Maryland Economic Development Corporation
501(c)(4)
98% goes to programs Thin reserves Growing revenue
Maryland Economic Development Corporation is a 501(c)(4) organization based in Baltimore, Maryland, registered in 1986, with $210,514,601 in FY2023 revenue. CharityIndex grades it C, and it directs about 98% of spending to programs.
7 Saint Paul St Ste 940, Baltimore, MD, 21202 EIN 52-1376562 Since 1986
Revenue (FY2023)
$210.5M
▲ 4.1% vs prior year
Expenses (FY2023)
$219.2M
Net assets
-$295.3M
Employees
19
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
C
★★★★
Rated on 4 of 4 criteria.
Held down by its weakest criterion — a strong score on one criterion can't hide a weak one.
How the rating works →C+Program efficiency40% of the rating98% to programs
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Maryland Economic Development Corporation: 98% to programs earns a C+ on this criterion. See the exact thresholds →
FFinancial health25% of the rating0 mo reserves · -4% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Maryland Economic Development Corporation: 0 mo reserves · -4% margin earns a F on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Maryland Economic Development Corporation: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Maryland Economic Development Corporation: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
To attract new businesses and encourage expansion of existing businesses in maryland through development, expansion, and/or modernization of facilities.
What they do
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.
Umcp energy is a program under which medco leases land, certain energy conversion facilities and steam, electricity and chilled water delivery systems at the umcp campus in prince george's county, maryland, and provides energy conversion, delivery and related services to umcp.
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.
Contact & location
Financial trends
Revenue grew from $129.1M (FY2013) to $210.5M (FY2023) across 11 reported years.
Financial snapshot
Financial health & position (FY2023)
Liabilities $1.3BNet assets -$295.3M
Operating margin
-4.1%
Spent more than it raised in the latest fiscal year.
Total assets
$978.8M
Total liabilities
$1.3B
Net assets
-$295.3M
Salaries & benefits
$2.9M
1% of expenses
Board members
12
12 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $210,514,601▲4.1% | $219,211,488▲5.7% | -$295,302,058▼3.0% | $978,763,311▼4.3% | 990 |
| 2022 | $202,169,562▼7.6% | $207,362,676▲23.4% | -$286,605,171▼3.1% | $1,022,978,415▲54.3% | 990 |
| 2021 | $218,789,271▲84.4% | $168,008,743▲16.4% | -$277,993,039▲15.0% | $663,140,054▲3.6% | 990 |
| 2020 | $118,680,486▲1.4% | $144,336,566▼2.8% | -$327,052,525▼8.5% | $640,070,345▲7.3% | 990 |
| 2019 | $117,023,377▼9.6% | $148,539,548▼7.5% | -$301,396,445▼11.7% | $596,700,976▲10.7% | 990 |
| 2018 | $129,474,410▼5.0% | $160,505,562▲7.0% | -$269,880,274▼13.0% | $539,019,716▲1.1% | 990 |
| 2017 | $136,282,335▼18.7% | $150,053,728▼0.9% | -$238,849,122▼6.1% | $533,089,449▼2.3% | 990 |
| 2016 | $167,558,864▲18.4% | $151,415,888▼1.9% | -$225,093,579▲6.7% | $545,732,591▼11.0% | 990 |
| 2015 | $141,506,041▲1.2% | $154,425,901▲4.8% | -$241,236,555▼5.7% | $612,904,127▼2.1% | 990 |
| 2014 | $139,856,998▲8.3% | $147,284,020▼0.6% | -$228,316,695▼3.4% | $625,928,279▲5.1% | 990 |
| 2013 | $129,082,946 | $148,238,499▼1.6% | -$220,889,673▼17.4% | $595,492,324▼5.0% | 990 |
| 2012 | — | $150,589,599▼3.5% | -$188,073,982▲13.4% | $626,544,670▼3.2% | 990 |
| 2011 | — | $155,985,923▼4.0% | -$217,070,705▼12.2% | $647,302,285▼4.7% | 990 |
| 2010 | — | $162,510,075▲1.3% | -$193,429,001▼18.3% | $679,110,154▼6.2% | 990 |
| 2009 | — | $160,416,122 | -$163,509,390 | $724,062,728 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2023)
Highest-paid: J Thomas Sadowski Jr — $319,606 (0.15% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| J Thomas Sadowski Jr | Executive Director and Secretary | 40 | $319,606 |
| James R Miller | Cfo | 40 | $196,994 |
| John Genakos | Director of Re & Development | 40 | $168,123 |
| Wyatt Shiflett | Director of Financing | 40 | $142,010 |
| Sarah Horta | Director of Innovation & Strategic Partnerships | 40 | $129,584 |
| Francina Brinker | Asst Director of Financing | 40 | $126,373 |
| David Yungmann | Board of Directors (part Year) | 1 | — |
| Eric Costello | Board of Directors | 1 | — |
| Harry Shasho | Board of Directors | 1 | — |
| James Hinebaugh Jr | Board of Directors (part Year) | 1 | — |
| Jessica Underwood Esq | Board of Directors | 1 | — |
| Keasha Haythe | Board of Directors | 1 | — |
| Mary Ann Marbury | Board of Directors | 1 | — |
| Michael Cottingham | Board of Directors | 1 | — |
| Omar Karim | Board of Directors | 1 | — |
| Richard Woo | Vice Chairman | 1 | — |
| Scott Dorsey | Chairman | 1 | — |
| Secretary Kevin Anderson | Board of Directors | 1 | — |
| Secretary Paul J Wiedefeld | Board of Directors | 1 | — |
| Tehma Hallie Smith Wilson | Treasurer | 1 | — |
Top vendors & contractors (FY2023)
| Contractor | Services | Paid |
|---|---|---|
| Gilbane Building Company | Contractor | $3,834,111 |
| Ernst & Young Us LLP | Consultant | $1,938,741 |
| Grimm and Parker | Consultant | $897,849 |
| Madison Park North LLC | Contractor | $769,166 |
| Aaa Complete Building Services Inc | Consultant | $559,728 |
Grants received · $150K total
1 grant to Maryland Economic Development Corporation totaling $150K, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| National Park Foundation | Protect | 2022 | $150,000 |
Frequently asked questions
- Is Maryland Economic Development Corporation a legitimate nonprofit?
- Yes. Maryland Economic Development Corporation is a 501(c)(4) organization registered with the U.S. Internal Revenue Service under EIN 52-1376562, based in Baltimore, Maryland.
- What is Maryland Economic Development Corporation's EIN?
- Maryland Economic Development Corporation's Employer Identification Number (EIN) is 52-1376562.
- How much revenue does Maryland Economic Development Corporation report?
- Maryland Economic Development Corporation reported $210,514,601 in total revenue on its fiscal year 2023 IRS Form 990 filing.
- How much of Maryland Economic Development Corporation's spending goes to programs?
- Maryland Economic Development Corporation spends about 98% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Maryland Economic Development Corporation have?
- CharityIndex grades Maryland Economic Development Corporation C, based on program efficiency and fundraising cost.
- How much does Maryland Economic Development Corporation's highest-paid employee make?
- The highest reported compensation on Maryland Economic Development Corporation's latest Form 990 is $319,606, paid to J Thomas Sadowski Jr (Executive Director and Secretary).
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Data for Maryland Economic Development Corporation (EIN 52-1376562) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.