Cumberland Economic Development Corporation
- Assets
- $1.6m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Cumberland, MD
- Founding
- 10/2015
- Data as of
- 06/2024
- EIN
- 47-4730548
Organization Overview
Cumberland Economic Development Corporation is located in Cumberland, MD. The organization was established in 2015. 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. Cumberland Economic 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 06/2024, Cumberland Economic Development Corporation generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (4.2%) each year. All expenses for the organization totaled $1.8m during the year ending 06/2024. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE IN CHARITABLE AND EDUCATIONAL EFFORTS, AND SPECIFICALLY TO SUPPORT ECONOMIC DEVELOPMENT AND COMMUNITY DEVELOPMENT IN ALLEGANY COUNTY, MARYLAND, WITH AN INITIAL FOCUS ON THE CITY OF CUMBERLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BALTIMORE STREET ACCESS PROJECT: THE PROJECT IS A CEDC AND CITY OF CUMBERLAND EFFORT TO REVITALIZE THE CITY'S URBAN CORE, AMONG OTHER THINGS, RE-INTRODUCING AUTOMOBILE AND BICYCLE TRAFFIC ONTO BALTIMORE STREET IN CUMBERLAND, MD, THEREBY IMPROVING CONNECTIVITY OF THE INTERMODAL TRANSPORTATION SYSTEM; INTRODUCING FIBER OPTIC CABLE ALONG BALTIMORE STREET, THEREBY COMPLETING THE DOWNTOWN FIBER LOOP; INSTALLING SPRINKLER INFRASTRUCTURE TO BUILDINGS ALONG BALTIMORE STREET, THEREBY PROMOTING RESIDENTIAL AND COMMERICAL REDEVELOPMENT; AND REPLACEMENT OF UNDERGROUND INFRASTRUCTURE THAT HAS NOT BEEN MATERIALLY IMPROVED SINCE BEFORE THE INSTALLATION OF THE PEDESTRIAN MALL. THIS PROJECT IS ALSO BEING UNDERTAKEN AS PART OF A MUCH BROADER ECONOMIC AND COMMUNITY DEVELOPMENT REVITALIZATION EFFORT FOR THE CITY OF CUMBERLAND'S URBAN CORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Miller Executive Di | Officer | 40 | $98,118 |
Dr Cynthia Bambara Director | Trustee | 2 | $0 |
Dustin Freas Director | Trustee | 2 | $0 |
Kathy Getty Treasurer | OfficerTrustee | 2 | $0 |
Jonathan Hutcherson Chairman | OfficerTrustee | 2 | $0 |
Brian Kurtz Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $26,250 |
| Fundraising events | $0 |
| Related organizations | $415,107 |
| Government grants | $1,138,980 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,580,337 |
| Total Program Service Revenue | $0 |
| Investment income | $89,317 |
| 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 | $1,669,654 |
| 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 | $227,996 |
| Pension plan accruals and contributions | $33,744 |
| Other employee benefits | $18,094 |
| Payroll taxes | $17,320 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,407 |
| Fees for services: Accounting | $16,720 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44 |
| Advertising and promotion | $2,500 |
| Office expenses | $5,962 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,315 |
| Travel | $3,324 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,376 |
| All other expenses | $960 |
| Total functional expenses | $1,832,302 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,193 |
| Savings and temporary cash investments | $784,100 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $400,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,074 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $367,901 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,565,268 |
| Accounts payable and accrued expenses | $34,837 |
| Grants payable | $0 |
| Deferred revenue | $6,655 |
| 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 | $60,110 |
| Total liabilities | $101,602 |
| Net assets without donor restrictions | $1,054,698 |
| Net assets with donor restrictions | $408,968 |
| 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 | $1,565,268 |