Montgomery County Development Corp
- Assets
- $1.3m
- Revenue
- $118.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Norristown, PA
- Founding
- 04/1987
- Data as of
- 12/2019
- EIN
- 23-2334149
Organization Overview
Montgomery County Development Corp is located in Norristown, PA. The organization was established in 1987. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montgomery County Development Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2019, Montgomery County Development Corp generated $118.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (29.2%) each year. All expenses for the organization totaled $80.5k during the year ending 12/2019. As we would expect to see with falling revenues, expenses have declined by (30.6%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE GROWTH OF BUSINESS, INDUSTRY AND CIVIC WELFARE IN MONTGOMERY COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MCDC IS THE CERTIFIED ECONOMIC DEVELOPMENT ORGANIZATION FOR THE COUNTY OF MONTGOMERY. MCDC ADMINISTERS THE MONTGOMERY COUNTY LOAN PROGRAM, PIDA LOANS, WORKS WITH DCED AND THE MONTGOMERY COUNTY COMMERCE DEPARTMENT TO SUPPORT THE GROWTH OF BUSINESS WITH LOW INTEREST FINANCING. MCDC SUPPORTS THE GROWTH OF BUSINESS IN MONTGOMERY COUNTY BY PARTNERING WITH THE MONTGOMERY COUNTY COMMERCE DEPARTMENT. MCDC ALSO ORGANIZES AND HOSTS EDUCATIONAL EVENTS FOR ITS MEMBERSHIP AS WELL AS VARIOUS EVENTS TO HELP PROMOTE ECONOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judy E Smith Treasurer | OfficerTrustee | 1 | $0 |
Jerry Gorski Chair | OfficerTrustee | 2 | $0 |
Barry Cohen Secretary | OfficerTrustee | 0.25 | $0 |
Michael Verrill Board Member | OfficerTrustee | 1 | $0 |
Philip T Burkett Board Member | Trustee | 0.25 | $0 |
Dr Brian Regli Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,116 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $83,548 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $90,664 |
| Total Program Service Revenue | $27,483 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $118,147 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,037 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,830 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,236 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,765 |
| Advertising and promotion | $440 |
| Office expenses | $2,963 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,151 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $289 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,922 |
| All other expenses | $0 |
| Total functional expenses | $80,505 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $393,294 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,096 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $916,849 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,322,239 |
| Accounts payable and accrued expenses | $136,047 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $41,103 |
| Total liabilities | $177,150 |
| Net assets without donor restrictions | $47,439 |
| Net assets with donor restrictions | $1,097,650 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,322,239 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Montgomery County Development Corp has recieved totaling $71,248.
| Awarding Organization | Amount |
|---|---|
Philadelphia Industrial Development Corp Philadelphia, PA PURPOSE: Economic Development | $71,248 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |