2025-05-01T14:30:20-05:00 2024-06-30 205991824 SC&H GROUP INC 910 RIDGEBROOK ROAD SPARKS MD 21152 990 2023-07-01 521376562 MARYLAND ECONOMIC DEVELOPMENT CORPORATION MARY 4106250051 7 SAINT PAUL STREET 940 BALTIMORE MD 21202 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR 4106250051 2025-04-26 1 0 LORI S BURGHAUSER P00370694 4104031500 2025-04-26 2023 2025-03-06 01:10:19Z J THOMAS SADOWSKI JR 7 SAINT PAUL STREET 940 BALTIMORE MD 21202 211528670 0 X WWW.MEDCO-CORP.COM X 1984 MD TO ATTRACT NEW BUSINESSES AND ENCOURAGE EXPANSION OF EXISTING BUSINESSES IN MARYLAND THROUGH DEVELOPMENT, EXPANSION, AND/OR MODERNIZATION OF FACILITIES. 12 12 19 12 0 0 0 0 192677624 199044700 9241235 11123781 250703 346120 202169562 210514601 0 0 0 0 2129748 2863472 0 0 0 205232928 216348016 207362676 219211488 -5193114 -8696887 1022978415 978763311 1309583586 1274065369 -286605171 -295302058 X MEDCO'S PRIMARY PURPOSE IS TO EXPAND PRODUCTIVE EMPLOYMENT AND THE STATE'S 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. 0 0 60784196 48941715 CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND. 33038132 33634590 UMCP HOUSING IS A PROGRAM UNDER WHICH MEDCO LEASES LAND USED FOR THE SOUTH CAMPUS COMMONS AND THE COURTYARDS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND. 16385954 16385854 UMCP ENERGY IS A PROGRAM UNDER WHICH MEDCO LEASES LAND, CERTAIN ENERGY CONVERSION FACILITIES AND STEAM, ELECTRICITY AND CHILLED WATER DELIVERY SYSTEMS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND, AND PROVIDES ENERGY CONVERSION, DELIVERY AND RELATED SERVICES TO UMCP. 104891129 100082541 MEDCO PROVIDED FINANCING PACKAGES OR FAVORABLE LEASE TERMS FOR MANY PROJECTS THROUGHOUT THE STATE. IN ADDITION, MEDCO ASSISTED ORGANIZATIONS IN THEIR EFFORTS TO EXPAND OR MODERNIZE. 104891129 100082541 215099411 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 32 0 19 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 1 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X JAMES R MILLER 4106250051 7 SAINT PAUL STREET SUITE 940 BALTIMORE MD 21202 SCOTT DORSEY CHAIRMAN 1.00 0.00 X X 0 0 0 RICHARD WOO VICE CHAIRMAN 1.00 0.00 X X 0 0 0 TEHMA HALLIE SMITH WILSON TREASURER 1.00 0.00 X X 0 0 0 SECRETARY KEVIN ANDERSON BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 ERIC COSTELLO BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 MICHAEL COTTINGHAM BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 KEASHA HAYTHE BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 JAMES HINEBAUGH JR BOARD OF DIRECTORS (PART YEAR) 1.00 0.00 X 0 0 0 OMAR KARIM BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 MARY ANN MARBURY BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 HARRY SHASHO BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 JESSICA UNDERWOOD ESQ BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 SECRETARY PAUL J WIEDEFELD BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 DAVID YUNGMANN BOARD OF DIRECTORS (PART YEAR) 1.00 0.00 X 0 0 0 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR AND SECRETARY 40.00 0.00 X 319606 0 93566 JAMES R MILLER CFO 40.00 0.00 X 196994 0 31314 JOHN GENAKOS DIRECTOR OF RE & DEVELOPMENT 40.00 0.00 X 168123 0 57752 WYATT