Rockville Economic Development Inc
- Assets
- $2.4m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 12
- Location
- Rockville, MD
- Founding
- 05/1998
- Data as of
- 06/2023
- EIN
- 52-2056731
Organization Overview
Rockville Economic Development Inc is located in Rockville, MD. The organization was established in 1998. 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 06/2023, Rockville Economic Development Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rockville Economic Development Inc 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 06/2023, Rockville Economic Development Inc generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.0% each year . All expenses for the organization totaled $2.2m during the year ending 06/2023. While expenses have increased by 9.8% 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 2017, Rockville Economic Development Inc has awarded 44 individual grants totaling $2,559,258. 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
TO IDENTIFY AND DEVELOP ECONOMIC OPPORTUNITIES TO HELP ROCKVILLE PROSPER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT ACTIVITIES INCLUDING BUSINESS RECRUITMENT, DEVELOPMENT AND BUSINESS RETENTION. REDI ALSO MANAGES INCENTIVE PROGRAMS TO ENCOURAGE NEW BUSINESS LOCATIONS & EXISTING BUSINESS EXPANSIONS IN THE CITY OF ROCKVILLE.
THE MARYLAND WOMEN'S BUSINESS CENTER (MWBC), A PROGRAM OF REDI, HELPS MONTGOMERY COUNTY'S DIVERSE POPULATION START AND BUILD SUCCESSFUL WOMEN-OWNED ENTERPRISES THAT ARE POSITIONED FOR LONG-TERM GROWTH IN OUR COMMUNITY. MWBC CONDUCTS TRAINING, OFFERS TECHNICAL ASSISTANCE, AND PROVIDES RESOURCES FOR ENTREPRENEURS SEEKING TO START AND GROW WOMEN-OWNED ENTERPRISES IN OUR COMMUNITY. SPECIAL INITIATIVES INCLUDE A CHILDCARE BUSINESS DEVELOPMENT PROGRAM AND RETAIL INCUBATOR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Prince Chair | OfficerTrustee | 4 | $0 |
Nancy Regelin Vice Chair | OfficerTrustee | 1 | $0 |
Bei MA Vice Chair | Trustee | 1 | $0 |
Todd Pearson Treasurer | OfficerTrustee | 4 | $0 |
Nikhil Bijlani Director | Trustee | 1 | $0 |
Suzanne Osborn Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,079,880 |
| All other contributions, gifts, grants, and similar amounts not included above | $135,700 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,215,580 |
| Total Program Service Revenue | $159,550 |
| Investment income | $637 |
| 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 | $2,382,137 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $597,250 |
| 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. | $183,908 |
| Compensation of current officers, directors, key employees. | $23,908 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $645,765 |
| Pension plan accruals and contributions | $17,849 |
| Other employee benefits | $79,055 |
| Payroll taxes | $67,942 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,401 |
| Fees for services: Accounting | $130,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90,866 |
| Advertising and promotion | $110,700 |
| Office expenses | $76,587 |
| Information technology | $29,080 |
| Royalties | $0 |
| Occupancy | $109,700 |
| Travel | $18,489 |
| 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 | $13,758 |
| Insurance | $4,373 |
| All other expenses | $0 |
| Total functional expenses | $2,232,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $251,363 |
| Savings and temporary cash investments | $1,350,968 |
| Pledges and grants receivable | $167,500 |
| Accounts receivable, net | $112,711 |
| 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 | $3,418 |
| Net Land, buildings, and equipment | $3,665 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $47,469 |
| Other assets | $421,432 |
| Total assets | $2,358,526 |
| Accounts payable and accrued expenses | $190,389 |
| 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 | $819,213 |
| Total liabilities | $1,009,602 |
| Net assets without donor restrictions | $1,088,427 |
| Net assets with donor restrictions | $260,497 |
| 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 | $2,358,526 |
Grants Awarded
Over the last fiscal year, Rockville Economic Development Inc has awarded $592,450 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
COTTAGE MONET LLC PURPOSE: IMPACT PROGRAM PAYMENT FOR SMALL BUSINESS IMPACT PROGRAM THAT REDI OVERSEES. | $15,000 |
DM ROCKVILLE LLC DBA DAWSON'S MARKET PURPOSE: IMPACT PROGRAM PAYMENT FOR SMALL BUSINESS IMPACT PROGRAM THAT REDI OVERSEES. | $400,000 |
ROCKVILLE PHYSICAL THERAPY PURPOSE: IMPACT PROGRAM PAYMENT FOR SMALL BUSINESS IMPACT PROGRAM THAT REDI OVERSEES. | $20,000 |
WANI DESIGNS LLC PURPOSE: IMPACT PROGRAM PAYMENT FOR SMALL BUSINESS IMPACT PROGRAM THAT REDI OVERSEES. | $20,000 |
NATURE BY TREJOK PURPOSE: IMPACT PROGRAM PAYMENT FOR SMALL BUSINESS IMPACT PROGRAM THAT REDI OVERSEES. | $25,000 |
CHANEY COMMUNICATIONS PURPOSE: IMPACT PROGRAM PAYMENT FOR SMALL BUSINESS IMPACT PROGRAM THAT REDI OVERSEES. | $20,000 |