Montgomery County Economic Development Corporation
- Assets
- $2.8m
- Revenue
- $7.9m
- Investments
- $0.0
- Employees
- 28
- Location
- Rockville, MD
- Founding
- 03/2017
- Data as of
- 06/2022
- EIN
- 81-0717388
Organization Overview
Montgomery County Economic Development Corporation is located in Rockville, MD. The organization was established in 2017. 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 06/2022, Montgomery County Economic Development Corporation employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montgomery County 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, Montgomery County Economic Development Corporation generated $7.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 48.4% each year . All expenses for the organization totaled $8.9m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O FOR MISSION STATEMENT.TO ADVANCE EQUITABLE AND INCLUSIVE ECONOMIC GROWTH, PROSPERITY AND SUSTAINABILITY IN MONTGOMERY COUNTY THROUGH ACTIVITIES WHICH ACCELERATE THE GROWTH, RETENTION AND ATTRACTION OF BUSINESSES IN KEY INDUSTRY SECTORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MONTGOMERY COUNTY ECONOMIC DEVELOPMENT CORPORATION (MCEDC) BRINGS A BIG AND BOLD APPROACH TO ACHIEVING GREATER ECONOMIC COMPETITIVENESS AND PROSPERITY ACROSS MONTGOMERY COUNTY, MD.A NONPROFIT ORGANIZATION WITH A FRESH PUBLIC/PRIVATE PERSPECTIVE, ENTREPRENEURIAL SPIRIT, AND PROACTIVE APPROACH TO ECONOMIC DEVELOPMENT, THE MCEDC IS FOCUSED ON MAXIMIZING MONTGOMERY COUNTY'S RICH DIVERSITY OF PEOPLE, TALENT AND MULTITUDE OF WORKFORCE AND BUSINESS EXPERTISE TO KEEP IT AT THE LEADING EDGE OF TODAY' S HYPER-COMPETITIVE ECONOMIC DEVELOPMENT ENVIRONMENT.CONTINUED ON SCHEDULE OCOMPRISED OF A HIGHLY TALENTED TEAM OF 11 VOTING AND 2 NON-VOTING BOARD MEMBERS, THE MCEDC IS COMMITTED TO UPHOLDING AND EXTENDING THE COUNTY'S VIBRANT COMMUNITY AND LEVERAGING THE ADVANTAGES IT BRINGS FOR THE FUTURE OF BUSINESS ACROSS THE REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Benjamin Wu President And CEO | Officer | 40 | $252,882 |
William Tompkins Executive VP & COO | Officer | 40 | $221,846 |
Brad Stewart Svp, Business Development | Officer | 40 | $202,188 |
Spiros Baltas Director Of Economic Devel | 40 | $168,497 | |
Stacey Hardy VP Of Operations | 40 | $163,594 | |
Lynne Benzion Director Of Economic Devel | 40 | $155,745 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prim 1801 Rockville Pike Llc Rent | 6/29/18 | $178,593 |
522 Productions Llc Video Production | 6/29/18 | $169,360 |
Rp3 Llc Pr Services | 6/29/18 | $126,412 |
Clark Concepts Llc Social Media/web Support | 6/29/18 | $118,308 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,752,926 |
| All other contributions, gifts, grants, and similar amounts not included above | $49,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,802,426 |
| Total Program Service Revenue | $129,964 |
| Investment income | $723 |
| 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 | $7,933,113 |
| 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. | $265,577 |
| Compensation of current officers, directors, key employees. | $39,571 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,314,690 |
| Pension plan accruals and contributions | $95,839 |
| Other employee benefits | $287,502 |
| Payroll taxes | $176,047 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,015 |
| Fees for services: Accounting | $99,925 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,788 |
| Advertising and promotion | $541,626 |
| Office expenses | $102,084 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $284,914 |
| Travel | $25,674 |
| 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 | $101,521 |
| Insurance | $15,033 |
| All other expenses | $174,002 |
| Total functional expenses | $8,894,394 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,766,748 |
| Savings and temporary cash investments | $405,384 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $48,354 |
| 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 | $163,774 |
| Net Land, buildings, and equipment | $442,768 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,827,028 |
| Accounts payable and accrued expenses | $514,212 |
| Grants payable | $0 |
| Deferred revenue | $650,396 |
| 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 | $1,164,608 |
| Net assets without donor restrictions | $1,316,352 |
| Net assets with donor restrictions | $346,068 |
| 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 | $2,827,028 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Montgomery County Economic Development Corporation has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Associated Builders And Contractors Inc Beltsville, MD PURPOSE: SPONSORSHIP OF MONTGOMERY COUNTY BUSINESS ROUNDTABLE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |