Form 990 for tax year 2023
Filed by MARYLAND ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $210,514,601
- Total expenses
- $219,211,488
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $199,044,700
- Investment income
- $11,123,781
- Other revenue
- $346,120
- Total assets, end of year
- $978,763,311
- Total liabilities, end of year
- $1,274,065,369
- Net assets or fund balances, end of year
- -$295,302,058
- Program services expenses (Part IX)
- $215,099,411
- Management and general expenses
- $4,112,077
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $215,099,411
Program services were 98.1% 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.
-
2a · Program service revenue: OPERATIONS OF CBCC
total $48,941,715 · related or exempt $48,941,715
-
2b · Program service revenue: OPERATIONS OF UMCP HOUSING
total $33,634,590 · related or exempt $33,634,590
-
2c · Program service revenue: ENERGY SERVICES CHARGES
total $16,385,854 · related or exempt $16,385,854
-
2d · Program service revenue: OPERATIONS OF MORGAN
total $15,411,826 · related or exempt $15,411,826
-
2e · Program service revenue: PROPERTY & EQUIP. RENTALS
total $14,329,477 · related or exempt $14,329,477
-
2f · All other program service revenue
total $70,341,238 · related or exempt $70,341,238
-
3 · Investment income
total $5,940,300 · excluded $5,940,300
-
4 · Income from investment of tax-exempt bond proceeds
total $6,197,550 · excluded $6,197,550
-
7b · Less cost or other basis and sales expenses
other assets $1,014,069
-
7c · Gain or loss
other assets -$1,014,069
-
7d · Net gain or loss
total -$1,014,069 · excluded -$1,014,069
-
11a · Other revenue: SETTLEMENT INCOME
total $346,120 · excluded $346,120
-
11e · Other revenue, total
$346,120
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $413,172 · management and general $413,172
-
7 · Other salaries and wages
total $1,870,990 · management and general $1,870,990
-
8 · Pension plan contributions
total $217,509 · management and general $217,509
-
9 · Other employee benefits
total $202,001 · management and general $202,001
-
10 · Payroll taxes
total $159,800 · management and general $159,800
-
11b · Fees: legal
total $111,072 · management and general $111,072
-
11c · Fees: accounting
total $104,241 · management and general $104,241
-
11f · Fees: investment management
total $8,141 · management and general $8,141
-
11g · Fees: other
total $401,120 · management and general $401,120
-
13 · Office expenses
total $214,178 · management and general $214,178
-
14 · Information technology
total $91,358 · management and general $91,358
-
16 · Occupancy
total $251,100 · program services $100,000 · management and general $151,100
-
17 · Travel
total $77,706 · management and general $77,706
-
20 · Interest
total $47,337,447 · program services $47,337,447
-
22 · Depreciation, depletion and amortization
total $46,745,009 · program services $46,701,545 · management and general $43,464
-
23 · Insurance
total $78,013 · program services $46,609 · management and general $31,404
-
24a · Other expenses: OPERATIONS OF CBCC
total $38,705,935 · program services $38,705,935
-
24b · Other expenses: OPERATIONS OF UMCP STUD
total $23,189,119 · program services $23,189,119
-
24c · Other expenses: ENERGY SERVICE EXPENSES
total $16,285,954 · program services $16,285,954
-
24d · Other expenses: OPERATIONS OF GARAGES,
total $14,237,717 · program services $14,237,717
-
24e · All other expenses
total $28,509,906 · program services $28,495,085 · management and general $14,821
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $41,205,341 · end of year $47,897,156
-
4 · Accounts receivable
beginning of year $7,826,446 · end of year $8,728,780
-
7 · Other notes and loans receivable
beginning of year $50,000 · end of year $25,000
-
8 · Inventories for sale or use
beginning of year $499,867 · end of year $456,622
-
9 · Prepaid expenses and deferred charges
beginning of year $2,601,069 · end of year $2,715,091
-
10a · Land, buildings and equipment: cost or other basis
$1,150,323,733
-
10b · Land, buildings and equipment: accumulated depreciation
$505,510,904
-
10c · Land, buildings and equipment, net
beginning of year $630,074,552 · end of year $644,812,829
-
11 · Investments: publicly traded securities
beginning of year $9,287,048 · end of year $6,307,601
-
12 · Investments: other securities
beginning of year $75,000 · end of year $75,000
-
15 · Other assets
beginning of year $331,359,092 · end of year $267,745,232
-
17 · Accounts payable and accrued expenses
beginning of year $63,473,403 · end of year $63,210,148
-
19 · Deferred revenue
beginning of year $104,687,860 · end of year $90,862,759
-
20 · Tax-exempt bond liabilities
beginning of year $897,622,477 · end of year $868,240,506
-
23 · Secured mortgages and notes payable
beginning of year $51,070,738 · end of year $47,955,738
-
25 · Other liabilities
beginning of year $192,729,108 · end of year $203,796,218
-
27 · Net assets without donor restrictions
beginning of year -$450,193,085 · end of year -$409,995,839
-
28 · Net assets with donor restrictions
beginning of year $163,587,914 · end of year $114,693,781
Mission and programs · 2023
Mission
MEDCO'S PRIMARY PURPOSE IS TO EXPAND PRODUCTIVE EMPLOYMENT AND THE STATE'S ECONOMY AND TAX BASE THROUGH THE DEVELOPMENT OF CERTAIN VACANT OR UNDER-UTILIZED INDUSTRIAL SITES AND FACILITIES AS WELL AS OTHER ECONOMIC RESOURCES. IN FULFILLING ITS PURPOSE, MEDCO PROVIDES FACILITIES AND FINANCING OF FACILITIES TO BUSINESSES AT FAVORABLE RATES. MEDCO ALSO PROVIDES MANAGEMENT AND CONSULTING EXPERTISE.
