EIN 52-1376562

Maryland Economic Development Corporation (MEDC)

IRS 501(c) type
501(c)(4)
Num. employees
18
Year formed
1984
Most recent tax filings
2023-06-01
NTEE code, primary
Description
The legislative purposes of MEDC are to: relieve unemployment in the State; encourage the increase of business activity and commerce and a balanced economy in the State; help retain and attract business activity and commerce in the State.
Total revenues
$202,169,562
2023
Total expenses
$207,362,676
2023
Total assets
$1,022,978,415
2023
Num. employees
18
2023

Program areas at MEDC

Chesapeake bay conference center is a hospitality project located in cambridge, 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.
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.
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.

Who funds Maryland Economic Development Corporation (MEDC)

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Community Foundation of Washington County Maryland (CFWCMD)National Parks$30,000

Personnel at MEDC

NameTitleCompensation
James R MillerChief Financial Officer$183,413
J Thomas SadowskiExecutive Director$294,763
Amy VelichDirector of Financing$127,811
Daniel McCreaDirector of Information Technology
Sarah HortaDirector of Innovation and Strategic Partnerships
...and 15 more key personnel

Financials for MEDC

RevenuesFYE 06/2023
Total grants, contributions, etc.$0
Program services$192,677,624
Investment income and dividends$4,491,060
Tax-exempt bond proceeds$5,408,773
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$-658,598
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$250,703
Total revenues$202,169,562

Form 990s for MEDC

Fiscal year endingDate received by IRSFormPDF link
2023-062024-04-15990View PDF
2022-062023-04-06990View PDF
2021-062022-03-22990View PDF
2020-062021-06-30990View PDF
2019-062020-11-13990View PDF
...and 10 more Form 990s
Data update history
May 19, 2024
Posted financials
Added Form 990 for fiscal year 2023
May 18, 2024
Updated personnel
Identified 2 new personnel
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
June 25, 2023
Updated personnel
Identified 10 new personnel
June 16, 2023
Posted financials
Added Form 990 for fiscal year 2022
Nonprofit Types
Public sector nonprofitsBusiness and community development organizations
Issues
Community improvementEconomic development
Characteristics
State / local level
General information
Address
7 Saint Paul St 940
Baltimore, MD 21202
Metro area
Baltimore-Columbia-Towson, MD
County
Baltimore City, MD
Website URL
medco-corp.com/ 
Phone
(410) 625-0051
IRS details
EIN
52-1376562
Fiscal year end
June
Taxreturn type
Form 990
Year formed
1984
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
S30: Economic Development
NAICS code, primary
926110: Economic Development Corporations and Economic Program Organizations
Parent/child status
Independent
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