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Nonprofiteer
← ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC

Form 990 for tax year 2023

Filed by ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC.

Totals

Total revenue
$42,149,721
Total expenses
$40,730,902
Contributions and grants received
$2,438,783
Grants paid
$0
Program service revenue
$39,024,679
Investment income
$766,468
Other revenue
-$80,209
Total assets, end of year
$38,670,385
Total liabilities, end of year
$30,293,230
Net assets or fund balances, end of year
$8,377,155
Program services expenses (Part IX)
$38,454,207
Management and general expenses
$2,057,880
Fundraising expenses
$218,815
Program service expenses (Part III)
$38,454,207

Program services were 94.4% 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)

    $1,188,683

  • 1f · All other contributions, gifts and grants

    $1,250,100

  • 1g · Noncash contributions included above

    $22,000

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

    total $38,066,597 · related or exempt $38,066,597

  • 2b · Program service revenue: EVENT REVENUE

    total $544,427 · related or exempt $544,427

  • 2c · Program service revenue: MILITARY FUNDS

    total $60,000 · related or exempt $60,000

  • 2d · Program service revenue: TRADE SHOW REVENUE

    total $31,075 · related or exempt $31,075

  • 2f · All other program service revenue

    total $322,580 · related or exempt $322,580

  • 3 · Investment income

    total $766,468 · excluded $766,468

  • 11a · Other revenue: 3RD PARTY FRAUD LOSS

    total -$80,209 · excluded -$80,209

  • 11e · Other revenue, total

    -$80,209

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $689,638 · management and general $689,638

  • 7 · Other salaries and wages

    total $6,016,039 · program services $5,595,677 · management and general $282,201 · fundraising $138,161

  • 8 · Pension plan contributions

    total $229,181 · program services $213,988 · management and general $15,193

  • 9 · Other employee benefits

    total $726,091 · program services $667,808 · management and general $49,941 · fundraising $8,342

  • 10 · Payroll taxes

    total $481,450 · program services $419,597 · management and general $51,278 · fundraising $10,575

  • 11b · Fees: legal

    total $44,707 · program services $23,587 · management and general $21,120

  • 11c · Fees: accounting

    total $43,757 · program services $8,514 · management and general $35,243

  • 11g · Fees: other

    total $2,217,899 · program services $2,075,412 · management and general $142,487

  • 12 · Advertising and promotion

    total $27,054,727 · program services $27,046,063 · management and general $3,056 · fundraising $5,608

  • 13 · Office expenses

    total $78,662 · program services $69,829 · management and general $8,243 · fundraising $590

  • 14 · Information technology

    total $758,975 · program services $568,771 · management and general $180,907 · fundraising $9,297

  • 16 · Occupancy

    total $943,595 · program services $686,738 · management and general $232,216 · fundraising $24,641

  • 17 · Travel

    total $879,645 · program services $824,641 · management and general $48,504 · fundraising $6,500

  • 19 · Conferences, conventions and meetings

    total $241,450 · program services $202,428 · management and general $24,521 · fundraising $14,501

  • 20 · Interest

    total $90,842 · management and general $90,842

  • 22 · Depreciation, depletion and amortization

    total $118,404 · management and general $118,404

  • 23 · Insurance

    total $77,744 · program services $16,038 · management and general $61,706

  • 24a · Other expenses: HOSPITALITY

    total $38,096 · program services $35,116 · management and general $2,380 · fundraising $600

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $22,250,255 · end of year $35,737,629

  • 4 · Accounts receivable

    beginning of year $267,772 · end of year $423,957

  • 9 · Prepaid expenses and deferred charges

    beginning of year $442,506 · end of year $877,833

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

    $3,728,156

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

    $2,119,408

  • 10c · Land, buildings and equipment, net

    beginning of year $2,091,122 · end of year $1,608,748

  • 15 · Other assets

    beginning of year $13,628 · end of year $22,218

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,613,453 · end of year $1,586,866

