OCEAN CITY DEVELOPMENT CORPORATION

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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

2000

Legal Domicile

Principal Officer

ZACHARY BANKERT

Phone

4102897739

Tax Period

2024-07-01 to 2025-06-30

OCEAN CITY DEVELOPMENT CORPORATION, founded in 2000, is a small nonprofit in the Arts, Culture & Humanities sector that reported $907K in total revenue in fiscal year 2024. Revenue fell 37% from the prior year — a significant decline worth monitoring. Expenses of $861K left a modest 5% surplus.

Mission

THE OCEAN CITY DEVELOPMENT CORPORATION IS DEDICATED TO THE REVITALIZATION OF THE DOWNTOWN AREA OF OCEAN CITY, MARYLAND. PROGRAMS ARE DESIGNED BY THE ORGANIZATION TO FORMULATE AND IMPLEMENT LONG RANGE DEVELOPMENT STRATEGIES FOR COMMERCIAL, OFFICE, RESIDENTIAL, AND OTHER DEVELOPMENT IN THE DOWNTOWN AREA.

Program Service Accomplishments

Program 1

Expenses: $258,735

FACADE IMPROVEMENT PROGRAM - THE OCDC IMPLEMENTS COMMERCIAL AND RESIDENTIAL FACADE IMPROVEMENT PROGRAMS TO PROVIDE FINANCIAL INCENTIVES TO DOWNTOWN PROPERTY OWNERS AND BUSINESSES TO RENOVATE THE...

FACADE IMPROVEMENT PROGRAM - THE OCDC IMPLEMENTS COMMERCIAL AND RESIDENTIAL FACADE IMPROVEMENT PROGRAMS TO PROVIDE FINANCIAL INCENTIVES TO DOWNTOWN PROPERTY OWNERS AND BUSINESSES TO RENOVATE THE EXTERIORS OF THEIR OLDER BUILDINGS. DURING THE PAST FISCAL YEAR, NUMEROUS BUILDINGS WERE RENOVATED USING THIS PROGRAM. FUNDING FOR THIS PROGRAM IS PROVIDED BY GRANTS FROM THE MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT.

Program 2

Expenses: $25,829

PUBLIC ART PROGRAM - THIS PROGRAM ADDS INTEREST TO THE DOWNTOWN AREA AND WILL INCREASEPEDESTRIAN TRAFFIC, AS THE AREA BECOMES BETTER KNOWN FOR ITS PUBLIC ART OFFERINGS.

Program 3

Expenses: $17,365

GREEN BUILDING INITIATIVES PROGRAM - COMMERCIAL PROGRAM PROVIDES FINANCIAL ASSISTANCE TOBUSINESSES TO INSTALL NEW LONG-TERM ENERGY-EFFICIENT PRODUCTS. THE PROGRAM IS FUNDED BY GRANTSFROM THE 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 $799,561

Program Service Revenue $0

Investment Income $32,680

Other Revenue $74,911

TOTAL REVENUE $907,152

Expense Breakdown

Grants Paid $11,500

Salaries & Benefits $200,737

Fundraising Expenses $0

Program Expenses $766,953

Other Expenses $648,900

TOTAL EXPENSES $861,137

Year-over-Year Comparison

	2024	2023	Change
Revenue	$907,152	$1,435,671	-0.4%
Expenses	$861,137	$533,785	+0.6%
Net Income	$46,015	$901,886	-0.9%

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

$98,854

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOE WILSON	PRESIDENT	1.00	Officer Director	$0	$0	$0
PATRICK MCLAUGHLIN	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
SONIA BAKER	SECRETARY	1.00	Officer Director	$0	$0	$0
NANCY BRADFORD	DIRECTOR	1.00	Director	$0	$0	$0
SPIRO BUAS	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL NOLEN	DIRECTOR	1.00	Director	$0	$0	$0
HEATHER MORRISON	DIRECTOR	1.00	Director	$0	$0	$0
NICK TEKMEN	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT SAVAGE	DIRECTOR	1.00	Director	$0	$0	$0
IGOR CONEV	DIRECTOR	1.00	Director	$0	$0	$0
BILL SIEG	DIRECTOR	1.00	Director	$0	$0	$0
DENNIS DARE	DIRECTOR	1.00	Director	$0	$0	$0
STEPHANIE MEEHAN	DIRECTOR	1.00	Director	$0	$0	$0
CALEIGH WOOTTEN	DIRECTOR	1.00	Director	$0	$0	$0
ZACHARY BANKERT	EXECUTIVE DIRECTOR	40.00	Officer	$98,854	$0	$98,854

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	$907,152	$861,137	$5,240,457	$46,015
2024	$1,435,671	$533,785	$5,228,726	$901,886
2023	$622,836	$592,129	$3,376,656	$30,707
2022	$649,081	$552,510	$3,377,334	$96,571
2021	$736,384	$659,486	$3,292,286	$76,898
2020	$527,898	$479,870	$3,252,042	$48,028
2019	$550,990	$385,097	$3,205,810	$165,893