Prince George's County Economic Development Corporation

Nonprofit profile at a glance

EIN
521298515
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Largo, MD, USA
Phone
3015834650
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$4,930,722
Expenses
$4,759,908
Assets
$7,451,779
Liabilities
$786,356

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

Leadership & pay

18 people listed

Executive titles in this filing

  • EBONY STOCKS (EXECUTIVE VICE PRESIDENT)
  • DAVID IANNUCCI (PRESIDENT)

Highest reported compensation

  • DAVID IANNUCCI (PRESIDENT): $256,078 total reported compensation
  • EBONY STOCKS (EXECUTIVE VICE PRESIDENT): $213,674 total reported compensation
  • LORI C VALENTINE (VP OF POLICY AND PUBLIC RE): $211,507 total reported compensation

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

Overview

Mission

Provide services to help retain, attract, and expand businesses, create jobs, and promote prince george's county, Maryland, regionally and globally.

What it reported doing in 2024

Edc's international department promotes business expansion, attraction and retention of prince george's county companies doing business internationally. The edc is focused on expanding and growing exports from county's businesses through outreach, connecting businesses with resources to explore foreign markets and increase exporting capacity, and supporting trade missions to target global markets. In addition, edc's focus includes expanding and growing county's businesses through the attraction of foreign direct investment by hosting foreign business, matchmaking, serving as a soft landing for foreign companies and promoting prince georges county as the best place for international business.

Operating model

Revenue model
Other-operating. 95% of the money available for current operations came from other operating revenue.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 45
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.3%; rating input score 69
  • Program expense ratio: 71.1%; rating input score 71
  • Fundraising efficiency: $0.34 raised per $1 spent on fundraising; rating input score 1; 1st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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: 3.5%; rating input score 46; 46th percentile among comparable filings
  • Total-asset coverage ratio: 1.57; rating input score 53; 53rd percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 58; 58th percentile among comparable filings
  • Officer compensation ratio: 21.8%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: -13.9% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -8.6% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 7.8% per year; rating input score 100; 49th percentile among comparable filings

Details

  • Where the money goes: 69.3% of revenue deployed · 71.1% of spending went to programs
  • Governance: 14 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $3.4M in reported program spending
  • Leadership: top reported pay $256K · 18 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 30 of 30 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: 5 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Fundraising efficiency scored 1/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 46/100.
  • Review — Sustainability: Total-asset coverage ratio scored 53/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • Review — Sustainability: Liabilities to assets ratio scored 58/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.