Civic Intelligence

Ocean City Development Corporation

EIN 52-2222484 • 501(c)3 • Ocean City, MD

Profile

Revitalize downtown ocean city

108 Dorchester StreetOcean City, MD 21842

www.ocdc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

68th percentile

0.30x

Higher debt load relative to assets than 68% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

90th percentile

1.73x

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

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

52nd percentile

5.1%

Higher net margin than 52% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

37th percentile

$98,854

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 10.9% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Asset Growth

37th percentile

0.2%

Faster asset growth than 37% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

8th percentile

-37%

Faster revenue growth than 8% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets68th percentile

Assets

Up

$5,240,457

Up $11,731 (+0.2%) from 2024

Liabilities

Down

$1,567,095

Down $34,284 (-2.1%) from 2024

Net Assets

Up

$3,673,362

Up $46,015 (+1.3%) from 2024

Operations
Liabilities / Revenue90th percentileNet Margin52nd percentile

Revenue

Down

$907,152

Down $528,519 (-37%) from 2024

Expenses

Up

$861,137

Up $327,352 (+61%) from 2024

Net Income

Down

$46,015

Down $855,871 (-95%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth37th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2011: $1,412,637Liabilities 2011: $918,108Net Assets 2011: $494,5292011Assets 2012: $1,497,709Liabilities 2012: $921,850Net Assets 2012: $575,8592012Assets 2013: $1,504,131Liabilities 2013: $862,612Net Assets 2013: $641,5192013Assets 2014: $1,596,056Liabilities 2014: $861,973Net Assets 2014: $734,0832014Assets 2015: $1,829,471Liabilities 2015: $1,075,757Net Assets 2015: $753,7142015Assets 2016: $2,000,436Liabilities 2016: $974,984Net Assets 2016: $1,025,4522016Assets 2017: $1,933,855Liabilities 2017: $760,875Net Assets 2017: $1,172,9802017Assets 2018: $3,067,613Liabilities 2018: $767,350Net Assets 2018: $2,300,2632018Assets 2019: $3,205,810Liabilities 2019: $739,654Net Assets 2019: $2,466,1562019Assets 2020: $3,252,042Liabilities 2020: $749,748Net Assets 2020: $2,502,2942020Assets 2021: $3,292,286Liabilities 2021: $694,103Net Assets 2021: $2,598,1832021Assets 2022: $3,377,334Liabilities 2022: $682,580Net Assets 2022: $2,694,7542022Assets 2023: $3,376,656Liabilities 2023: $651,195Net Assets 2023: $2,725,4612023Assets 2024: $5,228,726Liabilities 2024: $1,601,379Net Assets 2024: $3,627,3472024Assets 2025: $5,240,457Liabilities 2025: $1,567,095Net Assets 2025: $3,673,3622025

Highlighted filing

2025

Assets$5,240,457
Liabilities$1,567,095
Net Assets$3,673,362
Open 2025 Filing

Operations Trend

Revenue Growth8th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0Expenses 2011: $295,2132011Expenses 2012: $403,1102012Expenses 2013: $466,1412013Revenue 2014: $603,072Expenses 2014: $510,508Net Income 2014: $92,5642014Revenue 2015: $573,064Expenses 2015: $537,831Net Income 2015: $35,2332015Revenue 2016: $681,072Expenses 2016: $409,334Net Income 2016: $271,7382016Revenue 2017: $496,169Expenses 2017: $348,641Net Income 2017: $147,5282017Revenue 2018: $574,568Expenses 2018: $393,270Net Income 2018: $181,2982018Revenue 2019: $550,990Expenses 2019: $385,097Net Income 2019: $165,8932019Revenue 2020: $527,898Expenses 2020: $479,870Net Income 2020: $48,0282020Revenue 2021: $736,384Expenses 2021: $659,486Net Income 2021: $76,8982021Revenue 2022: $649,081Expenses 2022: $552,510Net Income 2022: $96,5712022Revenue 2023: $622,836Expenses 2023: $592,129Net Income 2023: $30,7072023Revenue 2024: $1,435,671Expenses 2024: $533,785Net Income 2024: $901,8862024Revenue 2025: $907,152Expenses 2025: $861,137Net Income 2025: $46,0152025

