Salisbury Wicomico Economic Development Inc
- Assets
- $3.7m
- Revenue
- $971.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Salisbury, MD
- Founding
- 10/1970
- Data as of
- 08/2023
- EIN
- 52-0885275
Organization Overview
Salisbury Wicomico Economic Development Inc is located in Salisbury, MD. The organization was established in 1970. 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. As of 08/2023, Salisbury Wicomico Economic Development Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salisbury Wicomico Economic Development Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 08/2023, Salisbury Wicomico Economic Development Inc generated $971.3k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 19.2% each year . All expenses for the organization totaled $935.3k during the year ending 08/2023. While expenses have increased by 19.2% per year over the past 8 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.
Since 2021, Salisbury Wicomico Economic Development Inc has awarded 79 individual grants totaling $1,228,191. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RESPONSIBLE FOR THE ENHANCEMENT OF THE SOCIO-ECONOMIC ENVIRONMENT OF SALISBURY AND THE WICOMICO COUNTY REGION THROUGH THE PRESERVATION AND CREATION OF PRODUCTIVE EMPLOYMENT OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT OF SALISBURY, MARYLAND AND LOCAL AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David J Ryan Jr Executive Dir. | OfficerTrustee | 40 | $152,731 |
Christopher Eccleston Director | Trustee | 1 | $0 |
Chris Hall Director | Trustee | 1 | $0 |
Tony Nichols President | OfficerTrustee | 1 | $0 |
Dr Derrek Dunn Director | Trustee | 1 | $0 |
Matthew Powell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $266,450 |
| All other contributions, gifts, grants, and similar amounts not included above | $670,096 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $936,546 |
| Total Program Service Revenue | $30,667 |
| Investment income | $4,066 |
| 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 | $971,279 |
| 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. | $161,800 |
| Compensation of current officers, directors, key employees. | $16,180 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,342 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $40,976 |
| Payroll taxes | $13,552 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $35,258 |
| Office expenses | $4,603 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,421 |
| Travel | $0 |
| 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 | $1,257 |
| Insurance | $2,888 |
| All other expenses | $2,513 |
| Total functional expenses | $935,320 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,718,922 |
| Savings and temporary cash investments | $873,324 |
| Pledges and grants receivable | $1,038 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $151,079 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,205 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,746,568 |
| Accounts payable and accrued expenses | $9,611 |
| Grants payable | $0 |
| Deferred revenue | $2,633,154 |
| 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 | $2,642,765 |
| Net assets without donor restrictions | $399,739 |
| Net assets with donor restrictions | $704,064 |
| 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 | $3,746,568 |
Grants Awarded
Over the last fiscal year, Salisbury Wicomico Economic Development Inc has awarded $64,550 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
DRS BRANTON AND JARRAH PA PURPOSE: ASSIST WITH DISRUPTION DUE TO COVID | $10,000 |
LAWS INSLEY & BENSON PA PURPOSE: ASSIST WITH DISRUPTION DUE TO COVID | $7,378 |
MCCAIN DEES & ASSOCIATES INC PURPOSE: ASSIST WITH DISRUPTION DUE TO COVID | $14,636 |
MITCHELL S GITTELMAN DO PA PURPOSE: ASSIST WITH DISRUPTION DUE TO COVID | $7,956 |
SHORE STRONG LLC PURPOSE: ASSIST WITH DISRUPTION DUE TO COVID | $6,164 |
ROBERTSON & ROBERTSON PA PURPOSE: ASSIST WITH DISRUPTION DUE TO COVID | $5,766 |