Overview
What is Maryland Economic Development Corporation?
The Maryland Economic Development Corporation (MEDCO) is a nonprofit organization based in Baltimore, Maryland. Their primary mission is to stimulate business growth and economic development in the state by attracting new businesses and expanding existing ones. They achieve this goal by offering development, expansion, and modernization of facilities, particularly vacant or underutilized industrial sites. MEDCO provides businesses with favorable financing and facilities, as well as management and consulting expertise to help them thrive. The organization's focus on productive employment and strengthening the economy and tax base is essential to its mission.
Official website here: www.medco-corp.com
Is Maryland Economic Development Corporation legitimate?
Maryland Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Maryland Economic Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $413,172
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,870,990
For more financial information, click here
Official website here: www.medco-corp.com
What is the mission statement of Maryland Economic Development Corporation?
The Maryland Economic Development Corporation (MEDCO) is dedicated to expanding productive employment and growing the economy and tax base of the state. It achieves this goal by developing and modernizing under-utilized industrial sites and facilities, as well as providing other economic resources. In pursuit of its mission, MEDCO offers businesses favorable financing rates for facilities and provides management and consulting expertise. The organization's primary focus is on creating new opportunities for businesses and encouraging growth within existing ones.
Official website here: www.medco-corp.com
What is the revenue of Maryland Economic Development Corporation?
Maryland Economic Development Corporation's revenue in 2024 was $210,514,601.
Official website here: www.medco-corp.com
Who are the executives of Maryland Economic Development Corporation and what are their salaries?
The average compensation at Maryland Economic Development Corporation during 2024 was $120,219. There are 19 employees and 12 volunteers at Maryland Economic Development Corporation.
Here are 20 key members and their salaries:
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- Compensation: $126,373
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- Compensation: $129,584
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- Other: $38,133
Official website here: www.medco-corp.com
Where can I find the form 990 for Maryland Economic Development Corporation?
Maryland Economic Development Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.medco-corp.com
Learn more at the official website: www.medco-corp.com
Mission Statement of Maryland Economic Development Corporation
Maryland Economic Development Corporation, or MEDCO, is a key player in Maryland's economic landscape. With a primary focus on business development, MEDCO aims to expand productive employment and the state's economy and tax base. To achieve this goal, MEDCO identifies and develops under-utilized industrial sites and facilities, as well as other economic resources.
MEDCO's mission is multifaceted. It encompasses the provision of facilities and financing for businesses at favorable rates. These resources enable new ventures to take root and existing businesses to expand and modernize, contributing to the state's economic growth. MEDCO's role extends beyond just financial support. The organization also offers management and consulting expertise, ensuring the long-term success of the businesses it supports.
As a catalyst for economic growth, MEDCO plays a vital role in Maryland's business community. By developing and revitalizing under-utilized industrial sites, MEDCO creates an environment that attracts new businesses and encourages existing ones to expand. This, in turn, leads to increased employment opportunities and a stronger tax base for the state. Through its commitment to business development, Maryland Economic Development Corporation fosters a thriving and sustainable economy.
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Impact
October, 2024
The Maryland Economic Development Corporation (MEDCO) plays a crucial role in bolstering the state's economy by attracting new businesses and supporting the growth of existing ones. By focusing on the development, expansion, and modernization of facilities, MEDCO directly contributes to creating productive employment opportunities and enhancing the state's economic landscape.
One of its key initiatives is the Chesapeake Bay Conference Center in Cambridge, Maryland, which underscores MEDCO's commitment to hospitality and community development. This project not only creates jobs but also stimulates local businesses and attracts tourism to the area.
MEDCO facilitates economic growth by revitalizing vacant or under-utilized industrial sites and providing essential resources. By offering favorable financing options for businesses and supplying management and consulting expertise, MEDCO enhances the viability of projects that might otherwise struggle to find support. This proactive approach not only expands the state's tax base but also strengthens the overall economic health of Maryland, demonstrating a significant impact on community improvement and development across the region.
This information is meant to be a general summary of Maryland Economic Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $5,940,300
- Program Service Revenue: $199,044,700
- Gross Receipts: $211,528,670
Assets and Liabilities:
- Total Assets: $663,140,054
- Total Liabilities: $941,133,093
- Net Assets: -$277,993,039
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
OPERATIONS OF CBCC
Revenue
$48,941,715
OPERATIONS OF UMCP HOUSING
Revenue
$33,634,590
ENERGY SERVICES CHARGES
Revenue
$16,385,854
OPERATIONS OF MORGAN
Revenue
$15,411,826
PROPERTY & EQUIP. RENTALS
Revenue
$14,329,477
Organization Details
Founding Year
1984
Principal Officer
J Thomas Sadowski Jr
Website
www.medco-corp.comNTEE Category
Code: S30 - Community improvement
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