2023-04-06T11:52:16-05:00 2022-06-30 205991824 SC&H GROUP INC 910 RIDGEBROOK ROAD SPARKS MD 21152 990 2021-07-01 521376562 MARYLAND ECONOMIC DEVELOPMENT CORPORATION MARY 4106250051 7 SAINT PAUL STREET 940 BALTIMORE MD 21202 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR 4106250051 2023-03-29 1 J THOMAS SADOWSKI JR 999009999 LORI S BURGHAUSER P00370694 4104031500 2023-03-29 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z J THOMAS SADOWSKI JR 7 SAINT PAUL STREET 940 BALTIMORE MD 21202 219527661 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 14 12 0 0 0 0 118449638 157505712 193910 -47082 36938 61330641 118680486 218789271 0 0 0 0 1842970 1872028 0 0 0 142493596 166136715 144336566 168008743 -25656080 50780528 640070345 663140054 967122870 941133093 -327052525 -277993039 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 52064075 0 42285636 CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND. 29304415 0 32120838 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. 19987964 0 19987864 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. 64056001 63111374 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. 64056001 63111374 165412455 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 27 0 14 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 X X 0 0 0 RICHARD WOO VICE CHAIRMAN 1.00 X X 0 0 0 TEHMA HALLIE SMITH WILSON TREASURER 1.00 X X 0 0 0 MICHAEL COTTINGHAM BOARD OF DIRECTORS 1.00 X 0 0 0 SECRETARY R MICHAEL GILL BOARD OF DIRECTORS 1.00 X 0 0 0 BARRY GLASSMAN BOARD OF DIRECTORS 1.00 X 0 0 0 ED GOSSELIN BOARD OF DIRECTORS 1.00 X 0 0 0 JAMES HINEBAUGH JR BOARD OF DIRECTORS 1.00 X 0 0 0 MARY ANN MARBURY BOARD OF DIRECTORS 1.00 X 0 0 0 SECRETARY JAMES F PORTS BOARD OF DIRECTORS 1.00 X 0 0 0 SECRETARY KELLY SCHULZ BOARD OF DIRECTORS - PART YEAR 1.00 X 0 0 0 HARRY SHASHO BOARD OF DIRECTORS 1.00 X 0 0 0 SECRETARY GREGORY SLATER BOARD OF DIRECTORS - PART YEAR 1.00 X 0 0 0 JESSICA UNDERWOOD ESQ BOARD OF DIRECTORS 1.00 X 0 0 0 ROBERT C BRENNAN EXECUTIVE DIRECTOR AND SEC-PART YEAR 40.00 X 278745 0 43952 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR AND SECRETARY 40.00 X 122298 0 28556 RICHARD S CASSARD DIRECTOR OF SPECIAL PROJECTS 40.00 X 187996 0 30337 JAMES R MILLER CFO 40.00 X 170695 0 27390 JOHN GENAKOS DIRECTOR OF DEVELOPMENT 40.00 X 133609 0 39804 LOUIS J NOCAR CONTROLLER 40.00 X 122663 0 19909 1016006 0 189948 6 0 1 0 ERNST & YOUNG US LLP 200 PLAZA DRIVE SECAUCUS NJ 07094 CONSULTANT 3769907 JAMES DAVIS CONSTRUCTION 12530 PARKLAWN DRIVE ROCKVILLE MD 20852 CONTRACTOR 3357234 CAPSTONE ON-CAMPUS MGT LLC 1500 URBAN CENTER DRIVE VESTAVIA HILLS AL 35242 MANAGEMENT FEE 1732505 GRIMM AND PARKER 11720 BELTSVILLE DRIVE BELTSVILLE MD 20705 CONSULTANT 896688 HYATT CORPORATION 71 SOUTH WACKER DRIVE CHICAGO IL 60606 MANAGEMENT FEE 729126 27 OPERATIONS OF CBCC 721000 42285636 42285636 OPERATIONS OF UMCP HOUSING 531110 32120838 32120838 ENERGY SERVICES CHARGES 532000 19987864 19987864 OPERATIONS OF TOWSON WEST 531110 8022113 8022113 OPERATIONS OF MORGAN 531110 7592908 7592908 47496353 47496353 157505712 538196 538196 143602 143602 9510 738390 -728880 -728880 -728880 GAIN ON EXTINGUISHMENT OF DEBT 900099 61034190 61034190 SETTLEMENT INCOME 900099 296451 296451 61330641 218789271 157505712 0 61283559 X 473551 473551 1031781 1031781 143205 143205 119436 119436 104055 104055 111018 111018 92662 92662 16684 16684 104072 104072 54901 54901 65273 65273 96205 96205 39873 39873 37138843 37138843 28569301 28522277 47024 72805 41078 31727 OPERATIONS OF CBCC 30387920 30387920 ENERGY SERVICE EXPENSES 19887964 19887964 OPERATIONS OF UMCP STUD 19399603 19399603 OPERATIONS OF BOWIE & B 5010262 5010262 25089329 25024508 64821 168008743 165412455 2596288 0 45760706 39148929 5948954 11973591 100000 75000 257891 367151 1614154 1682394 872453919 400286600 412025573 472167319 6406545 7592491 75000 75000 167881522 130058179 640070345 663140054 97457312 44426814 3217831 7593731 682104002 663694338 46995160 46422306 137348565 178995904 967122870 941133093 X -448005234 -357202974 120952709 79209935 -327052525 -277993039 640070345 663140054 X 50780528 -1721042 X X 0 1 X 1 0 682297564 252259268 430038296 7223022 4992626 2230396 164281201 136189616 28091585 18652132 6845090 11807042 472167319 DEPOSITS WITH TRUSTEES 120117411 INTEREST RECEIVABLE 161743 NON-CURRENT