SHIFLETT DIRECTOR OF FINANCING 40.00 0.00 X 142010 0 32360 FRANCINA BRINKER ASST DIRECTOR OF FINANCING 40.00 0.00 X 126373 0 32236 SARAH HORTA DIRECTOR OF INNOVATION & STRATEGIC PARTNERSHIPS 40.00 0.00 X 129584 0 38133 1082690 0 285361 7 0 1 0 GILBANE BUILDING COMPANY 7 JACKSON WALKWAY PROVIDENCE RI 02903 CONTRACTOR 3834111 ERNST & YOUNG US LLP 200 PLAZA DRIVE SECAUCUS NJ 07094 CONSULTANT 1938741 GRIMM AND PARKER 11720 BELTSVILLE DRIVE BELTSVILLE MD 20705 CONSULTANT 897849 MADISON PARK NORTH LLC 2002 CLIPPER PARK RD SUITE 105 BALTIMORE MD 21211 CONTRACTOR 769166 AAA COMPLETE BUILDING SERVICES INC 5100 WISCONSIN AVE NW SUITE 500 WASHINGTON DC 20016 CONSULTANT 559728 21 OPERATIONS OF CBCC 721000 48941715 48941715 OPERATIONS OF UMCP HOUSING 531110 33634590 33634590 ENERGY SERVICES CHARGES 532000 16385854 16385854 OPERATIONS OF MORGAN 531110 15411826 15411826 PROPERTY & EQUIP. RENTALS 531110 14329477 14329477 70341238 70341238 199044700 5940300 5940300 6197550 6197550 1014069 -1014069 -1014069 -1014069 SETTLEMENT INCOME 900099 346120 346120 346120 210514601 199044700 0 11469901 X 413172 413172 1870990 1870990 217509 217509 202001 202001 159800 159800 111072 111072 104241 104241 8141 8141 401120 401120 214178 214178 91358 91358 251100 100000 151100 77706 77706 47337447 47337447 46745009 46701545 43464 78013 46609 31404 OPERATIONS OF CBCC 38705935 38705935 OPERATIONS OF UMCP STUD 23189119 23189119 ENERGY SERVICE EXPENSES 16285954 16285954 OPERATIONS OF GARAGES, 14237717 14237717 28509906 28495085 14821 219211488 215099411 4112077 0 41205341 47897156 7826446 8728780 50000 25000 499867 456622 2601069 2715091 1150323733 505510904 630074552 644812829 9287048 6307601 75000 75000 331359092 267745232 1022978415 978763311 63473403 63210148 104687860 90862759 897622477 868240506 51070738 47955738 192729108 203796218 1309583586 1274065369 X -450193085 -409995839 163587914 114693781 -286605171 -295302058 1022978415 978763311 -8696887 0 X X 0 1 X 1 0 899604052 318571272 581032780 9523499 6305049 3218450 216603490 171990109 44613381 24592692 8644474 15948218 644812829 DEPOSITS WITH TRUSTEES 175093626 INTEREST RECEIVABLE 1461524 NON-CURRENT PREPAID GROUND LEASE 1097887 DEFERRED OUTFLOW OF RESOURCES 3192528 LEASE RECEIVABLE 86899667 267745232 INTEREST PAYABLE 83492560 ADVANCES FOR PROJECTS 3359907 ADVANCE DEPOSITS 2728260 ACCRUED GROUND RENT 18362470 SECURITY DEPOSITS 733282 RESERVE DEPOSITS 7885174 LEASE LIABILITY 87234565 203796218 210514601 0 210514601 0 210514601 219211488 0 219211488 0 219211488 X X X 0 0 0 0 0 0 0 0 0 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR AND SECRETARY 319348 0 0 0 258 0 48750 0 44816 0 413172 0 0 0 JAMES R MILLER CFO 184349 0 0 0 12645 0 29490 0 1824 0 228308 0 0 0 JOHN GENAKOS DIRECTOR OF RE & DEVELOPMENT 152784 0 0 0 15339 0 25823 0 31929 0 225875 0 0 0 WYATT SHIFLETT DIRECTOR OF FINANCING 135000 0 0 0 7010 0 21288 0 11072 0 174370 0 0 0 SARAH HORTA DIRECTOR OF INNOVATION & STRATEGIC P 123010 0 0 0 6574 0 19579 0 18554 0 167717 0 0 0 FRANCINA BRINKER ASST DIRECTOR OF FINANCING 96115 0 0 0 30258 0 18917 0 13319 0 158609 0 0 0 A MEDCO 521376562 574205FL9 2006-10-11 166721158 DEFEASE 1999 BONDS AND PROVIDE CAPITAL FOR MARINA EXPANSION & FF&E UPGRADE. 