Cambridge Waterfront Development Inc
- Assets
- $8.4m
- Revenue
- $537.3k
- Investments
- $7.4m
- Employees
- 0
- Location
- Cambridge, MD
- Founding
- 06/2019
- Data as of
- 12/2023
- EIN
- 83-2040316
Organization Overview
Cambridge Waterfront Development Inc is located in Cambridge, MD. The organization was established in 2019. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cambridge Waterfront 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 12/2023, Cambridge Waterfront Development Inc generated $537.3k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 16.4% each year . All expenses for the organization totaled $206.0k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND FACILITATE THE REDEVELOPMENT OF THE CITY OF CAMBRIDGE WATERFRONT PROPERTIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE AND FACILITATE THE REDEVELOPMENT OF CERTAIN PROPERTIES ALONG AND ADJACENT TO THE CITY OF CAMBRIDGE WATERFRONT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard M Zeidman President | OfficerTrustee | 4 | $0 |
Frank J Narr Jr Secretary/treasurer | OfficerTrustee | 1 | $0 |
Michael J Frenz Director | Trustee | 1 | $0 |
Dion Banks Director | Trustee | 1 | $0 |
Shay Lewis-Sisco Director | Trustee | 1 | $0 |
Angie Hengst Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
James G Davis Construction Corporation Demolition | 12/30/23 | $231,291 |
Morris Ritchie & Associates Engineering | 12/30/23 | $132,870 |
Network Realty Partners Project Management | 12/30/23 | $123,310 |
Miles And Stockbridge Pc Legal Fees | 12/30/23 | $105,720 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $599,167 |
| 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 | $599,167 |
| Total Program Service Revenue | $0 |
| Investment income | $203 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$62,052 |
| 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 | $537,318 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,346 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $151,827 |
| Advertising and promotion | $8,725 |
| Office expenses | $600 |
| Information technology | $1,243 |
| Royalties | $0 |
| Occupancy | $1,800 |
| Travel | $153 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,225 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $18,827 |
| All other expenses | $0 |
| Total functional expenses | $205,980 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $584,750 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $319,118 |
| 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 | $54,225 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,444,235 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,815 |
| Total assets | $8,412,143 |
| Accounts payable and accrued expenses | $210,901 |
| Grants payable | $0 |
| Deferred revenue | $679,762 |
| 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 | $3,565 |
| Total liabilities | $894,228 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $7,517,915 |
| Total liabilities and net assets/fund balances | $8,412,143 |