Penmar Development Corporation
- Assets
- $0.0
- Revenue
- $264.5k
- Investments
- $0.0
- Employees
- 11
- Location
- Cascade, MD
- Founding
- Data as of
- 05/2017
- EIN
- 52-2030202
Organization Overview
Penmar Development Corporation is located in Cascade, MD. As of 05/2017, Penmar Development Corporation employed 11 individuals. Penmar 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 05/2017, Penmar Development Corporation generated $264.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (53.7%) each year. All expenses for the organization totaled $1.7m during the year ending 05/2017. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
TO OVERSEE THE REDEVELOPMENT, FOR CLIVILIAN USES, OF FORT RITCHIE A FORMER U.S. ARMY GARRISON IN WASHINGTON COUNTY, MARYLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FORT RITCHIE OFFERS A UNIQUE RESIDENTIAL DISTRICT WITH 96 UNITS AVAILABLE THAT RANGE FROM TWO TO FOUR BEDROOMS. WHEN COMPARED TO THE NEIGHBORING METRO AREAS, FORT RITCHIE'S RESIDENTIAL DISTRICT POSES SIGNIFICANT QUALITY OF LIFE IMPROVEMENTS WITH HIGHLY COMPETITIVE RATES AND RESORT-STYLE SURROUNDINGS.
PENMAR OFFERS AFFORDABLE COMMERICIAL PROPERTIES TO BUSINESSES IN AN EFFORT TO BRING QUALITY JOBS TO FORT RITCHIE AND THE SURROUNDING COMMUNITIES.
IN ADDITION TO MAINTAINING FORT RITCHIE, PENMAR PROVIDES SUPPORT TO ORGANIZATIONS IN THE AREA SURROUNDING FORT RITCHIE IN AN EFFORT TO ENHANCE THE COMMUNITY BY CREATING QUALITY JOBS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doris J Nipps Executive Director/secreta | Officer | 32 | $66,964 |
Samuel E Cool Chairman | OfficerTrustee | 1 | $0 |
Tim Henry Treasurer | OfficerTrustee | 1 | $0 |
Brian Flook Vice-Chairman | OfficerTrustee | 1 | $0 |
Stephen Oder Member | Trustee | 1 | $0 |
Patrick Fleagle Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $256,906 |
| Investment income | $6,559 |
| 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 | $264,465 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $170,000 |
| 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. | $80,528 |
| Compensation of current officers, directors, key employees. | $80,528 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $66,097 |
| Pension plan accruals and contributions | $4,561 |
| Other employee benefits | $6,183 |
| Payroll taxes | $13,175 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,467 |
| Fees for services: Accounting | $29,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,562 |
| Advertising and promotion | $750,830 |
| Office expenses | $6,884 |
| Information technology | $242 |
| Royalties | $0 |
| Occupancy | $144,682 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,798 |
| Insurance | $141,908 |
| All other expenses | $7,675 |
| Total functional expenses | $1,734,477 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |
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