2023-04-06T14:25:37-05:00 2022-06-30 420714325 RSM US LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 990 2021-07-01 270037508 EAST BALTIMORE DEVELOPMENT INC EAST 4102340660 929 N WOLFE STREET STE 1106 BALTIMORE MD 21205 CHERYL WASHINGTON PRESIDENT AND CEO 4102340660 2023-03-30 1 CHERYL WASHINGTON 999009999 JULIA FLANNERY CPA P00928918 4102469300 2023-03-30 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z CHERYL WASHINGTON 929 N WOLFE STREET STE 1106 BALTIMORE MD 21205 30681390 0 X WWW.EBDI.ORG X 2002 MD TO SUCCESSFULLY ATTRACT MARKET-ORIENTED INVESTMENT, DEVELOPMENT, POPULATION & ENTERPRISE TO THE EAST BALTIMORE COMMUNITY WHILE EQUIPPING COMMUNITY RESIDENTS WITH THE SKILLS, INFORMATION & RESOURCES THEY NEED TO BENEFIT FROM NEW HOUSING, EMPLOYMENT, BUSINESS & EDUCATIONAL OPPORTUNITIES. X 17 17 8 21 0 0 4173163 2702162 1032632 670500 0 23046697 5374776 3843585 10580571 30262944 0 0 0 0 966398 1005569 0 0 0 11986346 8627359 12952744 9632928 -2372173 20630016 59534248 12751192 66836298 100009 -7302050 12651183 X EBDI'S MISSION IS TO SUCCESSFULLY ATTRACT MARKET-ORIENTED INVESTMENT, DEVELOPMENT, POPULATION AND ENTERPRISE TO THE EAST BALTIMORE COMMUNITY WHILE EQUIPPING COMMUNITY RESIDENTS WITH THE SKILLS, INFORMATION & RESOURCES THEY NEED TO BENEFIT FROM NEW HOUSING, EMPLOYMENT, BUSINESS AND EDUCATIONAL OPPORTUNITIES. EBDI'S EAST BALTIMORE INITIATIVE LEVERAGES THE WORLD-CLASS HEALTH AND RESEARCH FACILITIES THAT ANCHOR AND ECONOMICALLY POWER THE NEIGHBORHOOD, THE CITY AND THE REGION.EAST BALTIMORE DEVELOPMENT FOUNDATION, INC. (EBDF), A RELATED ORGANIZATION, WAS FORMED IN 2008 AS A NON-STOCK CORPORATION EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES TO SUPPORT AND CARRY OUT THE CHARITABLE AND EDUCATIONAL PURPOSES OF EBDI. EBDF IS A TYPE I SUPPORTING ORGANIZATION AS DEFINED BY THE IRS. 0 0 8285800 4399085 IN 2022, EBDI CONTINUED TO WORK WITH DEVELOPERS, THE CITY, AND STATE AGENCIES TO COMPLETE PRE-DEVELOPMENT ACTIVITIES NECESSARY TO MAKE WAY FOR FOUR NEW RESIDENTIAL DEVELOPMENT PROJECTS THAT WILL YIELD OVER 500 UNITS OF MARKET-RATE AND AFFORDABLE RENTAL AND FOR-SALE HOMES. IN ADDITION, THE DEVELOPMENT OF THE NEXT COMMERCIAL/LAB BUILDING IS UNDERWAY AND THE SITE FOR A FUTURE GROCERY STORE/MIXED-USE DEVELOPMENT HAS BEEN IDENTIFIED. THESE EFFORTS ARE EXPECTED TO CONTINUE THROUGH CY 2023. EBDI ULTIMATELY PLANS TO BUILD AN ADDITIONAL 500 UNITS OF MIXED-INCOME HOUSING ALONG WITH TWO TO THREE ADDITIONAL COMMERCIAL BUILDINGS AND A PARKING GARAGE OVER THE NEXT 10 YEARS. EBDI CONSIDERS ITS APPROACH TO BE "RESPONSIBLE REDEVELOPMENT" WITH A FOCUS ON ECONOMIC AND COMMUNITY DEVELOPMENT EFFORTS THAT ARE INCLUSIVE AND MITIGATE THE EFFECTS OF GENTRIFICATION.EBDI'S PARTNERS IN THIS REVITALIZATION EFFORT INCLUDE THE CITY OF BALTIMORE, THE STATE OF MARYLAND, JOHNS HOPKINS UNIVERSITY AND MEDICINE, THE ANNIE E. CASEY FOUNDATION, AND THE HARRY AND JEANETTE WEINBERG FOUNDATION, AMONG MANY OTHERS. EBDI'S MISSION IS TO SUCCESSFULLY ATTRACT MARKET-ORIENTED INVESTMENT, DEVELOPMENT, POPULATION, AND ENTERPRISE TO THE EAST BALTIMORE COMMUNITY WHILE EQUIPPING COMMUNITY RESIDENTS WITH THE SKILLS, INFORMATION, AND RESOURCES THEY NEED TO BENEFIT FROM NEW HOUSING, EMPLOYMENT, BUSINESS AND EDUCATIONAL OPPORTUNITIES. EBDI'S EAST BALTIMORE INITIATIVE LEVERAGES THE WORLD-CLASS HEALTH DELIVERY AND RESEARCH FACILITIES AT THE JOHNS HOPKINS MEDICAL CAMPUS THAT ANCHORS AND ECONOMICALLY POWERS THE NEIGHBORHOOD, THE CITY, AND THE REGION. FISCAL YEAR 2022 WAS A CHALLENGING YEAR CONSIDERING THE LINGERING IMPACT THE COVID-19 PANDEMIC HAS HAD ON EBDI'S FUNDERS. FORTUNATELY, EBDI CONTINUED TO SECURE FUNDING FROM JOHNS HOPKINS UNIVERSITY AND THE CITY AT THEIR RECURRING CONTRIBUTION LEVELS. EBDI ANTICIPATES CONTINUING TO RECEIVE FUNDING FROM JOHNS HOPKINS UNIVERSITY AND THE CITY IN 2023. EBDI WAS ABLE TO INCREASE ITS FISCAL YEAR 2023 BUDGET DUE TO ANTICIPATED DEVELOPMENT RIGHTS FEES TO BE EARNED IN FISCAL YEAR 2023.TO ADDRESS THIS POTENTIAL FUNDING GAP IN FISCAL YEAR 2023 AND BEYOND, EBDI HAS FOCUSED ON WORKING TO DISPOSE OF UNDEVELOPED PARCELS OF LAND THAT COULD GENERATE SUBSTANTIAL DEVELOPMENT RIGHTS FEES FOR EBDI. THE DEVELOPMENT RIGHTS FEES, WHICH ARE EQUIVALENT TO THE LAND ACQUISITION PRICE, WILL BE BASED ON THE FAIR MARKET VALUE OF THE LAND AS DETERMINED BY AN APPRAISAL. IN FISCAL YEAR 2022, EBDI RECEIVED $618,845 FROM A DEVELOPER FOR TWO PARTICULAR PARCELS OF LAND. THESE FUNDS PARTIALLY SUPPORTED UNANTICIPATED EXPENSES IN 2022 AND WILL PROVIDE ADDITIONAL FUNDING IN 2023. ADDITIONALLY, EBDI COMPLETED NEGOTIATIONS WITH ITS MASTER DEVELOPER TO TERMINATE ITS MASTER DEVELOPMENT AGREEMENT IN FEBRUARY 2022. DOING SO GAVE EBDI SITE CONTROL OVER THE FIVE REMAINING UNDEVELOPED PARCELS THAT HAVE NOT YET BEEN AWARDED TO A DEVELOPER. EBDI WILL COMMISSION APPRAISALS FOR THE PARCELS AND THUS FAR HAS RECEIVED APPRAISALS ON TWO PARCELS, WHICH YIELDED VALUES OF $7M AND $4.315M, RESPECTIVELY. EBDI BELIEVES THAT THE VALUES FOR THE OTHER PARCELS WILL BE IN A SIMILAR RANGE. AS A RESULT, EBDI IS IN A POSITION TO RECEIVE POTENTIAL DEVELOPMENT RIGHTS FEES FOR THE REMAINING PARCELS IN EXCESS OF $20 MILLION THROUGH THE DURATION OF THE MASTER PLAN BUILD-OUT. IF RECEIVED, THAT ADDITIONAL FUNDING WILL SUPPORT EBDI'S OPERATIONS FOR THE NEXT SEVERAL YEARS. EBDI CONSIDERS THIS REVENUE SOURCE TO BE SPECULATIVE DUE TO MARKET CONDITIONS AND OUTCOMES WITH NEGOTIATIONS UNTIL DEVELOPMENT RIGHTS ARE AWARDED AND DEVELOPMENT CONTRACTS ARE EXECUTED.DEVELOPMENT AND CONSTRUCTION ACTIVITIES ALL INCLUDE A COMMITMENT TO SUBSTANTIVE PARTICIPATION BY LOCAL, MINORITY OWNED AND WOMEN OWNED ENTERPRISES WITH OVER $437 MILLION IN CONSTRUCTION CONTRACTS LET TO SUCH FIRMS TO-DATE, AND THE LOCAL EAST BALTIMORE WORK FORCE IS GIVEN PRIORITY ACCESS TO THE BUSINESS AND JOB OPPORTUNITIES CREATED IN THE PROJECT AREA. THE COMPLETED REVITALIZATION EFFORT IS PROJECTED TO GENERATE $1.8 BILLION OF PUBLIC/PRIVATE INVESTMENT IN THE COMMUNITY OVER 20 YEARS, WITH $1.1 BILLION INVESTED TO-DATE. 8285800 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 1 25 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MD X X X CHERYL WASHINGTON 4102340660 929 N WOLFE STREET STE 1106 BALTIMORE MD 21205 TOMI HIERS BOARD MEMBER 1.00 X 0 0 0 TALMADGE BRANCH BOARD MEMBER 1.00 X 0 0 0 ANTONIO GLOVER BOARD MEMBER 1.00 X 0 0 0 RONALD J DANIELS BOARD MEMBER 1.00 X 0 0 0 VENROY JULY BOARD MEMBER 1.00 X 0 0 0 JEANNE HITCHCOCK CHAIR 1.00 X X 0 0 0 CORY MCCRAY BOARD MEMBER 1.00 X 0 0 0 THEODORE CARTER BOARD MEMBER 1.00 X 0 0 0 GAVIN JOHNSON BOARD MEMBER 1.00 X 0 0 0 ANTHONY KING TREASURER 1.00 X X 0 0 0 CARON WATKINS BOARD MEMBER 1.00 X 0 0 0 ABE ROSENTHAL BOARD MEMBER 1.00 X 0 0 0 LT GOV HON BOYD K RUTHERFORD BOARD MEMBER 1.00 X 0 0 0 ROBERT STOKES BOARD MEMBER 1.00 X 0 0 0 COLIN TARBERT BOARD MEMBER 1.00 X 0 0 0 TODD SCOTT BOARD MEMBER 1.00 X 0 0 0 TRACY KARTYE BOARD MEMBER 1.00 X 0 0 0 CHERYL WASHINGTON CEO 50.00 1.00 X 271960 0 23524 KAREN JOHNSON CRO 45.00 X 249729 0 29234 521689 0 52758 2 0 1 0 K&K ADAMS 2901 DRUID PARK DRIVE STE 207 BALTIMORE MD 21215 GENERAL CONTRACTOR 924569 LSH GE GATEWAY 2 LLC 409 WASHINGTON AVE STE 900 TOWSON MD 21204 GENERAL CONTRACTOR 648587 GEI WINDEMERE LLC 1829 REISTERSTOWN RD STE 300 BALTIMORE MD 21208 GENERAL CONTRACTOR 279502 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 ACCOUNTING 102548 4 1782162 920000 2702162 DEVELOPER FEES 900099 618845 618845 APPLICATION & OTHER FE 900099 51655 51655 670500 15 15 3839585 0 3839585 3839585 3728585 111000 23465128 418446 23046682 23046682 23046682 OTHER REVENUE 900099 4000 4000 4000 30262944 4399085 0 23161697 X 289421 109982 179439 546679 207741 338938 44545 16927 27618 75845 28822 47023 49079 18650 30429 122713 122713 226500 226500 1994432 1994432 38117 38117 59604 59604 8985 8985 170402 2730 167672 1497 1497 2159992 2159992 1075498 1075498 88221 88221 PROPERTY OPERATING EXPE 2488929 2488929 PROPERTY & SPECIAL TAXE 168181 168181 24288 13916 10372 9632928 8285800 1347128 0 3656227 1338991 50000 514599 271218 75731 15179 12670219 1544415 