0 1 0 B MEDCO 521376562 57420VHS5 2007-05-30 37314163 CONSTRUCTION AND EQUIPPING OF APPROX. 668 BED STUDENT HOUSING AT TU. 1 1 0 C MEDCO 521376562 57420VJBO 2008-08-28 37873075 CONSTRUCTION AND EQUIPPING OF APPROX. 368 BED STUDENT HOUSING AT UMCP. 1 1 0 D MEDCO 521376562 57420XBA6 2011-02-24 43805520 DEFEASE 2001 BONDS - UMCP ENERGY. 0 1 0 A 12435000 166783112 1655064 2502791 6000000 156728561 2002 1 1 1 1 B 9755000 26530000 37314163 2334312 2721442 775493 1277576 28807039 1398301 2008 0 0 1 1 C 510000 37690000 37873075 3093306 3519437 577630 30682702 2010 0 0 1 1 D 40195000 43900122 4019500 532208 39348414 2002 0 1 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 1 TRINITY PLUS 5.700000000000 1 0 1 C 0 0 0 1 0 0 1 MONUMENTAL LIFE 1.800000000000 1 0 1 D 0 0 0 1 0 0 1 NATIXIS 8.300000000000 1 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 10/11/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2019 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/01/2018 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2019 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 12/19/2023 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 10/07/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2023 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2023 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/22/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2023 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 09/08/2023 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2024 SCHEDULE K, PART II, PROCEEDS: THE TOTAL PROCEEDS OF ISSUE INCLUDE INVESTMENT INCOME ON THE INVESTMENT OF THE BOND PROCEEDS. A MEDCO 521376562 57420VKB8 2012-07-26 16492409 PURCHASE THE LEASEHOLD ESTATE OF 420 BED STUDENT HOUSING AT TU. 0 1 0 B MEDCO 521376562 57420VJP9 2012-07-26 14837506 PURCHASE THE LEASEHOLD ESTATE OF 578 BED STUDENT HOUSING AT SU. 0 1 0 C MEDCO 521376562 57420VKP7 2012-11-27 34717296 REFUND 2002 BONDS - MOR. 1 1 0 D MEDCO 521376562 57420VLC5 2012-12-19 23783154 REFUND 2001 BONDS - UV. 0 1 0 A 8810000 16492409 483170 463866 15545373 2000 1 0 1 1 B 8225000 14837506 428464 14409042 2000 1 0 1 1 C 8825000 23320000 34811624 475051 34336573 2003 1 0 1 1 D 7960000 23976232 330886 23645346 2002 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 1 WELLS FARGO 16.900000000000 1 0 1 B 0 1 0 1 0 0 1 PORTIGON 17.800000000000 1 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 57420VLQ4 2013-06-03 13856146 REFUND 2003 BONDS - SAL. 0 1 0 B MEDCO 521376562 57420VMD2 2013-06-20 15998739 REFUND 2002 BONDS - FRO. 0 1 0 C MEDCO 521376562 2014-10-03 9200000 ACQUISITION OF AND IMPROVEMENTS TO REAL PROPERTY FOR USE BY THE MD STATE ARC 0 1 0 D MEDCO 521376562 57420VNG4 2015-03-31 28833670 REFUND 2003 BONDS - UMAB. 0 1 0 A 5185000 14465040 314646 14150394 2004 1 0 1 1 B 6135000 16138712 339923 15798789 2003 1 0 1 1 C 2838596 9200000 9200000 2004 0 0 1 1 D 5750000 28944902 495952 28448950 2004 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 57420VNN9 2015-05-14 17563406 REFUND 2003 BONDS - BOW. 0 1 0 B MEDCO 521376562 57420VPC1 2016-03-17 153854482 REFUND 2006 AND 2008 BONDS - UMCP SH. 0 1 0 C MEDCO 521376562 57420VPZ0 2016-04-05 