2022-03-22T16:51:46-05:00 2021-06-30 205991824 SC&H GROUP INC 910 RIDGEBROOK ROAD SPARKS MD 21152 990 2020-07-01 521376562 MARYLAND ECONOMIC DEVELOPMENT CORPORATION MARY 4106250051 7 SAINT PAUL STREET NO 940 BALTIMORE MD 21202 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR 4106250051 2022-03-16 1 J THOMAS SADOWSKI JR 999009999 LORI S BURGHAUSER P00370694 4104031500 2022-03-16 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z J THOMAS SADOWSKI JR 7 SAINT PAUL STREET NO 940 BALTIMORE MD 21202 119049682 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 13 12 0 0 0 0 115189477 118449638 1606279 193910 227621 36938 117023377 118680486 0 0 0 0 1661519 1842970 0 0 0 146878029 142493596 148539548 144336566 -31516171 -25656080 596700976 640070345 898097421 967122870 -301396445 -327052525 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 1 45953623 0 24311000 CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND. 22329139 0 26456681 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. 17583301 0 17583201 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. 56053164 0 50098756 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. 56053164 0 50098756 141919227 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 13 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 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 KELLY SCHULZ BOARD OF DIRECTORS 1.00 X 0 0 0 HARRY SHASHO BOARD OF DIRECTORS 1.00 X 0 0 0 SECRETARY GREGORY SLATER BOARD OF DIRECTORS 1.00 X 0 0 0 JESSICA UNDERWOOD ESQ BOARD OF DIRECTORS 1.00 X 0 0 0 WARREN WILLIAMS BOARD OF DIRECTORS - PART YEAR 1.00 X 0 0 0 ROBERT C BRENNAN EXECUTIVE DIRECTOR AND SECRETARY 40.00 X 293993 0 52166 RICHARD S CASSARD DIRECTOR OF SPECIAL PROJECTS 40.00 X 192427 0 30999 JAMES R MILLER CFO 40.00 X 159553 0 25717 JEFFREY C WILKE DIRECTOR OF BOND FINANCING 40.00 X 139201 0 45127 JOHN GENAKOS DIRECTOR OF DEVELOPMENT 40.00 X 125972 0 38064 LOUIS J NOCAR CONTROLLER 40.00 X 124709 0 20215 1035855 0 212288 6 0 1 0 JAMES DAVIS CONSTRUCTION 12530 PARKLAWN DRIVE ROCKVILLE MD 20852 CONTRACTOR 6685268 RIPARIUS CONSTRUCTIONS 25 SCHILLING ROAD HUNT VALLEY MD 21031 CONTRACTOR 5675542 BALTIMORE WASHINGTON RAPID RAIL LLC 191 MAIN STREET ANNAPOLIS MD 21401 CONSULTANT 3834453 HORD COPLAN MACHT 700 E PRATT ST SUITE 1200 BALTIMORE MD 21202 CONSULTANT 3283039 ERNST & YOUNG US LLP 200 PLAZA DRIVE SECAUCUS NJ 07094 CONSULTANT 2602864 39 OPERATIONS OF UMCP HOUSING 531110 26456681 26456681 OPERATIONS OF CBCC 721000 24311000 24311000 ENERGY SERVICES CHARGES 532000 17583201 17583201 OPERATIONS OF TOWSON WEST 531110 6992616 6992616 OPERATIONS OF SALISBURY 531110 6617045 6617045 36489095 36489095 118449638 278038 278038 284308 284308 760 369196 -368436 -368436 -368436 SETTLEMENT INCOME 900099 36938 36938 36938 118680486 118449638 0 230848 X 346159 346159 1068451 1068451 154604 154604 179729 179729 94027 94027 87596 87596 87220 87220 18142 18142 7700 7700 80976 80976 50572 50572 84135 84135 20744 20744 30486400 30486400 25167268 25119481 47787 64250 39674 24576 OPERATIONS OF CBCC 28422341 28422341 ENERGY SERVICE EXPENSES 17483301 17483301 OPERATIONS OF UMCP STUD 12347986 12347986 OPERATIONS OF TOWSON WE 5476121 5476121 22608844 22543923 64921 144336566 141919227 2417339 0 69816207 45760706 6629604 5948954 125000 100000 261313 257891 1753827 1614154 785244418 373218845 383550717 412025573 6176491 6406545 100000 75000 128287817 167881522 596700976 640070345 82361197 97457312 3112110 3217831 614696117 682104002 47593650 46995160 150334347 137348565 898097421 967122870 X -392864578 -448005234 91468133 120952709 -301396445 -327052525 596700976 640070345 -25656080 0 X X 0 1 X 1 0 614095877 235201260 378894617 6501017 4655020 1845997 147859839 126980347 20879492 16787685 6382218 10405467 412025573 DEPOSITS WITH TRUSTEES 159728405 INTEREST RECEIVABLE 25462 RECEIVABLES UNDER DIRECT FINANCING LEASES 1007306 NON-CURRENT PREPAID GROUND LEASE 1315326 NON-CURRENT PREPAID INSURANCE 1601 DEFERRED OUTFLOW OF RESOURCES 5803422 167881522 INTEREST PAYABLE 47124650 ADVANCES FOR PROJECTS 16516085 ADVANCE DEPOSITS 2441334 ACCRUED GROUND RENT 62432147 