Nonprofit · EIN 52-1376562
MARYLAND ECONOMIC DEVELOPMENT CORPORATION
Tax-exempt · BALTIMORE, MD 21202
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $218,068,432 | $223,313,987 | -$5,245,555 | $1,175,643,738 | $1,476,191,351 | -$300,547,613 |
| June 30, 2024 | 990 | $210,514,601 | $219,211,488 | -$8,696,887 | $978,763,311 | $1,274,065,369 | -$295,302,058 |
| June 30, 2023 | 990 | $202,169,562 | $207,362,676 | -$5,193,114 | $1,022,978,415 | $1,309,583,586 | -$286,605,171 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $193,893,010
- Investment income
- $24,016,571
- Net gain from sales of assets
- $9,613,663
- Tax-exempt bond proceeds
- $9,022,006
- Other revenue
- $158,851
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $428,788
- Other salaries and wages
- $2,422,879
- Salaries, compensation and benefits (total)
- $3,612,618
- Professional fundraising fees
- $0
- Legal fees
- $83,403
- Accounting fees
- $104,725
- Occupancy
- $281,794
- Travel
- $87,161
- Depreciation
- $49,336,072
- Program services (functional)
- $218,028,840
- Management and general (functional)
- $5,285,147
Balance sheet and other
- Total assets, start of year
- $978,763,311
- Total assets, end of year
- $1,175,643,738
- Total liabilities, end of year
- $1,476,191,351
- Net assets, end of year
- -$300,547,613
- Land, buildings and equipment
- $686,144,093
- Publicly traded securities
- $10,250,155
- Net assets without donor restrictions
- -$585,587,257
- Net assets with donor restrictions
- $285,039,644
- Gross receipts
- $227,173,277
- Employees
- 23
- Volunteers
- 12
- Year formed
- 1984
- State of legal domicile
- MD
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| J THOMAS SADOWSKI JR | EXECUTIVE DIRECTOR AND SECRETARY Officer | 40 | $332,209 | $96,579 |
| JOHN GENAKOS | DIRECTOR OF RE & DEVELOPMENT Highest-paid employee | 40 | $188,700 | $61,479 |
| JAMES R MILLER | CFO Highest-paid employee | 40 | $211,819 | $33,537 |
| WYATT SHIFLETT | DIRECTOR OF FINANCING Highest-paid employee | 40 | $175,549 | $40,002 |
| KATHERINE PARKS | DIRECTOR COMMUNITY DEVELOPMENT Highest-paid employee | 40 | $174,046 | $36,598 |
| SARAH HORTA | DIRECTOR OF INNOVATION & STRATEGIC PLANNING Highest-paid employee | 40 | $140,632 | $40,992 |
| SCOTT DORSEY | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| RICHARD WOO | VICE CHAIRMAN (PART YEAR) Trustee or director, Officer | 1 | $0 | $0 |
| TEHMA HALLIE SMITH WILSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| SECRETARY KEVIN ANDERSON | BOARD OF DIRECTORS (PART YEAR) Trustee or director | 1 | $0 | $0 |
| THE HONORABLE HARRY COKER JR | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| ERIC COSTELLO | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| MICHAEL COTTINGHAM | BOARD OF DIRECTORS (PART YEAR) Trustee or director | 1 | $0 | $0 |
| LESTER DAVIS | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| THE HONORABLE JESSICA FITZWATER | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
8 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KEASHA HAYTHE | BOARD OF DIRECTORS Trustee or director | 1 | $0 |
| OMAR KARIM | BOARD OF DIRECTORS Trustee or director | 1 | $0 |
| MARY ANN MARBURY | BOARD OF DIRECTORS (PART YEAR) Trustee or director | 1 | $0 |
| DR GINA MERRITT MBA | BOARD OF DIRECTORS Trustee or director | 1 | $0 |
| ANDRES NAVARRETE | BOARD OF DIRECTORS Trustee or director | 1 | $0 |
| JIM SOLTESZ | BOARD OF DIRECTORS Trustee or director | 1 | $0 |
| JESSICA UNDERWOOD ESQ | BOARD OF DIRECTORS Trustee or director | 1 | $0 |
| SECRETARY PAUL J WIEDEFELD | BOARD OF DIRECTORS Trustee or director | 1 | $0 |
990 for the year ended June 30, 2024: 20 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| J THOMAS SADOWSKI JR | EXECUTIVE DIRECTOR AND SECRETARY Officer | 40 | $319,606 | $93,566 |
| JAMES R MILLER | CFO Highest-paid employee | 40 | $196,994 | $31,314 |
| JOHN GENAKOS | DIRECTOR OF RE & DEVELOPMENT Highest-paid employee | 40 | $168,123 | $57,752 |
| WYATT SHIFLETT | DIRECTOR OF FINANCING Highest-paid employee | 40 | $142,010 | $32,360 |
| SARAH HORTA | DIRECTOR OF INNOVATION & STRATEGIC PARTNERSHIPS Highest-paid employee | 40 | $129,584 | $38,133 |
| FRANCINA BRINKER | ASST DIRECTOR OF FINANCING Highest-paid employee | 40 | $126,373 | $32,236 |
| SCOTT DORSEY | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| RICHARD WOO | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| TEHMA HALLIE SMITH WILSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| SECRETARY KEVIN ANDERSON | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| ERIC COSTELLO | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| MICHAEL COTTINGHAM | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| KEASHA HAYTHE | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| JAMES HINEBAUGH JR | BOARD OF DIRECTORS (PART YEAR) Trustee or director | 1 | $0 | $0 |
| OMAR KARIM | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| MARY ANN MARBURY | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| HARRY SHASHO | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| JESSICA UNDERWOOD ESQ | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| SECRETARY PAUL J WIEDEFELD | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| DAVID YUNGMANN | BOARD OF DIRECTORS (PART YEAR) Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2023: 21 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| J THOMAS SADOWSKI JR | EXECUTIVE DIRECTOR AND SECRETARY Officer | 40 | $294,763 | $83,738 |
