Overview
What is Ocean City Development Corporation?
Ocean City Development Corporation, located in Ocean City, Maryland, serves as a dedicated nonprofit organization aimed at revitalizing the downtown area. Through thoughtfully designed programs, they formulate and implement long-term development strategies for commercial, office, residential, and various other sectors within the downtown district. One of their key initiatives is the Facade Improvement Program, which provides financial incentives to property owners and businesses to renovate their older buildings' exteriors. This program, funded by grants from the Maryland Department of Housing and Community Development, has resulted in numerous building renovations over the past fiscal year. With a workforce of six employees, Ocean City Development Corporation continues to contribute to the enhancement and growth of the downtown area.
Official website here: www.ocdc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 98%, Four-Star out of Four Star Rating
The Ocean City Development Corporation has achieved a remarkable score of 98%, resulting in a prestigious Four-Star rating. This high rating reflects exceptional accountability and financial health, with a perfect score of 100 in Accountability & Finance. Notably, the organization is governed by an entirely independent board, which enhances its credibility and trustworthiness.
The financial metrics further illustrate the effectiveness of the organization, with an impressive program expense ratio of 85.99%, indicating that the majority of funds are directed towards its mission-related activities. The organization has also maintained a low liabilities to assets ratio of 19.28%, showcasing its financial stability. Furthermore, it excels in transparency and compliance, with all essential policies and documents readily available to the public.
While the Culture & Community score stands at 85, suggesting room for improvement, the organization has demonstrated outstanding practices in constituent feedback collection and usage. The perfect scores in feedback collection and usage imply that the organization is responsive to the needs and concerns of its community, which is a significant strength. Overall, the Ocean City Development Corporation stands out as a highly accountable and effective nonprofit, committed to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Ocean City Development Corporation legitimate?
Ocean City Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ocean City 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: $88,916
Professional Fundraising Fees: $0
Other Salaries and Wages: $44,711
For more financial information, click here
Official website here: www.ocdc.org
What is the mission statement of Ocean City Development Corporation?
The Ocean City Development Corporation is committed to revitalizing the downtown area. They formulate and implement long-term development strategies for commercial, office, residential, and other developments in this sector. The organization's primary goal is to improve the downtown area, focusing on commercial and residential buildings through facade improvement programs. These programs provide financial incentives to property owners and businesses, encouraging them to renovate their older buildings. During the past fiscal year, numerous buildings were revitalized using this program, with funding provided by grants from the Maryland Department of Housing and Community Development.
Official website here: www.ocdc.org
Who is the CEO of Ocean City Development Corporation?
Zachary Bankert is the Director of Ocean City Development Corporation.
Official website here: www.ocdc.org
What is the revenue of Ocean City Development Corporation?
Ocean City Development Corporation's revenue in 2022 was $649,081.
Official website here: www.ocdc.org
Who are the executives of Ocean City Development Corporation and what are their salaries?
The average compensation at Ocean City Development Corporation during 2022 was $22,271. There are 6 employees and 100 volunteers at Ocean City Development Corporation.
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Official website here: www.ocdc.org
Where can I find the form 990 for Ocean City Development Corporation?
Ocean City Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ocdc.org
Learn more at the official website: www.ocdc.org
Mission Statement of Ocean City Development Corporation
The Ocean City Development Corporation (OCDC) is committed to revitalizing the downtown area of Ocean City, Maryland. This nonprofit organization formulates and implements long-term development strategies for various sectors, including commercial, office, residential, and other developments within the downtown area. Its mission is geared towards breathing new life into the downtown district, aiming to enhance its overall appeal and attractiveness.
In pursuit of its mission, OCDC has implemented a Facade Improvement Program. This initiative provides financial incentives to property owners and businesses in the downtown area, encouraging them to renovate the exteriors of their older buildings. The program has resulted in numerous building renovations during the past fiscal year, benefiting both the property owners and the overall appearance of the downtown area. Funding for this program is sourced from grants provided by the Maryland Department of Housing and Community Development. The Ocean City Development Corporation's facade improvement program plays a crucial role in transforming the downtown area, making it more appealing and inviting to residents and visitors alike.
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Impact
July, 2024
The Ocean City Development Corporation plays a crucial role in revitalizing the downtown area of Ocean City, Maryland. Through programs focused on formulating and implementing long-term development strategies for commercial, office, residential, and other properties in the downtown area, the organization has significantly impacted the community. One of its notable initiatives is the Facade Improvement Program, which offers financial incentives to property owners and businesses to renovate the exteriors of older buildings. Thanks to this program, numerous buildings have been revitalized in the past fiscal year, contributing to the overall enhancement of the downtown area. The Ocean City Development Corporation's efforts are instrumental in fostering a vibrant and thriving community in Ocean City, Maryland.
This information is meant to be a general summary of Ocean City 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 2022.
- Investment Income: $3,179
- Gross Receipts: $917,474
Assets and Liabilities:
- Total Assets: $3,377,334
- Total Liabilities: $682,580
- Net Assets: $2,694,754
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Organization Details
Founding Year
2000
Phone
(410) 289-7739Principal Officer
Zachary Bankert
Main Address
108 DORCHESTER STREET, OCEAN CITY, MD, 21842
Website
www.ocdc.orgNTEE Category
Code: A80 - Arts
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