2025-01-27T10:08:49-06:00 2024-06-30 221478099 COHNREZNICK LLP 500 EAST PRATT STREET 4TH FLOOR BALTIMORE MD 21202 990 2023-07-01 810717388 MONTGOMERY COUNTY ECONOMIC DEVELOPMENT C MONT 2406416700 1801 ROCKVILLE PIKE 320 ROCKVILLE MD 20852 BILL TOMPKINS PRESIDENT & CEO 2406416700 2025-01-17 1 1 LORI ROTHE YOKOBOSKY CPA P01273422 4107834900 2025-01-17 2023 2025-03-06 01:10:19Z BILL TOMPKINS 1801 ROCKVILLE PIKE 320 ROCKVILLE MD 20852 6240820 0 X WWW.THINKMOCO.COM X 2015 MD 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 30 18 0 0 7063105 6064607 133090 134370 9073 41843 0 0 7205268 6240820 0 0 0 0 3106671 3388795 0 0 0 3837952 2959349 6944623 6348144 260645 -107324 4619671 4665093 2696606 2849352 1923065 1815741 X MARKETING AND BUSINESS DEVELOPMENT TO DRIVE ECONOMIC GROWTH IN MONTGOMERY COUNTY, MARYLAND. 0 0 5441681 134370 MCEDC'S EFFORTS RESULTED IN THE CREATION OR RETENTION OF 2,263 JOBS. THROUGH 4,395 BUSINESS ASSISTANCES AND CONSULTATIONS WITH 924 COMPANIES, MCEDC SUPPORTED GROWTH ACROSS SIX KEY INDUSTRIES, INCLUDING LIFE SCIENCES, TECHNOLOGY, REAL ESTATE, NONPROFIT, HOSPITALITY, AND CORPORATE HEADQUARTERS. IN PARTNERSHIP WITH THE LATINO ECONOMIC DEVELOPMENT CENTER, MCEDC ADMINISTERED THE ACCELERATING COMMUNITY EXCELLENCE (ACE) LOAN FUND, DESIGNED TO ASSIST SMALL, MINORITY AND WOMAN-OWNED BUSINESSES, WITH A SPECIAL EMPHASIS ON THOSE IN UNDERSERVED COMMUNITIES.CONTINUED ON SCHEDULE OMCEDC APPROVED 17 LOANS TOTALING $1,698,017. OF THAT, $840,396 CAME FROM THE ACE LOAN FUND WITH $857,621 IN MATCHING FUNDS FROM LEDC. NINE OF THE LOAN RECIPIENTS WERE MONTGOMERY COUNTY BUSINESSES AND THE REMAINDER WERE IN TARGETED ZIP CODES IN THE STATE. 5441681 1 1 0 0 0 0 0 0 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3 0 1 30 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 BILL TOMPKINS 2406416700 1801 ROCKVILLE PIKE SUITE 320 ROCKVILLE MD 20852 ALBERTO LACAZE MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 ANTHONY FEATHERSTON EX-OFFICIO MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 CHERLYN FREEMAN-WATKINS MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 COUNCILMEMBER MARILYN BALCOMBE EX-OFFICIO MEMBER, BOARD OF DIRECTORS 4.00 X 0 0 0 DEVANG SHAH MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 DR ANNE KHADEMIAN MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 ELANA FINE VICE CHAIR, BOARD OF DIREC 2.00 X X 0 0 0 GRACELYN MCDERMOTT MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 JAKE WEISSMANN EX-OFFICIO MEMBER, BOARD O 2.00 X 0 0 0 JENNIFER HSIN TREASURER, BOARD OF DIRECT 4.00 X X 0 0 0 JIM SOLTESZ MEMBER, BOARD OF DIRECTORS 4.00 X 0 0 0 KEN MILLS MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 KEVIN ANDERSON EX-OFFICIO MEMBER, BOARD OF DIRECTORS 4.00 X 0 0 0 KEVIN BEVERLY CHAIR, BOARD OF DIREC 4.00 X X 0 0 0 MATTHEW LEE MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 MUKESH KUMAR SECRETARY, BOARD OF DIRECT 4.00 X X 0 0 0 SILVANA NANI MEMBER, BOARD OF DIRECTORS 2.00 X 0 0 0 BILL TOMPKINS PRESIDENT AND CEO 40.00 X 327763 0 17795 BRAD STEWART SVP, BUSINESS DEVELOPMENT (OUTGOING) 40.00 X 192328 0 19382 LAUREEN M BABB DIRETOR OF ECONOMIC DEVELOPMENT 40.00 X 160679 0 13166 LYNNE BENZION DIRECTOR OF ECONOMIC DEVEL (OUTGOING) 40.00 X 160078 0 24195 MICHAEL MITCHELL VP OF MARKETING & COMMUNICATION 40.00 X 161561 0 26316 STACEY HARDY VP OF OPERATIONS 40.00 X 168158 0 16365 NARBELI GALINDO BUSINESS COMMUNITY ENGAGEMENT MANAGER 1.00 X 119043 0 14455 1289610 0 131674 11 0 1 0 0 5950000 114607 6064607 REIMBURSEMENT INCOME 900099 134370 134370 134370 41843 41843 6240820 134370 0 41843 548662 441885 106777 2254064 1812642 441422 97223 80461 16762 294586 243796 50790 194260 160767 33493 4324 4324 99683 99683 67052 67052 1355794 1355794 30219 20051 10168 66023 52635 13388 282076 252124 29952 171339 171339 98360 78416 19944 14405 11484 2921 DUES AND SUBSCRIPTIONS 216417 216417 EVENTS/SPONSORSHIPS 205962 205962 BUSINESS DEVELOPMENT 137300 137300 ACE FUND 36850 36850 173545 92382 81163 6348144 5441681 906463 0 1850768 1492972 262253 272182 922347 524243 280381 134984 985957 712022 358141 273935 1252960 945781 713817 4619671 4665093 834496 397000 1862110 2452352 2696606 2849352 X 1923065 1815741 1923065 1815741 4619671 4665093 -107324 0 X 0 1 X 1 0 X 7000252 21864639 7802426 7063105 6064607 49795029 7000252 21864639 7802426 7063105 6064607 49795029 49795029 1175 495 723 9073 41843 53309 49848338 636069 0.99890 0.99970 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 856639 712022 144617 129318 129318 273935 PROGRAMMATIC INVESTMENTS ACE 1252960 C 1252960 RIGHT OF USE ASSET 713817 713817 X 6106450 0 6106450 134370 134370 6240820 6213774 -134370 -134370 6348144 0 6348144 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, 2024 AND 2023, 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 2021 REMAIN OPEN FOR EXAMINATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSE REIMBURSEMENT 134,370. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSE REIMBURSEMENT -134,370. X X X X 0 0 0 0 0 0 0 0 0 BILL TOMPKINS PRESIDENT AND CEO 327763 0 0 0 0 0 0 0 17795 0 345558 0 0 0 BRAD STEWART SVP, BUSINESS DEVELOPMENT (OUTGOING) 192328 0 0 0 0 0 0 0 19382 0 211710 0 0 0 MICHAEL MITCHELL VP OF MARKETING & COMMUNICATION 161561 0 0 0 0 0 0 0 26316 0 187877 0 0 0 STACEY HARDY VP OF OPERATIONS 168158 0 0 0 0 0 0 0 16365 0 184523 0 0 0 LYNNE BENZION DIRECTOR OF ECONOMIC DEVEL (OUTGOING 160078 0 0 0 0 0 0 0 24195 0 184273 0 0 0 LAUREEN M BABB DIRETOR OF ECONOMIC DEVELOPMENT 160679 0 0 0 0 0 0 0 13166 0 173845 0 0 0 THE UNIVERSITIES OF SHADY GROVE BOARD MEMBERS 20000 FINANCIAL PARTNERSHIP PROGRAM 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.