Ocean City Development Corporation
- Assets
- $3.4m
- Revenue
- $622.8k
- Investments
- $0.0
- Employees
- 9
- Location
- Ocean City, MD
- Founding
- 06/2001
- Data as of
- 06/2023
- EIN
- 52-2222484
Organization Overview
Ocean City Development Corporation is located in Ocean City, MD. The organization was established in 2001. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Ocean City Development Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean City 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 06/2023, Ocean City Development Corporation generated $622.8k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $592.1k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE OCEAN CITY DEVELOPMENT CORPORATION IS DEDICATED TO THE REVITALIZATION OF THE DOWNTOWN AREA OF OCEAN CITY, MARYLAND. PROGRAMS ARE DESIGNED BY THE ORGANIZATION TO FORMULATE AND IMPLEMENT LONG RANGE DEVELOPMENT STRATEGIES FOR COMMERCIAL, OFFICE, RESIDENTIAL, AND OTHER DEVELOPMENT IN THE DOWNTOWN AREA.
Describe the Organization's Program Activity:
FACADE IMPROVEMENT PROGRAM - THE OCDC IMPLEMENTS COMMERCIAL AND RESIDENTIAL FACADE IMPROVEMENT PROGRAMS TO PROVIDE FINANCIAL INCENTIVES TO DOWNTOWN PROPERTY OWNERS AND BUSINESSES TO RENOVATE THE EXTERIORS OF THEIR OLDER BUILDINGS. DURING THE PAST FISCAL YEAR, NUMEROUS BUILDINGS WERE RENOVATED USING THIS PROGRAM. FUNDING FOR THIS PROGRAM IS PROVIDED BY GRANTS FROM THE MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT.
VARIOUS PROGRAMS RELATED TO THE REVITALIZATION OF DOWNTOWN OCEAN CITY.
GREEN BUILDING INITIATIVES PROGRAM - THE OCDC IMPLEMENTS ENERGY EFFICIENCY PROJECTS BY PROVIDING FINANCIAL INCENTIVES TO COMMERCIAL PROPERTIES. THIS PROGRAM ASSISTS IN ENABLING PROPERTY OWNERS AND BUSINESS OWNERS TO USE ENERGY STAR RATED ITEMS TO INCREASE THE ENERGY EFFICIENCY OF BUILDINGS AND REDUCE ENERGY CONSUMPTION. THE GREEN BUILDING INITIATIVES PROGRAM CONTINUES TO BE A MAJOR COMPONENT OF THE OCDC'S GOALS AND OBJECTIVES AND IT CONTINUES TO RECEIVE FUNDING FROM THE MARYLAND DEPATMENT OF HOUSING AND COMMUNITY DEVELOPMENT.
COMMUNITY LEGACY PROGRAM - THE OCDC IMPLEMENTS THIS PROGRAM TO PRESERVE EXISTING COMMUNITIES AS DESIRABLE PLACES TO LIVE AND CONDUCT BUSINESS, TO REDUCE OUTWARD PRESSURE FOR SPRAWL DEVELOPMENT, AND PROVIDE FINANCIAL INCENTIVES FOR SUSTAINABLE COMMUNITY PLANS. FUNDING FOR THIS PROGRAM IS PROVIDED BY GRANTS FROM THE MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Wilson President | OfficerTrustee | 1 | $0 |
Patrick Mclaughlin Vice President | OfficerTrustee | 1 | $0 |
Sonia Baker Secretary | OfficerTrustee | 1 | $0 |
Anna Dolle Bushnell Treasurer | OfficerTrustee | 1 | $0 |
Nancy Bradford Director | Trustee | 1 | $0 |
Spiro Buas Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,700 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $404,074 |
| All other contributions, gifts, grants, and similar amounts not included above | $899 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $406,673 |
| Total Program Service Revenue | $0 |
| Investment income | $9,564 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $96,735 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $109,864 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $622,836 |
| 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. | $88,916 |
| Compensation of current officers, directors, key employees. | $22,229 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $91,589 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,954 |
| Payroll taxes | $14,371 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,400 |
| Fees for services: Accounting | $53,065 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,438 |
| Advertising and promotion | $8,326 |
| Office expenses | $10,593 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,724 |
| Travel | $1,147 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,314 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,444 |
| Insurance | $2,620 |
| All other expenses | $1,618 |
| Total functional expenses | $592,129 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,547 |
| Savings and temporary cash investments | $593,497 |
| Pledges and grants receivable | $47,439 |
| Accounts receivable, net | $1,225 |
| 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 | $2,713,242 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,706 |
| Total assets | $3,376,656 |
| Accounts payable and accrued expenses | $7,536 |
| Grants payable | $0 |
| Deferred revenue | $7,200 |
| 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 | $622,596 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,863 |
| Total liabilities | $651,195 |
| Net assets without donor restrictions | $2,723,403 |
| Net assets with donor restrictions | $2,058 |
| 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 | $3,376,656 |