Montgomery County Economic Development Corporation

Analysis

Montgomery County Economic Development Corporation is a registered charity in United States, based in Rockville, MD. It received its IRS tax-exemption ruling in March 2017, 9 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 June 2023, Montgomery County Economic Development Corporation reported income of $7.2m and spending of $6.9m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.1m to $7.2m (+41%), an average of +9.0% a year. The sharpest change came in the year to June 2021, when income rose by 208%. 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, Montgomery County Economic Development Corporation sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within MD. Charities of a similar size with the same main cause include New Village Corporation ($7.2m), Main Street Beatrice Inc ($7.2m) and Illinois Laborers & Contractors Training Trust Fund ($7.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 1.8% of the total. Compensation of current officers, directors and key employees was $154k (2.2% of expenses). Other salaries and wages came to $2.4m. At year end it held assets of $4.6m against liabilities of $2.7m, net assets of $1.9m. It reported 24 employees.