Civic Intelligence

Cambridge Waterfront Development Inc.

990 • Fiscal year 2023 • EIN 83-2040316

Jul 01, 2023 to Dec 31, 2023 • Filed on Sep 12, 2024

Organization ProfileCAMBRIDGEHARBOR.ORG
306 High Street PO Box 1144Cambridge, MD 21613

(410) 463-0428

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$8,412,143

Down $313,276 (-3.6%) from 2022

Net Assets

Up

$7,517,915

Up $4,399,629 (+141%) from 2022

Liabilities

Down

$894,228

Down $4,712,905 (-84%) from 2022

Revenue And Expenses

Revenue

Down

$537,318

Down $2,425,176 (-82%) from 2022

Expenses

Up

$205,980

Up $120,743 (+142%) from 2022

Net Income

Down

$331,338

Down $2,545,919 (-88%) from 2022

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2019: $200,563Liabilities 2019: $0Net Assets 2019: $200,5632019Assets 2021: $76,144Liabilities 2021: $0Net Assets 2021: $76,1442021Assets 2022: $8,725,419Liabilities 2022: $5,607,133Net Assets 2022: $3,118,2862022Assets 2023: $8,503,739Liabilities 2023: $1,312,802Net Assets 2023: $7,190,9372023Assets 2023: $8,412,143Liabilities 2023: $894,228Net Assets 2023: $7,517,9152023Assets 2024: $9,910,637Liabilities 2024: $1,449,388Net Assets 2024: $8,461,2492024

Highlighted filing

2023

Assets$8,412,143
Liabilities$894,228
Net Assets$7,517,915
Open 2023 Filing

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2019: $251,986Expenses 2019: $51,423Net Income 2019: $200,5632019Revenue 2021: $60,040Expenses 2021: $151,665Net Income 2021: -$91,6252021Revenue 2022: $2,962,494Expenses 2022: $85,237Net Income 2022: $2,877,2572022Revenue 2023: $4,354,575Expenses 2023: $281,924Net Income 2023: $4,072,6512023Revenue 2023: $537,318Expenses 2023: $205,980Net Income 2023: $331,3382023Revenue 2024: $1,486,679Expenses 2024: $543,345Net Income 2024: $943,3342024

Highlighted filing

2023

Revenue$537,318
Expenses$205,980
Net Income$331,338
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Dec 31, 2023
Signed
Sep 12, 2024
Return Version
2023v5.1
Gross Receipts
$625,360
Mission and Program Overview

Mission

To promote and facilitate the redevelopment of certain properties along and adjacent to the city of cambridge waterfront.

To promote and facilitate the redevelopment of the city of cambridge waterfront properties.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$7,190,937$7,517,915▲ $326,978
Investments Other Securities$7,015,944$7,444,235▲ $428,291
Cash and Non-Interest-Bearing Accounts$1,119,192$584,750▼ $534,442
Pledges and Grants Receivable$316,855$319,118▲ $2,263
Prepaid Expenses and Deferred Charges$41,933$54,225▲ $12,292
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$8,503,739$8,412,143▼ $91,596
Other Assets Total$9,815$9,815→ $0
Liabilities
Deferred Revenue$960,859$679,762▼ $281,097
Accounts Payable and Accrued Expenses$348,378$210,901▼ $137,477
Other Liabilities$3,565$3,565→ $0
Total Liabilities$1,312,802$894,228▼ $418,574
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,190,937$7,517,915▲ $326,978
Total Liabilities and Net Assets / Fund Balance$8,503,739$8,412,143▼ $91,596

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$7,444,235--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Matthew Leonardkirk Avenue LLCExecutive DirectorFT$105,000$105,000

