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Caroline Economic Development

IRS exemption revoked

Denton, MDUnknown exempt organization EIN 52-0982021Revenue $139K in FY2021Latest return filed May 16, 2022

On file with the IRScarolinebusiness.comDenton, MD

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Caroline Economic Development corp. (cedc) exists to foster a diversified local economy that leads to business retention and attraction, job creation and workforce Development, and a strong quality of life for the citizens of Caroline county, maryland.

90¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
The IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2021
latest Form 990
The latest return is for FY2021, 5 tax years back.
IRS e-file · Filing history
Spent on programs
90%
of spending
90% of spending went to programs.
Pt IX · Ln 25 · col B
Cash reserves
6.1 mo
of spending, in cash
6.1 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$7K
13% of total assets
Liabilities are 13% of assets.
Pt X · Ln 26
Independent board members
11
of 11 voting members
11 of 11 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$139K
Spent
$113K
To programs
90%
Net assets
$50K

From the FY2021 Form 990 (year ending June 2021) · see the original

990 PDF Support Claim
IRS revoked this organization's tax-exempt status on November 15, 2024

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2021.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $101K Management & general 10% · $12K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Mila Hathaway
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Debbie Bowden
President
$0Pt VII · Sec A
See Caroline Economic Development executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Develops Caroline County's economy to create jobs, attract businesses, and improve quality of life.

Questions for Caroline Economic Development

Tap to ask. Caroline Economic Development sees how many people are interested.

Your first name shows with your question. Caroline Economic Development answers here, for everyone.

1 program · $101K · in their own filed words · FY2020
01

Caroline economic development corp. (cedc) exists to foster a diversified local economy that leads to business retention and attraction, job creation and workforce development, and a strong quality of life for the citizens of caroline county, maryland.

$101Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$139K
Ln 12
Gifts and grantsLn 1h$138K
Fees for servicesLn 2g$2K
Money outPt IX
$113K
Ln 25
Programscol B$101K
Managementcol C$12K
Owns and owesPt X
$50K
net assets · Ln 32
Cash and savingsLn 1–2$57K
Total assetsLn 16$57K
LiabilitiesLn 26$7K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$138K
Government grantsLn 1e$95K
Fees for servicesLn 2g$2K
Total revenueLn 12$139K
Assets in detailPt X, end of year
CashLn 1$57K
Cash and savings togetherLn 1–2$57K
Total assetsLn 16$57K
LiabilitiesLn 26$7K
Net assetsLn 32$50K
OperationsPt I, VI
EmployeesI 51
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$17K$57K
Total assetsLn 16$25K$57K
LiabilitiesLn 26$1K$7K
Net assetsLn 32$23K$50K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$14K$14K
Other employee benefitsLn 9$667$667
Payroll taxesLn 10$1K$1K
Management feesLn 11a$24K$24K$576
Accounting feesLn 11c$5K$5K
Advertising and promotionLn 12$19K$19K
Office expensesLn 13$1K$1K
OccupancyLn 16$4K$4K
InterestLn 20$2$2
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$40K$40K$88
Total functional expensesLn 25$113K$101K$12K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest ViewingFiled with the IRS May 16, 2022 $139K$113K$27K$50K 990 PDF

Schedules filed Part IV

I · Grants O · Explanations
See the full FY2021 990
Part I · Summary $139,231 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $120,151$137,519
I-9 Program service revenuePrior year $2,174$1,712
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $122,325$139,231
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $38,106$15,995
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $81,924$96,626
I-18 Total expensesPrior year $120,030$112,621
I-19 Revenue less expensesPrior year $2,295$26,610
Part VI · Governance 11 of 11 board members independent, 3 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $139,231 across 5 lines filed
VIII-1e Government grants$95,241
VIII-1f All other contributions, gifts and grants$42,278
VIII-1h Total contributions, gifts and grants$137,519
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,712$1,712
VIII-12 Total revenueRelated to mission $1,712 · Unrelated business $0 · Excluded from tax $0$139,231
Part IX · Statement of functional expenses $112,621 across 11 lines filed
IX-7 Other salaries and wagesPrograms $14,176$14,176
IX-9 Other employee benefitsPrograms $667$667
IX-10 Payroll taxesPrograms $1,152$1,152
IX-11a Management feesPrograms $23,760 · Management $576$24,336
IX-11c Accounting feesManagement $5,163$5,163
IX-12 Advertising and promotionPrograms $19,312$19,312
IX-13 Office expensesManagement $1,339$1,339
IX-16 OccupancyManagement $4,492$4,492
IX-20 InterestManagement $2$2
IX-23 InsurancePrograms $1,648$1,648
IX-24 Other expenses (24a–d)Programs $40,246 · Management $88$40,334
IX-25 Total functional expensesPrograms $100,961 · Management $11,660 · Fundraising $0$112,621
Part X · Balance sheet $57,313 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $16,869$57,313
X-16 Total assetsStart of year $24,778$57,313
X-17 Accounts payable and accrued expensesStart of year $1,496$7,421
X-26 Total liabilitiesStart of year $1,496$7,421
X-27 Net assets without donor restrictionsStart of year $23,282$49,892
X-32 Total net assets or fund balancesStart of year $23,282$49,892
X-33 Total liabilities and net assetsStart of year $24,778$57,313
Part XI · Reconciliation of net assets $49,892 net assets at year end
XI-1 Total revenue$139,231
XI-2 Total expenses$112,621
XI-3 Revenue less expenses$26,610
XI-4 Net assets at start of year$23,282
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$49,892

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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