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Nonprofiteer
← ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC

Form 990 for tax year 2022

Filed by ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC.

Totals

Total revenue
$52,521,206
Total expenses
$51,278,426
Contributions and grants received
$2,297,690
Grants paid
$0
Program service revenue
$49,958,693
Investment income
$264,823
Other revenue
$0
Total assets, end of year
$25,065,283
Total liabilities, end of year
$18,106,947
Net assets or fund balances, end of year
$6,958,336
Program services expenses (Part IX)
$49,386,187
Management and general expenses
$1,799,503
Fundraising expenses
$92,736
Program service expenses (Part III)
$49,386,187

Program services were 96.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $1,119,689

  • 1f · All other contributions, gifts and grants

    $1,178,001

  • 2a · Program service revenue: STATE OF NC FUNDING

    total $48,995,372 · related or exempt $48,995,372

  • 2b · Program service revenue: EVENT REVENUE

    total $468,915 · related or exempt $468,915

  • 2c · Program service revenue: MILITARY FUNDS

    total $120,000 · related or exempt $120,000

  • 2d · Program service revenue: TRADE SHOW REVENUE

    total $21,795 · related or exempt $21,795

  • 2f · All other program service revenue

    total $352,611 · related or exempt $352,611

  • 3 · Investment income

    total $264,823 · excluded $264,823

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $674,957 · management and general $674,957

  • 7 · Other salaries and wages

    total $5,826,537 · program services $5,364,414 · management and general $413,873 · fundraising $48,250

  • 8 · Pension plan contributions

    total $217,429 · program services $200,688 · management and general $16,741

  • 9 · Other employee benefits

    total $692,184 · program services $589,044 · management and general $102,637 · fundraising $503

  • 10 · Payroll taxes

    total $465,394 · program services $406,911 · management and general $54,898 · fundraising $3,585

  • 11b · Fees: legal

    total $31,648 · program services $15,210 · management and general $16,438

  • 11c · Fees: accounting

    total $39,800 · program services $7,855 · management and general $31,945

  • 11g · Fees: other

    total $1,815,255 · program services $1,761,438 · management and general $53,817

  • 12 · Advertising and promotion

    total $38,517,163 · program services $38,508,347 · management and general $4,754 · fundraising $4,062

  • 13 · Office expenses

    total $94,416 · program services $83,501 · management and general $9,950 · fundraising $965

  • 14 · Information technology

    total $620,917 · program services $542,140 · management and general $72,801 · fundraising $5,976

  • 16 · Occupancy

    total $757,088 · program services $644,224 · management and general $92,594 · fundraising $20,270

  • 17 · Travel

    total $850,020 · program services $821,305 · management and general $27,019 · fundraising $1,696

  • 19 · Conferences, conventions and meetings

    total $429,927 · program services $395,395 · management and general $27,314 · fundraising $7,218

  • 20 · Interest

    total $78,142 · management and general $78,142

  • 22 · Depreciation, depletion and amortization

    total $66,943 · management and general $66,943

  • 23 · Insurance

    total $65,059 · program services $12,786 · management and general $52,273

  • 24a · Other expenses: HOSPITALITY

    total $35,547 · program services $32,929 · management and general $2,407 · fundraising $211

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,678,180 · end of year $22,250,255

  • 4 · Accounts receivable

    beginning of year $433,462 · end of year $267,772

  • 9 · Prepaid expenses and deferred charges

    beginning of year $417,109 · end of year $442,506

  • 10a · Land, buildings and equipment: cost or other basis

    $3,430,344

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,339,222

  • 10c · Land, buildings and equipment, net

    beginning of year $1,703,842 · end of year $2,091,122

  • 15 · Other assets

    beginning of year $13,628 · end of year $13,628

  • 17 · Accounts payable and accrued expenses

    beginning of year $814,749 · end of year $2,613,453

  • 19 · Deferred revenue

    beginning of year $25,953 · end of year $13,741,854

  • 25 · Other liabilities

    beginning of year $1,689,963 · end of year $1,751,640

  • 27 · Net assets without donor restrictions

    beginning of year $5,715,556 · end of year $6,958,336

Mission and programs · 2022

Mission

OUR MISSION IS TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL NORTH CAROLINIANS. WE DO THIS BY COLLABORATING WITH STATE, REGIONAL, LOCAL, AND PRIVATE-SECTOR PARTNERS IN NEW BUSINESS RECRUITMENT, EXISTING EMPLOYER SUPPORT, INTERNATIONAL TRADE AND EXPORT ASSISTANCE, SMALL BUSINESS START-UP COUNSELING, AND TOURISM PROMOTION.

Activities or mission (Part I)

COLLABORATING WITH STATE, REGIONAL, LOCAL, AND PRIVATE-SECTOR PARTNERS TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL NORTH CAROLINIANS.

