Civic Intelligence

Montgomery County Economic Development Corporation

990 • Fiscal year 2017 • EIN 81-0717388

Jul 01, 2016 to Jun 30, 2017 • Filed on May 09, 2018

Organization Profilewww.thinkmoco.com

View Organization Page

1801 Rockville Pike No 320Rockville, MD 20852

(301) 216-3832

Siviq Scores

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

Liabilities / Assets

77th percentile

0.42x

Higher debt load relative to assets than 77% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

69th percentile

0.27x

Higher debt load relative to revenue than 69% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

85th percentile

32%

Higher net margin than 85% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

82nd percentile

$142,681

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

99th percentile

883%

Faster asset growth than 99% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

99th percentile

796%

Faster revenue growth than 99% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets77th percentile

Assets

Up

$2,919,164

Up $2,622,179 (+883%) from 2016

Net Assets

Up

$1,689,810

Up $1,427,782 (+545%) from 2016

Liabilities

Up

$1,229,354

Up $1,194,397 (+3417%) from 2016

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin85th percentile

Revenue

Up

$4,478,475

Up $3,978,475 (+796%) from 2016

Expenses

Up

$3,050,693

Up $2,812,721 (+1182%) from 2016

Net Income

Up

$1,427,782

Up $1,165,754 (+445%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth99th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2016: $296,985Liabilities 2016: $34,957Net Assets 2016: $262,0282016Assets 2017: $2,919,164Liabilities 2017: $1,229,354Net Assets 2017: $1,689,8102017Assets 2018: $2,590,515Liabilities 2018: $1,107,784Net Assets 2018: $1,482,7312018Assets 2019: $3,221,806Liabilities 2019: $1,114,524Net Assets 2019: $2,107,2822019Assets 2020: $4,129,581Liabilities 2020: $1,002,038Net Assets 2020: $3,127,5432020Assets 2021: $7,174,281Liabilities 2021: $4,550,580Net Assets 2021: $2,623,7012021Assets 2022: $2,827,028Liabilities 2022: $1,164,608Net Assets 2022: $1,662,4202022Assets 2023: $4,619,671Liabilities 2023: $2,696,606Net Assets 2023: $1,923,0652023

Highlighted filing

2017

Assets$2,919,164
Liabilities$1,229,354
Net Assets$1,689,810
Open 2017 Filing

Operations Trend

Revenue Growth99th percentile

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

$30M$20M$10M$0-$10MRevenue 2016: $500,000Expenses 2016: $237,972Net Income 2016: $262,0282016Revenue 2017: $4,478,475Expenses 2017: $3,050,693Net Income 2017: $1,427,7822017Revenue 2018: $5,030,563Expenses 2018: $5,237,642Net Income 2018: -$207,0792018Revenue 2019: $5,109,698Expenses 2019: $4,485,147Net Income 2019: $624,5512019Revenue 2020: $7,128,842Expenses 2020: $6,108,581Net Income 2020: $1,020,2612020Revenue 2021: $21,976,364Expenses 2021: $22,480,206Net Income 2021: -$503,8422021Revenue 2022: $7,933,113Expenses 2022: $8,894,394Net Income 2022: -$961,2812022Revenue 2023: $7,205,268Expenses 2023: $6,944,623Net Income 2023: $260,6452023

Highlighted filing

2017

Revenue$4,478,475
Expenses$3,050,693
Net Income$1,427,782
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 9, 2018
Return Version
2016v3.0
Gross Receipts
$4,478,475
Mission and Program Overview

Mission

Marketing and business development to drive economic growth in montgomery county, maryland.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$912,415▲ $912,415
Savings and Temporary Cash Investments-$851,072-
Accounts Receivable$275,775$744,479▲ $468,704
Prepaid Expenses and Deferred Charges-$199,355-
Cash and Non-Interest-Bearing Accounts$21,210$181,373▲ $160,163
Intangible Assets-$30,470-
Total Assets$296,985$2,919,164▲ $2,622,179
Liabilities
Deferred Revenue-$780,310-
Accounts Payable and Accrued Expenses$28,991$449,044▲ $420,053
Other Liabilities$5,966$0▼ $5,966
Total Liabilities$34,957$1,229,354▲ $1,194,397
Net Assets / Fund Balance
Unrestricted Net Assets$262,028$1,689,810▲ $1,427,782
Total Net Assets Fund Balance$262,028$1,689,810▲ $1,427,782
Total Liabilities and Net Assets / Fund Balance$296,985$2,919,164▲ $2,622,179

