2024-05-14T10:45:18-05:00 2023-06-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2022-07-01 204950778 TECHNOLOGY COUNCIL OF MARYLAND TECH 2402434026 12 WCHURCH STREET SUITE 220 FREDERICK MD 21701 KELLY SCHULZ CEO 2402434026 2024-05-14 1 KELLY SCHULZ 999009999 0 RICHARD J LOCASTRO CPA P00288314 3019519090 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARYLAND TECHNOLOGY COUNCIL INC KELLY SCHULZ 12 WCHURCH STREET SUITE 220 FREDERICK MD 21701 3573182 0 X WWW.MDTECHCOUNCIL.COM X 2006 MD TO PROMOTE ITS MEMBERS IN THE ADVANCED TECHNOLOGY AND LIFE SCIENCE INDUSTRIES IN MARYLAND. 52 52 14 56 0 0 1041798 2005809 755965 855500 2 0 997390 711873 2795155 3573182 0 0 0 0 1185896 1436405 0 0 0 1749842 2296470 2935738 3732875 -140583 -159693 1077501 3941886 870779 3894857 206722 47029 X AT THE MARYLAND TECH COUNCIL, WE BELIEVE IN SAVING LIVES, SECURING OUR NATION AND IMPROVING THE QUALITY OF LIFE THROUGH INNOVATION. WE SUPPORT OUR MEMBER COMPANIES WHO ARE DRIVING INNOVATION THROUGH ADVOCACY, EDUCATION, WORKFORCE DEVELOPMENT, (CONTINUED ON SCHEDULE O)COST SAVINGS AND CONNECTING ENTREPRENEURIAL MINDS. 0 0 MTC'S INDUSTRY AWARDS CELEBRATION - MTC INDUSTRY AWARDS CELEBRATION IS ONE OF MARYLAND'S LARGEST AND MOST PRESTIGIOUS AWARD CEREMONIES. THE EVENING BRINGS THE VERY BEST OF TECHNOLOGY, LIFE SCIENCE, GOVERNMENT, ACADEMIA, AND SUPPORTING BUSINESSES TOGETHER. THE ONLY AWARD CEREMONY OF ITS KIND IN THE INDUSTRY, THE MTC INDUSTRY AWARDS HONORS THE DEDICATION AND OUTSTANDING SERVICE OF MARYLAND'S TECHNOLOGY AND LIFE SCIENCE COMMUNITY. MTC PROUDLY TAKES THIS OPPORTUNITY TO RECOGNIZE THEIR EXCELLENCE AND THANK THEM FOR BEING AN INTEGRAL PART OF BUSINESS DEVELOPMENT IN MARYLAND. THE ORGANIZATION RECOGNIZED ONE OF THE MOST IMPORTANT ISSUES TO LIFE SCIENCE AND TECHNOLOGY BUSINESSES IN MARYLAND WAS A TALENTED AND EDUCATED WORKFORCE. GRANTS FROM THE FEDERAL AND MARYLAND STATE GOVERNMENTS, AND FINANCIAL SUPPORT FROM BIOPHARMA INDUSTRIES, ALLOWED THE INITIATION OF THE BIOHUB MARYLAND. THIS PROJECT WILL EXPAND MARYLAND'S GLOBAL LIFE SCIENCES BY CREATING A HIGHLY SKILLED BIOPHARMA MANUFACTURING WORKFORCE. THE PROGRAM CREATES CAREER PATHWAYS FOR MARYLANDERS OF ALL EDUCATIONAL BACKGROUNDS. THIS PROGRAM HAS ALSO CREATED A TASK FORCE WHICH INCLUDES INDUSTRY LEADERS, ACADEMIA, GOVERNMENT, AND NON-PROFIT ORGANIZATIONS TO CREATE A SUSTAINABLE WORKFORCE DEVELOPMENT SOLUTIONS "FOR THE INDUSTRY, BY THE INDUSTRY". BIO INNOVATION CONFERENCE IS AN ANNUAL CONFERENCE THAT CONNECTS THE COMMUNITY WITH TOP RESEARCHERS, BUSINESS LEADERS, ACADEMIA, VENTURE CAPITALISTS, PROMISING STARTUPS AND INDUSTRY PROFESSIONALS IN THE LIFE SCIENCES INDUSTRY BASED IN THE REGION. IT BUILDS A STRONGER LIFE SCIENCES COMMUNITY IN MARYLAND BY NURTURING A VIBRANT ENVIRONMENT WHERE INNOVATION THRIVES, FACILITATES NETWORKING OPPORTUNITIES AND BUSINESS DEVELOPMENT THROUGH THE BIO ONE-ON-ONE PARTNERING SYSTEM AND GIVES ACCESS TO ADVOCACY, STATE AND FEDERAL AGENCIES, AND COMMERCIAL AND SCIENTIFIC INDUSTRIES TO HELP THEIR COMPANIES THRIVE. 