  • TOURISM IN NORTH CAROLINA CONTINUED ITS STRONG REBOUND FROM PANDEMIC-DRIVEN LOWS, SO MUCH SO THAT VISITOR SPENDING INCREASED TO $33.3 BILLION IN 2022, A NEW RECORD THAT WELL OUTPACED THE PREVIOUS RECORD OF $28.9 BILLION SET IN 2021. 2022'S PERFORMANCE REFLECTED A 15% INCREASE OVER THE PRIOR YEAR AND A 66% INCREASE OVER PANDEMIC LOWS EXPERIENCED IN 2020. THE TOURISM-SUPPORTED WORKFORCE IN NORTH CAROLINA INCREASED 10 PERCENT FROM 2021 TO 216,900 JOBS, THOUGH INDUSTRY RELATED JOBS STILL LAG THE 2019 RECORD OF 242,600. OUR VISIT NC TEAM LEVERAGED THE STATE'S BRAND PROMISE OF "RICHER EXPERIENCES" THROUGH ADVERTISING, PUBLIC RELATIONS, DIGITAL MESSAGING, AND MORE TO HELP ACHIEVE THESE NUMBERS. THIS STRATEGY HAS PROVEN SUCCESSFUL IN HELPING NORTH CAROLINA COMPETE AGAINST ITS PEER COMPETITIVE STATES, INCLUDING MANY WHO CONTINUE TO INVEST MORE AGGRESSIVELY IN TOURISM MARKETING.

    Expenses $28,052,361 · Revenue $545,221

  • EXISTING INDUSTRY AND SMALL BUSINESS SUPPORT; BUSINESS DEVELOPMENT, RESEARCH AND MARKETING.THROUGH ITS CONTRACT WITH THE NORTH CAROLINA DEPARTMENT OF COMMERCE, EDPNC OPERATES AS THE SALES AND MARKETING ARM OF THE STATE'S ECONOMIC DEVELOPMENT ACTIVITIES. AS SUCH, EDPNC IS RESPONSIBLE FOR BUSINESS RECRUITMENT, EXISTING INDUSTRY AND SMALL BUSINESS SUPPORT, IMPORT AND EXPORT ASSISTANCE, MARKETING AND RESEARCH, TOURISM, FILM, AND SPORTS DEVELOPMENT ACTIVITIES WITHIN THE STATE, WHICH ALL WORK TOWARD THE CREATION AND RETENTION OF HIGH QUALITY JOBS WITHIN NORTH CAROLINA. EXPENSES RELATED TO SPECIFIC PROGRAMS HAVE BEEN SHOWN PREVIOUSLY.

    Expenses $16,820,324 · Revenue $49,410,722

  • EDPNC OFFERS ANOTHER SPECIALIZED SERVICE TO NORTH CAROLINA COMPANIES: ASSISTING THEM TO ENTER FOREIGN MARKETS AND EXPAND THEIR INTERNATIONAL SALES. IN FISCAL YEAR 2023, THE EDPNC'S INTERNATIONAL TRADE MANAGERS AND FOREIGN OFFICES PROVIDED EXPORT ASSISTANCE TO 570 COMPANIES, INCLUDING 166 MINORITY- AND/OR WOMEN-OWNED COMPANIES. THE ASSISTANCE INCLUDED PROVIDING MARKET INTELLIGENCE AND STRATEGIES, PRODUCT ANALYSIS, DISTRIBUTOR SEARCHES, LOCALIZATION OF WEBSITES AND MARKETING MATERIALS, AND SUPPORT AT TRADE SHOWS AND TRADE MISSIONS.

    Expenses $2,316,361 · Revenue $2,750

  • IN FISCAL YEAR 2023, THE EDPNC, WORKING IN TANDEM WITH LOCAL AND STATE PARTNERS INCLUDING THE GOVERNOR'S OFFICE, N.C. DEPARTMENT OF COMMERCE, AND LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS, HELPED CLOSE DEALS ON 131 BUSINESS RECRUITMENT AND EXPANSION PROJECTS RESULTING IN THE ANNOUNCEMENT OF 13,887 NEW JOBS IN NORTH CAROLINA AND $9.67 BILLION IN INVESTMENT. AMONG OTHER HIGHLIGHTS, THIS INCLUDED THE ANNOUNCEMENT OF THE LARGEST CAPITAL INVESTMENT IN NORTH CAROLINA HISTORY, AN 1,801-JOB, $5 BILLION SEMICONDUCTOR PROJECT BY WOLFSPEED IN CHATHAM COUNTY; MAJOR LIFE SCIENCE EXPANSIONS BY ELI LILLY ($450 MILLION) IN DURHAM COUNTY AND NOVO NORDISK ($500 MILLION) IN JOHNSTON COUNTY; A 506-JOB, $220 MILLION MANUFACTURING FACILITY FOR SIEMENS MOBILITY IN DAVIDSON COUNTY; AND A 440-JOB, $85 MILLION FOOD PROCESSING FACILITY FOR SOPAKCO IN SCOTLAND COUNTY. THE STATE RANKS EACH OF NORTH CAROLINA'S 100 COUNTIES BASED ON ECONOMIC WELL-BEING, WITH A TIER 1 COUNTY THE MOST DISTRESSED, TIER 2 IN THE MIDDLE, AND TIER 3 THE LEAST DISTRESSED. 90 OF THE 131 BUSINESS RECRUITMENT AND EXPANSION DEALS OCCURRED IN TIER 1 AND 2 COUNTIES, AND THOSE PROJECTS ARE EXPECTED TO CREATE 6,906 NEW JOBS AND OVER $2.54 BILLION IN INVESTMENT.

