2024-12-11T10:43:03-05:00 2024-06-30 521518807 TURNBULL HOOVER & KAHL PA 217 GLENN ST STE 200 CUMBERLAND MD 21502 990 2023-07-01 474730548 CUMBERLAND ECONOMIC DEVELOPMENT COR CUMB 3017224173 118 BALTIMORE STREET SUITE 202 CUMBERLAND MD 21502 MATTHEW MILLER EXECUTIVE DIRECTOR 3017224173 2024-11-13 true true RICHARD J HOOVER CPA P00116035 3017593270 2024-12-04 2023 2024-10-15 13:58:12Z MATTHEW MILLER 118 BALTIMORE STREET STE 202 CUMBERLAND MD 21502 1669654 false X WWW.CHOOSECUMBERLAND.ORG X 2015 MD TO ENGAGE IN CHARITABLE AND EDUCATIONAL EFFORTS, AND SPECIFICALLY TO SUPPORT ECONOMIC DEVELOPMENT AND COMMUNITY DEVELOPMENT IN ALLEGANY COUNTY, MARYLAND, WITH AN INITIAL FOCUS ON THE CITY OF CUMBERLAND. 9 9 0 0 2883632 1580337 0 -12016 89317 0 2871616 1669654 0 0 270773 297154 0 0 218454 1535148 489227 1832302 2382389 -162648 1770451 1565268 144137 101602 1626314 1463666 X TO ENGAGE IN CHARITABLE AND EDUCATIONAL EFFORTS, AND SPECIFICALLY TO SUPPORT ECONOMIC DEVELOPMENT AND COMMUNITY DEVELOPMENT IN ALLEGANY COUNTY, MARYLAND, WITH AN INITIAL FOCUS ON THE CITY OF CUMBERLAND. false false 1716945 BALTIMORE STREET ACCESS PROJECT: THE PROJECT IS A CEDC AND CITY OF CUMBERLAND EFFORT TO REVITALIZE THE CITY'S URBAN CORE, AMONG OTHER THINGS, RE-INTRODUCING AUTOMOBILE AND BICYCLE TRAFFIC ONTO BALTIMORE STREET IN CUMBERLAND, MD, THEREBY IMPROVING CONNECTIVITY OF THE INTERMODAL TRANSPORTATION SYSTEM; INTRODUCING FIBER OPTIC CABLE ALONG BALTIMORE STREET, THEREBY COMPLETING THE DOWNTOWN FIBER LOOP; INSTALLING SPRINKLER INFRASTRUCTURE TO BUILDINGS ALONG BALTIMORE STREET, THEREBY PROMOTING RESIDENTIAL AND COMMERICAL REDEVELOPMENT; AND REPLACEMENT OF UNDERGROUND INFRASTRUCTURE THAT HAS NOT BEEN MATERIALLY IMPROVED SINCE BEFORE THE INSTALLATION OF THE PEDESTRIAN MALL. THIS PROJECT IS ALSO BEING UNDERTAKEN AS PART OF A MUCH BROADER ECONOMIC AND COMMUNITY DEVELOPMENT REVITALIZATION EFFORT FOR THE CITY OF CUMBERLAND'S URBAN CORE. 1716945 true true false false false false false false false false false false true false true true true true false false false false false false false false false false false false false false false false false false false false false false false false false true false false false true 0 0 true 0 false false false false false false false false X 9 9 false false false false false false false true false false false false true true true false true true false false MD X MATTHEW MILLER 3017224173 118 BALTIMORE STREET STE 202 CUMBERLAND MD 21502 MATTHEW MILLER EXECUTIVE DI 40.00 X 98118 0 24314 DR CYNTHIA BAMBARA DIRECTOR 2.00 X 0 0 0 DUSTIN FREAS DIRECTOR 2.00 X 0 0 0 KATHY GETTY TREASURER 2.00 X X 0 0 0 JONATHAN HUTCHERSON CHAIRMAN 2.00 X X 0 0 0 BRIAN KURTZ DIRECTOR 2.00 X 0 0 0 MICHELE MARTZ DIRECTOR 2.00 X 0 0 0 RAY MORRISS DIRECTOR 2.00 X 0 0 0 NATHAN PRICE DIRECTOR 2.00 X 0 0 0 JEFFERY SILKA DIRECTOR 2.00 X 0 0 0 98118 24314 false false false 26250 415107 1138980 1580337 89317 89317 1669654 89317 227996 162252 65744 33744 25007 8737 18094 14477 3617 17320 12306 5014 4407 4407 16720 16720 44 44 2500 2500 5962 5962 8315 5918 2397 3324 3324 2376 2376 ECONOMIC DEVELOPMENT 1453294 1453294 PUBLIC RELATIONS 30000 30000 OTHER EXPENSES 4678 4678 CONTRACTUAL SERVICES 2568 2500 68 960 960 1832302 1716945 115357 0 704004 12193 246541 784100 450000 400000 2005 1074 367901 367901 1770451 1565268 3188 34837 140949 6655 60110 144137 101602 X 961445 1054698 664869 408968 1626314 1463666 1770451 1565268 -162648 X false true X true false X 396348 410400 653343 2883632 1580337 5924060 396348 410400 653343 2883632 1580337 5924060 5924060 45 3 25 104 89317 89494 6013554 89654 0.98510 1.