  • 19 · Deferred revenue

    beginning of year $13,741,854 · end of year $27,327,252

  • 25 · Other liabilities

    beginning of year $1,751,640 · end of year $1,379,112

  • 27 · Net assets without donor restrictions

    beginning of year $6,958,336 · end of year $8,377,155

Mission and programs · 2023

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 TO BREAK RECORDS IN 2023, WITH TRAVEL SPENDING STATEWIDE RISING 6.9% TO $35.6 BILLION, WHICH WAS MORE THAN 2022'S RECORD OF $33.3 BILLION. 2022'S GROWTH WAS A RECORD-BREAKING INCREASE OF 15% OVER 2021 NUMBERS. DIRECT TOURISM EMPLOYMENT ALSO INCREASED STATEWIDE BY 4.8 % TO 227,000 IN 2023. GROWTH IN DIRECT TOURISM EMPLOYMENT WAS SEEN AMONG RURAL AND URBAN COUNTIES WITH NEARLY 20 % OF COUNTIES SEEING HIGHER THAN AVERAGE GROWTH. VISIT NC MARKED 2023 WITH A NEW ADVERTISING CAMPAIGN TITLED "FOR REAL, VISIT NC." THANKS TO INCREASED FUNDING FROM THE NORTH CAROLINA GENERAL ASSEMBLY, THE CAMPAIGN EXPANDED INTO NEW MARKETS THROUGHOUT THE NORTHEAST, SOUTHEAST, AND MIDWEST. "FOR REAL, VISIT NC" SHOWS THE VIEWER THAT FOR A RICHER EXPERIENCE, YOU SHOULD HAVE A REAL EXPERIENCE, WHICH CAN ALL BE FOUND IN NORTH CAROLINA. GROWTH IN DIRECT TOURISM EMPLOYMENT WAS ALSO SEEN AMONG RURAL AND URBAN COUNTIES WITH NEARLY 20 % OF COUNTIES SEEING HIGHER THAN AVERAGE GROWTH.

    Expenses $18,875,286 · Revenue $545,151

  • THE EDPNC OFFERS ANOTHER SPECIALIZED SERVICE TO NORTH CAROLINA COMPANIES: ASSISTING THEM TO ENTER FOREIGN MARKETS AND EXPAND THEIR INTERNATIONAL SALES. IN FISCAL YEAR 2024, THE EDPNC'S INTERNATIONAL TRADE MANAGERS AND FOREIGN OFFICES PROVIDED EXPORT ASSISTANCE TO 520 COMPANIES, INCLUDING 102 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 $2,447,549 · Revenue $16,705

  • IN FISCAL YEAR 2024, THE EDPNC, WORKING IN TANDEM WITH LOCAL AND STATE PARTNERS INCLUDING THE GOVERNOR'S OFFICE, THE N.C. DEPARTMENT OF COMMERCE, AND LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS, HELPED CLOSE DEALS ON 120 BUSINESS RECRUITMENT AND EXPANSION PROJECTS RESULTING IN THE ANNOUNCEMENT OF 13,888 NEW JOBS IN NORTH CAROLINA AND $10.5 BILLION IN INVESTMENT. NOTABLE PROJECT ANNOUNCEMENTS INCLUDE EPSILON ADVANCED MATERIALS' NEW SYNTHETIC GRAPHITE MANUFACTURING FACILITY OUTSIDE OF WILMINGTON. THE COMPANY ANNOUNCED IT WOULD INVEST $649.9 MILLION AND WILL CREATE 500 NEW JOBS IN BRUNSWICK COUNTY. ALSO ANNOUNCED WERE SCHOTT PHARMA'S 401-JOB, $371 MILLION MANUFACTURING FACILITY IN WILSON COUNTY; VIETNAMESE SOLAR TECHNOLOGY COMPANY BOVIET SOLAR'S 908-JOB, $294 MILLION SOLAR PANEL MANUFACTURING FACILITY IN PITT COUNTY; JAPANESE LITHIUM-ION BATTERY POUCH MANUFACTURER DAI NIPPON PRINTING COMPANY'S 352-JOB, $233 MILLION ADVANCED MANUFACTURING FACILITY IN DAVIDSON COUNTY; AND JAPANESE PHARMACEUTICAL COMPANY KYOWA KIRIN'S 102-JOB, $200 MILLION MANUFACTURING COMPLEX IN LEE 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. EIGHTY-FOUR OF THE 120 BUSINESS RECRUITMENT AND EXPANSION DEALS OCCURRED IN TIER 1 AND 2 COUNTIES, AND THOSE PROJECTS ARE EXPECTED TO CREATE 7,822 NEW JOBS AND OVER $3.56 BILLION IN INVESTMENT.IN RESPONSE TO THE STATE'S CONTINUED BUSINESS RECRUITMENT SUCCESSES, THE MEGASITE READINESS PROGRAM AND SELECTSITE READINESS PROGRAM WERE CREATED TO DEVELOP NEW INDUSTRIAL SITES AIMED AT ATTRACTING MAJOR MANUFACTURING EMPLOYERS. EDPNC IS LEADING THESE EFFORTS ON THE STATE'S BEHALF, AND IN FY2024 DEVELOPED PROGRAM GUIDELINES AND AN APPLICATION PORTAL FOR THE NEW GRANT PROGRAMS. EDPNC, IN PARTNERSHIP WITH THE SITE SELECTION GROUP (SSG) AND THOMAS & HUTTON, ALSO COMPLETED A STATEWIDE STUDY THAT IDENTIFIED 15 SITES FOR DEVELOPMENT UNDER THE SELECTSITE PROGRAM.