54506210 11125804 731481 0 59534248 12751192 2948489 91509 105685 8500 61145000 2637124 0 66836298 100009 X -7514467 12438766 212417 212417 -7302050 12651183 59534248 12751192 X 20630016 -676783 X 0 1 X 1 0 X 6771434 2719739 1906266 4173163 2702162 18272764 6771434 2719739 1906266 4173163 2702162 18272764 1977961 16294803 3 111015 111018 1212 33420 15038 54 4000 53724 18437506 30841809 0.88380 0.91070 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9632928 9632928 631646 157912 0 0 758762 681888 797637 631646 2869933 4304900 189691 170472 199409 157912 717484 1076226 266807 266807 463301 456095 7206 11940111 1088320 10851791 11125804 X 30273059 10115 10115 30262944 0 30262944 9713503 80575 80575 9632928 0 9632928 PART X, LINE 2: THE ORGANIZATIONS ADOPTED GUIDANCE IN THE FASB ASC TOPIC, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE ORGANIZATIONS MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES, BASED UPON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE ORGANIZATIONS' TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATIONS HAVE TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE ORGANIZATIONS ARE NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES BEFORE JUNE 30, 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL STATEMENTS ARE CONSOLIDATED: EAST BALTIMORE DEVELOPMENT FOUNDATION 10,115. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL STATEMENTS ARE CONSOLIDATED: EAST BALTIMORE DEVELOPMENT FOUNDATION 80,575. PART VI, LINE 1E - LAND, BUILDING, AND EQUIPMENT - THE OTHER ASSETS COST CONSIST OF PUBLIC PARK LAND, $9,855,866 PUBLIC PARK FIXED ASSETS, $2,084,245 X X 0 0 0 0 0 0 0 0 0 CHERYL WASHINGTON CEO 271960 0 0 0 0 0 15277 0 8247 0 295484 0 0 0 KAREN JOHNSON CRO 249729 0 0 0 0 0 14037 0 15197 0 278963 0 0 0 TRANSFER OF 75% OF 929 N WOLFE STREET, LLC 2022-01-31 -23053873 BOOK VALUE 822912570 P3 FOUNDATION 2626 GLENWOOD AVE STE 550 RALEIGH NC 27608 501(C)(3) 0 0 0 0 FORM 990, PART I 929 WAS A SINGLE MEMBER LIMITED LIABILITY COMPANY WHOLLY OWNED BY EBDI. AS PART OF THE RESTRUCTURE ON JANUARY 31, 2022, EBDI TRANSFERRED 75% OWNERSHIP OF 929 TO ANOTHER NON-PROFIT OWNER, P3 FOUNDATION, WHICH THEN BECAME THE MANAGER OF THE PROPERTY. EBDI RETAINED A 25% OWNERSHIP STAKE IN THE PROPERTY. EBDI EXPECTS TO TRANSFER THE REMAINING 25% TO P3 FOUNDATION IN FISCAL YEAR 2023 FOR NO CONSIDERATION. ACCORDINGLY, ALL ACTIVITY THROUGH JANUARY 31, 2022 IS REPORTED ON THIS FORM 990 AND ON THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION A, LINE 3 NICOLE M. HARRELL, CPA, LLC PERFORMS ACCOUNTING CONSULTING RESPONSIBILITIES WHICH INCLUDES BANK RECONCILIATIONS, SUPERVISING OF THE ACCOUNTS PAYABLE AND RECEIVABLE