Harbor Bank of Maryland Community Development Corporation

Analysis

Harbor Bank of Maryland Community Development Corporation is a registered charity in United States, based in Baltimore, MD. It received its IRS tax-exemption ruling in June 2004, 22 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Harbor Bank of Maryland Community Development Corporation reported income of $862k and spending of $1.1m, spending 126% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $898k to $862k (-3.9%), an average of -1.0% a year. The sharpest change came in the year to December 2023, when income rose by 122%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Harbor Bank of Maryland Community Development Corporation sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 77th percentile within MD. Charities of a similar size with the same main cause include Computer Technologies Program ($862k), Harbor Entrepreneur Center ($862k) and Genunity Inc ($862k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 78% of the total. Other salaries and wages came to $205k. At year end it held assets of $5.7m against liabilities of $4.7m, net assets of $1.0m. It reported 4 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.