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← HARBOR BANK OF MARYLAND COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by HARBOR BANK OF MARYLAND COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$511,196
Total expenses
$1,292,264
Contributions and grants received
$178,492
Grants paid
$0
Program service revenue
$0
Investment income
$291,350
Other revenue
$41,354
Total assets, end of year
$4,986,295
Total liabilities, end of year
$4,724,242
Net assets or fund balances, end of year
$262,053
Program services expenses (Part IX)
$1,103,218
Management and general expenses
$159,277
Fundraising expenses
$29,769
Program service expenses (Part III)
$1,103,218

Program services were 85.4% 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.

  • 1f · All other contributions, gifts and grants

    $178,492

  • 3 · Investment income

    total $291,350 · excluded $291,350

  • 11a · Other revenue: OTHER INCOME

    total $41,354 · excluded $41,354

  • 11e · Other revenue, total

    $41,354

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $177,594 · program services $106,556 · management and general $44,399 · fundraising $26,639

  • 8 · Pension plan contributions

    total $16,623 · program services $9,974 · management and general $4,156 · fundraising $2,493

  • 9 · Other employee benefits

    total $6,641 · program services $4,942 · management and general $1,062 · fundraising $637

  • 11b · Fees: legal

    total $34,760 · program services $17,600 · management and general $17,160

  • 11c · Fees: accounting

    total $47,475 · management and general $47,475

  • 11g · Fees: other

    total $249,499 · program services $242,354 · management and general $7,145

  • 13 · Office expenses

    total $19,132 · management and general $19,132

  • 14 · Information technology

    total $15,996 · program services $11,997 · management and general $3,999

  • 16 · Occupancy

    total $98,523 · program services $88,671 · management and general $9,852

  • 20 · Interest

    total $114,946 · program services $114,946

  • 22 · Depreciation, depletion and amortization

    total $48,965 · program services $44,068 · management and general $4,897

  • 23 · Insurance

    total $19,943 · program services $19,943

  • 24a · Other expenses: BAD DEBT EXPENSES

    total $434,078 · program services $434,078

  • 24b · Other expenses: LOAN COSTS

    total $5,122 · program services $5,122

  • 24c · Other expenses: DONATIONS

    total $1,500 · program services $1,500

  • 24d · Other expenses: BUSINESS DEVELOPMENT

    total $774 · program services $774

  • 24e · All other expenses

    total $693 · program services $693

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,387,154 · end of year $654,052

  • 4 · Accounts receivable

    beginning of year $116,618 · end of year $327,427

  • 7 · Other notes and loans receivable

    beginning of year $3,770,898 · end of year $3,824,148

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

    $450,683

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

    $304,765

  • 10c · Land, buildings and equipment, net

    beginning of year $194,884 · end of year $145,918

  • 13 · Investments: program-related

    beginning of year $250,000 · end of year $25,000

  • 15 · Other assets

    beginning of year $2,250 · end of year $9,750

  • 17 · Accounts payable and accrued expenses

    beginning of year $178,683 · end of year $26,886

  • 24 · Unsecured notes and loans payable

    beginning of year $4,500,000 · end of year $4,697,356

  • 27 · Net assets without donor restrictions

    beginning of year $1,043,121 · end of year $262,053

Mission and programs · 2024

Mission

TO SERVICE AND PROVIDE CAPITAL AND FINANCIAL SERVICES TO RESIDENTS AND GROUPS LIVING AND BUSINESSES OPERATING IN LOW-INCOME COMMUNITIES OF BALTIMORE CITY AND SURROUNDING AREAS BY FURTHERING AND PROMOTING EXCLUSIVELY, CHARITABLE, RELIGIOUS, EDUCATIONAL AND SCIENTIFIC PURPOSES.

Activities or mission (Part I)

THE HARBOR BANK OF MARYLAND COMMUNITY DEVELOPMENT CORPORATION PROVIDES FINANCING TO MARYLAND COMMUNITY INSTITUTIONS, FAITH BASED ORGANIZATIONS, & SMALL BUSINESSES THAT OTHERWISE MAY HAVE DIFFICULTY OBTAINING FINANCING FOR COMMUNITY DEVELOPMENT.

  • HOUSING - RESIDENTIAL & COMMERCIAL CONSTRUCTION & REHABILITATION IN AN ATTEMPT TO REVITALIZE NEIGHBORHOODS

    Expenses $1,083,275

  • HOUSING - RESIDENTIAL & COMMERCIAL CONSTRUCTION & REHABILITATION IN AN ATTEMPT TO REVITALIZE NEIGHBORHOODS

    Expenses $19,943

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Germano Gomez

    VICE PRESIDE

    Total calculated
    $169,546
    From this org
    $169,546
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,546
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $169,546

  • John Lewis

    PRESIDENT AN

    Total calculated
    $4,797
    From this org
    $4,797
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joseph Haskins Jr

    CHAIRMAN

    Total calculated
    $0

  • Erich W March

    DIRECTOR

    Total calculated
    $0

  • Stacy Smith

    DIRECTOR

    Total calculated
    $0

  • Alvin C Hathaway Sr

    DIRECTOR

    Total calculated
    $0

  • Stanley W Tucker

    DIRECTOR

    Total calculated
    $0

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

None.

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
2024
Filed
5 November 2025
IRS schema version
2024v5.0
Source object
202543079349302449

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