Financial Information
East Baltimore Development, Inc. (EBDI) is a 501 [c] [3] established by community, government, institutional and philanthropic partners to revitalize, re-energize and rebuild the East Baltimore neighborhood by:
- Leveraging proximity to the Johns Hopkins medical complex into a stronger economic driver for the neighborhood – increasing investment and employment in medical and life sciences industries but also capturing a greater community contribution from students, employees, faculty and visitors.
- Making the demolition, construction and development activities undertaken as part of this initiative produce significant economic benefit to residents and businesses of East Baltimore while growing the life sciences industry of Baltimore.
- Strengthening and revitalizing greater Middle East Baltimore with institutions and amenities that will encourage former residents to return and new residents to settle in this community.
- Replacing aging, obsolete, lead-filled houses with new units of mixed income rental and sale that meet the needs of today’s families.
- And in doing these things, ensuring that those families directly affected by the redevelopment be treated more fairly, more supportively and more respectfully than has yet been the case in projects of this nature across the country.
EBDI is supported by public and private partners, including the U.S. Government, the State of Maryland, the City of Baltimore, the Annie E. Casey Foundation, Johns Hopkins Institutions, The Harry and Jeanette Weinberg Foundation, the Atlantic Philanthropies and others. When completed, the project will include 2,100 units of mixed income homeownership and rental housing units, 1.7 million square feet of life sciences research and office space, a new 7 acre community learning campus with an early childhood center, a public K- 8 elementary school, fresh food stores and other neighborhood serving retail amenities, green spaces, and a new community linear park.
Development and construction activities all include a commitment to substantive participation by Local, Minority Owned and Women Owned Enterprises with over $67 million in construction contracts let to such firm’s 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 $650 million invested to-date.
Audited Financial Statements
This financial report presents the most recent financial position for East Baltimore Development, Inc., East Baltimore Development Foundation, Inc and Subsidiaries. Following are the Consolidated Audited Financial Statements for 2011 and 2010, Independent Auditor’s Report, Statement of Financial Position, Statement of Activities, Statement of Cash Flows, and Notes to the Financial Statements.
Financial Highlights
EBDI continues to have funding commitments in hand to meet its existing obligations. The Organization anticipates continued support from its current charitable and philanthropic funders, and its acquisition, public infrastructure and other essentially public activities will continue to be funded by Federal Government, State of Maryland and Baltimore City agencies. In addition, EBDI has leveraged funding commitments with New Markets Tax Credits, which have generated proceeds that are used to fund programmatic initiatives and operations.
As of June 30th, 2011, EBDI has total assets of $139 million, which includes cash, pledges receivable and other current assets of $98 million which are programmed to fund approved initiatives. In addition, it has $41 million of investments in real estate under construction. EBDI has total liabilities and deferred accounts of $130 million, with commitments to meet all outstanding obligations. It has $9.6 million of net assets, for total liabilities and net assets of $139 million.
Form 990
FY 2009
EBDI
EBDF
EBCS