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED INVESTMENT IN REAL ESTATE - FORMER M 1720000 F INVESTMENT IN REAL ESTATE - MESSICK 267901 C ALLOWANCE FOR INVESTMENT IN REAL EST -1620000 F 367901 DUE TO REPORTING ENTITY 60110 60110 X 1669654 1669654 1669654 1832302 1832302 1832302 SCHEDULE D, PAGE 3, PART X THE CEDC IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF THE PROVISIONS OF SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE. THE CEDC HAD NO MATERIAL UNRELATED BUSINESS INCOME FOR THE YEAR ENDED JUNE 30, 2024. THEREFORE, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. IN ADDITION, THE CEDC QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER INTERNAL REVENUE CODE SECTION 170 (B)(1)(A)(VI) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(1). THE CEDC'S MANAGEMENT HAS REVIEWED THE CEDC'S TAX POSITIONS FOR ALL OPEN TAX YEARS (TAX YEARS AFTER JUNE 30, 2021) AND HAS DETERMINED THAT NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE CEDC'S FINANCIAL STATEMENTS, IN ACCORDANCE WITH FINANCIAL AND ACCOUNTING DISCLOSURE REQUIREMENTS FOR RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A U.S. INCOME TAX RETURN. FORM 990, PAGE 2, PART III, LINE 4A BALTIMORE STREET ACCESS PROJECT: THE PROJECT IS A CEDC AND CITY OF CUMBERLAND EFFORT TO REVITALIZE THE CITY'S URBAN CORE, AMONG OTHER THINGS, RE-INTRODUCING AUTOMOBILE AND BICYCLE TRAFFIC ONTO BALTIMORE STREET IN CUMBERLAND, MD, THEREBY IMPROVING CONNECTIVITY OF THE INTERMODAL TRANSPORTATION SYSTEM; INTRODUCING FIBER OPTIC CABLE ALONG BALTIMORE STREET, THEREBY COMPLETING THE DOWNTOWN FIBER LOOP; INSTALLING SPRINKLER INFRASTRUCTURE TO BUILDINGS ALONG BALTIMORE STREET, THEREBY PROMOTING RESIDENTIAL AND COMMERICAL REDEVELOPMENT; AND REPLACEMENT OF UNDERGROUND INFRASTRUCTURE THAT HAS NOT BEEN MATERIALLY IMPROVED SINCE BEFORE THE INSTALLATION OF THE PEDESTRIAN MALL. THIS PROJECT IS ALSO BEING UNDERTAKEN AS PART OF A MUCH BROADER ECONOMIC AND COMMUNITY DEVELOPMENT REVITALIZATION EFFORT FOR THE CITY OF CUMBERLAND'S URBAN CORE. FORM 990, PAGE 6, PART VI, LINE 8B THERE ARE NO STANDING COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 WAS PROVIDED TO AND REVIEWED BY THE EXECUTIVE DIRECTOR WHO IS RESPONSIBLE FOR APPROVING AND SIGNING THE FILED FORM 990. FORM 990, PAGE 6, PART VI, LINE 12C 1. DUTY TO DISCLOSE. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. 2. DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OF COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. 3. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST: (A) AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. (B) THE CHAIRPERSON OF THE GOVERNING BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. (C) AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE CORPORATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. (D) IF MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OF COMMITTEE MEMBERS SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE CORPORATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PAGE 6, PART VI, LINE 15A TO ENSURE THE CORPORATION OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX- EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING SUBJECTS: 1. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULT OF ARM'S LENGTH BARGAINING. 2. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT CORPORATIONS CONFORM TO THE CORPORATION'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER CHARITABLE PURPOSES, AND DO NOT RESULT IN INUREMENT, IMPERMISSIBLE PRIVATE BENEFITS OR IN AN EXCESS BENEFIT TRANSACTION. IN ADDITION, THE COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 19 THE CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE ORGANIZATION'S WEBSITE AND THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CITY OF CUMBERLAND 57 NORTH LIBERTY STREET CUMBERLAND MD 21502 526000786 GOVERNMENT MD N/A false false true true false false false false false false false false false false false true false false false false