← ECONOMIC DEVELOPMENT ALLIANCE OF SKAGIT COUNTY FOUNDATION

Form 990 for tax year 2023

Filed by ECONOMIC DEVELOPMENT ALLIANCE OF SKAGIT COUNTY FOUNDATION.

Totals

Total revenue: $1,274,475
Total expenses: $1,310,566
Contributions and grants received: $372,340
Grants paid: $6,900
Program service revenue: $893,617
Investment income: $854
Other revenue: $7,664
Total assets, end of year: $1,060,049
Total liabilities, end of year: $446,472
Net assets or fund balances, end of year: $613,577
Program services expenses (Part IX): $1,040,666
Management and general expenses: $212,534
Fundraising expenses: $57,366
Program service expenses (Part III): $1,040,666

Program services were 79.4% 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)

$129,938
1f · All other contributions, gifts and grants

$242,402
2a · Program service revenue: Contract revenue

total $646,249 · related or exempt $646,249
2b · Program service revenue: Municipal investor fee

total $135,615 · related or exempt $135,615
2c · Program service revenue: Leadership skagit

total $76,703 · related or exempt $76,703
2d · Program service revenue: Economic forecast nigh

total $35,050 · related or exempt $35,050
3 · Investment income

total $854 · excluded $854
11a · Other revenue: Miscellaneous

total $7,664 · excluded $7,664
11e · Other revenue, total

$7,664

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $6,900 · program services $6,900
5 · Compensation of officers, directors and key employees

total $326,444 · program services $176,232 · management and general $117,568 · fundraising $32,644
7 · Other salaries and wages

total $374,031 · program services $326,008 · management and general $33,448 · fundraising $14,575
8 · Pension plan contributions

total $12,569 · program services $10,534 · management and general $2,035
9 · Other employee benefits

total $52,806 · program services $52,054 · fundraising $752
10 · Payroll taxes

total $51,467 · program services $37,772 · management and general $10,417 · fundraising $3,278
11c · Fees: accounting

total $19,200 · management and general $19,200
12 · Advertising and promotion

total $120 · program services $120
13 · Office expenses

total $42,705 · program services $34,884 · management and general $6,809 · fundraising $1,012
14 · Information technology

total $60,602 · program services $56,974 · management and general $2,591 · fundraising $1,037
16 · Occupancy

total $47,607 · program services $37,610 · management and general $7,141 · fundraising $2,856
17 · Travel

total $17,775 · program services $15,043 · management and general $2,454 · fundraising $278
19 · Conferences, conventions and meetings

total $6,624 · program services $6,609 · management and general $15
22 · Depreciation, depletion and amortization

total $2,188 · management and general $2,188
23 · Insurance

total $4,098 · management and general $4,098
24a · Other expenses: Program expenses

total $274,877 · program services $274,561 · management and general $316
24b · Other expenses: Training

total $4,771 · program services $1,495 · management and general $3,272 · fundraising $4
24e · All other expenses

total $5,782 · program services $3,870 · management and general $982 · fundraising $930

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $473,115 · end of year $39,977
2 · Savings and temporary cash investments

end of year $504,839
3 · Pledges and grants receivable

beginning of year $6,000 · end of year $25,978
4 · Accounts receivable

beginning of year $234,880 · end of year $153,919
9 · Prepaid expenses and deferred charges

beginning of year $10,709 · end of year $3,860
10a · Land, buildings and equipment: cost or other basis

$13,878
10b · Land, buildings and equipment: accumulated depreciation

$2,588
10c · Land, buildings and equipment, net

beginning of year $13,478 · end of year $11,290
15 · Other assets

beginning of year $359,291 · end of year $320,186
17 · Accounts payable and accrued expenses

beginning of year $35,475 · end of year $36,573
19 · Deferred revenue

beginning of year $47,536 · end of year $59,683
21 · Escrow or custodial account liability

end of year $20,200
25 · Other liabilities

beginning of year $364,794 · end of year $330,016
27 · Net assets without donor restrictions

beginning of year $637,494 · end of year $592,333
28 · Net assets with donor restrictions

beginning of year $12,174 · end of year $21,244

Mission and programs · 2023

Mission

To promote a growing and balanced economy for Skagit County, WA.