Highlighted filing

2025

Revenue$907,152
Expenses$861,137
Net Income$46,015
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$5,240,457
Liabilities
$1,567,095
Net assets
$3,673,362
Revenue
$907,152
Expenses
$861,137
Net income
$46,015
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.24$1.57$3.67$0.91$0.86$0.05
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.23$1.60$3.63$1.44$0.53$0.90
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.38$0.65$2.73$0.62$0.59$0.03
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.38$0.68$2.69$0.65$0.55$0.10
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.29$0.69$2.60$0.74$0.66$0.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.25$0.75$2.50$0.53$0.48$0.05
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.21$0.74$2.47$0.55$0.39$0.17
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.07$0.77$2.30$0.57$0.39$0.18
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.93$0.76$1.17$0.50$0.35$0.15
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.00$0.97$1.03$0.68$0.41$0.27
2015Detailed filing. Detailed filing data is available for this year.$1.83$1.08$0.75$0.57$0.54$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.60$0.86$0.73$0.60$0.51$0.09
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.50$0.86$0.64$0.47
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.50$0.92$0.58$0.40
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.41$0.92$0.49$0.30
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Nov 13, 2025
Return Version
2024v5.2
Gross Receipts
$1,235,832
Mission and Program Overview

Mission

The ocean city development corporation is dedicated to the revitalization of the downtown area of ocean city, maryland. Programs are designed by the organization to formulate and implement long range development strategies for commercial, office, residential, and other development in the downtown area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,377,991$4,361,569▼ $16,422
Savings and Temporary Cash Investments$600,320$520,342▼ $79,978
Pledges and Grants Receivable$185,525$219,874▲ $34,349
Cash and Non-Interest-Bearing Accounts$27,671$111,867▲ $84,196
Prepaid Expenses and Deferred Charges$11,560$11,450▼ $110
Accounts Receivable$5,225$10,125▲ $4,900
Total Assets$5,228,726$5,240,457▲ $11,731
Other Assets Total$20,434$5,230▼ $15,204
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,582,445$1,546,264▼ $36,181
Accounts Payable and Accrued Expenses$1,197$11,524▲ $10,327
Other Liabilities$10,837$7,707▼ $3,130
Deferred Revenue$6,900$1,600▼ $5,300
Total Liabilities$1,601,379$1,567,095▼ $34,284
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,625,289$3,673,362▲ $48,073
Net Assets With Donor Restrictions$2,058$0▼ $2,058
Total Net Assets Fund Balance$3,627,347$3,673,362▲ $46,015
Total Liabilities and Net Assets / Fund Balance$5,228,726$5,240,457▲ $11,731

Asset Categories

AssetBook ValueDepreciationBasis
Land$3,822,039-$3,822,039
Other Land Buildings$539,530$83,432$622,962
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Zachary BankertExecutive DirectorFT$98,854$98,854

Board Members and Trustees

NameTitle
Joe WilsonPresident
Patrick MclaughlinVice President
Bill SiegDirector
Caleigh WoottenDirector
Dennis DareDirector
Heather MorrisonDirector
Igor ConevDirector
Michael NolenDirector
Nancy BradfordDirector
Nick TekmenDirector
Scott SavageDirector
Spiro BuasDirector
Stephanie MeehanDirector
Sonia BakerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$799,561
Program Service Revenue
$0
Investment Income
$32,680
Other Revenue
$74,911
All Other Contributions
$286
Change in Net Assets
$46,015

Audited Revenue Reconciliation

Revenue per Audited Statements
$907,152
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$285,923
Total Revenue per Audited Statements
$1,193,075
Total Revenue per Form 990
$907,152
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$648,900
Salaries, Compensation, and Employee Benefits$200,737
Grants and Similar Amounts Paid$11,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$135,756$45,252-$181,008
Interest$20,754--$20,754
Payroll Taxes$10,908$3,636-$14,544
Depreciation Depletion-$13,782-$13,782
Grants to Domestic Orgs$11,500--$11,500
Occupancy$8,602$2,830-$11,432
Office Expenses$8,377$2,792-$11,169
Insurance$7,244$2,157-$9,401
Fees for Services Legal$6,946$1,736-$8,682
Conferences and Meetings$6,429$2,143-$8,572
Advertising$8,476--$8,476
Fees for Services Accounting$5,550$1,850-$7,400
Other Expenses$4,412$1,103-$5,515
Other Employee Benefits$3,889$1,296-$5,185
Fees for Services Other$3,287$1,096-$4,383
Travel$4,169--$4,169
All Other Expenses$2,718$76-$2,794
Total Functional Expenses$766,953$94,184$0$861,137

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,147,061
Expenses per Audited Statements$861,137
Total Expenses per Form 990$861,137
Expenses Not Reported on Form 990$285,924
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Stop Offshore Wind IncOcean City, MD-To Provide Funding to Provide Education and Tools to Ensure Voices Against Offshore Wind Turbines in Ocean City, Md Are Heard.$10,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$111,297
Fundraising Direct Expenses$70,021
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament Fundraiser$53,470$53,470$21,778$31,692
Shorecraft Beer Festival$32,977$32,977$15,679$17,298
Total Events$106,881$106,881$52,340$54,541
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$5,751
Funds Held on Behalf of Others$1,653
Credit Cards$260
Payroll Liabilities$43
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
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 7A

