Cumberland Economic Development Cor

Nonprofit profile at a glance

EIN
474730548
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Cumberland, MD, USA
Phone
3017224173
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$594,736
Expenses
$848,095
Assets
$1,267,147
Liabilities
$56,840

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Highest reported compensation

  • MATTHEW MILLER (EXECUTIVE DI): $126,949 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To engage in charitable and educational efforts, and specifically to support economic development and community development in allegany county, Maryland, with an initial focus on the city of cumberland.

What it reported doing in 2024

Baltimore street access project: the project is a cedc and city of cumberland effort to revitalize the city's urban core, among other things, re-introducing automobile and bicycle traffic onto baltimore street in cumberland, md, thereby improving connectivity of the intermodal transportation system; introducing fiber optic cable along baltimore street, thereby completing the downtown fiber loop; installing sprinkler infrastructure to buildings along baltimore street, thereby promoting residential and commerical redevelopment; and replacement of underground infrastructure that has not been materially improved since before the installation of the pedestrian mall. This project is also being undertaken as part of a much broader economic and community development revitalization effort for the city of cumberland's urban core.

Operating model

Revenue model
Affiliate-supported. 72% of the money available for current operations came from contributions from related organizations.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 27
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 85.9%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -42.6%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 1.49; rating input score 56; 56th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 15%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 6.1% per year; rating input score 100; 48th percentile among comparable filings
  • Revenue growth: -2.4% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: 22.3% per year; rating input score 100; 84th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 85.9% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $729K in reported program spending
  • Leadership: top reported pay $127K · 10 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 56/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.