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← THURSTON ECONOMIC DEVELOPMENT COUNCIL CENTER FOR BUSINESS & INNO

Form 990 for tax year 2023

Filed by THURSTON ECONOMIC DEVELOPMENT COUNCIL CENTER FOR BUSINESS & INNO.

Totals

Total revenue
$4,139,814
Total expenses
$4,242,386
Contributions and grants received
$4,118,143
Grants paid
$0
Program service revenue
$15,879
Investment income
$702
Other revenue
$5,090
Total assets, end of year
$624,890
Total liabilities, end of year
$541,829
Net assets or fund balances, end of year
$83,061
Program services expenses (Part IX)
$3,962,543
Management and general expenses
$279,843
Fundraising expenses
$0
Program service expenses (Part III)
$3,962,543

Program services were 93.4% 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.

  • 1b · Membership dues

    $93,112

  • 1e · Government grants (contributions)

    $3,964,641

  • 1f · All other contributions, gifts and grants

    $60,390

  • 2a · Program service revenue: LMS EVENT REVENUE

    total $15,879 · related or exempt $15,879

  • 3 · Investment income

    total $702 · excluded $702

  • 10a · Gross sales of inventory

    $12,012

  • 10b · Cost of goods sold

    $6,922

  • 10c · Net income from sales of inventory

    total $5,090 · related or exempt $5,090

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $611,290 · program services $430,182 · management and general $181,108

  • 8 · Pension plan contributions

    total $8,795 · program services $6,431 · management and general $2,364

  • 9 · Other employee benefits

    total $70,687 · program services $51,684 · management and general $19,003

  • 10 · Payroll taxes

    total $36,188 · program services $26,459 · management and general $9,729

  • 11a · Fees: management

    total $45,594 · program services $30,383 · management and general $15,211

  • 11g · Fees: other

    total $260,272 · program services $260,244 · management and general $28

  • 12 · Advertising and promotion

    total $30,082 · program services $23,476 · management and general $6,606

  • 13 · Office expenses

    total $14,945 · program services $14,487 · management and general $458

  • 16 · Occupancy

    total $92,307 · program services $73,362 · management and general $18,945

  • 17 · Travel

    total $2,857 · program services $1,948 · management and general $909

  • 20 · Interest

    total $709 · program services $215 · management and general $494

  • 23 · Insurance

    total $5,363 · program services $2,909 · management and general $2,454

  • 24a · Other expenses: JOLT AND AGRICULTURE EX

    total $2,799,763 · program services $2,799,763

  • 24b · Other expenses: PASS THROUGH EXPENSE

    total $194,374 · program services $194,374

  • 24c · Other expenses: BAD DEBT

    total $22,769 · program services $1,778 · management and general $20,991

  • 24d · Other expenses: SUBSCRIPTIONS AND MEMBE

    total $19,280 · program services $17,789 · management and general $1,491

  • 24e · All other expenses

    total $27,111 · program services $27,059 · management and general $52

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $326,009 · end of year $348,081

  • 2 · Savings and temporary cash investments

    beginning of year $649

  • 3 · Pledges and grants receivable

    beginning of year $303,984 · end of year $224,427

  • 15 · Other assets

    beginning of year $0 · end of year $52,382

  • 17 · Accounts payable and accrued expenses

    beginning of year $443,990 · end of year $488,296

  • 19 · Deferred revenue

    beginning of year $1,019

  • 25 · Other liabilities

    beginning of year $0 · end of year $53,533

  • 27 · Net assets without donor restrictions

    beginning of year -$73,767 · end of year $83,061

  • 28 · Net assets with donor restrictions

    beginning of year $259,400 · end of year $0

Mission and programs · 2023

Mission

PROVIDE SERVICES THAT DEVELOP THE ENTREPRENEURIAL NETWORK OF THURSTON COUNTY AND SUPPORT THE ENTIRE BUSINESS LIFECYCLE FROM PLANNING, LAUNCHING, GROWING, TURNAROUND & EXIT PLANNING.

Activities or mission (Part I)

DEVELOP THE ENTREPRENEURIAL NETWORK OF THURSTON COUNTY AND SUPPORT BUSINESS LIFE-CYCLE.

  • SOUTHWEST WASHINGTON AGRICULTURAL BUSINESS & INNOVATION PARKTHE SW AGRICULTURE BUSINESS & INNOVATION PARK IS AN INTEGRATED MULTI-TENANT BUSINESS PARK FOCUSED ON VALUE-ADDED, AGRICULTURAL/ FOOD-RELATED ENTERPRISES. LOCATED WITHIN THE CITY OF TENINO, THE PARK WILL INCLUDE A STATE-OF-THE ART HOSPITALITY EVENT CENTER AND BUSINESS RESOURCE INNOVATION HUB. THE PARK WILL BECOME AN AGRI-TOURISM DESTINATION AND WILL BE A STEP TOWARD ESTABLISHING A LOCAL SUPPLY FOOD CHAIN. FUTURE PHASES OF THE PARK MAY ALSO INCLUDE ESTABLISHING RESEARCH & EDUCATIONAL COMPONENTS. A FULLY DEVELOPED AGRICULTURAL PARK COULD PROVIDE AN ESTIMATED 150 JOBS. ONCE ESTABLISHED IT IS PROJECTED THAT THE PARK COULD GENERATE MORE THAN $25 MILLION FOR THE REGION. OPENING OF THE AGRICULTURE PARK IS PROJECTED FOR EARLY FALL 2024.

