ANNE ARUNDEL ECONOMIC DEVELOPMENT … - 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

1993

Legal Domicile

Principal Officer

ERIC DEVITO

Phone

4102227410

Tax Period

2024-07-01 to 2025-06-30

ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION, founded in 1993, is a community nonprofit in the Community Improvement sector that reported $6.1M in total revenue in fiscal year 2024. Revenue surged 39% from the prior year, signaling strong growth momentum.

Mission

TO SERVE BUSINESS NEEDS AND TO INCREASE ANNE ARUNDEL COUNTY ECONOMIC BASE THROUGH JOB GROWTH AND INVESTMENT.

Program Service Accomplishments

Program 1

Expenses: $3,045,251 Revenue: $0

ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION SERVES AS A MANAGER OF MARYLAND SMALL MINORITY AND WOMEN-OWNED BUSINESS LOAN FUND, WHICH RECEIVES 1.5% OF VIDEO LOTTERY TERMINAL REVENUE FROM MARYLAND...

ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION SERVES AS A MANAGER OF MARYLAND SMALL MINORITY AND WOMEN-OWNED BUSINESS LOAN FUND, WHICH RECEIVES 1.5% OF VIDEO LOTTERY TERMINAL REVENUE FROM MARYLAND CASINOS. SMALL AND MINORITY, WOMEN AND VETERAN OWNED BUSINESSES LOCATED WITHIN 10 MILES OF ANY OF MARYLAND'S THREE CASINOS AND THOSE LOCATED ELSEWHERE IN THE STATE MAY BE ELIGIBLE FOR LOANS OF BETWEEN $25,000 TO $500,000 FOR PURPOSES SUCH AS BUSINESS AND COMMERCIAL REAL ESTATE ACQUISITION AND EXPANSION, LEASEHOLD IMPROVEMENTS, EQUIPMENT AND VEHICLE PURCHASE, AND WORKING CAPITAL.

Program 2

Expenses: $1,153,504 Revenue: $437,924

FINANCIAL SERVICES:PROVIDES LOANS TO BUSINESSES LOCATED IN OR RELOCATING TO, ANNE ARUNDEL COUNTY, MARYLAND. THE PROGRAM IS FOR THE PURPOSE OF ENCOURAGING BUSINESS DEVELOPMENT WITHIN THE COUNTY. AN...

FINANCIAL SERVICES:PROVIDES LOANS TO BUSINESSES LOCATED IN OR RELOCATING TO, ANNE ARUNDEL COUNTY, MARYLAND. THE PROGRAM IS FOR THE PURPOSE OF ENCOURAGING BUSINESS DEVELOPMENT WITHIN THE COUNTY. AN ADDITIONAL PROGRAM FOR COMMERCIAL PROPERTY OWNERS IN DESIGNATED REVITALIZATION AREAS IN THE COUNTY MAY QUALIFY FOR LOAN TO COVER RENOVATIONS AND UPGRADES TO BUILDING EXTERIORS AND SITE IMPROVEMENTS. AREAS INCLUDE ANNE ARUNDEL COUNTY'S 11 COMMERCIAL REVITALIZATION DISTRICTS AND THE COUNTY'S ONE STATE-DESIGNATED ENTERPRISE ZONE.

Program 3

Expenses: $415,261 Revenue: $29,829

AGRICULTURAL MARKETING:CREATES ECONOMIC DEVELOPMENT STRATEGIES TO SUPPORT ANNE ARUNDEL COUNTY'S FARM-BASED BUSINESSES BY PROMOTING AND ENCOURAGING THE DEVELOPMENT OF AGRICULTURE. PROVIDING OPERATING SUPPORT TO FARMS BY THE LEASING OF AGRICULTURAL EQUIPMENT, FACILITATING A SCRAP TIRE PROGRAM, PROMOTE FARMERS MARKET PROGRAMS AND ASSIST FARMS AND COMMERCIAL WATERMAN EXPAND THEIR OPERATIONS USING THE AGRICULTURAL BUSINESS IMPROVEMENT GRANT PROGRAM (ABIG) TO FUND APPROVED PROJECTS.

