Anne Arundel Economic Development Corporation
- Assets
- $9.3m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 18
- Location
- Annapolis, MD
- Founding
- 06/1994
- Data as of
- 06/2022
- EIN
- 52-1810772
Organization Overview
Anne Arundel Economic Development Corporation is located in Annapolis, MD. The organization was established in 1994. 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. As of 06/2022, Anne Arundel Economic Development Corporation employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Anne Arundel 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 06/2022, Anne Arundel Economic Development Corporation generated $4.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $3.6m during the year ending 06/2022. While expenses have increased by 2.7% 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.
Since 2020, Anne Arundel Economic Development Corporation has awarded 757 individual grants totaling $15,303,251. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT BY PROVIDING FINANCING OPTIONS AND PROVIDE ECONOMIC INFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SERVICES:PROVIDES LOANS TO BUSINESSES LOCATED IN OR RELOCATING TO, ANNE ARUNDEL COUNTY, MARYLAND. THE PROGRAM IS FOR THE PURPOSE OF ENCOURAGING BUSINESS DEVELOPMENT WITHIN THE COUNTY.
ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION SERVES AS A MANAGER OF MARYLAND SMALL MINORITY AND WOMEN-OWNED BUSINESS LOAN FUND, WHICH RECEIVES 1.5% OF VIDEO LOTTERY TERMINAL REVENUE FROM MARYLAND CASINOS. SMALL AND MINORITY, WOMEN AND VETERAN OWNED BUSINESSES LOCATED WITHIN 10 MILES OF ANY OF MARYLAND'S THREE CASINOS AND THOSE LOCATED ELSEWHERE IN THE STATE MAY BE ELIGIBLE FOR LOANS OF BETWEEN $25,000 TO $500,000 FOR PURPOSES SUCH AS BUSINESS AND COMMERCIAL REAL ESTATE ACQUISITION AND EXPANSION, LEASEHOLD IMPROVEMENTS, EQUIPMENT AND VEHICLE PURCHASE, AND WORKING CAPITAL.
AGRICULTURAL MARKETING:PROVIDING LEASING OF AGRICULTURAL EQUIPMENT AND OBJECTS AND TO PROMOTE AND ENCOURAGE THE DEVELOPMENT OF AGRICULTURE IN ANNE ARUNDEL COUNTY AND SOUTHERN MARYLAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kayla Griffith Board Member | Trustee | 2 | $0 |
Kathleen Mccollum Board Member | Trustee | 2 | $0 |
Kevin Carter Board Member | Trustee | 2 | $0 |
Ohiona Bareebe Board Member | Trustee | 2 | $0 |
Stuart Forsyth Board Member | Trustee | 2 | $0 |
Eliot Powell Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,242,370 |
| 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 | $3,242,370 |
| Total Program Service Revenue | $707,641 |
| Investment income | $1,916 |
| 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 | $3,951,927 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $539,037 |
| Grants and other assistance to domestic individuals. | $25,582 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $662,464 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,105,081 |
| Pension plan accruals and contributions | $125,612 |
| Other employee benefits | $163,742 |
| Payroll taxes | $157,620 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,556 |
| Fees for services: Accounting | $48,794 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44,352 |
| Advertising and promotion | $95,119 |
| Office expenses | $168,162 |
| Information technology | $5,599 |
| Royalties | $0 |
| Occupancy | $108,954 |
| Travel | $25,433 |
| 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 | $54,208 |
| Insurance | $17,694 |
| All other expenses | $93,605 |
| Total functional expenses | $3,576,284 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,296,155 |
| Savings and temporary cash investments | $880,724 |
| 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 | $1,302,066 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,209 |
| Net Land, buildings, and equipment | $229,391 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,606,065 |
| Total assets | $9,320,610 |
| Accounts payable and accrued expenses | $458,650 |
| Grants payable | $0 |
| Deferred revenue | $919,577 |
| 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 | $5,910,738 |
| Total liabilities | $7,288,965 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,444,096 |
| Paid-in or capital surplus, or land, building, or equipment fund | $205,344 |
| Retained earnings, endowment, accumulated income, or other funds | $382,205 |
| Total liabilities and net assets/fund balances | $9,320,610 |
Grants Awarded
Over the last fiscal year, Anne Arundel Economic Development Corporation has awarded $401,323 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
A&J GLOBAL CONSTRUCTIONS PURPOSE: ABL/ACR - ARUNDEL BUSINESS LOAN FUND/REVITALIZATION | $11,000 |
AMUSEMENT PRODUCTS PURPOSE: VOLT - VOLT LOAN PROGRAM | $68,206 |
ALCHEMI DESIGN AND PUBLICATIONS PURPOSE: IVP - INCLUSIVE VENTURES PROGRAM | $10,000 |
CLIFTONLARSONALLEN LLP PURPOSE: OPS - OPERATING | $39,291 |
DOWNHOME SOLUTIONS LLC PURPOSE: VOLT - VOLT LOAN PROGRAM | $12,962 |
HARAMIS ELECTRIC LLC PURPOSE: ABL/ACR - ARUNDEL BUSINESS LOAN FUND/REVITALIZATION | $8,408 |