The Economic Development Alliance of Skagit County (EDASC) carries out business attraction, retention and expansion and collaborative engagement to achieve a prosperous, sustainable, and equitable community while maintaining Skagit County's natural beauty and quality of life. EDASC supports existing Skagit companies, and works with prospective companies on site location, workforce training, identifying resources and access to capital, permitting, research, and other forms of assistance. EDASC initiatives create and support a favorable business climate with strategies that focus on improving assets and amenities within Skagit County. EDASC convenes and connects stakeholders to work on improving local assets on critical issues such as workforce, housing, childcare, and power supply.

Expenses $664,356 · Revenue $537,746
Leadership Skagit, in partnership with Skagit Valley College, is a 9-month experiential learning course, developing leadership skills in more than 500 community members over the past 20 years. Participants gain a deeper insight into the region and learn concepts and techniques for effective leadership. All programming is delivered through a lens of equity and sustainability. Graduates are shaping Skagit County as leaders of non-profits, businesses, and governmental bodies.

Expenses $100,350 · Grants $6,900 · Revenue $79,728
EDASC works to catalyze grass-roots economic development and foster an inclusive entrepreneurial ecosystem by reducing barriers to entrepreneurship and innovation for all Skagit residents with particular emphasis on underrepresented populations and communities. EDASC aims to ensure that entrepreneurs and business owners from across Skagit County have access to resources to create more equitable opportunities, build new generational wealth, and improve quality of life. EDASC works to make Skagit County more prosperous, diversified, and sustainable by removing barriers to success.

Expenses $275,960 · Revenue $276,143

As filed on the 2023 return.

Listed in Part VII

Christopher Johnston

Chair

Total calculated

$0

Hours/week

1
Nate Wolfe

Secretary

Total calculated

$0

Hours/week

1
Matthew Roetciscoender

Treasurer

Total calculated

$0

Hours/week

1
Matt Paxton

Of Counsel

Total calculated

$0

Hours/week

1
Amelia Cook

Member

Total calculated

$0

Hours/week

1
Amy Hong

Member

Total calculated

$0

Hours/week

1
Brian Gentry

Member

Total calculated

$0

Hours/week

1
Dan Worra

Member

Total calculated

$0

Hours/week

1
Dr Chris Villa

Member

Total calculated

$0

Hours/week

1
Elizabeth Stout

Member

Total calculated

$0

Hours/week

1
Jake Buganski

Member

Total calculated

$0

Hours/week

1
Jeremny JJ Wilbur

Member

Total calculated

$0

Hours/week

1
Margaret Rojas

Member

Total calculated

$0

Hours/week

1
Mandi Rothman

Member

Total calculated

$0

Hours/week

1
Nikki Wegner

Member

Total calculated

$0

Hours/week

1
Paul Pitre

Member

Total calculated

$0

Hours/week

1
Peter Browning

Member

Total calculated

$0

Hours/week

1
Rod Cann

Member

Total calculated

$0

Hours/week

1
Ryan Sakuma

Member

Total calculated

$0

Hours/week

1
Sara Young

Member

Total calculated

$0

Hours/week

1
Steve Lang

Member

Total calculated

$0

Hours/week

1
Steve Sexton

Member

Total calculated

$0

Hours/week

1
Viry Delgado

Member

Total calculated

$0

Hours/week

1
John Sternlicht

CEO

Total calculated

$205,125

From this org

$180,701

From related orgs

$0

Other

$24,424

Hours/week

40

Schedule J breakdown matched by us

Base

$174,951

Bonus

$5,150

Other

$600

Deferred

$9,035

Nontaxable benefits

$15,389

Filer's total

$205,125
Audra Ramerman

Director of Finance & Admi

Total calculated

$121,320

From this org

$99,369

From related orgs

$0

Other

$21,951

Hours/week

40

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 · Written employment contract
3 · Approval by the board or compensation committee

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
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 3: The Chief Executive Officer's compensation is determined by contract terms which includes an annual increase baed on June CPI for Seattle. The Board determines criteria, amount and performance to a discretionary bonus.

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: 2023
Filed: 28 October 2024
IRS schema version: 2023v5.1
Source object: 202443029349300144

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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