MARYLAND ECONOMIC DEVELOPMENT CORPORATION Charity Report

Public IRS 990 nonprofit record

MARYLAND ECONOMIC DEVELOPMENT CORPORATION

EIN 52-1376562

What they do

MEDCOS PRIMARY PURPOSE is to EXPAND PRODUCTIVE EMPLOYMENT and THE STATES ECONOMY and TAX BASE THROUGH THE DEVELOPMENT of CERTAIN VACANT or UNDER-UTILIZED INDUSTRIAL SITES and FACILITIES AS WELL AS OTHER ECONOMIC RESOURCES. IN FULFILLING ITS PURPOSE, MEDCO PROVIDES FACILITIES and FINANCING of FACILITIES to BUSINESSES AT FAVORABLE RATES. MEDCO ALSO PROVIDES MANAGEMENT and CONSULTING EXPERTISE.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $97.60 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders23 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

99.98%of revenue went to mission work97.6% of expenses · Program services

$102.41spent for every $100 of revenueSpending was higher than revenue this year.

2.42%of revenue went to management and office costs2.4% of expenses

$5.26in assets for every $1 spent this yearSome assets cannot be spent right away.

1.4%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $5,245,555 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $428,788 for J THOMAS SADOWSKI JR (EXECUTIVE DIRECTOR AND SECRETARY). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$218,068,432

Mission workProgram services$218,028,84099.98% of revenue97.6% of expenses

ManagementOffice and general costs$5,285,1472.42% of revenue2.4% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Total expenses$223,313,987102.41% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 97.6% mission · 2.4% management · 0.0% fundraisingTotal expenses: 102.41% of revenue

2023Expense mix: 98.1% mission · 1.9% management · 0.0% fundraisingTotal expenses: 104.13% of revenue

2022Expense mix: 98.4% mission · 1.6% management · 0.0% fundraisingTotal expenses: 102.57% of revenue

2021Expense mix: 98.5% mission · 1.5% management · 0.0% fundraisingTotal expenses: 76.79% of revenue

2020Expense mix: 98.3% mission · 1.7% management · 0.0% fundraisingTotal expenses: 121.62% of revenue

2019Expense mix: 98.5% mission · 1.5% management · 0.0% fundraisingTotal expenses: 126.93% of revenue

2018Expense mix: 98.7% mission · 1.3% management · 0.0% fundraisingTotal expenses: 123.97% of revenue

2017Expense mix: 98.7% mission · 1.3% management · 0.0% fundraisingTotal expenses: 110.11% of revenue

Money in and money out

Revenue$218,068,432

Expenses$223,313,987

Annual shortfall $5,245,555 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$218,028,840 · 97.6% of expenses

Management and office costs$5,285,147 · 2.4% of expenses

See all reported dollar amounts

Revenue$218,068,432

Expenses$223,313,987

Assets$1,175,643,738

Income$227,173,277

Contributions$3,002,660

Mission work (program services)$218,028,840

Management and general$5,285,147

Stocks and bonds$10,250,155

Accounting fees$104,725

Investing fees$15,675

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

J THOMAS SADOWSKI JREXECUTIVE DIRECTOR AND SECRETARY · 40 hrs/week $428,788Base $332,209 · Other $96,579

JOHN GENAKOSDIRECTOR OF RE & DEVELOPMENT · 40 hrs/week $250,179Base $188,700 · Other $61,479

JAMES R MILLERCFO · 40 hrs/week $245,356Base $211,819 · Other $33,537

WYATT SHIFLETTDIRECTOR OF FINANCING · 40 hrs/week $215,551Base $175,549 · Other $40,002

KATHERINE PARKSDIRECTOR COMMUNITY DEVELOPMENT · 40 hrs/week $210,644Base $174,046 · Other $36,598

SARAH HORTADIRECTOR OF INNOVATION & STRATEGIC PLANNING · 40 hrs/week $181,624Base $140,632 · Other $40,992

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (23)

J THOMAS SADOWSKI JREXECUTIVE DIRECTOR AND SECRETARY

JOHN GENAKOSDIRECTOR OF RE & DEVELOPMENT

JAMES R MILLERCFO

WYATT SHIFLETTDIRECTOR OF FINANCING

KATHERINE PARKSDIRECTOR COMMUNITY DEVELOPMENT

SARAH HORTADIRECTOR OF INNOVATION & STRATEGIC PLANNING

MARY ANN MARBURYBOARD OF DIRECTORS (PART YEAR)

THE HONORABLE JESSICA FITZWATERBOARD OF DIRECTORS

THE HONORABLE HARRY COKER JRBOARD OF DIRECTORS

TEHMA HALLIE SMITH WILSONTREASURER

SECRETARY PAUL J WIEDEFELDBOARD OF DIRECTORS

SECRETARY KEVIN ANDERSONBOARD OF DIRECTORS (PART YEAR)

SCOTT DORSEYCHAIRMAN

RICHARD WOOVICE CHAIRMAN (PART YEAR)

OMAR KARIMBOARD OF DIRECTORS

MICHAEL COTTINGHAMBOARD OF DIRECTORS (PART YEAR)

ANDRES NAVARRETEBOARD OF DIRECTORS

LESTER DAVISBOARD OF DIRECTORS

KEASHA HAYTHEBOARD OF DIRECTORS

JIM SOLTESZBOARD OF DIRECTORS

JESSICA UNDERWOOD ESQBOARD OF DIRECTORS

ERIC COSTELLOBOARD OF DIRECTORS

DR GINA MERRITT MBABOARD OF DIRECTORS

About this charity

Recognized since: January 1986
Location: 7 SAINT PAUL STREET 940, BALTIMORE, MD 21202
County: Baltimore (city)
In care of: J THOMAS SADOWSKI JR
Primary officer: J THOMAS SADOWSKI JR, EXECUTIVE DIRECTOR

How to reach them

WebsiteVisit the charity’s website Phone(410) 625-0051

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: SC&H GROUP INC