Board Members and Trustees

NameTitle
Richard M ZeidmanPresident
Angie HengstDirector
Dion BanksDirector
Michael J FrenzDirector
Shay Lewis-siscoDirector
Frank J Narr JrSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
James G Davis Construction CorporationDemolition12530 PARKLAWN DR SUITE 100, Rockville, MD 20852$231,291
Morris Ritchie & AssociatesEngineering3445-A BOX HILL CORPORATE CENTER DR, Abingdon, MD 21009$132,870
Network Realty PartnersProject Management4201 WILSON BLVD SUITE 260, Arlington, VA 22203$123,310
Miles And Stockbridge PCLegal Fees100 LIGHT STREET, Baltimore, MD 21202$105,720
Revenue and Support

Revenue Composition

Contributions and Grants
$599,167
Program Service Revenue
$0
Investment Income
$203
Other Revenue
$-62,052
Change in Net Assets
$331,338
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$192,634
Grants and Similar Amounts Paid$13,346
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other-$151,827-$151,827
Insurance-$18,827-$18,827
Grants to Domestic Orgs$13,346--$13,346
Advertising-$8,725-$8,725
Fees for Services Accounting-$7,000-$7,000
Conferences and Meetings-$2,225-$2,225
Occupancy-$1,800-$1,800
Information Technology-$1,243-$1,243
Office Expenses-$600-$600
Travel-$153-$153
Other Expenses-$29-$29
Total Functional Expenses$13,346$192,634$0$205,980
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Richardson Maritime MuseumCambridge, MD501(c)(3)Operating Expenses$13,346
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
Prepaid Leases$3,565
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Cambridge waterfront development, inc. Has an independent contract agreement with kirk avenue, llc for executive director services. The contract began january 1, 2022.”

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

“Per the organization's bylaws, the organization has appointing authority for one of its seven (7) board members. All seven appointments are ratified by a vote of the organization's board of directors.”

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

“The board of directors reviews form 990 before filing”

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

“Each board member maintains compliance with their appropriate city, county and state authorities. If any conflict arises, they are required to dislcose the conflict and respond appropriately to any action that need to be taken (i.e, recuse themselves from voting, etc.).”

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

“The executive committee reviewed and made a decision that resulted in an extension of the contract with kirk ave, llc for executive director services. The current contract has been extended through december 31, 2024.”

Form 990, Part VI, Section C, Line 19

“All governing documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Cambridge Waterfront Development Inc
EIN
83-2040316
Phone
4104630428
Address
306 HIGH STREET PO BOX 1144, CAMBRIDGE, MD 21613

Signing Officer

Name
Frank J Narr Jr
Title
Secretary/treasurer
Phone
4104630428
Signed
2024-09-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frank J Narr Jr
Formed
2018
Legal Domicile
Md
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Uhy Advisors Mid-atlantic Inc
Address
955 MT HERMON ROAD, SALISBURY, MD 21804
Preparer
Roy J Geiser
Phone
4107421328
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Administrative fees: program service expenses 0. Management and general expenses 94,327. Fundraising expenses 0. Total expenses 94,327. Executive director services: program service expenses 0. Management and general expenses 57,500. Fundraising expenses 0. Total expenses 57,500.”