0 1 0 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 1 22 0 1 14 1 0 0 0 0 1 1 0 0 0 X 52 52 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 0 X KELLY SCHULZ 2402434026 12 WCHURCH STREET SUITE 220 FREDERICK MD 21701 TODD MARKS CHAIR 10.00 0.00 X X 0 0 0 BRAD STEWART CHAIR ELECT 10.00 0.50 X X 0 0 0 MICHAEL BUHER TREASURER 10.00 0.00 X X 0 0 0 STEVEN MELTZER SECRETARY 10.00 1.00 X X 0 0 0 SANJAY RAI BOARD MEMBER 5.00 0.00 X 0 0 0 HELEN MONTAG BOARD MEMBER 5.00 0.00 X 0 0 0 JOYCE FUHRMANN BOARD MEMBER 5.00 0.00 X 0 0 0 MIKE GILL BOARD MEMBER 5.00 0.00 X 0 0 0 TROY LEMAILE-STOVALL BOARD MEMBER 5.00 0.00 X 0 0 0 HENRY BERNSTEIN BOARD MEMBER 5.00 0.00 X 0 0 0 AMANDA ROSENTHAL BOARD MEMBER 5.00 0.00 X 0 0 0 HOWARD ROTHMAN BOARD MEMBER 5.00 0.00 X 0 0 0 BRYAN HUGHES BOARD MEMBER 5.00 0.00 X 0 0 0 ALEX SEVILLA BOARD MEMBER 5.00 0.00 X 0 0 0 GERALD ESCOBAR BOARD MEMBER 5.00 0.00 X 0 0 0 JEFF BATHURST BOARD MEMBER 5.00 0.00 X 0 0 0 JIM GIBBONS BOARD MEMBER 5.00 0.00 X 0 0 0 JEFF GRIFFIN BOARD MEMBER 5.00 0.00 X 0 0 0 ALAN LANGELLI BOARD MEMBER 5.00 0.00 X 0 0 0 BRET SCHREIBER BOARD MEMBER 5.00 0.00 X 0 0 0 CJ OVERLY BOARD MEMBER 5.00 0.00 X 0 0 0 ALEXANDER CAMERON BOARD MEMBER 5.00 0.00 X 0 0 0 THOMAS VANCOTT BOARD MEMBER 5.00 0.00 X 0 0 0 AMY PRENTICE LANE BOARD MEMBER 5.00 0.00 X 0 0 0 JEFFREY GALVIN BOARD MEMBER 5.00 0.00 X 0 0 0 CRAIG GILL BOARD MEMBER 5.00 0.00 X 0 0 0 BRIAN HAIGH BOARD MEMBER 5.00 0.00 X 0 0 0 BILL HEARL BOARD MEMBER 5.00 0.00 X 0 0 0 STEPHEN HOFFMAN BOARD MEMBER 5.00 0.00 X 0 0 0 TIMOTHY LYDEN BOARD MEMBER 5.00 0.00 X 0 0 0 BETH RADA BOARD MEMBER 5.00 0.00 X 0 0 0 DAN MALLON BOARD MEMBER 5.00 0.00 X 0 0 0 JOHN TRIZZINO BOARD MEMBER 5.00 0.00 X 0 0 0 STEVEN WALKER BOARD MEMBER 5.00 0.00 X 0 0 0 SARA GARON BERL BOARD MEMBER 5.00 0.00 X 0 0 0 DANIEL COCHRAN BOARD MEMBER 5.00 0.00 X 0 0 0 NAREN KADABA BOARD MEMBER 5.00 0.00 X 0 0 0 MITCHELL CHAN BOARD MEMBER 5.00 0.00 X 0 0 0 DERON JOHNSON BOARD MEMBER 5.00 0.00 X 0 0 0 JENNIFER CHIANG BOARD MEMBER 5.00 0.00 X 0 0 0 KOLALEH ESKANDANIAN BOARD MEMBER 5.00 0.00 X 0 0 0 DANIEL COHEN-DUMANI BOARD MEMBER 5.00 0.00 X 0 0 0 GREG STONE BOARD MEMBER 5.00 0.00 X 0 0 0 OWEN MEEKS BOARD MEMBER 5.00 0.00 X 0 0 0 DAVID NGUYEN BOARD MEMBER 5.00 0.00 X 0 0 0 IVERSON BELL BOARD MEMBER 5.00 0.00 X 0 0 0 KEVIN BROADHURST BOARD MEMBER 5.00 0.00 X 0 0 0 DAVID