MARYLAND ECONOMIC DEVELOPMENT CORP… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1984

Legal Domicile

Principal Officer

J THOMAS SADOWSKI JR

Phone

4106250051

Tax Period

2024-07-01 to 2025-06-30

MARYLAND ECONOMIC DEVELOPMENT CORPORATION, founded in 1984, is a major nonprofit that reported $218.1M in total revenue in fiscal year 2024.

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 Service Accomplishments

Program 1

Expenses: $60,536,388 Revenue: $45,441,412

CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND.

Program 2

Expenses: $30,731,123 Revenue: $34,393,521

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.

Program 3

Expenses: $24,735,175 Revenue: $21,712,334

MORGAN IS A HOUSING PROJECT TO FINANCE, CONSTRUCT AND MANAGE STUDENT HOUSING AT MORGAN STATE UNIVERSITY IN BALTIMORE, MARYLAND.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $193,893,010

Investment Income $24,016,571

Other Revenue $158,851

TOTAL REVENUE $218,068,432

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,612,618

Fundraising Expenses $0

Program Expenses $218,028,840

Other Expenses $219,701,369

TOTAL EXPENSES $223,313,987

Year-over-Year Comparison

	2024	2023	Change
Revenue	$218,068,432	$210,514,601	+0.0%
Expenses	$223,313,987	$219,211,488	+0.0%
Net Income	$-5,245,555	$-8,696,887	-0.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$428,788

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT DORSEY	CHAIRMAN	1.00	Officer Director	$0	$0	$0
RICHARD WOO	VICE CHAIRMAN (PART YEAR)	1.00	Officer Director	$0	$0	$0
TEHMA HALLIE SMITH WILSON	TREASURER	1.00	Officer Director	$0	$0	$0
SECRETARY KEVIN ANDERSON	BOARD OF DIRECTORS (PART YEAR)	1.00	Director	$0	$0	$0
THE HONORABLE HARRY COKER JR	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
ERIC COSTELLO	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MICHAEL COTTINGHAM	BOARD OF DIRECTORS (PART YEAR)	1.00	Director	$0	$0	$0
LESTER DAVIS	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
THE HONORABLE JESSICA FITZWATER	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
KEASHA HAYTHE	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
OMAR KARIM	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MARY ANN MARBURY	BOARD OF DIRECTORS (PART YEAR)	1.00	Director	$0	$0	$0
DR GINA MERRITT MBA	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
ANDRES NAVARRETE	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JIM SOLTESZ	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JESSICA UNDERWOOD ESQ	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
SECRETARY PAUL J WIEDEFELD	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
J THOMAS SADOWSKI JR	EXECUTIVE DIRECTOR AND SECRETARY	40.00	Officer	$332,209	$96,579	$428,788
JAMES R MILLER	CFO	40.00	Highest	$211,819	$33,537	$245,356
JOHN GENAKOS	DIRECTOR OF RE & DEVELOPMENT	40.00	Highest	$188,700	$61,479	$250,179
WYATT SHIFLETT	DIRECTOR OF FINANCING	40.00	Highest	$175,549	$40,002	$215,551
KATHERINE PARKS	DIRECTOR COMMUNITY DEVELOPMENT	40.00	Highest	$174,046	$36,598	$210,644
SARAH HORTA	DIRECTOR OF INNOVATION & STRATEGIC PLANNING	40.00	Highest	$140,632	$40,992	$181,624

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$218,068,432	$223,313,987	$1,175,643,738	$-5,245,555
2024	$210,514,601	$219,211,488	$978,763,311	$-8,696,887
2023	$202,169,562	$207,362,676	$1,022,978,415	$-5,193,114
2022	$218,789,271	$168,008,743	$663,140,054	$50,780,528
2021	$118,680,486	$144,336,566	$640,070,345	$-25,656,080
2020	$117,023,377	$148,539,548	$596,700,976	$-31,516,171
2019	$129,474,410	$160,505,562	$539,019,716	$-31,031,152
2018	$136,282,335	$150,053,728	$533,089,449	$-13,771,393

MARYLAND ECONOMIC DEVELOPMENT CORPORATION