Civic Intelligence

Montgomery County Economic Development Corporation

990 • Fiscal year 2023 • EIN 81-0717388

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 05, 2024

Organization ProfileWWW.THINKMOCO.COM

View Organization Page

1801 Rockville Pike 320Rockville, MD 20852

(240) 641-6700

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.58x

Higher debt load relative to assets than 83% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

67th percentile

0.37x

Higher debt load relative to revenue than 67% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

49th percentile

3.6%

Higher net margin than 49% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

80th percentile

$221,901

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 3.1% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

92nd percentile

63%

Faster asset growth than 92% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

26th percentile

-9.2%

Faster revenue growth than 26% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Flat

$4,619,671

Flat from 2023

Net Assets

Flat

$1,923,065

Flat from 2023

Liabilities

Flat

$2,696,606

Flat from 2023

Revenue And Expenses
Liabilities / Revenue67th percentileNet Margin49th percentile

Revenue

Flat

$7,205,268

Flat from 2023

Expenses

Flat

$6,944,623

Flat from 2023

Net Income

Flat

$260,645

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth92nd 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: $1,923,0652023Assets 2023: $4,619,671Liabilities 2023: $2,696,606Net Assets 2023: $1,923,0652023

Highlighted filing

2023

Assets$4,619,671
Liabilities$2,696,606
Net Assets$1,923,065
Open 2023 Filing

Operations Trend

Revenue Growth26th 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: $260,6452023Revenue 2023: $7,205,268Expenses 2023: $6,944,623Net Income 2023: $260,6452023

Highlighted filing

2023

Revenue$7,205,268
Expenses$6,944,623
Net Income$260,645
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 5, 2024
Return Version
2022v5.0
Gross Receipts
$7,205,268
Mission and Program Overview

Mission

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

See schedule o for mission statement.to advance equitable and inclusive economic growth, prosperity and sustainability in montgomery county through activities which accelerate the growth, retention and attraction of businesses in key industry sectors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,766,748$1,850,768▲ $84,020
Accounts Receivable$48,354$922,347▲ $873,993
Land, Buildings, and Equipment, Net$442,768$358,141▼ $84,627
Prepaid Expenses and Deferred Charges$163,774$280,381▲ $116,607
Savings and Temporary Cash Investments$405,384$262,253▼ $143,131
Total Assets$2,827,028$4,619,671▲ $1,792,643
Other Assets Total$0$945,781▲ $945,781
Liabilities
Deferred Revenue$650,396$1,862,110▲ $1,211,714
Accounts Payable and Accrued Expenses$514,212$834,496▲ $320,284
Total Liabilities$1,164,608$2,696,606▲ $1,531,998
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,316,352$1,923,065▲ $606,713
Net Assets With Donor Restrictions$346,068$0▼ $346,068
Total Net Assets Fund Balance$1,662,420$1,923,065▲ $260,645
Total Liabilities and Net Assets / Fund Balance$2,827,028$4,619,671▲ $1,792,643

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$303,907$552,732$856,639
Equipment$54,234$60,930$115,164
Other Assets Org$945,781--
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bill TompkinsPresident and CEOFT$221,901-$221,901
Brad StewartSVP, Business DevelopmentFT$172,423$17,031$189,454
Lynne BenzionDirector of Economic DevelFT$150,961$19,635$170,596
Stacey HardyVP of OperationsFT$154,613$14,474$169,087

Board Members and Trustees

NameTitle
Kevin BeverlyChair, Board of Direc
Robert G BrewerImmediate Past Chair, Board of Directors
Elana FineVice Chair, Board of Direc
Jake WeissmannEx-officio Member, Board O
Alberto LacazeMember, Board of Directors
Anthony FeatherstonMember, Board of Directors
Carmen LarsenMember, Board of Directors
Cherlyn Freeman-watkinsMember, Board of Directors
Gracelyn McdermottMember, Board of Directors
Matthew LeeMember, Board of Directors
Mukesh KumarSecretary, Board of Directors
Jennifer HsinTreasurer, Board of Directors
Revenue and Support

Revenue Composition

Contributions and Grants
$7,063,105
Program Service Revenue
$133,090
Investment Income
$9,073
Other Revenue
$0
All Other Contributions
$12,450
Change in Net Assets
$260,645

