2024-03-12T00:14:30-05:00 2023-06-30 221478099 COHNREZNICK LLP 500 EAST PRATT STREET 4TH FLOOR BALTIMORE MD 21202 990 2022-07-01 810717388 MONTGOMERY COUNTY ECONOMIC DEVELOPMENT C MONT 2406416700 1801 ROCKVILLE PIKE 320 ROCKVILLE MD 20852 BENJAMIN WU PRESIDENT & CEO 2406416700 2024-03-05 1 BENJAMIN WU 999009999 1 PHILIP H CORNBLATT CPA P00252478 4107834900 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BILL TOMPKINS 1801 ROCKVILLE PIKE 320 ROCKVILLE MD 20852 7205268 0 X WWW.THINKMOCO.COM X 2015 MD 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. 13 13 24 18 0 0 7802426 7063105 129964 133090 723 9073 0 0 7933113 7205268 0 0 0 0 3139655 3106671 0 0 47038 5754739 3837952 8894394 6944623 -961281 260645 2827028 4619671 1164608 2696606 1662420 1923065 X MARKETING AND BUSINESS DEVELOPMENT TO DRIVE ECONOMIC GROWTH IN MONTGOMERY COUNTY, MARYLAND. 0 0 6023970 133090 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 13 VOTING AND 4 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. 6023970 1 1 0 0 0 0 0 0 0 0 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 39 0 1 24 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X X BILL TOMPKINS 2406416700 1801 ROCKVILLE PIKE SUITE 320 ROCKVILLE MD 20852 KEVIN BEVERLY CHAIR, BOARD OF DIREC 8.00 X X 0 0 0 ELANA FINE VICE CHAIR, BOARD OF DIREC 2.00 X X 0 0 0 MATTHEW LEE MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 CARMEN LARSEN MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 ROBERT G BREWER IMMEDIATE PAST CHAIR, BOARD OF DIRECTORS 2.00 X 0 0 0 JAKE WEISSMANN EX-OFFICIO MEMBER, BOARD O 2.00 X 0 0 0 ANTHONY FEATHERSTON MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 JENNIFER HSIN TREASURER, BOARD OF DIRECTORS 4.00 X 0 0 0 CHERLYN FREEMAN-WATKINS MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 GRACELYN MCDERMOTT MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 ALBERTO LACAZE MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 BILL TOMPKINS PRESIDENT AND CEO 40.00 X 221901 0 0 MUKESH KUMAR SECRETARY, BOARD OF DIRECTORS 4.00 X 0 0 0 BRAD STEWART SVP, BUSINESS DEVELOPMENT 40.00 X 172423 0 17031 STACEY HARDY VP OF OPERATIONS 40.00 X 154613 0 14474 LYNNE BENZION DIRECTOR OF ECONOMIC DEVEL 40.00 X 150961 0 19635 699898 0 51140 4 0 1 0 0 7050655 12450 7063105 REIMBURSEMENT INCOME 900099 133090 133090 133090 9073 9073 7205268 133090 0 9073 154419 121312 31069 2038 2384370 1873161 479735 31474 88440 69479 17794 1167 266128 209070 53545 3513 213314 167579 42919 2816 22295 22295 110507 110507 100499 100499 1827782 1827782 144772 111217 31688 1867 315362 247748 63451 4163 85239 85239 97077 97077 13429 13429 STRATEGIC INITIATIVES 495309 495309 BUSINESS DEVELOPMENT 189687 189687 EVENTS/SPONSORSHIPS 174055 174055 DUES AND SUBSCRIPTIONS 169761 169761 92178 62700 29478 6944623 6023970 873615 47038 1766748 1850768 405384 262253 48354 922347 163774 280381 971803 613662 442768 358141 0 945781 2827028 4619671 514212 834496 650396 1862110 1164608 2696606 X 1316352 1923065 346068 0 1662420 1923065 2827028 4619671 260645 0 X X 0 1 X 1 0 X 4982634 7000252 21864639 7802426 7063105 48713056 4982634 7000252 21864639 7802426 7063105 48713056 48713056 1949 1175 495 723 9073 13415 48726471 626814 0.99970 0.99730 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 856639 552732 303907 115164 60930 54234 358141 RIGHT OF USE ASSET 945781 945781 X 7072178 0 7072178 133090 133090 7205268 6811534 -133090 -133090 6944624 0 6944624 PART X, LINE 2: MCEDC IS EXEMPT FROM FEDERAL INCOME TAX IN ACCORDANCE WITH SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT FOR INCOME TAXED ON "UNRELATED BUSINESS INCOME", IF ANY. FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, MCEDC DID NOT HAVE ANY "UNRELATED BUSINESS INCOME" SUBJECT TO INCOME TAXES; ACCORDINGLY, NO PROVISION OR BENEFIT FOR INCOME TAXES HAS BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS AND MCEDC HAS NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE NOTES TO THE FINANCIAL STATEMENTS. MCEDC IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS. WHILE NO TAX RETURNS OF THE ORGANIZATION ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX RETURNS SINCE 2020 REMAIN OPEN FOR EXAMINATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSE REIMBURSEMENT 133,090. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSE REIMBURSEMENT -133,090. X X X X 0 0 0 0 0 0 0 0 0 BILL TOMPKINS PRESIDENT AND CEO 221901 0 0 0 0 0 0 0 0 0 221901 0 0 0 BRAD STEWART SVP, BUSINESS DEVELOPMENT 172423 0 0 0 0 0 0 0 17031 0 189454 0 0 0 LYNNE BENZION DIRECTOR OF ECONOMIC DEVEL 150961 0 0 0 0 0 0 0 19635 0 170596 0 0 0 STACEY HARDY VP OF OPERATIONS 154613 0 0 0 0 0 0 0 14474 0 169087 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A THE COUNTY EXECUTIVE APPOINTS MEMBERS TO THE BOARD OF DIRECTORS. THE COUNTY COUNCIL CONFIRMS THE APPOINTMENTS. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS PREPARED BY THE ORGANIZATION'S AUDITORS, AND REVIEWED BY ITS ACCOUNTING PARTNER, CEO AND TREASURER PRIOR TO FILING. IT IS ALSO PROVIDED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH OFFICER, DIRECTOR AND COMMITTEE MEMBER WILL COMPLETE A STATEMENT INDICATING WHETHER THEY HAVE ANY CONFLICTS OF INTEREST OR THEY OR A FAMILY MEMBER DOES BUSINESS WITH MCEDC. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE PRESIDENT & CEO IS BASED ON COMPARABLE MARKET DATA AND IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 MCEDC'S BOARD OF DIRECTORS COMPLIES WITH THE STATE OF MARYLAND'S OPEN MEETINGS ACT. ALL MEETINGS ARE PROPERLY NOTICED TO THE PUBLIC, INCLUDING A POSTING OF MEETING AGENDAS AND MINUTES ON MCEDC'S WEBSITE. THE FINANCIAL DOCUMENTS ARE AVAILABLE AT THE ORGANIZATIONS OFFICE UPON REQUEST. FORM 990 XII LINE 2C GOVERNANCE COMMITTEE TASKED WITH OVERSIGHT OF THE ORGANIZATION'S AUDIT IN 2016 AND APPOINTED TO ACT AS FINANCE/AUDIT COMMITTEE. A FINANCE AND AUDIT COMMITTEE WAS ESTABLISHED IN JULY 2018.