Caroline Economic Development Corporation
- Assets
- $57.3k
- Revenue
- $139.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Denton, MD
- Founding
- 12/1973
- Data as of
- 06/2021
- EIN
- 52-0982021
Organization Overview
Caroline Economic Development Corporation is located in Denton, MD. The organization was established in 1973. According to its NTEE Classification (S31) the organization is classified as: Urban & Community 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. Caroline Economic Development Corporation 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 06/2021, Caroline Economic Development Corporation generated $139.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (12.2%) each year. All expenses for the organization totaled $112.6k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (14.7%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CAROLINE ECONOMIC DEVELOPMENT CORP. (CEDC) EXISTS TO FOSTER A DIVERSIFIED LOCAL ECONOMY THAT LEADS TO BUSINESS RETENTION AND ATTRACTION, JOB CREATION AND WORKFORCE DEVELOPMENT, AND A STRONG QUALITY OF LIFE FOR THE CITIZENS OF CAROLINE COUNTY, MARYLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CAROLINE ECONOMIC DEVELOPMENT CORP. (CEDC) EXISTS TO FOSTER A DIVERSIFIED LOCAL ECONOMY THAT LEADS TO BUSINESS RETENTION AND ATTRACTION, JOB CREATION AND WORKFORCE DEVELOPMENT, AND A STRONG QUALITY OF LIFE FOR THE CITIZENS OF CAROLINE COUNTY, MARYLAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mila Hathaway Secretary | OfficerTrustee | 2 | $0 |
Audrey Clemens Member | Trustee | 1 | $0 |
Don Mulrine Member | Trustee | 1 | $0 |
Kevin Reichart Member | Trustee | 1 | $0 |
Dan Franklin Member | Trustee | 1 | $0 |
Phil Liske Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $137,519 |
| 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 | $139,231 |
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,176 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $667 |
| Payroll taxes | $1,152 |
| Fees for services: Management | $24,336 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,163 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,312 |
| Office expenses | $1,339 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,492 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,648 |
| All other expenses | $0 |
| Total functional expenses | $112,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $57,313 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $57,313 |
| Accounts payable and accrued expenses | $7,421 |
| 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 | $0 |
| Total liabilities | $7,421 |
| Net assets without donor restrictions | $0 |
| 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 | $49,892 |