    Expenses $3,100,364 · Revenue $20,969

  • LACEY MAKERSPACETHE ROY HEYNDERICKX HUB FOR INNOVATION AT THE LACEY MAKERSPACE IS A WORKSHOP FOR BUILDERS, INVENTORS, AND ANYONE WHO WANTS TO EXPLORE THEIR CREATIVITY. LOCATED ON THE SAINT MARTIN'S UNIVERSITY CAMPUS IN ZAVERL HALL, THE SPACE SERVES AS A LAUNCHING POINT FOR ECONOMIC GROWTH, ESPECIALLY IN THE ADVANCED MANUFACTURING SECTOR. THE LACEY MAKERSPACE BENEFITS THE COMMUNITY BY PROVIDING ACCESS TO ADVANCED DESIGN AND FABRICATION TOOLS, BUSINESS AND EDUCATION RESOURCES, AND SKILL DEVELOPMENT. LMS HAS BUILT OUT AN ONLINE-LEARNING COURSE HOME PAGE ON TEACHABLE. SEVERAL COURSES ARE IN THE FINAL STAGES OF EDITING, TO BE LOADED AND MADE AVAILABLE SOON.LMS MADE SEVERAL LARGE EQUIPMENT AND SUPPLY PURCHASES FROM THE EDA GRANT LIST, INCLUDING THE PROTOMAX WATERJET, MOSAIC ELEMENT PRINTERS, EMBROIDERY MACHINE AND MORE AND IS PREPARING THE NEXT ROUND OF PURCHASES, TO INCLUDE A ROTARY AIR COMPRESSOR, DIRECT TO GARMENT PRINTER, VIRTUAL WELDER, AND GENERAL SHOP SUPPLIES AND TOOLS.

    Expenses $699,936 · Revenue $195,467

  • WASHINGTON CENTER FOR WOMEN IN BUSINESSTHE WASHINGTON CENTER FOR WOMEN IN BUSINESS OFFERS NO COST, ONE-ON-ONE BUSINESS COACHING WITH PROFESSIONALS EXPERIENCED IN BUSINESS STARTUP, FINANCE, ACCOUNTING, MARKETING, AND OPERATIONS. COACHING CAN BE CONDUCTED OVER THE PHONE, THROUGH WEBINARS, OR IN PERSON. ENTREPRENEURS WILL LEAVE COACHING SESSIONS WITH A LIST OF NEXT STEPS IN THEIR BUSINESS JOURNEY.IN 2023, THE WCWB SERVED 339 BUSINESSES, STARTED 31 BUSINESSES, COUNSELED 292 BUSINESSES, AND HANDED OUT $23,500 WORTH OF SCHOLARSHIPS TOTAL TO 47 BUSINESSES.

    Expenses $162,243 · Revenue $165,753

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Michael Cade

    EXECUTIVE DIRECTOR

    Total calculated
    $161,074
    From this org
    $0
    From related orgs
    $156,163
    Other
    $4,911
    Hours/week
    10 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $156,163 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,911 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $161,074 related

  • Nancy Lapointe

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.25 + 0.5 related

  • Grace Kendall

    PRESIDENT-ELECT

    Total calculated
    $0
    Hours/week
    0.25

  • Noel Rubadue

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.25

  • Scott Zylka

    TREASURER

    Total calculated
    $0
    Hours/week
    0.25

  • Kevin Leneker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Denise Sawatzky

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Trudy Soucoup

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Todd Whitley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Sean Moore

    DIRECTOR CB&I

    Total calculated
    $101,092
    From this org
    $101,092
    From related orgs
    $0
    Other
    $0
    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

None.

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 EXECUTIVE DIRECTOR'S PAYROLL IS PAID BY A RELATED PARTY. THE EXECUTIVE COMMITTEE PROVIDES THE REVIEW OF THE EXECUTIVE DIRECTOR. THE PRESIDENT AND PRESIDENT ELECT DELIVERS THE REVIEW AND HAS FINAL APPROVAL OF THE REVIEW. THE EXECUTIVE COMMITTEE REVIEWS DATA (COMPENSATION PACKAGES) OF EXECUTIVE DIRECTORS FROM SURROUNDING AND LIKESIZED ECONOMIC DEVELOPMENT ORGANIZATIONS. ALL REVIEWS AND COMPENSATION MEMORANDUMS ARE INSERTED INTO THE EMPLOYEE FILE OF THE EXECUTIVE DIRECTOR. THE EXECUTIVE DIRECTOR HAS A FORMAL AND INDEPTH REVIEW ANNUALLY. A FORMAL REVIEW OCCURRED IN 2021.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202403119349302890

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