2026-04-30T10:42:10-05:00 2025-06-30 205991824 SC&H GROUP INC 226 SCHILLING CIRCLE SUITE 300 HUNT VALLEY MD 21031 990 2024-07-01 521376562 MARYLAND ECONOMIC DEVELOPMENT CORPORATION MARY 4106250051 7 SAINT PAUL STREET 940 BALTIMORE MD 21202 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR 4106250051 2026-04-29 1 1 LORI S BURGHAUSER P00370694 4104031500 2026-04-29 2024 2025-03-06 01:10:19Z J THOMAS SADOWSKI JR 7 SAINT PAUL STREET 940 BALTIMORE MD 21202 227173277 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 23 12 0 0 0 0 199044700 193893010 11123781 24016571 346120 158851 210514601 218068432 0 0 0 0 2863472 3612618 0 0 0 216348016 219701369 219211488 223313987 -8696887 -5245555 978763311 1175643738 1274065369 1476191351 -295302058 -300547613 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 60536388 45441412 CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND. 30731123 34393521 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. 24735175 21712334 MORGAN IS A HOUSING PROJECT TO FINANCE, CONSTRUCT AND MANAGE STUDENT HOUSING AT MORGAN STATE UNIVERSITY IN BALTIMORE, MARYLAND. 102026154 92345743 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. 102026154 92345743 218028840 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 35 0 23 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 (PART YEAR) 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 (PART YEAR) 1.00 0.00 X 0 0 0 THE HONORABLE HARRY COKER JR 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 (PART YEAR) 1.00 0.00 X 0 0 0 LESTER DAVIS BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 THE HONORABLE JESSICA FITZWATER BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 KEASHA HAYTHE BOARD OF DIRECTORS 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 (PART YEAR) 1.00 0.00 X 0 0 0 DR GINA MERRITT MBA BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 ANDRES NAVARRETE BOARD OF DIRECTORS 1.00 0.00 X 0 0 0 JIM SOLTESZ 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 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR AND SECRETARY 40.00 0.00 X 332209 0 96579 JAMES R MILLER CFO 40.00 0.00 X 211819 0 33537 JOHN GENAKOS DIRECTOR OF RE & DEVELOPMENT 40.00 0.00 X 188700 0 61479 WYATT SHIFLETT DIRECTOR OF FINANCING 40.00 0.00 X 175549 0 40002 KATHERINE PARKS DIRECTOR COMMUNITY DEVELOPMENT 40.00 0.00 X 174046 0 36598 SARAH HORTA DIRECTOR OF INNOVATION & STRATEGIC PLANNING 40.00 0.00 X 140632 0 40992 1222955 0 309187 10 0 1 0 MADISON PARK NORTH LLC 2002 CLIPPER PARK RD SUITE 105 BALTIMORE MD 21211 CONTRACTOR 1235439 HR&A ADVISORS 99 HUDSON STREET 3RD FLOOR NEW YORK NY 10013 CONSULTANT 1228731 COMPLETE BUILDING SERVICES PO BOX 37153 BALTIMORE MD 21297 CONTRACTOR 1110955 GILBANE BUILDING COMPANY 7 JACKSON WALKWAY PROVIDENCE RI 02903 CONTRACTOR 930586 ERNST & YOUNG INFRASTRUCTURE 200 PLAZA DRIVE SECAUCUS NJ 07094 CONSULTANT 899015 30 OPERATIONS OF CBCC 721000 45441412 45441412 OPERATIONS OF UMCP HOUSING 531110 34393521 34393521 OPERATIONS OF MORGAN 531110 21712334 21712334 PROPERTY & EQUIP. RENTALS 531110 14496621 14496621 OPERATIONS OF TOWSON WEST 531110 11037920 11037920 66811202 66811202 193893010 5380902 5380902 9022006 9022006 18718508 9104845 9613663 9613663 9613663 SETTLEMENT INCOME 900099 158851 158851 158851 218068432 193893010 0 24175422 X 428788 428788 2422879 2422879 276827 276827 285449 285449 198675 198675 83403 83403 104725 104725 15675 15675 594172 594172 263421 263421 159204 159204 281794 50000 231794 87161 87161 53845160 53845160 49336072 49249649 86423 82610 50880 31730 OPERATIONS OF CBCC 38284263 38284263 OPERATIONS OF UMCP STUD 20765239 20765239 OPERATIONS OF GARAGES, 16110158 16110158 ENERGY SERVICE EXPENSES 8347755 8347755 31340557 31325736 14821 223313987 218028840 5285147 0 47897156 30722892 8728780 10725993 25000 456622 656075 2715091 1562646 1147464697 461320604 644812829 686144093 6307601 10250155 75000 75000 267745232 435506884 978763311 1175643738 63210148 70954621 90862759 74741763 868240506 1077237499 47955738 44049862 203796218 209207606 1274065369 1476191351 X -409995839 -585587257 114693781 285039644 -295302058 -300547613 978763311 1175643738 -5245555 0 X X 0 1 X 1 0 897368159 290722694 606645466 9499829 5753880 3745949 216065140 156955231 59109908 24531569 7888799 16642770 686144093 DEPOSITS WITH TRUSTEES 358572390 INTEREST RECEIVABLE 962661 NON-CURRENT PREPAID GROUND LEASE 1025407 DEFERRED OUTFLOW OF RESOURCES 2459268 LEASE RECEIVABLE 72487158 435506884 INTEREST PAYABLE 93810321 ADVANCES FOR PROJECTS 3221893 ADVANCE DEPOSITS 3071790 ACCRUED GROUND RENT 20038660 SECURITY DEPOSITS 599778 LEASE LIABILITY 