ACTIVITY, FINANCIAL REPORTING PREPARATION, COMPLETION OF ANNUAL AUDIT AND FORM 990 PROCEDURES AND REPORTS TO THE CEO. SHE ALSO PERFORMS THE REVIEW OF MONTHLY FINANCIAL STATEMENTS AND COMPLETION OF EBDI FINANCE COMMITTEE AND BOARD PACKAGES FOR QUARTERLY MEETINGS. EBDI PAID HARRELL CPA $127,820 FOR THE ABOVE SERVICES DURING THE TAX YEAR. RUDOLPH ISAACS, CPA, PERFORMS THE REVIEW OF FINANCIAL STATEMENTS AND COMPLETION OF GREYSTAR MANAGEMENT/929 PORTION EBDI FINANCE COMMITTEE AND BOARD PACKAGES FOR QUARTERLY MEETINGS. ISAACS ALSO PROVIDED TECHNICAL ASSISTANCE AND KNOWLEDGE IN COMPLETING THE ANNUAL AUDIT OF EBDI. ISAACS PROVIDES MANAGEMENT SUPPORT RELATING TO GREYSTAR MANAGEMENT AND REPORTS RELATING TO 929. THIS INCLUDES REVIEW WEEKLY LEASING ACTIVITY AND WORK WITH GREYSTAR TO DEVELOP LEASING STRATEGIES. REPORTING TO EBDI MANAGEMENT ON THE RESULTS OF 929 ACTIVITY. EBDI PAID ISAACS $4,800 FOR THE ABOVE SERVICES DURING THE TAX YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY RSM US IN CONSULTATION WITH AN ACCOUNTING CONSULTANT ENGAGED BY EBDI TO ASSIST WITH FINANCIAL REPORTING, AUDIT AND FORM 990. THE FORM WAS THEN REVIEWED WITH THE PRESIDENT AND CHIEF EXECUTIVE OFFICER AS WELL AS THE FINANCE/AUDIT COMMITTEE OF THE BOARD OF DIRECTORS IN MARCH PRIOR TO SUBMISSION. THE FINANCE/AUDIT COMMITTEE INCLUDES SENIOR MANAGERS FROM SEVERAL FOUNDATIONS AND PARTNERS WITH NATIONAL AND LOCAL ACCOUNTING FIRMS. THE COMMENTS OF THE REVIEW TEAM WERE INCORPORATED INTO THE FINAL DOCUMENT AND EMAILED TO THE FULL BOARD OF DIRECTORS PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C EBDI HAS A WRITTEN CONFLICT OF INTEREST POLICY. KEY EMPLOYEES, OFFICERS AND DIRECTORS UPDATE THEIR DISCLOSURE STATEMENT ANNUALLY. WHENEVER THERE IS REASON TO BELIEVE THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST EXISTS BETWEEN EBDI AND AN INTERESTED PARTY, THE BOARD OF DIRECTORS SHALL DETERMINE THE APPROPRIATE ORGANIZATIONAL RESPONSE. WHERE THE ACTUAL OR POTENTIAL CONFLICT EXISTS, THE CEO SHALL REVIEW THE MATTER AND TAKE APPROPRIATE ACTION AS NECESSARY TO PROTECT THE INTERESTS OF EBDI. THE CEO SHALL REPORT TO THE CHAIRMAN THE RESULTS OF ANY REVIEW AND THE ACTION PROPOSED TO BE TAKEN. THE CHAIRMAN, IN CONSULTATION WITH THE EXECUTIVE COMMITTEE, SHALL DETERMINE IF ANY FURTHER BOARD REVIEW OR ACTION IS REQUIRED. AN INTERESTED PARTY WHO HAS AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST WITH RESPECT TO A PROPOSED ACTION OR TRANSACTION WITH EBDI SHALL NOT PARTICIPATE IN ANY WAY IN, OR BE PRESENT DURING, THE DELIBERATIONS AND DECISION MAKING RELATED TO THE PROPOSED ACTION OR TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE PRESIDENT AND CEO IS ESTABLISHED