Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $769,373

• 1e · Government grants (contributions)

  $55,000

• 1f · All other contributions, gifts and grants

  $40,638,213

• 1g · Noncash contributions included above

  $33,111,511

• 2a · Program service revenue: FOOD SALES

  total $591,050 · related or exempt $591,050

• 3 · Investment income

  total $216,379 · excluded $216,379

• 7a · Gross sales of assets other than inventory

  securities $3,467,075

• 7b · Less cost or other basis and sales expenses

  securities $3,467,075 · other assets $3,000

• 7c · Gain or loss

  securities $0 · other assets -$3,000

• 7d · Net gain or loss

  total -$3,000 · related or exempt -$3,000

• 8a · Fundraising events: gross income

  $256,457

• 8a · Fundraising events: contributions included on line 1c

  $769,373

• 8b · Fundraising events: direct expenses

  $179,594

• 8c · Net income from fundraising events

  total $76,863 · excluded $76,863

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $33,688,504 · program services $33,688,504

• 2 · Grants to domestic individuals

  total $1,304,869 · program services $1,304,869

• 5 · Compensation of officers, directors and key employees

  total $166,346 · program services $108,599 · management and general $32,086 · fundraising $25,661

• 7 · Other salaries and wages

  total $2,852,514 · program services $1,862,268 · management and general $550,212 · fundraising $440,034

• 10 · Payroll taxes

  total $197,098 · program services $125,454 · management and general $42,009 · fundraising $29,635

• 11c · Fees: accounting

  total $79,792 · management and general $79,792

• 11e · Fees: professional fundraising services

  total $242,429 · fundraising $242,429

• 13 · Office expenses

  total $43,579 · management and general $43,579

• 14 · Information technology

  total $80,337 · program services $51,135 · management and general $17,123 · fundraising $12,079

• 16 · Occupancy

  total $175,824 · program services $166,604 · management and general $7,200 · fundraising $2,020

• 17 · Travel

  total $18,925 · program services $15,435 · management and general $585 · fundraising $2,905

• 20 · Interest

  total $23,211 · program services $21,091 · management and general $1,791 · fundraising $329

• 22 · Depreciation, depletion and amortization

  total $382,228 · program services $355,949 · management and general $20,583 · fundraising $5,696

• 23 · Insurance

  total $123,527 · program services $115,609 · management and general $6,059 · fundraising $1,859

• 24a · Other expenses: REPAIRS AND MAINTENANCE

  total $533,311 · program services $514,405 · management and general $16,895 · fundraising $2,011

• 24b · Other expenses: DONOR ENGAGEMENT

  total $88,354 · program services $31,202 · management and general $54,295 · fundraising $2,857

• 24e · All other expenses

  total $367,094 · program services $332,218 · management and general $30,000 · fundraising $4,876

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,201,917 · end of year $2,366,348

• 2 · Savings and temporary cash investments

  beginning of year $5,215 · end of year $181,068

• 4 · Accounts receivable

  beginning of year $870,346 · end of year $1,435,797

• 8 · Inventories for sale or use

  beginning of year $2,352,399 · end of year $1,638,404

• 9 · Prepaid expenses and deferred charges

  end of year $47,045

• 10a · Land, buildings and equipment: cost or other basis

  $15,185,070

• 10b · Land, buildings and equipment: accumulated depreciation

  $4,038,715

• 10c · Land, buildings and equipment, net

  beginning of year $5,714,297 · end of year $11,146,355

• 11 · Investments: publicly traded securities

  beginning of year $3,198,648 · end of year $3,341,386

• 17 · Accounts payable and accrued expenses

  beginning of year $323,783 · end of year $136,739

• 19 · Deferred revenue

  beginning of year $125,000 · end of year $70,000

• 23 · Secured mortgages and notes payable

  beginning of year $315,696 · end of year $0

• 25 · Other liabilities

  beginning of year $98,811 · end of year $134,729

• 27 · Net assets without donor restrictions

  beginning of year $16,085,666 · end of year $18,544,379

• 28 · Net assets with donor restrictions

  beginning of year $393,866 · end of year $1,270,556

The filer's explanations (Part III)

PART I, LINE 7

TO RETAIN KEY TALENT, THE MONTGOMERY COUNTY FOOD BANK HAS ESTABLISHED AN INCENTIVE PLAN FOR ITS PRESIDENT/CEO. THIS PLAN INCLUDES PROVISIONS FOR ADDITIONAL COMPENSATION BASED ON SPECIFIC CRITERIA OR PERFORMANCE THRESHOLDS, ENSURING LEADERSHIP CONTINUITY.