88465164 209207606 218068432 0 218068432 0 218068432 223313987 0 223313987 0 223313987 X X X 0 0 0 0 0 0 0 0 0 J THOMAS SADOWSKI JR EXECUTIVE DIRECTOR AND SECRETARY 331951 0 0 0 258 0 50588 0 45991 0 428788 0 0 0 JOHN GENAKOS DIRECTOR OF RE & DEVELOPMENT 165610 0 0 0 23090 0 28866 0 32613 0 250179 0 0 0 JAMES R MILLER CFO 199173 0 0 0 12646 0 31713 0 1824 0 245356 0 0 0 WYATT SHIFLETT DIRECTOR OF FINANCING 166637 0 0 0 8912 0 26322 0 13680 0 215551 0 0 0 KATHERINE PARKS DIRECTOR COMMUNITY DEVELOPMENT 173986 0 0 0 60 0 25523 0 11075 0 210644 0 0 0 SARAH HORTA DIRECTOR OF INNOVATION & STRATEGIC P 133502 0 0 0 7130 0 21246 0 19746 0 181624 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 166981803 1655064 2502791 6000000 156823948 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: 06/30/2020 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: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 12/19/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 10/07/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 07/01/2023 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/22/2022 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 09/08/2024 ISSUER NAME: MEDCO DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 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 9805000 16492409 483170 463866 15545373 2000 1 0 1 1 B 9100000 14837506 428464 14409042 2000 1 0 1 1 C 8825000 23320000 34811624 475051 34336573 2003 1 0 1 1 D 8910000 24045857 330886 23714971 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 0 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. 1 1 0 A 5790000 14636496 314646 14321850 2004 1 0 1 1 B 6875000 16189197 339923 15849274 2003 1 0 1 1 C 3177248 9200000 9200000 2004 0 0 1 1 D 6605000 19950000 28975656 495952 28479704 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 7645000 17794553 359139 17435414 2004 1 0 1 1 B 40015000 155581705 41440725 1131698 1644697 111364585 2006 1 1 1 1 C 9035000 23276806 22387749 380144 244649 264264 2004 1 0 1 1 D 6010000 34415588 34337 26724966 419687 6500000 736598 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 2790000 33004868 2773183 1332643 28899042 2014 0 0 1 1 B 3340175 14344424 577538 13089911 676975 2018 0 0 1 1 C 1865000 33737407 2047894 31625475 64038 2018 0 0 1 1 D 990000 51132808 2578100 3684531 836041 43683355 350781 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 1 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 85988464 6034300 8132479 1203339 68920666 730952 966728 2022 0 0 0 1 B 2645000 22973674 2214750 20146032 346289 266603 2003 1 0 1 1 C 48228081 2407655 2789130 3481513 36326157 3223626 0 0 0 1 D 116063200 10499989 15237525 1267756 83050821 39149 5967960 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 B MEDCO 521376562 57420VTK9 2024-07-30 158229690 CONSTRUCTION AND EQUIPPING OF APPROX 741 BED STUDENT HOUSING AT UMCP 0 1 0 C MEDCO 521376562 57405EAA8 2025-03-18 54790226 CONSTRUCTION AND INSTALLATION OF INFRASTRUCTURE IN ELKTON, MD 0 1 0 D MEDCO 521376562 57420VTP8 2025-06-26 52376270 RENOVATION, REFURBISHING, AND EQUIPPING OF EXISTING HOUSING AT MORGAN 0 1 0 A 53439000 123437000 122964781 472219 2014 1 0 1 1 B 163688417 9623413 17568645 1951118 1404586 46938754 434782 85767119 0 0 0 1 C 55238270 4861467 7392978 3721236 3453814 3154144 32654428 0 0 0 1 D 52376270 178982 3582862 1221924 859090 46533412 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 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 1 SOCIETE GENERALE/MASS 7.000000000000 1 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 0 0 0 1 TORONTO DOMINION BANK 1.500000000000 1 0 1 A 1 B 1 C 1 D 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. ANNAPOLIS INFRASTRUCTURE RESILIENCE LLC IS THE MANAGER FOR THE ANNAPOLIS GARAGE 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 7,555,838. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,555,838. OPERATIONS OF TOWSON WEST & MH: PROGRAM SERVICE EXPENSES 5,802,270. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,802,270. OPERATIONS OF UMB & UMBC STUDENT HOUSING: PROGRAM SERVICE EXPENSES 5,706,609. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,706,609. OPERATIONS OF BOWIE & BOWIE MIXED USE: PROGRAM SERVICE EXPENSES 5,034,316. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,034,316. OPERATIONS OF SALISBURY: PROGRAM SERVICE EXPENSES 4,687,922. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,687,922. OPERATIONS OF UNIV. VILLAGE: PROGRAM SERVICE EXPENSES 2,538,781. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,538,781. 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.