    Expenses $2,197,141

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Gene McLaurin

    DIRECTOR & CHAIR

    Total calculated
    $0
    Hours/week
    2

  • John Kane

    DIRECTOR & SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Pam Cundiff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Aaron Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Spence Broadhurst

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • William Morgan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michelle Logan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James R Jordan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sheila Knight

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Vimal Kolappa

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karen Levert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard C Reich PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lee Nettles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rolf Blizzard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Machelle Sanders

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sam Bowles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith Holtsclaw

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeffery Turner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Swadesh Chatterjee

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christopher Chung

    CEO

    Total calculated
    $404,953
    From this org
    $346,092
    From related orgs
    $0
    Other
    $58,861
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $278,969
    Bonus
    $67,123
    Other
    $0
    Deferred
    $43,045
    Nontaxable benefits
    $15,816
    Filer's total
    $404,953

  • Michael Ebert

    COO

    Total calculated
    $202,040
    From this org
    $186,993
    From related orgs
    $0
    Other
    $15,047
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,793
    Bonus
    $23,200
    Other
    $0
    Deferred
    $9,098
    Nontaxable benefits
    $5,949
    Filer's total
    $202,040

  • William Tuttell

    VP TOURISM

    Total calculated
    $164,637
    From this org
    $146,846
    From related orgs
    $0
    Other
    $17,791
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,742
    Bonus
    $21,104
    Other
    $0
    Deferred
    $7,138
    Nontaxable benefits
    $10,653
    Filer's total
    $164,637

  • Denise Desatnick

    VP MARKETING

    Total calculated
    $167,806
    From this org
    $149,671
    From related orgs
    $0
    Other
    $18,135
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,583
    Bonus
    $23,088
    Other
    $0
    Deferred
    $7,232
    Nontaxable benefits
    $10,903
    Filer's total
    $167,806

  • Larry Price

    DIRECTOR FINANCE

    Total calculated
    $156,895
    From this org
    $137,909
    From related orgs
    $0
    Other
    $18,986
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,823
    Bonus
    $16,086
    Other
    $0
    Deferred
    $6,699
    Nontaxable benefits
    $12,287
    Filer's total
    $156,895

  • Melissa Smith

    VP BUSINESS RECRUITMENT

    Total calculated
    $170,163
    From this org
    $159,184
    From related orgs
    $0
    Other
    $10,979
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,034
    Bonus
    $25,150
    Other
    $0
    Deferred
    $5,030
    Nontaxable benefits
    $5,949
    Filer's total
    $170,163

  • Korey Howard

    DIRECTOR BUSINESS DEVELOPMENT

    Total calculated
    $170,351
    From this org
    $149,626
    From related orgs
    $0
    Other
    $20,725
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,592
    Bonus
    $27,034
    Other
    $0
    Deferred
    $4,909
    Nontaxable benefits
    $15,816
    Filer's total
    $170,351

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
ON FEBRUARY 19, 2018, THE ORGANIZATION ESTABLISHED A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP") FOR THE ORGANIZATION'S CHIEF EXECUTIVE OFFICER ("CEO"). THE BENEFITS PROVIDED UNDER THIS AGREEMENT ARE SUBJECT TO SECTION 457(F) OF THE IRC. THE CONTRIBUTION TO THE SERP IS CALCULATED BASED ON THE CEO'S BASE SALARY AND IS INCREASED EACH YEAR THAT THE CEO IS EMPLOYED BY THE ORGANIZATION. THE VESTED BALANCE OF $99,670 IN THE SERP WAS PAID TO THE CEO ON JANUARY 15, 2021. FOR FYE 2023, THE AMOUNT ACCRUED FOR THE SERP WAS $27,795.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
11 December 2023
IRS schema version
2022v5.0
Source object
202333479349300933

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