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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt026193
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt041517
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt010226
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt040
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt013
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt077989
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.98740
IRS990ScheduleA/PublicSupportPY170Pct00.98840
IRS990ScheduleA/PublicSupportTotal170Amt06113315
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0599167
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt02443736
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt03001012
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt060000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt09400
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt06113315
IRS990ScheduleA/TotalSupportAmt06191304
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/OtherLiabilitiesOrgGrp/Amt03565
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PREPAID LEASES
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt07444235
IRS990ScheduleD/OtherSecuritiesGrp/Desc0ASSETS HELD FOR SALE
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueSecuritiesAmt07444235
IRS990ScheduleD/TotalLiabilityAmt03565
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/RecipientTable/CashGrantAmt013346
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0OPERATING EXPENSES
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0RICHARDSON MARITIME MUSEUM
IRS990ScheduleI/RecipientTable/RecipientEIN0521785312
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0103 HAYWARD STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0CAMBRIDGE
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MD
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd021613
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CAMBRIDGE WATERFRONT DEVELOPMENT, INC. HAS AN INDEPENDENT CONTRACT AGREEMENT WITH KIRK AVENUE, LLC FOR EXECUTIVE DIRECTOR SERVICES. THE CONTRACT BEGAN JANUARY 1, 2022.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PER THE ORGANIZATION'S BYLAWS, THE ORGANIZATION HAS APPOINTING AUTHORITY FOR ONE OF ITS SEVEN (7) BOARD MEMBERS. ALL SEVEN APPOINTMENTS ARE RATIFIED BY A VOTE OF THE ORGANIZATION'S BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS REVIEWS FORM 990 BEFORE FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EACH BOARD MEMBER MAINTAINS COMPLIANCE WITH THEIR APPROPRIATE CITY, COUNTY AND STATE AUTHORITIES. IF ANY CONFLICT ARISES, THEY ARE REQUIRED TO DISLCOSE THE CONFLICT AND RESPOND APPROPRIATELY TO ANY ACTION THAT NEED TO BE TAKEN (I.E, RECUSE THEMSELVES FROM VOTING, ETC.).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE EXECUTIVE COMMITTEE REVIEWED AND MADE A DECISION THAT RESULTED IN AN EXTENSION OF THE CONTRACT WITH KIRK AVE, LLC FOR EXECUTIVE DIRECTOR SERVICES. THE CURRENT CONTRACT HAS BEEN EXTENDED THROUGH DECEMBER 31, 2024.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ADMINISTRATIVE FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 94,327. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 94,327. EXECUTIVE DIRECTOR SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 57,500. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 57,500.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
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, PART IX, LINE 11G
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0CAMBRIDGE WATERFRONT DEVELOPMENT INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt1CAMBRIDGE WATERFRONT DEVELOPMENT INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0CWDI HOLDINGS LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt1CAMBRIDGE HARBOR LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0874219928
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd1MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0REAL ESTATE HOLDING COMPANY
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt1REAL ESTATE HOLDING COMPANY
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt0PO BOX 1144
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt1PO BOX 1144
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0CAMBRIDGE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm1CAMBRIDGE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd1MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd021613
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd121613
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MD
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt08503739
IRS990/TotalAssetsEOYAmt08412143
IRS990/TotalAssetsGrp/BOYAmt08503739
IRS990/TotalAssetsGrp/EOYAmt08412143
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0599167
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0192634
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt013346
IRS990/TotalFunctionalExpensesGrp/TotalAmt0205980
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01312802
IRS990/TotalLiabilitiesEOYAmt0894228
IRS990/TotalLiabilitiesGrp/BOYAmt01312802
IRS990/TotalLiabilitiesGrp/EOYAmt0894228
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07190937
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07517915
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt013346
IRS990/TotalReportableCompFromOrgAmt0105000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0-61849
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0537318
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt08503739
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08412143
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt0153
IRS990/TravelGrp/TotalAmt0153
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0306 HIGH STREET
IRS990/USAddress/CityNm0CAMBRIDGE

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$8,412,143
Liabilities
$894,228
Net assets
$7,517,915
Revenue
$537,318
Expenses
$205,980
Net income
$331,338
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.91$1.45$8.46$1.49$0.54$0.94
2023Detailed filing. Detailed filing data is available for this year.$8.50$1.31$7.19$4.35$0.28$4.07
2023Detailed filing. Detailed filing data is available for this year.$8.41$0.89$7.52$0.54$0.21$0.33
2022Detailed filing. Detailed filing data is available for this year.$8.73$5.61$3.12$2.96$0.09$2.88
2021Detailed filing. Detailed filing data is available for this year.$0.08$0.00$0.08$0.06$0.15$0.09
2019Detailed filing. Detailed filing data is available for this year.$0.20$0.00$0.20$0.25$0.05$0.20