TOHN BOARD MEMBER 5.00 0.50 X 0 0 0 BILL CRONIN BOARD MEMBER 5.00 0.00 X 0 0 0 WINSTON PHILIP BOARD MEMBER 5.00 0.00 X 0 0 0 LATOYA STATEN BOARD MEMBER 5.00 0.00 X 0 0 0 CHRISTOPHER CARROLL BOARD MEMBER 5.00 0.00 X 0 0 0 MARTIN ROSENDALE CEO (UNTIL 10/2022) 40.00 1.50 X 231547 0 17919 MICHELLE FERRONE CHIEF OPERATING OFFICER 40.00 1.00 X 181559 0 21796 KELLY SCHULZ CEO (FROM 11/2022) 40.00 1.50 X 40000 0 400 453106 0 40115 2 0 1 0 PROSOURCING PARTNERS LLC 8330 BOONE BLD SUITE 350 VIENNA VA 22182 ACCOUNTING 191173 BIOTECHNOLOGY INNOVATION 1400 L ST NW WASHINGTON DC 20005 EVENT CO-SPONSORS/FACILITY RENTAL 135120 2 1164609 841200 2005809 MEMBERSHIP DUES 900099 436925 436925 CONFERENCE/MEETING 900099 340575 340575 SHARED SVCS AGREEMENT 900099 78000 78000 855500 711873 711873 3573182 855500 0 711873 X 453541 768623 26187 97805 90249 963 240460 15642 534367 201867 97625 48816 104967 28755 882866 12173 46879 21130 DUES AND SUBSCRIPTIONS 38591 AWARDS 10910 PAYROLL PROCESSING FEES 10459 3732875 159149 3336733 23969 62841 31335 562469 241038 58342 13748 243015 161125 128769 81890 81962 237142 1077501 3941886 307516 438842 217562 227545 302577 272342 43124 2956128 870779 3894857 X 206722 47029 206722 47029 1077501 3941886 -159693 0 X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 1 436925 15642 12118 27760 13108 14652 243015 161125 81890 81890 DUE FROM RELATED PARTY 55173 DEPOSITS 13065 RIGHT-OF-USE ASSETS 168904 237142 REFUNDABLE ADVANCES 2763818 OPERATING LEASE LIABILITY 192310 2956128 X 3606605 33423 33423 3573182 0 3573182 3766298 33423 33423 3732875 0 3732875 PART X, LINE 2: FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, THE COUNCIL HAS DOCUMENTED ITS CONSIDERATION OF FASB ASC 740-10, INCOME TAXES, THAT PROVIDES GUIDANCE FOR REPORTING UNCERTAINTY IN INCOME TAXES AND HAS DETERMINED THAT NO MATERIAL UNCERTAIN TAX POSITIONS QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. X X 0 0 0 MARTIN ROSENDALE CEO (UNTIL 10/2022) 207547 0 24000 0 0 0 8320 0 9599 0 249466 0 0 0 MICHELLE FERRONE CHIEF OPERATING OFFICER 165559 0 16000 0 0 0 6650 0 15146 0 203355 0 0 0 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 711873 A SUBSTANTIAL CONTRIBUTOR ALSO PAYS ROYALTIES TO THE ORGANIZATION. 0 FORM 990, PART VI, SECTION A, LINE 6 THERE ARE REGULAR MEMBERS, ASSOCIATE MEMBERS, EDUCATION MEMBERS AND GOVERNMENT MEMBERS. ANY INDIVIDUAL, CORPORATION, PARTNERSHIP, OR OTHER LEGAL ENTITY THAT CONDUCTS RESEARCH AND DEVELOPMENT IN BIOTECHNOLOGY OR ADVANCED TECHNOLOGY, PRODUCES MATERIALS, PRODUCTS, OR EQUIPMENT, OR RENDERS TECHNOLOGICAL SERVICES IS ELIGIBLE TO BECOME A 'REGULAR MEMBER'. IN ADDITION, ANY FORMER EXECUTIVE OF SUCH AN ENTITY SHALL BE ELIGIBLE