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$817,890$38,749$856,639
Equipment$94,525$1,306$95,831
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
David PetrPresident and CEOFT$142,681$142,681

Board Members and Trustees

NameTitle
Robert BuchananChair, Board of Directors
Robert BrewerVice Chair, Board of Directors
Gene SmithEx-officio Member, Board of Directors
Lily QiEx-officio Member, Board of Directors
Michael GillEx-officio Member, Board of Directors
Angela GrahamMember, Board of Directors
Cidalia Luis-AkbarMember, Board of Directors
Ellie GilesMember, Board of Directors
James BradyMember, Board of Directors
Ron PaulMember, Board of Directors
S Tien WongMember, Board of Directors
Terry FordeMember, Board of Directors
Ola SageSecretary, Board of Directors
Sanjay RaiTreasurer, Board of Directors
Revenue and Support

Revenue Composition

Contributions and Grants
$4,460,343
Program Service Revenue
$0
Investment Income
$1,123
Other Revenue
$17,009
All Other Contributions
$279,593
Change in Net Assets
$1,427,782

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,478,475
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$26,262
Total Revenue per Audited Statements
$4,504,737
Total Revenue per Form 990
$4,478,475
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,775,991
Salaries, Compensation, and Employee Benefits$1,274,702
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$798,469-$798,469
Advertising-$605,332-$605,332
Current Officers, Directors, Trustees, and Key Employees-$265,269-$265,269
Office Expenses-$184,741-$184,741
Occupancy-$180,405-$180,405
Fees for Services Other-$135,917-$135,917
Other Employee Benefits-$111,431-$111,431
Payroll Taxes-$84,543-$84,543
Fees for Services Accounting-$63,817-$63,817
Other Expenses-$46,236-$46,236
Travel-$40,232-$40,232
Depreciation Depletion-$40,055-$40,055
All Other Expenses-$24,400-$24,400
Insurance-$20,451-$20,451
Pension Plan Contributions-$14,990-$14,990
Fees for Services Legal-$1,848-$1,848
Total Functional Expenses$0$3,050,693$0$3,050,693

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,076,955
Expenses per Audited Statements$3,050,693
Total Expenses per Form 990$3,050,693
Expenses Not Reported on Form 990$26,262
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
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 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
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 2

“THE FOLLOWING MCEDC BOARD MEMBERS HAVE A BUSINESS RELATIONSHIP WITH EACH OTHER: - DR. SANJAY RAI-TREASURER - ROBERT G BREWER, JR-VICE CHAIR - TIEN WONG-BOARD MEMBER - TERRY FORDE-BOARD MEMBER - RONALD PAUL-BOARD MEMBER - Robert Buchanan chair”

Form 990, Part VI, Section A, line 7A

“The County Executive appoints members to the Board of Directors. The County Council confirms the appointments.”

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

“The return is prepared by the organization's auditors, and reviewed by its accounting partner, CEO and Treasurer prior to filing. It is also provided to the Board of Directors.”

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

“Annually, each officer, director and committee member will complete a statement indicating whether they have any conflicts of interest or they or a family member does business with mcedc.”

Form 990, Part VI, Section B, line 15A

“The compensation of the President & CEO is based on comparable market data and is reviewed and approved by the Board of Directors.”

Form 990, Part VI, Section C, line 19

“MCEDC'S BOARD OF DIRECTORS COMPLIES WITH THE STATE OF MARYLAND'S OPEN MEETINGS ACT. ALL MEETINGS ARE PROPERLY NOTICED TO THE PUBLIC, INCLUDING A POSTING OF MEETING AGENDAS AND MINUTES ON MCEDC'S WEBSITE. The financial documents are available at the organizations office upon request.”