“Election of members and their rights”

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

“Form 990 is reviewed by executive director line by line before filing”

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

“Pursuant to the ocean city development corporation (ocdc) conflict of interest policy and confidentiality policy, each year all ocdc board members are required to provide written disclosure on any business the board member or a member of his/her family may conduct with the ocdc. Property owned within the ocdc area of jurisdiction is disclosed as well. These files and records are reviewed by the ocdc executive director and maintained by the ocdc. Such violations of this conflict require the board chairman (ocdc president) to inform the member of the basis of this belief and afford the member the opportunity to explain any alleged failure to disclose. The full board will determine if the member has failed to disclose an actual or possible conflict of interest and take appropriate corrective action.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents and financial statements available to the public upon request. The 990 is available on the organization's website as well.”

Filing and Contact Details

Filer

Filer Name
Ocean City Development Corporation
EIN
52-2222484
Phone
4102897739
Address
108 DORCHESTER STREET, OCEAN CITY, MD 21842

Signing Officer

Name
Zachary Bankert
Title
Executive Director
Phone
4102897739
Signed
2025-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Zachary Bankert
Formed
2000
Legal Domicile
Md
Voting Board Members
15
Independent Board Members
15
Employees
7
Volunteers
60

Preparer

Firm
Pks & Company Pa
Address
1801 SWEETBAY DRIVE, SALISBURY, MD 21804
Preparer
Brian T Ford CPA
Phone
4105465600
Supplemental Narrative

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising presented net of expenses on form 990 rental and parking lot downtown association”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising presented net of expenses on form 990 rental and parking lot downtown association”

PART X, LINE 2:

“The organization has no uncertain tax positions that qualify for either recognition or disclosure.”

Raw XML AppendixShowing 400 of 555 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/ActivityOrMissionDesc0THE OCEAN CITY DEVELOPMENT CORPORATION IS DEDICATED TO THE REVITALIZATION OF THE DOWNTOWN AREA OF OCEAN CITY, MARYLAND. PROGRAMS ARE DESIGNED BY THE ORGANIZATION TO FORMULATE AND IMPLEMENT LONG RANGE DEVELOPMENT STRATEGIES FOR COMMERCIAL, OFFICE, RESIDENTIAL, AND OTHER DEVELOPMENT IN THE DOWNTOWN AREA.
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IRS990/BooksInCareOfDetail/PhoneNum04102897739
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0108 DORCHESTER STREET
IRS990/BooksInCareOfDetail/USAddress/CityNm0OCEAN CITY
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IRS990/Form990PartVIISectionAGrp/PersonNm1PATRICK MCLAUGHLIN
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IRS990/Form990PartVIISectionAGrp/PersonNm3NANCY BRADFORD
IRS990/Form990PartVIISectionAGrp/PersonNm4SPIRO BUAS
IRS990/Form990PartVIISectionAGrp/PersonNm5MICHAEL NOLEN
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14EXECUTIVE DIRECTOR
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IRS990/MissionDesc0THE OCEAN CITY DEVELOPMENT CORPORATION IS DEDICATED TO THE REVITALIZATION OF THE DOWNTOWN AREA OF OCEAN CITY, MARYLAND. PROGRAMS ARE DESIGNED BY THE ORGANIZATION TO FORMULATE AND IMPLEMENT LONG RANGE DEVELOPMENT STRATEGIES FOR COMMERCIAL, OFFICE, RESIDENTIAL, AND OTHER DEVELOPMENT IN THE DOWNTOWN AREA.
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IRS990/OtherExpensesGrp/Desc3PROPERTY TAXES
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IRS990/PrincipalOfficerNm0ZACHARY BANKERT
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IRS990/ProgSrvcAccomActy2Grp/Desc0PUBLIC ART PROGRAM - THIS PROGRAM ADDS INTEREST TO THE DOWNTOWN AREA AND WILL INCREASEPEDESTRIAN TRAFFIC, AS THE AREA BECOMES BETTER KNOWN FOR ITS PUBLIC ART OFFERINGS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0GREEN BUILDING INITIATIVES PROGRAM - COMMERCIAL PROGRAM PROVIDES FINANCIAL ASSISTANCE TOBUSINESSES TO INSTALL NEW LONG-TERM ENERGY-EFFICIENT PRODUCTS. THE PROGRAM IS FUNDED BY GRANTSFROM THE MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt017365
IRS990/ProgSrvcAccomActyOtherGrp/Desc0VARIOUS PROGRAMS RELATED TO THE REVITALIZATION OF DOWNTOWN OCEAN CITY.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt043
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