TO BECOME A REGULAR MEMBER. ANY INDIVIDUAL AND ANY CORPORATION, PARTNERSHIP, OR OTHER LEGAL ENTITY (OTHER THAN AN "EDUCATION MEMBER OR A "GOVERNMENT MEMBER") THAT EITHER (A) PROVIDES SERVICES FOR BIOTECHNOLOGY OR ADVANCED TECHNOLOGY BUSINESSES IN (I) COMMERCIAL OR INVESTMENT BANKING OR INVESTMENT ANALYSIS, (II) VENTURE CAPITAL, (III) REAL ESTATE DEVELOPMENT, MANAGEMENT OR LEASING, (IV) ACCOUNTING, (V) LEGAL COUNSELING, (VI) PUBLIC AFFAIRS, PUBLIC RELATIONS, INVESTOR RELATIONS, ADVERTISING, MARKETING OR MARKET RESEARCH (VII) CONSULTING, MANAGEMENT, PERSONNEL SEARCH OR TEMPORARY STAFFING, OR (VII) OTHER FIELDS USEFUL TO BIOTECHNOLOGY OR ADVANCED TECHNOLOGY BUSINESSES; OR (B) IS ORGANIZED PRIMARILY FOR THE DISTRIBUTION OR SALES REPRESENTATION OF PRODUCTS AND SERVICES IN BIOTECHNOLOGY OR ADVANCED TECHNOLOGY, IS ELIGIBLE TO BECOME AN "ASSOCIATE MEMBER". ANY EDUCATIONAL INSTITUTION THAT IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE CODE, OR THAT QUALIFIES UNDER SECTION 170(B)(I)(A)(II) OF THE CODE, IS ELIGIBLE TO BECOME AN "EDUCATION MEMBER". ANY FEDERAL, STATE OR LOCAL GOVERNMENT INSTITUTION OR OTHER AGENCY OR INSTRUMENTALITY THAT IS NOT PRIMARILY AN EDUCATIONAL INSTITUTION AND THAT CONDUCTS RESEARCH OR DEVELOPMENT IN BIOTECHNOLOGY OR ADVANCED TECHNOLOGY OR THAT SUPPORTS RESEARCH OR DEVELOPMENT IN BIOTECHNOLOGY OR ADVANCED TECHNOLOGY WILL BE ELIGIBLE TO BECOME A "GOVERNMENT MEMBER". FORM 990, PART VI, SECTION A, LINE 7A EACH REGULAR MEMBER WILL HAVE ONE VOTE ON ANY MATTER SUBMITTED TO A VOTE OF THE MEMBERS. ASSOCIATE MEMBERS, EDUCATION MEMBERS AND GOVERNMENT MEMBERS SHALL HAVE NO RIGHT TO VOTE AT MEETINGS OF THE MEMBERS. AT THE ANNUAL MEETINGS REGULAR MEMBERS ARE ENTITLED TO ELECT DIRECTORS TO SUCCEED THE DIRECTORS WHOSE TERMS EXPIRE AS OF THE DATE OF SUCH ANNUAL MEETING AND MAY TRANSACT ANY OTHER BUSINESS LAWFULLY BEFORE THEM. FORM 990, PART VI, SECTION A, LINE 7B ANY FUNDAMENTAL TRANSACTION MUST BE APPROVED, AUTHORIZED, OR RATIFIED BY THE AFFIRMATIVE VOTE OF: (I) A MAJORITY OF THE ENTIRE BOARD OF DIRECTORS; (II) THE HIGHER OF (X) A MAJORITY OF ALL REGULAR MEMBERS PRESENT IN PERSON OR BY PROXY AT THE MEETING OF THE MEMBERS, OR (Y) THIRTY-SEVEN AND ONE-HALF PERCENT (37.5%) OF ALL REGULAR MEMBERS; AND (III) THE HIGHER OF (X) TWO-THIRDS OF ALL REGULAR TECH MEMBERS OR REGULAR BIOTECHNOLOGY MEMBERS, AS APPLICABLE, PRESENT IN PERSON OR BY PROXY AT THE MEETING, OR (Y) THIRTY-SEVEN AND ONE-HALF PERCENT (37.5%) OF ALL REGULAR TECH MEMBERS OR ALL REGULAR BIOTECHNOLOGY MEMBERS, AS APPLICABLE. A "FUNDAMENTAL TRANSACTION" SHALL MEAN: (I) A PROPOSED CONSOLIDATION, MERGER OR DISSOLUTION INVOLVING THE COUNCIL AND ONE OR MORE OTHER LEGAL ENTITIES, THE