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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2013
Open to Public
Inspection
Inspection
Name of the organization
MARYLAND ECONOMIC DEVELOPMENT CORPORATION
Employer identification number
52-1376562
52-1376562
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 3 | MARYLAND ECONOMIC DEVELOPMENT CORPORATION, FROM TIME TO TIME, ENTERS INTO A MANAGEMENT AGREEMENT (CONTRACT) DELEGATING TO THE MANAGER THE AUTHORITY TO MANAGE A PROJECT. THE MANAGER IS AN INDEPENDENT CONTRACTOR SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE MANAGEMENT AGREEMENT AND ALL TERMS AND CONDITIONS RELATING TO THE MANAGEMENT OF THE PROJECT CONTAINED IN OTHER APPLICABLE DOCUMENTS (TYPICALLY THE GROUND LEASE AND TRUST INDENTURE). THE MANAGEMENT OF THE PROJECT COMMONLY INCLUDES THE MARKETING, LEASING, MANAGING, AND OPERATING OF THE PROJECT PURSUANT TO, IN ACCORDANCE WITH, AND SUBJECT TO THE TERMS AND CONDITIONS CONTAINED IN OTHER APPLICABLE DOCUMENTS (TYPICALLY THE GROUND LEASE AND TRUST INDENTURE). DURING THE TAXABLE YEAR, MARYLAND ECONOMIC DEVELOPMENT CORPORATION HAD AN AGREEMENT WITH CAPSTONE ON-CAMPUS MANAGEMENT LLC, EDR MANAGEMENT INC., ACC SC MANAGEMENT LLC, SCHEER PARTNERS MANAGEMENT INC., AND HYATT HOTELS CORPORATION OF MARYLAND. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE GOVERNOR OF MARYLAND APPOINTS WHO WILL SERVE ON MEDCO'S BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7B | DECISIONS OF THE BOARD OF DIRECTORS ARE SUBJECT TO THE GOVERNOR OF MARYLAND'S APPROVAL. |
| FORM 990, PART VI, SECTION B, LINE 11 | A FULL COPY OF THE FORM 990 WAS SENT VIA EMAIL TO THE ENTIRE BOARD OF DIRECTORS FOR THEIR REVIEW PRIOR TO FILING. THE FORM 990 WAS ALSO PRESENTED TO THE BOARD OF DIRECTORS AT ITS SCHEDULED MONTHLY MEETING IN FEBRUARY 2015. |
| FORM 990, PART VI, SECTION B, LINE 12C | AS A QUASI-STATE ENTITY, MEDCO ADHERES TO THE STATE OF MARYLAND'S ETHICS POLICY IN ADDITION TO HAVING ITS OWN SEPARATE POLICY. IN ACCORDANCE WITH THESE POLICIES, THE EXECUTIVE DIRECTOR AND EACH BOARD MEMBER SUBMIT DEFINED REPORTS AT APPOINTMENT AND ANNUALLY THEREAFTER WITH THE STATE ETHICS COMMISSION. MEDCO CONTACTS EACH BOARD MEMBER TO ASCERTAIN THAT THE REQUIRED FILING HAS BEEN COMPLETED. REGULAR AND CONSISTENT MONITORING IS DONE THROUGH THE FILINGS AND REQUIRED DISCLOSURES WITH THE STATE ETHICS COMMISSION AS REQUIRED. |
| FORM 990, PART VI, SECTION B, LINE 15 | MEDCO RETAINS THE SERVICES OF HUMAN RESOURCES CONSULTANT TO REVIEW WRITTEN POSITION DESCRIPTIONS FOR ALL EMPLOYEES AND TO PREPARE A RANGE OF COMPENSATION FOR SIMILAR POSITIONS IN MEDCO'S MARKET. THE EXECUTIVE DIRECTOR AND ASSISTANT DIRECTOR REVIEW, APPROVE AND IMPLEMENT THE CONSULTANT'S REPORT. THE EXECUTIVE DIRECTOR'S PERFORMANCE AND COMPENSATION ARE REVIEWED AND SET ANNUALLY BY THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE AUDITED FINANCIAL STATEMENTS OF MEDCO AND ITS PROJECTS ARE AVAILABLE ON THE CORPORATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE WEBSITE INCLUDES INFORMATION ON HOW TO CONTACT MEDCO. |
| FORM 990, PART IX, LINE 24E | OPERATIONS OF TOWSON WEST: PROGRAM SERVICE EXPENSES 4,276,638. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,276,638. OPERATIONS OF UNIV. VILLAGE: PROGRAM SERVICE EXPENSES 3,789,069. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,789,069. OPERATIONS OF MORGAN STUDENT HOUSING: PROGRAM SERVICE EXPENSES 3,657,542. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,657,542. OPERATIONS OF BOWIE: PROGRAM SERVICE EXPENSES 2,454,304. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,454,304. OPERATIONS OF UMBC STUDENT HOUSING: PROGRAM SERVICE EXPENSES 2,327,285. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,327,285. OPERATIONS OF UMB STUDENT HOUSING: PROGRAM SERVICE EXPENSES 1,782,183. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,782,183. OPERATIONS OF FROSTBURG STUDENT HOUSING: PROGRAM SERVICE EXPENSES 1,359,836. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,359,836. OPERATIONS OF WHIC: PROGRAM SERVICE EXPENSES 1,125,843. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,125,843. OPERATIONS OF METRO CENTRE GARAGE: PROGRAM SERVICE EXPENSES 1,018,701. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,018,701. OPERATIONS OF ROCKVILLE INCUBATOR: PROGRAM SERVICE EXPENSES 378,094. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 378,094. SPONSORSHIP/MEMBERSHIP: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 33,050. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 33,050. BAD DEBT EXPENSE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 22,389. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 22,389. BOARD OF DIRECTORS COST: PROGRAM SERVICE EXPENSES 1,549. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,549. DURING THE YEAR ENDED JUNE 30, 2014, MEDCO ADOPTED GASB STATEMENT NO. 65, ITEMS PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES (GASB 65). GASB 65 WAS ISSUED TO ESTABLISH ACCOUNTING AND FINANCIAL REPORTING STANDARDS THAT RECLASSIFY, AS DEFERRED OUTFLOWS OF RESOURCES OR DEFERRED INFLOWS OF RESOURCES, CERTAIN ITEMS THAT WERE PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES AND RECOGNIZES, AS OUTFLOWS OF RESOURCES OR INFLOWS OF RESOURCES, CERTAIN ITEMS THAT WERE PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES. AS A RESULT OF THE ADOPTION OF GASB 65, CERTAIN DEBT ISSUANCE COSTS WHICH WERE PREVIOUSLY CAPITALIZED AND AMORTIZED OVER THE LIFE OF THE RELATED DEBT ARE NOW REQUIRED TO BE EXPENSED AS INCURRED, OR, IN THE CASE OF AN ADVANCED REFUNDING OF THE DEBT OVER THE REMAINING LIFE OF THE OLD DEBT OR THE LIFE OF THE NEW DEBT, WHICHEVER IS SHORTER. THE CHANGES HAVE BEEN APPLIED RETROACTIVELY BY ADJUSTING THE FINANCIAL STATEMENTS FOR PRIOR PERIODS. |
| FORM 990, PART XII, LINE 2C, AUDIT OF FINANCIAL STATEMENTS: | THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2013
Additional Data
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