PREPAID GROUND LEASE 1242846 DEFERRED OUTFLOW OF RESOURCES 4516141 LEASE RECEIVABLE 4020038 130058179 INTEREST PAYABLE 70334059 ADVANCES FOR PROJECTS 3137328 ADVANCE DEPOSITS 2330165 ACCRUED GROUND RENT 15167820 SECURITY DEPOSITS 630279 RESERVE DEPOSITS 8476542 LEASE LIABILITY 78919711 178995904 218789271 0 218789271 0 218789271 168008743 0 168008743 0 168008743 X X X 0 0 0 0 0 0 0 0 0 ROBERT C BRENNAN EXECUTIVE DIRECTOR AND SEC-PART YEAR 249692 0 0 0 29053 0 41354 0 2598 0 322697 0 0 0 RICHARD S CASSARD DIRECTOR OF SPECIAL PROJECTS 168600 0 0 0 19396 0 28140 0 2197 0 218333 0 0 0 JAMES R MILLER CFO 158506 0 0 0 12189 0 25566 0 1824 0 198085 0 0 0 JOHN GENAKOS DIRECTOR OF DEVELOPMENT 131989 0 0 0 1620 0 20634 0 19170 0 173413 0 0 0 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR AND SECRETARY 122199 0 0 0 99 0 18631 0 9925 0 150854 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 166722526 1655064 2502791 6000000 156564671 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 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 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: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 12/19/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 10/02/2019 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/22/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2022 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 6945000 16492409 483170 463866 15545373 2000 1 0 1 1 B 6600000 14837506 428464 14409042 2000 1 0 1 1 C 8825000 23320000 34811624 475051 34336573 2003 1 0 1 1 D 6180000 23849204 330886 23518318 2002 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 0 0 1 WELLS FARGO 16.900000000000 1 0 1 B 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 4055000 14105468 314646 13790822 2004 1 0 1 1 B 4760000 16046864 339923 15706941 2003 1 0 1 1 C 2188474 9200000 9200000 2004 0 0 1 1 D 4140000 28871949 495952 28375997 2004 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 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 5005000 17622047 359139 17262908 2004 1 0 1 1 B 24410000 154502832 41440725 1131698 1644697 110285712 2006 1 1 1 1 C 6095000 23079581 22387749 380144 244649 67039 2004 1 0 1 1 D 3225000 33981189 34337 26724966 419687 6500000 302199 2008 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 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 1285000 32667005 2728682 1332643 28605680 2014 0 0 1 1 B 1932175 14229827 462941 13089911 676975 2018 0 0 1 1 C 1235000 33499222 1809207 31625475 64540 2018 0 0 1 1 D 50786423 2581905 3684125 836041 43280694 7266 396392 2022 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 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 A 84733047 6037974 8096815 1203339 45667405 58 23727456 2023 0 0 1 1 B 22708241 2215920 20146032 346289 2003 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 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. 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 2023. 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 UMB & UMBC STUDENT HOUSING: PROGRAM SERVICE EXPENSES 4,980,678. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,980,678. OPERATIONS OF MORGAN: PROGRAM SERVICE EXPENSES 4,927,996. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,927,996. OPERATIONS OF GARAGES, CTU, FROSTBURG, ROCKVILLE, NCCOE, AND OTHER EXPENSES: PROGRAM SERVICE EXPENSES 4,674,389. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,674,389. OPERATIONS OF SALISBURY: PROGRAM SERVICE EXPENSES 4,196,993. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,196,993. OPERATIONS OF TOWSON WEST & MH: PROGRAM SERVICE EXPENSES 4,142,767. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,142,767. OPERATIONS OF UNIV. VILLAGE: PROGRAM SERVICE EXPENSES 2,101,685. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,101,685. SPONSORSHIP/MEMBERSHIP: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 50,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 50,000. BAD DEBT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 14,821. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 14,821. FORM 990, PART XI, LINE 9: PRIOR PERIOD ADJUSTMENT FOR ADOPTION OF NEW LEASE STANDARDS UNDER GASB 87 -1,721,042. FORM 990, PART XII, LINE 2C, AUDIT OF FINANCIAL STATEMENTS: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.