Harbor Bank Of Maryland Community Development Corporation
- Assets
- $1.6m
- Revenue
- $752.5k
- Investments
- $0.0
- Employees
- 8
- Location
- Baltimore, MD
- Founding
- 06/2004
- Data as of
- 12/2021
- EIN
- 26-0006476
Organization Overview
Harbor Bank Of Maryland Community Development Corporation is located in Baltimore, MD. The organization was established in 2004. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Harbor Bank Of Maryland Community Development Corporation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harbor Bank Of Maryland Community Development Corporation 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 12/2021, Harbor Bank Of Maryland Community Development Corporation generated $752.5k in total revenue. All expenses for the organization totaled $1.0m during the year ending 12/2021. While expenses have increased by 55.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING - RESIDENTIAL & COMMERCIAL CONSTRUCTION & REHABILITATION IN AN ATTEMPT TO REVITALIZE NEIGHBORHOODS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Germano Gomez Asst. Vice P | Officer | 40 | $131,942 |
Ronnie Brodsky Vice Preside | Officer | 40 | $38,462 |
John Lewis Exec. Vice P | Officer | $15,769 | |
Joseph Haskins Jr Chairman And | OfficerTrustee | $0 | |
Erich W March Director | Trustee | $0 | |
Stay Smith Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $651,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $711,000 |
| Total Program Service Revenue | $0 |
| Investment income | $36,371 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $623 |
| 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 | $752,542 |
| 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. | $186,172 |
| Compensation of current officers, directors, key employees. | $46,544 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $147,620 |
| Pension plan accruals and contributions | $3,933 |
| Other employee benefits | $6,450 |
| Payroll taxes | $24,548 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,512 |
| Fees for services: Accounting | $45,165 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $276,414 |
| Advertising and promotion | $0 |
| Office expenses | $888 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $141,947 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,886 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,913 |
| Insurance | $985 |
| All other expenses | $2,635 |
| Total functional expenses | $1,041,984 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $434,749 |
| Pledges and grants receivable | $185,000 |
| Accounts receivable, net | $61,022 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $682,301 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $246,622 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,813 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,613,507 |
| Accounts payable and accrued expenses | $15,281 |
| 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 | $3,700 |
| Total liabilities | $18,981 |
| Net assets without donor restrictions | $1,094,526 |
| Net assets with donor restrictions | $500,000 |
| 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 | $1,613,507 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Harbor Bank Of Maryland Community Development Corporation has recieved totaling $550,000.
| Awarding Organization | Amount |
|---|---|
Annie E Casey Foundation Baltimore, MD PURPOSE: SUPPORT HARBOR CDC EMERGING DEVELOPERS AND SMALL BUSINESS INITIATIVE | $250,000 |
San Francisco Foundation San Francisco, CA PURPOSE: ADVISED - FOR SUPPORTING SMALL BUSINESS THROUGH MODERNIZING INFRASTRUCTURE FOR REPORTING, EVALUATION, AND LEARNING TO BETTER SUPPORT YOUR LOCAL COMMUNITY. | $200,000 |
Goldman Sachs Foundation New York, NY PURPOSE: GRANT TO SUPPORT COVID-19 RELIEF EFFORT IN BALTIMORE, MD | $100,000 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ben Franklin Technology Center Of Southeastern Pennsylvania Philadelphia, PA | $114,107,980 | $9,362,495 |
Norfolk State University Research And Innovation Foundation Norfolk, VA | $25,278,732 | $5,808,933 |
Economic Progress Alliance Of Crawford County Meadville, PA | $32,588,545 | $5,037,136 |
Small Business Majority Foundation Inc Washington, DC | $4,020,911 | $5,051,591 |
Black Girl Ventures Foundation Fort Belvoir, VA | $2,941,094 | $3,288,394 |
Manufacturers Resource Center Allentown, PA | $3,950,399 | $3,151,417 |
Spedd Inc Vandergrift, PA | $27,841,148 | $4,019,412 |
Prince Georges Financial Services Corporation Largo, MD | $6,191,541 | $2,663,412 |
National Small Business United Washington, DC | $916,029 | $2,645,028 |
Capital Region Minority Supplier Development Council Inc Silver Spring, MD | $1,993,070 | $2,779,986 |
Allentown Economic Development Corporation Allentown, PA | $28,611,870 | $1,731,246 |
Assets Lancaster Lancaster, PA | $1,401,857 | $1,513,730 |