Maryland Rural Development Corporation

Analysis

Maryland Rural Development Corporation is a registered charity in United States, based in Annapolis, MD. It received its IRS tax-exemption ruling in July 1986, 40 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, Maryland Rural Development Corporation reported income of $8.6m and spending of $8.7m, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $6.9m to $8.6m (+25%), an average of +5.8% a year. The sharpest change came in the year to December 2020, when income rose by 17%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Maryland Rural Development Corporation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within MD. Charities of a similar size with the same main cause include Fifth Avenue Association Business Improvement District Inc ($8.6m), Connect Detroit ($8.7m) and Greater Phoenix Economic Council ($8.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 3.2% of the total. Compensation of current officers, directors and key employees was $140k (1.6% of expenses). Other salaries and wages came to $4.4m. At year end it held assets of $5.7m against liabilities of $4.5m, net assets of $1.2m. It reported 153 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.