23012542 REFUND 2006 BONDS - UMBC. 0 1 0 D MEDCO 521376562 57420VQS5 2017-05-09 33678990 REFUND 2007A BONDS AND FUND CERTAIN IMPROVEMENTS TO THE FACILITY - TOW. 0 1 0 A 6720000 17733497 359139 17374358 2004 1 0 1 1 B 34530000 155200146 41440725 1131698 1644697 110983026 2006 1 1 1 1 C 8015000 23206956 22387749 380144 244649 194414 2004 1 0 1 1 D 5045000 34260351 34337 26724966 419687 6500000 581361 2008 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 1 WELLS FARGO 12.100000000000 1 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 57422FAC0 2017-06-22 32555663 SPECIAL OBLIGATION BONDS. 2014 TAXABLE BONDS REMARKETED AND RE-DESIGNATED AS 0 1 0 B MEDCO 521376562 2017-07-14 14200700 CONSTRUCTION AND EQUIPPING OF APPROX. 222 BED STUDENT HOUSING AT CTU. 0 1 0 C MEDCO 521376562 57422KAU9 2018-07-31 33435851 ACQUIRE LEASEHOLD INTEREST IN, FINANCING AND OPERATING THREE PARKING GARAGES 0 1 0 D MEDCO 521376562 57420VRJ4 2020-02-26 50667967 CONSTRUCTION AND EQUIPPING OF APPROX. 557 BED STUDENT HOUSING AT BOW MIXED U 0 1 0 A 2235000 32885595 2852733 1332643 28700219 2014 0 0 1 1 B 2942375 14303902 537016 13089911 676975 2018 0 0 1 1 C 1650000 33649158 1959645 31625475 64038 2018 0 0 1 1 D 460000 51011104 2646567 3684531 836041 43683355 160610 2022 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 57420VRM7 2020-12-10 84706640 CONSTRUCTION AND EQUIPPING OF APPROX. 670 BED STUDENT HOUSING AT MORGAN 0 1 0 B MEDCO 521376562 57420VSD6 2022-04-28 22707071 CURRENTLY REFUND 2012 MORGAN BONDS-MOR. 0 1 0 C MEDCO 521376562 57420NDP3 2022-09-08 47118367 FINANCE OR REIMBURSE A PORTION OF THE COSTS OF A PARKING GARAGE IN ANNAPOLIS 0 1 0 D MEDCO 521376562 57420VSP9 2022-11-09 111820318 CONSTRUCTION AND EQUIPPING OF APPROX. 604 BED STUDENT HOUSING AT MORGAN 0 1 0 A 85671106 6034300 8132475 1203339 68108473 473601 1718918 0 0 0 1 B 1420000 22879219 2214750 20146032 346289 172148 2003 1 0 1 1 C 48100029 2365638 2789130 3481513 36326157 570972 2566619 0 0 0 1 D 114942784 11358827 15118424 1267756 59009795 400 28187583 2024 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 1 TORONTO DOMINION BANK 3.000000000000 1 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 2021-04-30 123437000 REFUND 2011 BONDS - MD DHMH. MOVED FROM CONDUIT ISSUANCE IN FY23 (RETRO) 0 1 0 A 42236000 123437000 122964781 472219 2014 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 FORM 990, PART VI, SECTION A, LINE 3 MARYLAND ECONOMIC DEVELOPMENT CORPORATION, FROM TIME TO TIME, ENTERS INTO A MANAGEMENT AGREEMENT (CONTRACT) DELEGATING TO THE MANAGER THE AUTHORITY TO MANAGE A PROJECT. THE MANAGER IS AN INDEPENDENT CONTRACTOR SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE MANAGEMENT AGREEMENT AND ALL TERMS AND CONDITIONS RELATING TO THE MANAGEMENT OF THE PROJECT CONTAINED IN OTHER APPLICABLE DOCUMENTS (TYPICALLY THE GROUND LEASE AND TRUST INDENTURE). THE MANAGEMENT OF THE PROJECT COMMONLY INCLUDES THE MARKETING, LEASING, MANAGING, AND OPERATING OF THE PROJECT PURSUANT TO, IN ACCORDANCE WITH, AND SUBJECT TO THE TERMS AND CONDITIONS CONTAINED IN OTHER APPLICABLE DOCUMENTS (TYPICALLY THE GROUND LEASE AND TRUST INDENTURE). DURING THE TAXABLE YEAR, MARYLAND ECONOMIC DEVELOPMENT CORPORATION HAD AN AGREEMENT WITH CAPSTONE ON-CAMPUS MANAGEMENT LLC, LAZ PARKING, ACC SC MANAGEMENT LLC, HYATT HOTELS CORPORATION OF MARYLAND, METRO CENTRE GARAGE II, LTD AND CTU FOUNDATION, INC. IN ADDITION, THERE IS AN INTERIM MANAGEMENT, OPERATION AND MAINTENANCE AGREEMENT WITH COLLEGE PARK ENERGY, LLC. IN PLACE FOR THE UMCP ENERGY AND UTILITY INFRASTRUCTURE PROGRAM. VENTAS INC. IS THE MANAGER FOR THE DHMH PROJECT. