Montgomery County Economic Development C

Nonprofit profile at a glance

EIN
810717388
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Rockville, MD, USA
Phone
2406416700
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$5,135,090
Expenses
$5,464,181
Assets
$4,163,154
Liabilities
$2,676,504

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

Leadership & pay

23 people listed

Executive titles in this filing

  • BILL TOMPKINS (PRESIDENT AND CEO)

Highest reported compensation

  • BILL TOMPKINS (PRESIDENT AND CEO): $296,053 total reported compensation
  • MICHAEL MITCHELL (VP OF MARKETING & COMMUNICATION): $205,373 total reported compensation
  • STACEY HARDY (VP OF OPERATIONS): $201,998 total reported compensation

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

Overview

Mission

Marketing and business development to drive economic growth in montgomery county, Maryland.

What it reported doing in 2024

Mcedc's efforts resulted in the creation or retention of 1,506 jobs. Through 5,423 business assistances and consultations with 1,050 companies, mcedc supported growth across six key industries, including life sciences, technology, real estate, nonprofit, hospitality, and corporate headquarters. In partnership with the latino economic development center, mcedc administered the accelerating community excellence (ace) loan fund, designed to assist small, minority and woman-owned businesses, with a special emphasis on those in underserved communities.continued on schedule omcedc approved 4 loans totaling $550,000. Of that $300,000 came from the ace loan fund with $250,000 in matching funds from ledc. Three of the loan recipients were montgomery county businesses and the remainder were in targeted zip codes in the state.

Operating model

Revenue model
Grant-funded. 96% of the money available for current operations came from government grants.
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. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 84
  • Accountability: 100
  • Sustainability: 20
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.1%; rating input score 86
  • Program expense ratio: 80.8%; rating input score 81
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.4%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 0.76; rating input score 28; 28th percentile among comparable filings
  • Liabilities to assets ratio: 0.64; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 23.1%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: 12% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 7.6% per year; rating input score 100; 57th percentile among comparable filings
  • Asset growth: 9.8% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 86.1% of revenue deployed · 80.8% of spending went to programs
  • Governance: 12 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4.4M in reported program spending
  • Leadership: top reported pay $296K · 23 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Sustainability: Operating margin scored 18/100.
  • High — Sustainability: Total-asset coverage ratio scored 28/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.