EFFECT OF WHICH WOULD BE THAT THE ASSETS OF THE COUNCIL WERE NO LONGER HELD BY A SINGLE LEGAL ENTITY, OR (II) A PROPOSED AMENDMENT(S) TO THE CHARTER OF A SUPPORTING ORGANIZATION (OR A MERGER, CONSOLIDATION, TRANSFER OF ALL OR SUBSTANTIALLY ALL OF THE ASSETS OF A SUPPORTING ORGANIZATION, OR DISSOLUTION OF A SUPPORTING ORGANIZATION), THAT WOULD HAVE THE EFFECT OF LIMITING OR OVERRIDING THE RIGHT OF THE BOARD OF DIRECTORS TO ELECT THE BOARD OF DIRECTORS OF THE TCM FOUNDATION, OR THE RIGHT OF THE BOARD OF DIRECTORS TO ELECT THE BOARD OF DIRECTORS OF THE MARYLAND HEALTHCARE PRODUCT DEVELOPMENT CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS. THE INITIAL REVIEW OF THE 990 IS CONDUCTED BY THE CHIEF FINANCIAL OFFICER. UPON COMPLETION IT IS FORWARDED TO THE CEO AND THEN PASSED ALONG TO THE AUDIT COMMITTEE FOR REVIEW. IT IS THEN FORWARDED TO THE CHAIRMAN OF THE BOARD OF DIRECTORS, HIGHLIGHTING AREAS OF SIGNIFICANCE. THE BOARD OF DIRECTORS PROVIDES ITS REVIEW AND COMMUNICATES TO MANAGEMENT THAT THE 990 CAN BE FINALIZED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS FORWARDED TO EACH MEMBER OF THE BOARD OF DIRECTORS ANNUALLY. IT MUST BE REVIEWED AND SIGNED BY BOTH THE NEW AND THE EXISTING DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION OF KEY EMPLOYEES (NON CEO) IS TYPICALLY DETERMINED BY THE CEO. ANY SIGNIFICANT CHANGES TO COMPENSATION LEVELS MAY BE REFERRED TO THE BOARD OF DIRECTORS FOR APPROVAL. THE COMPENSATION FOR THE CEO IS ALWAYS DETERMINED BY THE BOARD OF DIRECTORS. PERIODICALLY, COMPENSATION STUDIES ARE PERFORMED TO DETERMINE IF MTC'S COMPENSATION IS COMPARABLE TO SIMILAR ORGANIZATIONS. THE LAST COMPENSATION REVIEW TOOK PLACE OCTOBER 2022. FORM 990, PART VI, SECTION C, LINE 19 MTC MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G EVENT CONSULTING 239,601. OTHER CONSULTING 294,766. TECHNOLOGY COUNCIL OF MARYLAND FOUNDATION INC 12 W CHURCH STREET SUITE 220 FREDERICK MD 21701 521480346 TO GENERATE STEM RELATED PROGRAMS AND EDUCATIONAL MATERIALS MD 501(C)(3) LINE 12A, 1 TECHNOLOGY COUNCIL OF MARYLAND INC 1 MARYLAND HEALTH CARE PRODUCT DEVELOPMENT CORP 12 W CHURCH STREET SUITE 220 FREDERICK MD 21701 521900080 TO CREATE VIABLE NEW HEALTH CARE PRODUCTS AND BUSINESS IN MARYLAND MD 501(C)(3) LINE 12A, 1 TECHNOLOGY COUNCIL OF MARYLAND INC 1 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 TECHNOLOGY COUNCIL OF MARYLAND FOUNDATION INC L 78000 ACTUAL AMOUNT TECHNOLOGY COUNCIL OF MARYLAND FOUNDATION INC D 35813 ACTUAL AMOUNT MARYLAND HEALTHCARE PRODUCT DEVELOPMENT CORP D 19360 ACTUAL AMOUNT TECHNOLOGY COUNCIL OF MARYLAND FOUNDATION INC Q 91883 ACTUAL AMOUNT MARYLAND HEALTHCARE PRODUCT DEVELOPMENT CORP Q 5971 ACTUAL AMOUNT