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNOR OF MARYLAND APPOINTS WHO WILL SERVE ON MEDCO'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE ONLY DECISION OF THE BOARD SUBJECT TO THE GOVERNOR OF MARYLAND'S APPROVAL IS THE HIRING OF THE EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION B, LINE 11B A FULL COPY OF THE FORM 990 WAS SENT VIA EMAIL TO THE ENTIRE BOARD OF DIRECTORS FOR THEIR REVIEW PRIOR TO FILING. THE FORM 990 WAS ALSO PRESENTED TO THE BOARD OF DIRECTORS AT ITS SCHEDULED MONTHLY MEETING IN MARCH 2025. FORM 990, PART VI, SECTION B, LINE 12C AS A QUASI-STATE ENTITY, MEDCO ADHERES TO THE STATE OF MARYLAND'S ETHICS POLICY IN ADDITION TO HAVING ITS OWN SEPARATE POLICY. IN ACCORDANCE WITH THESE POLICIES, THE EXECUTIVE DIRECTOR AND EACH BOARD MEMBER SUBMIT DEFINED REPORTS AT APPOINTMENT AND ANNUALLY THEREAFTER WITH THE STATE ETHICS COMMISSION. MEDCO CONTACTS EACH BOARD MEMBER TO ASCERTAIN THAT THE REQUIRED FILING HAS BEEN COMPLETED. REGULAR AND CONSISTENT MONITORING IS DONE THROUGH THE FILINGS AND REQUIRED DISCLOSURES WITH THE STATE ETHICS COMMISSION AS REQUIRED. FORM 990, PART VI, SECTION B, LINE 15 MEDCO RETAINS THE SERVICES OF HUMAN RESOURCES CONSULTANT TO REVIEW WRITTEN POSITION DESCRIPTIONS FOR ALL EMPLOYEES AND TO PREPARE A RANGE OF COMPENSATION FOR SIMILAR POSITIONS IN MEDCO'S MARKET. THE EXECUTIVE DIRECTOR REVIEWS, APPROVES AND IMPLEMENTS THE CONSULTANT'S REPORT. THE EXECUTIVE DIRECTOR'S PERFORMANCE AND COMPENSATION ARE REVIEWED AND SET BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE AUDITED FINANCIAL STATEMENTS OF MEDCO AND ITS PROJECTS ARE AVAILABLE ON THE CORPORATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE WEBSITE INCLUDES INFORMATION ON HOW TO CONTACT MEDCO. FORM 990, PART IX, LINE 24E OPERATIONS OF MORGAN: PROGRAM SERVICE EXPENSES 5,827,315. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,827,315. OPERATIONS OF UMB & UMBC STUDENT HOUSING: PROGRAM SERVICE EXPENSES 5,788,447. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,788,447. OPERATIONS OF TOWSON WEST & MH: PROGRAM SERVICE EXPENSES 5,463,831. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,463,831. OPERATIONS OF BOWIE & BOWIE MIXED USE: PROGRAM SERVICE EXPENSES 5,237,271. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,237,271. OPERATIONS OF SALISBURY: PROGRAM SERVICE EXPENSES 4,127,309. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,127,309. OPERATIONS OF UNIV. VILLAGE: PROGRAM SERVICE EXPENSES 2,050,912. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,050,912. BAD DEBT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 14,821. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 14,821. FORM 990, PART XII, LINE 2C, AUDIT OF FINANCIAL STATEMENTS: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.