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,072,178
Revenue Not Reported on Financial Statements
$133,090
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$133,090
Total Revenue per Audited Statements
$7,072,178
Total Revenue per Form 990
$7,205,268
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,837,952
Salaries, Compensation, and Employee Benefits$3,106,671
Total Fundraising Expense$47,038
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,873,161$479,735$31,474$2,384,370
Advertising$1,827,782--$1,827,782
Occupancy$247,748$63,451$4,163$315,362
Other Employee Benefits$209,070$53,545$3,513$266,128
Payroll Taxes$167,579$42,919$2,816$213,314
Other Expenses$169,761--$169,761
Current Officers, Directors, Trustees, and Key Employees$121,312$31,069$2,038$154,419
Office Expenses$111,217$31,688$1,867$144,772
Fees for Services Accounting-$110,507-$110,507
Fees for Services Other$100,499--$100,499
Depreciation Depletion$97,077--$97,077
All Other Expenses$62,700$29,478-$92,178
Pension Plan Contributions$69,479$17,794$1,167$88,440
Travel$85,239--$85,239
Fees for Services Legal$22,295--$22,295
Insurance-$13,429-$13,429
Total Functional Expenses$6,023,970$873,615$47,038$6,944,623

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,944,624
Total Expenses per Form 990$6,944,624
Total Expenses per Audited Statements$6,811,534
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$-133,090
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 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, 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 15

“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
2406416700
Address
1801 ROCKVILLE PIKE 320, ROCKVILLE, MD 20852

Signing Officer

Name
Benjamin Wu
Title
President & CEO
Phone
2406416700
Signed
2024-03-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bill Tompkins
Formed
2015
Legal Domicile
Md
Voting Board Members
13
Independent Board Members
13
Employees
24
Volunteers
18

Preparer

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

Additional Explanations

Form 990 XII Line 2C

“Governance committee tasked with oversight of the organization's audit in 2016 and appointed to act as finance/audit committee. A finance and audit committee was established in july 2018.”

Financial Statement Notes

PART X, LINE 2:

“Mcedc is exempt from federal income tax in accordance with section 501(c)(3) of the internal revenue code, except for income taxed on "unrelated business income", if any. For the years ended june 30, 2023 and 2022, 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 mcedc has not identified any uncertain tax positions that qualify for recognition or disclosure in the notes to the financial statements. Mcedc is required to file and does file tax returns with the irs. While no tax returns of the organization are currently being examined by the irs, tax returns since 2020 remain open for examination.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Expense reimbursement 133,090.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Expense reimbursement -133,090.”