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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 $5,292,430

Program Service Revenue $467,753

Investment Income $278,705

Other Revenue $61,820

TOTAL REVENUE $6,100,708

Expense Breakdown

Grants Paid $2,000,673

Salaries & Benefits $2,953,168

Fundraising Expenses $0

Program Expenses $4,614,016

Other Expenses $1,046,124

TOTAL EXPENSES $5,999,965

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,100,708	$4,386,829	+0.4%
Expenses	$5,999,965	$4,463,024	+0.3%
Net Income	$100,743	$-76,195	-2.3%

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

$739,022

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIC DEVITO	CHAIR	10.00	Officer Director	$0	$0	$0
KEVIN CARTER	VICE CHAIR	5.00	Officer Director	$0	$0	$0
KATHLEEN MCCOLLUM	SECRETARY/TREASURER	5.00	Officer Director	$0	$0	$0
JEFFREY ARMIGER	TREASURER (UNTIL 09/24)	5.00	Officer Director	$0	$0	$0
PHIONA BAREEBE	BOARD MEMBER	2.00	Director	$0	$0	$0
ANN BRENNAN	BOARD MEMBER	2.00	Director	$0	$0	$0
HAMILTON CHANEY	BOARD MEMBER (UNTIL 06/25)	2.00	Director	$0	$0	$0
M JAMES FAISON	BOARD MEMBER	2.00	Director	$0	$0	$0
STUART FORSYTH	BOARD MEMBER (UNTIL 05/25)	2.00	Director	$0	$0	$0
PAUL GABLE	BOARD MEMBER	2.00	Director	$0	$0	$0
STEPHANIE GARY	BOARD MEMBER	2.00	Director	$0	$0	$0
KAYLA GRIFFITH	BOARD MEMBER (UNTIL 02/25)	2.00	Director	$0	$0	$0
BRAD NORDHOLM	BOARD MEMBER	2.00	Director	$0	$0	$0
SCOTT ORLOVE	BOARD MEMBER	2.00	Director	$0	$0	$0
ELIOT POWELL	BOARD MEMBER (UNTIL 06/25)	2.00	Director	$0	$0	$0
JASON WEISBERG	BOARD MEMBER	2.00	Director	$0	$0	$0
LISA GRUNDER	VICE PRESIDENT, ADMINISTRATION	40.00	Officer	$126,362	$63,956	$190,318
WESLEY MACQUILLIAM	CHIEF OPERATING OFFICER	40.00	Officer	$166,135	$45,702	$211,837
STEPHEN PRIMOSCH	VICE PRESIDENT, FINANCIAL SERVICES	40.00	Officer	$144,356	$69,021	$213,377
VICTORIA ZELEFSKY	VICE PRESIDENT, COMMUNICATIONS	40.00	Officer	$96,818	$26,672	$123,490
AMY GOWAN	PRESIDENT/CEO	40.00	Officer	$0	$0	$0
JONATHAN BONIFACE	DIRECTOR OF RESEARCH & PROGRAM DEVELOPMENT	40.00	Highest	$126,690	$34,847	$161,537
ANITA DWELING	BUSINESS DEVELOPMENT DIRECTOR	40.00	Highest	$107,005	$64,304	$171,309
CHRISTINA HOLLIDAY	CHIEF OF STAFF	40.00	Highest	$114,254	$31,974	$146,228
GRAYSON ORPHE	CREATIVE AND IT MANAGER	40.00	Highest	$105,617	$65,207	$170,824
JILL PORTER	BUSINESS DEVELOPMENT DIRECTOR	40.00	Highest	$107,204	$58,078	$165,282

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	$6,100,708	$5,999,965	$9,657,312	$100,743
2024	$4,386,829	$4,463,024	$10,217,914	$-76,195
2023	$3,689,720	$3,722,389	$10,622,173	$-32,669
2022	$3,951,927	$3,576,284	$9,320,610	$375,643
2021	$30,337,180	$27,700,203	$15,670,028	$2,636,977
2020	$6,117,104	$5,118,980	$19,127,400	$998,124
2019	$4,600,460	$3,225,441	$14,717,678	$1,375,019
2018	$3,350,438	$2,999,795	$13,398,749	$350,643

ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION