Montgomery Business Development Corporation
- Assets
- $635.7k
- Revenue
- $857.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Rockville, MD
- Founding
- Data as of
- 06/2015
- EIN
- 27-4538587
Organization Overview
Montgomery Business Development Corporation is located in Rockville, MD. As of 06/2015, Montgomery Business Development Corporation employed 3 individuals. Montgomery Business Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2015
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZATION WAS ORGANIZED AND HAS OPERATED AS A BUSINESS LEAGUE PURSUANT TO WHICH BUSINESSES OPERATING IN MONTGOMERY COUNTY, MARYLAND MAY STUDY, EVALUATE, ENHANCE AND SUPPLEMENT THE COUNTY'S ECONOMIC DEVELOPMENT PROGRAMS AND ACTIVITIES IN A MANNER CONSISTENT WITH CHAPTER 37 OF THE 2010 LAWS OF MONTGOMERY COUNTY, ENACTED BY THE COUNTY ON AN EXPEDITED BASIS ON JULY 20, 2010, AS BILL NO. 28-10, AND EFFECTIVE JULY 29, 2010.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZATION WAS ORGANIZED AND HAS OPERATED AS A BUSINESS LEAGUE PURSUANT TO WHICH BUSINESSES OPERATING IN MONTGOMERY COUNTY, MARYLAND MAY STUDY, EVALUATE, ENHANCE AND SUPPLEMENT THE COUNTY'S ECONOMIC DEVELOPMENT PROGRAMS AND ACTIVITIES IN A MANNER CONSISTENT WITH CHAPTER 37 OF THE 2010 LAWS OF MONTGOMERY COUNTY, ENACTED BY THE COUNTY ON AN EXPEDITED BASIS ON JULY 20, 2010, AS BILL NO. 28-10, AND EFFECTIVE JULY 29, 2010.
ORGANIZATION HAS OPERATED WITH A FOCUS ON THE HEALTHCARE INDUSTRY BUSINESS-LEADERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Holly Sears Sullivan President | Officer | 40 | $170,191 |
Ellie Giles Director Of Operations | Officer | 40 | $120,712 |
Brian A Gragnolati - Resigned Director | Trustee | 1 | $0 |
Robert G Brewer Chairman | Trustee | 1 | $0 |
Bryant F Foulger Director | Trustee | 1 | $0 |
Douglas Liu Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $438 |
| 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 | $857,860 |
| Statement of Expenses | |
|---|---|
| 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. | $290,903 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,225 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,165 |
| Payroll taxes | $25,559 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $212 |
| Fees for services: Accounting | $14,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $54,593 |
| Advertising and promotion | $68,030 |
| Office expenses | $1,327 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,725 |
| Travel | $712 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,186 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,643 |
| All other expenses | $0 |
| Total functional expenses | $641,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $340,916 |
| Savings and temporary cash investments | $250,582 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,663 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,536 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $635,697 |
| Accounts payable and accrued expenses | $55,179 |
| Grants payable | $0 |
| Deferred revenue | $22,676 |
| 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 | $0 |
| Total liabilities | $77,855 |
| Net assets without donor restrictions | $557,842 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $557,842 |
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