Form 990 for tax year 2022
Filed by MONTGOMERY COUNTY ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $7,205,268
- Total expenses
- $6,944,623
- Contributions and grants received
- $7,063,105
- Grants paid
- $0
- Program service revenue
- $133,090
- Investment income
- $9,073
- Other revenue
- $0
- Total assets, end of year
- $4,619,671
- Total liabilities, end of year
- $2,696,606
- Net assets or fund balances, end of year
- $1,923,065
- Program services expenses (Part IX)
- $6,023,970
- Management and general expenses
- $873,615
- Fundraising expenses
- $47,038
- Program service expenses (Part III)
- $6,023,970
Program services were 86.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$7,050,655
-
1f · All other contributions, gifts and grants
$12,450
-
2a · Program service revenue: REIMBURSEMENT INCOME
total $133,090 · related or exempt $133,090
-
3 · Investment income
total $9,073 · excluded $9,073
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $154,419 · program services $121,312 · management and general $31,069 · fundraising $2,038
-
7 · Other salaries and wages
total $2,384,370 · program services $1,873,161 · management and general $479,735 · fundraising $31,474
-
8 · Pension plan contributions
total $88,440 · program services $69,479 · management and general $17,794 · fundraising $1,167
-
9 · Other employee benefits
total $266,128 · program services $209,070 · management and general $53,545 · fundraising $3,513
-
10 · Payroll taxes
total $213,314 · program services $167,579 · management and general $42,919 · fundraising $2,816
-
11b · Fees: legal
total $22,295 · program services $22,295
-
11c · Fees: accounting
total $110,507 · management and general $110,507
-
11g · Fees: other
total $100,499 · program services $100,499
-
12 · Advertising and promotion
total $1,827,782 · program services $1,827,782
-
13 · Office expenses
total $144,772 · program services $111,217 · management and general $31,688 · fundraising $1,867
-
16 · Occupancy
total $315,362 · program services $247,748 · management and general $63,451 · fundraising $4,163
-
17 · Travel
total $85,239 · program services $85,239
-
22 · Depreciation, depletion and amortization
total $97,077 · program services $97,077
-
23 · Insurance
total $13,429 · management and general $13,429
-
24a · Other expenses: STRATEGIC INITIATIVES
total $495,309 · program services $495,309
-
24b · Other expenses: BUSINESS DEVELOPMENT
total $189,687 · program services $189,687
-
24c · Other expenses: EVENTS/SPONSORSHIPS
total $174,055 · program services $174,055
-
24d · Other expenses: DUES AND SUBSCRIPTIONS
total $169,761 · program services $169,761
-
24e · All other expenses
total $92,178 · program services $62,700 · management and general $29,478
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,766,748 · end of year $1,850,768
-
2 · Savings and temporary cash investments
beginning of year $405,384 · end of year $262,253
-
4 · Accounts receivable
beginning of year $48,354 · end of year $922,347
-
9 · Prepaid expenses and deferred charges
beginning of year $163,774 · end of year $280,381
-
10a · Land, buildings and equipment: cost or other basis
$971,803
-
10b · Land, buildings and equipment: accumulated depreciation
$613,662
-
10c · Land, buildings and equipment, net
beginning of year $442,768 · end of year $358,141
-
15 · Other assets
beginning of year $0 · end of year $945,781
-
17 · Accounts payable and accrued expenses
beginning of year $514,212 · end of year $834,496
-
19 · Deferred revenue
beginning of year $650,396 · end of year $1,862,110
-
27 · Net assets without donor restrictions
beginning of year $1,316,352 · end of year $1,923,065
-
28 · Net assets with donor restrictions
beginning of year $346,068 · end of year $0
Mission and programs · 2022
Mission
MARKETING AND BUSINESS DEVELOPMENT TO DRIVE ECONOMIC GROWTH IN MONTGOMERY COUNTY, MARYLAND.
Activities or mission (Part I)
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.
-
THE 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.
Expenses $6,023,970 · Revenue $133,090
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Kevin BeverlyKEVIN BEVERLY
CHAIR, BOARD OF DIREC
- Total calculated
- $0
- Hours/week
- 8
-
Elana FineELANA FINE
VICE CHAIR, BOARD OF DIREC
- Total calculated
- $0
- Hours/week
- 2
-
Matthew LeeMATTHEW LEE
MEMBER, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 2
-
Carmen LarsenCARMEN LARSEN
MEMBER, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 2
-
Robert G BrewerROBERT G BREWER
IMMEDIATE PAST CHAIR, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 2
-
Jake WeissmannJAKE WEISSMANN
EX-OFFICIO MEMBER, BOARD O
- Total calculated
- $0
- Hours/week
- 2
-
Anthony FeatherstonANTHONY FEATHERSTON
MEMBER, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 2
-
Jennifer HsinJENNIFER HSIN
TREASURER, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 4
-
Cherlyn Freeman-WatkinsCHERLYN FREEMAN-WATKINS
MEMBER, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 2
-
Gracelyn McDermottGRACELYN MCDERMOTT
MEMBER, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 2
-
Alberto LacazeALBERTO LACAZE
MEMBER, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 2
-
Bill TompkinsBILL TOMPKINS
PRESIDENT AND CEO
- Total calculated
- $221,901
- From this org
- $221,901
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $221,901
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $221,901
-
Mukesh KumarMUKESH KUMAR
SECRETARY, BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 4
-
Brad StewartBRAD STEWART
SVP, BUSINESS DEVELOPMENT
- Total calculated
- $189,454
- From this org
- $172,423
- From related orgs
- $0
- Other
- $17,031
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $172,423
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $17,031
- Filer's total
- $189,454
-
Stacey HardySTACEY HARDY
VP OF OPERATIONS
- Total calculated
- $169,087
- From this org
- $154,613
- From related orgs
- $0
- Other
- $14,474
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $154,613
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $14,474
- Filer's total
- $169,087
-
Lynne BenzionLYNNE BENZION
DIRECTOR OF ECONOMIC DEVEL
- Total calculated
- $170,596
- From this org
- $150,961
- From related orgs
- $0
- Other
- $19,635
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $150,961
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $19,635
- Filer's total
- $170,596
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Independent compensation consultant
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 5 March 2024
- IRS schema version
- 2022v5.0
- Source object
- 202400729349300300
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