Filing and Contact Details

Filer

Filer Name
Montgomery County Economic Development C
EIN
81-0717388
Phone
3012163832
Address
1801 Rockville Pike No 320, Rockville, MD 20852

Signing Officer

Name
david petr
Title
President and CEO
Phone
3012163832
Signed
2018-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Petr
Formed
2015
Legal Domicile
Md
Voting Board Members
14
Independent Board Members
14
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
500 EAST PRATT STREET 4TH FLOOR, BALTIMORE, MD 21202
Preparer
Philip H Cornblatt
Phone
4107834900
Supplemental Narrative

Additional Explanations

Form 990 XII line 2C

“Governance Committee tasked with fiscal oversight for organization in April 2016 and appointed to act as Finance/Audit Committee”

Financial Statement Notes

Part X, Line 2:

“Pursuant to a letter of determination received from the Internal Revenue Service (the "IRS") on March 30, 2017, MCEDC is exempt from federal income tax in accordance with section 501(c)(3) of the Internal Revenue Code (the "IRC"), except for income taxed on "unrelated business income," if any. The exemption is retroactive to MCEDC's formation date of October 5, 2015. For the year ended June 30, 2017 and the inception period, MCEDC did not have any "unrelated business income" subject to income taxes; accordingly, no provision or benefit for income taxes has been recorded in the accompanying financial statements and the Organization has not identified any uncertain tax positions that qualify for recognition or disclosure in notes to the financial statements. MCEDC is required to file and does file tax returns with the IRS and filed its initial return with the IRS during its 2016 tax year. While no tax returns of the Organization are currently being examined by the IRS, the 2016 tax return remains open for examination.”

Raw XML AppendixShowing 400 of 477 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.