Activities or mission (Part I)
TO ATTRACT NEW BUSINESSES AND ENCOURAGE EXPANSION OF EXISTING BUSINESSES IN MARYLAND THROUGH DEVELOPMENT, EXPANSION, AND/OR MODERNIZATION OF FACILITIES.
-
CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND.
Expenses $60,784,196 · Revenue $48,941,715
-
UMCP HOUSING IS A PROGRAM UNDER WHICH MEDCO LEASES LAND USED FOR THE SOUTH CAMPUS COMMONS AND THE COURTYARDS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND.
Expenses $33,038,132 · Revenue $33,634,590
-
UMCP ENERGY IS A PROGRAM UNDER WHICH MEDCO LEASES LAND, CERTAIN ENERGY CONVERSION FACILITIES AND STEAM, ELECTRICITY AND CHILLED WATER DELIVERY SYSTEMS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND, AND PROVIDES ENERGY CONVERSION, DELIVERY AND RELATED SERVICES TO UMCP.
Expenses $16,385,954 · Revenue $16,385,854
-
MEDCO PROVIDED FINANCING PACKAGES OR FAVORABLE LEASE TERMS FOR MANY PROJECTS THROUGHOUT THE STATE. IN ADDITION, MEDCO ASSISTED ORGANIZATIONS IN THEIR EFFORTS TO EXPAND OR MODERNIZE.
Expenses $104,891,129 · Revenue $100,082,541
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Scott DorseySCOTT DORSEY
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Richard WooRICHARD WOO
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Tehma Hallie Smith WilsonTEHMA HALLIE SMITH WILSON
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Secretary Kevin AndersonSECRETARY KEVIN ANDERSON
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
Eric CostelloERIC COSTELLO
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
Michael CottinghamMICHAEL COTTINGHAM
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
Keasha HaytheKEASHA HAYTHE
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
James Hinebaugh JrJAMES HINEBAUGH JR
BOARD OF DIRECTORS (PART YEAR)
- Total calculated
- $0
- Hours/week
- 1
-
Omar KarimOMAR KARIM
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
Mary Ann MarburyMARY ANN MARBURY
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
Harry ShashoHARRY SHASHO
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
Jessica Underwood EsqJESSICA UNDERWOOD ESQ
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
Secretary Paul J WiedefeldSECRETARY PAUL J WIEDEFELD
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 1
-
David YungmannDAVID YUNGMANN
BOARD OF DIRECTORS (PART YEAR)
- Total calculated
- $0
- Hours/week
- 1
-
J Thomas Sadowski JrJ THOMAS SADOWSKI JR
EXECUTIVE DIRECTOR AND SECRETARY
- Total calculated
- $413,172
- From this org
- $319,606
- From related orgs
- $0
- Other
- $93,566
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $319,348
- Bonus
- $0
- Other
- $258
- Deferred
- $48,750
- Nontaxable benefits
- $44,816
- Filer's total
- $413,172
-
James R MillerJAMES R MILLER
CFO
- Total calculated
- $228,308
- From this org
- $196,994
- From related orgs
- $0
- Other
- $31,314
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,349
- Bonus
- $0
- Other
- $12,645
- Deferred
- $29,490
- Nontaxable benefits
- $1,824
- Filer's total
- $228,308
-
John GenakosJOHN GENAKOS
DIRECTOR OF RE & DEVELOPMENT
- Total calculated
- $225,875
- From this org
- $168,123
- From related orgs
- $0
- Other
- $57,752
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,784
- Bonus
- $0
- Other
- $15,339
- Deferred
- $25,823
- Nontaxable benefits
- $31,929
- Filer's total
- $225,875
-
Wyatt ShiflettWYATT SHIFLETT
DIRECTOR OF FINANCING
- Total calculated
- $174,370
- From this org
- $142,010
- From related orgs
- $0
- Other
- $32,360
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $135,000
- Bonus
- $0
- Other
- $7,010
- Deferred
- $21,288
- Nontaxable benefits
- $11,072
- Filer's total
- $174,370
-
Francina BrinkerFRANCINA BRINKER
ASST DIRECTOR OF FINANCING
- Total calculated
- $158,609
- From this org
- $126,373
- From related orgs
- $0
- Other
- $32,236
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $96,115
- Bonus
- $0
- Other
- $30,258
- Deferred
- $18,917
- Nontaxable benefits
- $13,319
- Filer's total
- $158,609
-
Sarah HortaSARAH HORTA
DIRECTOR OF INNOVATION & STRATEGIC PARTNERSHIPS
- Total calculated
- $167,717
- From this org
- $129,584
- From related orgs
- $0
- Other
- $38,133
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $123,010
- Bonus
- $0
- Other
- $6,574
- Deferred
- $19,579
- Nontaxable benefits
- $18,554
- Filer's total
- $167,717
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 · 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
- 2023
- Filed
- 26 April 2025
- IRS schema version
- 2023v6.0
- Source object
- 202511219349301481
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