OTHER LIABILITIES 311067 SECURITY DEPOSITS 661686 RESERVE DEPOSITS 7861596 137348565 118680486 0 118680486 0 118680486 144336566 0 144336566 0 144336566 X X X 0 0 0 0 0 0 0 0 0 ROBERT C BRENNAN EXECUTIVE DIRECTOR AND SECRETARY 264769 0 0 0 29224 0 42750 0 9416 0 346159 0 0 0 RICHARD S CASSARD DIRECTOR OF SPECIAL PROJECTS 172516 0 0 0 19911 0 28802 0 2197 0 223426 0 0 0 JAMES R MILLER CFO 148135 0 0 0 11418 0 23893 0 1824 0 185270 0 0 0 JEFFREY C WILKE DIRECTOR OF BOND FINANCING 137139 0 0 0 2062 0 21868 0 23259 0 184328 0 0 0 JOHN GENAKOS DIRECTOR OF DEVELOPMENT 124290 0 0 0 1682 0 19454 0 18610 0 164036 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 166721158 1655064 2502791 6000000 156563303 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 43805520 4019500 532208 39253812 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: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 11/27/2020 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 12/19/2020 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 10/02/2019 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 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. 0 1 0 D MEDCO 521376562 57420VLC5 2012-12-19 23783154 REFUND 2001 BONDS - UV. 0 1 0 A 6065000 16492409 483170 463866 15545373 2000 1 0 1 1 B 5840000 14837506 428464 14409042 2000 1 0 1 1 C 7675000 34717296 475051 34242245 2003 1 0 1 1 D 5355000 23783155 330886 23452269 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 3530000 13856146 314646 13541500 2004 1 0 1 1 B 4125000 15998739 339923 15658816 2003 1 0 1 1 C 1876516 9200000 9200000 2004 0 0 1 1 D 3380000 28833670 495952 28337718 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 4205000 17563406 359139 17204267 2004 1 0 1 1 B 19755000 153854482 41440725 1131698 1644697 109637362 2006 1 1 1 1 C 5190000 23012542 22387749 380144 244649 2004 1 0 1 1 D 2370000 33678990 34337 26724966 419687 6500000 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 885000 32555663 2728682 1332643 28494338 2014 0 0 1 1 B 1449075 14200700 443652 13080073 676975 2018 0 0 1 1 C 1035000 33435851 1810376 31625475 2018 0 0 1 1 D 50667967 2578100 3663972 836041 43589854 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 1 0 0 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 A 84710161 6034300 8094385 1203339 10925820 58452317 2023 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 FORM 990, PART III, LINE 3 COVID-19 HAS HAD AN IMMEDIATE DIRECT AND ON-GOING IMPACT ON THE PROJECTS. PROJECT SPECIFIC IMPACTS HAVE INCLUDED, BUT ARE NOT LIMITED TO, A REDUCTION OF PARKING DEMAND AT CITY GARAGES, PERIODS OF REDUCED OCCUPANCY AT CBCC AND A REDUCTION OF STUDENT HOUSING OCCUPANCY RATES AS A RESULT OF UNIVERSITIES SHIFTING TO A VIRTUAL LEARNING ENVIRONMENT. MANAGEMENT CURRENTLY EXPECTS IMPROVED OCCUPANCY RATES AND OPERATING PERFORMANCE AT THE PROJECTS AS THE IMPACT OF COVID-19 STABILIZES WITH THE RESULTING REMOVAL OF CERTAIN GOVERNMENT RESTRICTIONS AND THE RETURN TO IN-PERSON CLASSES AT UNIVERSITIES. 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 FEBRUARY 2022. 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 UNIV. VILLAGE: PROGRAM SERVICE EXPENSES 4,781,647. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,781,647. OPERATIONS OF GARAGES, CTU, FROSTBURG, ROCKVILLE, NCCOE, AND OTHER EXPENSES: PROGRAM SERVICE EXPENSES 4,779,366. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,779,366. OPERATIONS OF UMB & UMBC STUDENT HOUSING: PROGRAM SERVICE EXPENSES 4,438,926. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,438,926. OPERATIONS OF SALISBURY: PROGRAM SERVICE EXPENSES 3,652,223. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,652,223. OPERATIONS OF MORGAN: PROGRAM SERVICE EXPENSES 2,725,870. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,725,870. OPERATIONS OF BOWIE: PROGRAM SERVICE EXPENSES 2,165,891. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,165,891. SPONSORSHIP/MEMBERSHIP: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 50,100. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 50,100. 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.