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IRS990/ActivityOrMissionDesc0SEE SCHEDULE O FOR MISSION STATEMENT.TO ADVANCE EQUITABLE AND INCLUSIVE ECONOMIC GROWTH, PROSPERITY AND SUSTAINABILITY IN MONTGOMERY COUNTY THROUGH ACTIVITIES WHICH ACCELERATE THE GROWTH, RETENTION AND ATTRACTION OF BUSINESSES IN KEY INDUSTRY SECTORS.
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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.CONTINUED ON SCHEDULE OCOMPRISED OF A HIGHLY TALENTED TEAM OF 13 VOTING AND 4 NON-VOTING BOARD MEMBERS, 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/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR, BOARD OF DIREC
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR, BOARD OF DIREC
IRS990/Form990PartVIISectionAGrp/TitleTxt2MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt4IMMEDIATE PAST CHAIR, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt5EX-OFFICIO MEMBER, BOARD O
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt7TREASURER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt10MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT AND CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt12SECRETARY, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt13SVP, BUSINESS DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR OF ECONOMIC DEVEL
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr02015
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt013
IRS990/GovernmentGrantsAmt07050655
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt07205268
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt013
IRS990/IndivRcvdGreaterThan100KCnt04
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt013429
IRS990/InsuranceGrp/TotalAmt013429
IRS990/InvestmentIncomeGrp/ExclusionAmt09073
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt09073
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt039
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0613662
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0442768
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0358141
IRS990/LandBldgEquipCostOrOtherBssAmt0971803
IRS990/LegalDomicileStateCd0MD
IRS990/LoanOutstandingInd00
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/NetAssetsOrFundBalancesBOYAmt01662420
IRS990/NetAssetsOrFundBalancesEOYAmt01923065
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt01316352
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt01923065
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt04163
IRS990/OccupancyGrp/ManagementAndGeneralAmt063451
IRS990/OccupancyGrp/ProgramServicesAmt0247748
IRS990/OccupancyGrp/TotalAmt0315362
IRS990/OfficeExpensesGrp/FundraisingAmt01867
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt031688
IRS990/OfficeExpensesGrp/ProgramServicesAmt0111217
IRS990/OfficeExpensesGrp/TotalAmt0144772
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt0945781
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt03513
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt053545
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0209070
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0266128
IRS990/OtherExpensesGrp/Desc0STRATEGIC INITIATIVES
IRS990/OtherExpensesGrp/Desc1BUSINESS DEVELOPMENT
IRS990/OtherExpensesGrp/Desc2EVENTS/SPONSORSHIPS
IRS990/OtherExpensesGrp/Desc3DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/ProgramServicesAmt0495309
IRS990/OtherExpensesGrp/ProgramServicesAmt1189687
IRS990/OtherExpensesGrp/ProgramServicesAmt2174055
IRS990/OtherExpensesGrp/ProgramServicesAmt3169761
IRS990/OtherExpensesGrp/TotalAmt0495309
IRS990/OtherExpensesGrp/TotalAmt1189687
IRS990/OtherExpensesGrp/TotalAmt2174055
IRS990/OtherExpensesGrp/TotalAmt3169761
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt031474
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0479735
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01873161
IRS990/OtherSalariesAndWagesGrp/TotalAmt02384370
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt02816
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt042919
IRS990/PayrollTaxesGrp/ProgramServicesAmt0167579
IRS990/PayrollTaxesGrp/TotalAmt0213314
IRS990/PensionPlanContributionsGrp/FundraisingAmt01167
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt017794
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt069479
IRS990/PensionPlanContributionsGrp/TotalAmt088440
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0163774
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0280381
IRS990/PrincipalOfficerNm0BILL TOMPKINS
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0REIMBURSEMENT INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0133090
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0133090
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt07802426
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0723
IRS990/PYOtherExpensesAmt05754739
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0129964
IRS990/PYRevenuesLessExpensesAmt0-961281
IRS990/PYSalariesCompEmpBnftPaidAmt03139655
IRS990/PYTotalExpensesAmt08894394
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt07933113
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0260645
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0133090
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0405384
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0262253
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt07063105
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt07802426
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt021864639
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt07000252
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt04982634
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt048713056
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt09073
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0723
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0495
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01175
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt01949
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt013415
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0626814
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99970
IRS990ScheduleA/PublicSupportPY170Pct00.99730
IRS990ScheduleA/PublicSupportTotal170Amt048713056
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt07063105
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt07802426
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt021864639
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt07000252
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt04982634
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt048713056
IRS990ScheduleA/TotalSupportAmt048726471
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/EquipmentGrp/BookValueAmt054234
IRS990ScheduleD/EquipmentGrp/DepreciationAmt060930
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0115164
IRS990ScheduleD/ExpensesNotReportedAmt0-133090
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt06944624
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0303907
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0552732
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0856639
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0945781
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RIGHT OF USE ASSET
IRS990ScheduleD/OtherExpensesIncludedAmt0-133090
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0133090
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0133090
IRS990ScheduleD/RevenueSubtotalAmt07072178
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MCEDC IS EXEMPT FROM FEDERAL INCOME TAX IN ACCORDANCE WITH SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT FOR INCOME TAXED ON "UNRELATED BUSINESS INCOME", IF ANY. FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, 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 MCEDC HAS NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE NOTES TO THE FINANCIAL STATEMENTS. MCEDC IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS. WHILE NO TAX RETURNS OF THE ORGANIZATION ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX RETURNS SINCE 2020 REMAIN OPEN FOR EXAMINATION.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1EXPENSE REIMBURSEMENT 133,090.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2EXPENSE REIMBURSEMENT -133,090.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0358141
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0945781
IRS990ScheduleD/TotalExpensesPerForm990Amt06944624
IRS990ScheduleD/TotalRevenuePerForm990Amt07205268
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07072178
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt06811534
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,619,671
Liabilities
$2,696,606
Net assets
$1,923,065
Revenue
$7,205,268
Expenses
$6,944,623
Net income
$260,645
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$4.62$2.70$1.92$7.21$6.94$0.26
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
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$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