| JAMES R MILLER | CFO Highest-paid employee | 40 | $183,413 | $29,279 |
| JOHN GENAKOS | DIRECTOR OF RE & DEVELOPMENT Highest-paid employee | 40 | $148,346 | $43,542 |
| AMY VELICH | DIRECTOR OF FINANCING Highest-paid employee | 40 | $127,811 | $42,721 |
| FRANCINA BRINKER | ASST DIRECTOR OF FINANCING Highest-paid employee | 40 | $111,204 | $28,903 |
| LOUIS J NOCAR | CONTROLLER Highest-paid employee | 40 | $113,493 | $1,016 |
| SCOTT DORSEY | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| RICHARD WOO | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| TEHMA HALLIE SMITH WILSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| SECRETARY KEVIN ANDERSON | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| MICHAEL COTTINGHAM | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| SECRETARY R MICHAEL GILL | BOARD OF DIRECTORS - PART YEAR Trustee or director | 1 | $0 | $0 |
| ED GOSSELIN | BOARD OF DIRECTORS - PART YEAR Trustee or director | 1 | $0 | $0 |
| JAMES HINEBAUGH JR | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| OMAR KARIM | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| MARY ANN MARBURY | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| SECRETARY JAMES F PORTS | BOARD OF DIRECTORS - PART YEAR Trustee or director | 1 | $0 | $0 |
| HARRY SHASHO | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| JESSICA UNDERWOOD ESQ | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| SECRETARY PAUL J WIEDEFELD | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| DAVID YUNGMANN | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 7 SAINT PAUL ST STE 940, BALTIMORE, MD 21202-1672
- Principal officer (990 for 2024)
- J THOMAS SADOWSKI JR, 7 SAINT PAUL STREET 940, BALTIMORE, MD 21202
- Signed the 990
- J THOMAS SADOWSKI JR, EXECUTIVE DIRECTOR
- Phone
- (410) 625-0051
- Website
- WWW.MEDCO-CORP.COM
- Return prepared by
- SC&H GROUP INC
Mission
MEDCO'S PRIMARY PURPOSE IS TO EXPAND PRODUCTIVE EMPLOYMENT AND THE STATE'S ECONOMY AND TAX BASE THROUGH THE DEVELOPMENT OF CERTAIN VACANT OR UNDER-UTILIZED INDUSTRIAL SITES AND FACILITIES AS WELL AS OTHER ECONOMIC RESOURCES. IN FULFILLING ITS PURPOSE, MEDCO PROVIDES FACILITIES AND FINANCING OF FACILITIES TO BUSINESSES AT FAVORABLE RATES. MEDCO ALSO PROVIDES MANAGEMENT AND CONSULTING EXPERTISE.
Program accomplishments
- CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND.Expenses $60,536,388 · revenue $45,441,412
- UMCP HOUSING IS A PROGRAM UNDER WHICH MEDCO LEASES LAND USED FOR THE SOUTH CAMPUS COMMONS AND THE COURTYARDS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND.Expenses $30,731,123 · revenue $34,393,521
- MORGAN IS A HOUSING PROJECT TO FINANCE, CONSTRUCT AND MANAGE STUDENT HOUSING AT MORGAN STATE UNIVERSITY IN BALTIMORE, MARYLAND.Expenses $24,735,175 · revenue $21,712,334
- MEDCO PROVIDED FINANCING PACKAGES OR FAVORABLE LEASE TERMS FOR MANY PROJECTS THROUGHOUT THE STATE. IN ADDITION, MEDCO ASSISTED ORGANIZATIONS IN THEIR EFFORTS TO EXPAND OR MODERNIZE.Expenses $102,026,154 · revenue $92,345,743
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 52-1376562
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible
- No
- Exempt since
- 1986
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $1,175,643,738
- Income (IRS master file)
- $227,173,277
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $218,068,432 | $223,313,987 | $1,175,643,738 | IRS |
| 990 | June 2024 | $210,514,601 | $219,211,488 | $978,763,311 | IRS |
| 990 | June 2023 | $202,169,562 | $207,362,676 | $1,022,978,415 | XML |
| 990 | June 2022 | $218,789,271 | $168,008,743 | $663,140,054 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 52-1376562).
Questions about MARYLAND ECONOMIC DEVELOPMENT CORPORATION
- What is the EIN of MARYLAND ECONOMIC DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of MARYLAND ECONOMIC DEVELOPMENT CORPORATION is 52-1376562.
- Is MARYLAND ECONOMIC DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1986.
- Are donations to MARYLAND ECONOMIC DEVELOPMENT CORPORATION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does MARYLAND ECONOMIC DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MARYLAND ECONOMIC DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MARYLAND ECONOMIC DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of MARYLAND ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended June 30, 2025 names J THOMAS SADOWSKI JR.
- Who are the officers and directors of MARYLAND ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended June 30, 2025 lists 23 people; 6 received compensation from the organization, the highest $332,209 (J THOMAS SADOWSKI JR, EXECUTIVE DIRECTOR AND SECRETARY).
- How much revenue does MARYLAND ECONOMIC DEVELOPMENT CORPORATION have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $218,068,432, expenses of $223,313,987 and total assets of $1,175,643,738 at year end.
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