Ocean City Development Corporation

Analysis

Ocean City Development Corporation is a registered charity in United States, based in Ocean City, MD. It received its IRS tax-exemption ruling in June 2001, 25 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 June 2023, Ocean City Development Corporation reported income of $623k and spending of $592k, spending 95% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $528k to $623k (+18%), an average of +5.7% a year. The sharpest change came in the year to June 2021, when income rose by 39%. Over the whole period it spent 90% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Ocean City Development Corporation sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 72nd percentile within MD. Charities of a similar size with the same main cause include Umu Igbo Unite ($623k), Intercultural Networks Inc ($623k) and Historic Vogue Theatre of Manistee ($623k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 65% of the total. Compensation of current officers, directors and key employees was $89k (15% of expenses). Other salaries and wages came to $92k. At year end it held assets of $3.4m against liabilities of $651k, net assets of $2.7m. It reported 9 employees.