BY THE BOARD OF DIRECTORS AND IS DETERMINED AND DOCUMENTED ANNUALLY BASED UPON COMPARABLE COMPENSATION DATA. BONUSES FOR THE PREVIOUS YEAR ARE DETERMINED BASED UPON ACHIEVEMENT OF SPECIFIC ORGANIZATIONAL GOALS. THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES IS ESTABLISHED BY THE PRESIDENT AND CEO WITH APPROVAL OF THE BOARD OF DIRECTORS THROUGH THE BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 ORGANIZATIONAL DOCUMENTS, THE CONFLICT OF INTEREST POLICY, AND THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC, FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D), UPON WRITTEN REQUEST TO THE ORGANIZATION. THE ORGANIZATION WILL ARRANGE A MUTUALLY CONVENIENT TIME FOR REVIEW AT THE MAIN OFFICE OF EBDI AT 929 N. WOLFE STREET, BALTIMORE, MARYLAND. FORM 990, PART IX, LINE 11G INFRASTRUCTURE CONTRACTORS: PROGRAM SERVICE EXPENSES 1,361,862. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,361,862. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 228,100. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 228,100. ENGINEERING SERVICES: PROGRAM SERVICE EXPENSES 4,320. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,320. SECURITY SERVICES: PROGRAM SERVICE EXPENSES 400,150. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 400,150. FORM 990, PART XI, LINE 9: NET ASSET ADJUSTMENT WITH RELATED ORGANIZATION -676,783. 1809 ASHLAND AVENUE LLC 929 N WOLFE ST STE 1106 BALTIMORE MD 21205 412135971 MANAGEMENT & OTHER REAL ESTATE ACTIVITIES MD 0 0 EAST BALTIMORE DEVELOPMENT INC 929 N WOLFE STREET LLC 929 N WOLFE ST STE 1106 BALTIMORE MD 21205 MANAGEMENT & OTHER REAL ESTATE ACTIVITIES MD 4118670 0 EAST BALTIMORE DEVELOPMENT INC R-ONE DEVELOPMENT LLC 929 N WOLFE ST STE 1106 BALTIMORE MD 21205 MANAGEMENT & OTHER REAL ESTATE ACTIVITIES MD 0 0 EAST BALTIMORE DEVELOPMENT INC EAST BALTIMORE DEVELOPMENT FOUNDATION INC 929 N WOLFE ST STE 1106 BALTIMORE MD 21205 263871581 SUPPORT THE CHARITABLE AND EDUCATIONAL PURPOSES OF EBDI MD 501(C)(3) 11A-I EAST BALTIMORE DEVELOPMENT INC 1 EAST BALTIMORE COMMUNITY SCHOOL LAND CONDOMINIUM INC 929 N WOLFE ST STE 1106 BALTIMORE MD 21205 CONDOMINIUM MD EAST BALTIMORE DEVELOPMENT INC C 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 EAST BALTIMORE DEVELOPMENT FOUNDATION INC R 676783 BOOK VALUE PART I: 929 N. WOLFE STREET LLC (929) WAS A SINGLE MEMBER ENTITY CREATED BY EBDI TO OWN AND OPERATE THE 20-STORY STUDENT HOUSING PROJECT DEVELOPED AT 929 N. WOLFE STREET. ON JANUARY 31, 2022, EBDI TRANSFERRED 75% OF ITS MEMBERSHIP INTEREST IN 929 TO AN UNRELATED NONPROFIT FOUNDATION. THE ACTIVITY ON THE FORM 990 INCLUDES THE ACTIVITY OF 929 FOR THE PERIOD JULY 1, 2021 THROUGH JANUARY 31, 2022.