assets Total$722,316$533,073▼ $189,243
Liabilities
Other Liabilities$11,060,383$10,334,887▼ $725,496
Mortgage Notes Payable Secured by Investment Property$997,156$995,417▼ $1,739
Deferred Revenue$223,539$557,560▲ $334,021
Accounts Payable and Accrued Expenses$334,468$254,036▼ $80,432
Total Liabilities$12,615,546$12,141,900▼ $473,646
Net Assets / Fund Balance
Total Net Assets Fund Balance$783,833$1,256,849▲ $473,016
Total Liabilities and Net Assets / Fund Balance$13,399,379$13,398,749▼ $630

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$76,561$236,302$312,863
Other Land Buildings$97,215$208,774$305,989
Leasehold Improvements$110,929$32,129$143,058
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Julie MussogPresident & CEOFT$167,490$50,740$218,230
Stephen PrimoschVice President, Financial SvcsFT$107,366$41,301$148,667
Jill SeamonAdministrative OfficerFT$114,945$29,630$144,575
Rosa Cruz-penafielVice President, CommunicationsFT$103,395$40,531$143,926

Board Members and Trustees

NameTitle
Jeffrey ArmigerChairman
Eric DevitoVice Chairman
Eliot PowellBoard Member
Hamilton ChaneyBoard Member
Joel RoznerBoard Member
John ShetroneBoard Member
Jose BoludaBoard Member
Kathleen MccollumBoard Member
Kevin CarterBoard Member
Ron DillonBoard Member
Paul GableSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,490,000
Program Service Revenue
$1,056,278
Investment Income
$-195,840
Other Revenue
$0
Change in Net Assets
$350,643

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,554,893
Revenue Not Reported on Financial Statements
$-204,455
Revenue Not Reported on Form 990
$336,977
Other Revenue Adjustments
$-204,455
Total Revenue per Audited Statements
$3,891,870
Total Revenue per Form 990
$3,350,438
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,809,010
Other Expenses$1,190,485
Grants and Similar Amounts Paid$300
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$849,281$306,407-$1,155,688
Other Employee Benefits$144,958$61,703-$206,661
Pension Plan Contributions$140,928$59,504-$200,432
Advertising$139,816$33,056-$172,872
Current Officers, Directors, Trustees, and Key Employees$151,236--$151,236
All Other Expenses$88,250$28,902-$117,152
Payroll Taxes$72,033$22,960-$94,993
Occupancy$47,187$42,603-$89,790
Fees for Services Other$79,622$1,115-$80,737
Travel$45,553$3,249-$48,802
Depreciation Depletion$37,664$8,214-$45,878
Interest$194$44,421-$44,615
Office Expenses$31,444$11,043-$42,487
Fees for Services Accounting$27,959$10,464-$38,423
Other Expenses$35,637--$35,637
Insurance$11,209$15,141-$26,350
Information Technology$13,892$8,705-$22,597
Fees for Services Legal$3,075$1,291-$4,366
Grants to Domestic Orgs$300--$300
Total Functional Expenses$2,341,017$658,778$0$2,999,795

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,418,854
Expenses per Audited Statements$2,999,795
Total Expenses per Form 990$2,999,795
Expenses Not Reported on Form 990$419,059
Expenses Not Reported on Financial Statements$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to State-volt$5,767,833
Opeb Liability$2,629,907
Pension Liability$1,894,121
Capital Lease Payable$43,026
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
No
Other officer compensation reviewed
No
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, Section A, Line 1

There shall be an executive committee of the board consisting of the elected officers of the corporation. The corporation's president/chief executive officer shall be an ex officio member of the executive committee. The executive committee shall be empowered to act on behalf of the board of directors on any issue except elections and amendments to the articles of incorporation or to the by-laws and shall report all actions taken at the next regular or special meeting of the board.

Form 990, Part VI, Section B, Line 11B

The form 990 is provided to the entire board before filing.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy applies to the directors of the organization. A director shall disclose to the board of directors any interest that the director may have, as well as any known interest held by the director's spouse or by any relative of the director or the director's spouse, in any contract or transaction under consideration by the corporation. If a director is also a director in a corporation, firm, or other entity with which the corporation proposes to contract or otherwise transact business, the director shall disclose that fact as well. Except for administrative or ministerial duties that do not affect the disposition or decision, the director shall not vote upon or participate in any way in any contract or transaction with a relative of a director or with a corporation, firm, or other entity in which the director has an interest or in which the director is a director. The director shall leave the room during consideration, discussion, and voting on the matter. The presence of the interested director may be counted for purposes of determining a quorum at the meeting. Each director shall file on at least a yearly basis the attached director's and officer's disclosure statement.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Anne Arundel Economic Development
EIN
52-1810772
Phone
4102227410
Address
2660 RIVA ROAD NO 200, ANNAPOLIS, MD 21401

Signing Officer

Name
Jeff Armiger
Title
Chairman
Phone
4102227410
Signed
2019-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeff Armiger
Formed
1993
Legal Domicile
Md
Voting Board Members
11
Independent Board Members
11
Employees
17
Volunteers
11

Preparer

Firm
Cliftonlarsonallen Llp
Address
1966 GREENSPRING DRIVE SUITE 300, TIMONIUM, MD 21093-4161
Preparer
Lauren Ballard CPA
Phone
4104530900
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

The organization is no longer conducting the chesapeake innovation center

Financial Statement Notes

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Loss on disposal of assets -204,455.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Loss on disposal of assets 204,455.

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IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE PRESIDENT, FINANCIAL SVCS
IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDENT, COMMUNICATIONS
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IRS990/PayrollTaxesGrp/ProgramServicesAmt072033
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0167144
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IRS990/ProgSrvcAccomActy3Grp/RevenueAmt024331
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IRS990/ScheduleBRequiredInd01

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$10.2$8.89$1.33$4.39$4.46$0.08
2023Detailed filing. Detailed filing data is available for this year.$10.6$8.62$2.00$3.69$3.72$0.03
2022Detailed filing. Detailed filing data is available for this year.$9.32$7.29$2.03$3.95$3.58$0.38
2021Detailed filing. Detailed filing data is available for this year.$15.7$9.40$6.27$30.3$27.7$2.64
2020Detailed filing. Detailed filing data is available for this year.$19.1$15.5$3.63$6.12$5.12$1.00
2019Detailed filing. Detailed filing data is available for this year.$14.7$12.1$2.63$4.60$3.23$1.38
2018Detailed filing. Detailed filing data is available for this year.$13.4$12.1$1.26$3.35$3.00$0.35
2017Detailed filing. Detailed filing data is available for this year.$13.4$9.94$3.46$3.13$3.60$0.48
2016Detailed filing. Detailed filing data is available for this year.$12.4$7.00$5.42$3.38$2.97$0.41
2015Detailed filing. Detailed filing data is available for this year.$10.8$5.79$5.01$3.55$3.03$0.52
2014Detailed filing. Detailed filing data is available for this year.$10.1$5.59$4.49$3.41$2.93$0.48
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.54$2.53$4.01$2.52
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.96$2.08$3.88$2.45
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.47$2.16$4.32$2.42
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.59$2.11$4.48$2.37
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)3 • $10M-$25M nonprofits