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IRS990/Desc0The Montgomery County Economic Development Corporation (MCEDC) brings a big and bold approach to achieving greater economic competitiveness and prosperity across Montgomery County, MD.A nonprofit organization with a fresh public/private perspective, entrepreneurial spirit, and proactive approach to economic development, the MCEDC is focused on maximizing Montgomery County's rich diversity of people, talent and multitude of workforce and business expertise to keep it at the leading edge of today' s hyper-competitive economic development environment.Comprised of a highly talented team of 14 on its Board of Directors, the MCEDC is committed to upholding and extending the County's vibrant community and leveraging the advantages it brings for the future of business across the region.
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Ex-officio Member, Board of Directors
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IRS990/Form990PartVIISectionAGrp/TitleTxt9Chair, Board of Directors
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IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt014
IRS990/GovernmentGrantsAmt04180750
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt04478475
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt014
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt020451
IRS990/InsuranceGrp/TotalAmt020451
IRS990/IntangibleAssetsGrp/EOYAmt030470
IRS990/InvestmentIncomeGrp/ExclusionAmt01123
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01123
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt014
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt040055
IRS990/LandBldgEquipBasisNetGrp/BOYAmt00
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0912415
IRS990/LandBldgEquipCostOrOtherBssAmt0952470
IRS990/LegalDomicileStateCd0MD
IRS990/LoanOutstandingInd01
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0MARKETING AND BUSINESS DEVELOPMENT TO DRIVE ECONOMIC GROWTH IN MONTGOMERY COUNTY, MARYLAND.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0262028
IRS990/NetAssetsOrFundBalancesEOYAmt01689810
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt0180405
IRS990/OccupancyGrp/TotalAmt0180405
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0184741
IRS990/OfficeExpensesGrp/TotalAmt0184741
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0111431
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0111431
IRS990/OtherExpensesGrp/Desc0EVENTS/SPONSORSHIPS
IRS990/OtherExpensesGrp/Desc1cyber study
IRS990/OtherExpensesGrp/Desc2business operations
IRS990/OtherExpensesGrp/Desc3dues and subscriptions
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0251030
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1100000
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt281527
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt346236
IRS990/OtherExpensesGrp/TotalAmt0251030
IRS990/OtherExpensesGrp/TotalAmt1100000
IRS990/OtherExpensesGrp/TotalAmt281527
IRS990/OtherExpensesGrp/TotalAmt346236
IRS990/OtherLiabilitiesGrp/BOYAmt05966
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0reimbursement income
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt017009
IRS990/OtherRevenueTotalAmt017009
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0798469
IRS990/OtherSalariesAndWagesGrp/TotalAmt0798469
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt084543
IRS990/PayrollTaxesGrp/TotalAmt084543
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt014990
IRS990/PensionPlanContributionsGrp/TotalAmt014990
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0199355
IRS990/PrincipalOfficerNm0DAVID PETR
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0500000
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0237972
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0262028
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0237972
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0500000
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt01427782
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0851072
IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0reimbursement income - 2016 Amount: $ 17,009.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part II, Line 10, Explanation of Other Income:
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt04460343
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0500000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt04960343
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt01123
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt01123
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt017009
IRS990ScheduleA/OtherIncome170Grp/TotalAmt017009
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt04960343
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt04460343
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0500000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt04960343
IRS990ScheduleA/TotalSupportAmt04978475
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt026262
IRS990ScheduleD/DonatedServicesUseFcltsAmt026262
IRS990ScheduleD/EquipmentGrp/BookValueAmt094525
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01306
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt095831
IRS990ScheduleD/ExpensesNotReportedAmt026262
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03050693
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0817890
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt038749
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0856639
IRS990ScheduleD/RevenueNotReportedAmt026262
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04478475
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Pursuant to a letter of determination received from the Internal Revenue Service (the "IRS") on March 30, 2017, MCEDC is exempt from federal income tax in accordance with section 501(c)(3) of the Internal Revenue Code (the "IRC"), except for income taxed on "unrelated business income," if any. The exemption is retroactive to MCEDC's formation date of October 5, 2015. For the year ended June 30, 2017 and the inception period, MCEDC did not have any "unrelated business income" subject to income taxes; accordingly, no provision or benefit for income taxes has been recorded in the accompanying financial statements and the Organization has not identified any uncertain tax positions that qualify for recognition or disclosure in notes to the financial statements. MCEDC is required to file and does file tax returns with the IRS and filed its initial return with the IRS during its 2016 tax year. While no tax returns of the Organization are currently being examined by the IRS, the 2016 tax return remains open for examination.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0912415
IRS990ScheduleD/TotalExpensesPerForm990Amt03050693
IRS990ScheduleD/TotalRevenuePerForm990Amt04478475
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04504737
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03076955
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BusinessName/BusinessNameLine1Txt0DAVID PETR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0housing
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt0100000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0PRESIDENT AND CEO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FOLLOWING MCEDC BOARD MEMBERS HAVE A BUSINESS RELATIONSHIP WITH EACH OTHER: - DR. SANJAY RAI-TREASURER - ROBERT G BREWER, JR-VICE CHAIR - TIEN WONG-BOARD MEMBER - TERRY FORDE-BOARD MEMBER - RONALD PAUL-BOARD MEMBER - Robert Buchanan chair
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The County Executive appoints members to the Board of Directors. The County Council confirms the appointments.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The return is prepared by the organization's auditors, and reviewed by its accounting partner, CEO and Treasurer prior to filing. It is also provided to the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANNUALLY, EACH OFFICER, DIRECTOR AND COMMITTEE MEMBER WILL COMPLETE A STATEMENT INDICATING WHETHER THEY HAVE ANY CONFLICTS OF INTEREST OR THEY OR A FAMILY MEMBER DOES BUSINESS WITH MCEDC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The compensation of the President & CEO is based on comparable market data and is reviewed and approved by the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5MCEDC'S BOARD OF DIRECTORS COMPLIES WITH THE STATE OF MARYLAND'S OPEN MEETINGS ACT. ALL MEETINGS ARE PROPERLY NOTICED TO THE PUBLIC, INCLUDING A POSTING OF MEETING AGENDAS AND MINUTES ON MCEDC'S WEBSITE. The financial documents are available at the organizations office upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Governance Committee tasked with fiscal oversight for organization in April 2016 and appointed to act as Finance/Audit Committee
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990 XII line 2c
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MD
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0296985
IRS990/TotalAssetsEOYAmt02919164

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,919,164
Liabilities
$1,229,354
Net assets
$1,689,810
Revenue
$4,478,475
Expenses
$3,050,693
Net income
$1,427,782
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$4.62$2.70$1.92$7.21$6.94$0.26
2022Summary only. Only limited summary data is available for this year.$2.83$1.16$1.66$7.93$8.89$0.96
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.17$4.55$2.62$22.0$22.5$0.50
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.13$1.00$3.13$7.13$6.11$1.02
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.22$1.11$2.11$5.11$4.49$0.62
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.59$1.11$1.48$5.03$5.24$0.21
2017Detailed filing. Detailed filing data is available for this year.$2.92$1.23$1.69$4.48$3.05$1.43
2016Detailed filing. Detailed filing data is available for this year.$0.30$0.03$0.26$0.50$0.24$0.26