    Expenses $17,131,372 · Revenue $38,462,823

As filed on the 2023 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/TREAS

    Total calculated
    $0
    Hours/week
    1

  • Rolf Blizzard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sam Bowles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Spence Broadhurst

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Pam Cundiff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith Holtsclaw

    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

  • Michelle Logan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • William Morgan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lee Nettles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard C Reich PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Machelle Sanders

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Aaron Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bhaskar Venepalli

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christopher Chung

    CEO

    Total calculated
    $463,029
    From this org
    $400,926
    From related orgs
    $0
    Other
    $62,103
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,926
    Bonus
    $100,000
    Other
    $0
    Deferred
    $45,250
    Nontaxable benefits
    $16,853
    Filer's total
    $463,029

  • Michael Ebert

    COO

    Total calculated
    $216,069
    From this org
    $199,795
    From related orgs
    $0
    Other
    $16,274
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,697
    Bonus
    $21,098
    Other
    $0
    Deferred
    $9,990
    Nontaxable benefits
    $6,284
    Filer's total
    $216,069

  • Larry Price

    DIRECTOR FINANCE

    Total calculated
    $162,814
    From this org
    $143,060
    From related orgs
    $0
    Other
    $19,754
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,543
    Bonus
    $14,517
    Other
    $0
    Deferred
    $7,153
    Nontaxable benefits
    $12,601
    Filer's total
    $162,814

  • Melissa Smith

    VP BUSINESS RECRUITMENT

    Total calculated
    $197,800
    From this org
    $184,002
    From related orgs
    $0
    Other
    $13,798
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,460
    Bonus
    $20,542
    Other
    $0
    Deferred
    $7,514
    Nontaxable benefits
    $6,284
    Filer's total
    $197,800

  • William Tuttell

    VP TOURISM

    Total calculated
    $175,662
    From this org
    $156,340
    From related orgs
    $0
    Other
    $19,322
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,843
    Bonus
    $14,497
    Other
    $0
    Deferred
    $7,817
    Nontaxable benefits
    $11,505
    Filer's total
    $175,662

  • Korey Howard

    DIRECTOR BUSINESS RECRUITMNT

    Total calculated
    $166,054
    From this org
    $149,201
    From related orgs
    $0
    Other
    $16,853
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,167
    Bonus
    $22,034
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,853
    Filer's total
    $166,054

  • Denise Desatnick

    VP MARKETING

    Total calculated
    $178,085
    From this org
    $162,955
    From related orgs
    $0
    Other
    $15,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,022
    Bonus
    $14,933
    Other
    $0
    Deferred
    $8,148
    Nontaxable benefits
    $6,982
    Filer's total
    $178,085

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. SERP IS CALCULATED BASED OFF OF THE CEO'S BASE SALARY AND IS INCREASED EACH YEAR THAT THE CEO IS EMPLOYED BY THE ORGANIZATION. $110,712 WAS PAID TO THE CEO ON JANUARY 15, 2024, AS A RESULT OF THIS CONTRACT. ON MARCH 21, 2024, THE SERP AGREEMENT WAS RENEWED, WITH THE SERP PAYABLE ON JANUARY 13, 2027, PROVIDED THE CEO IS EMPLOYED BY THE ORGANIZATION. THE SERP AMOUNT ACCRUED UNDER THE PLAN WAS $30,000 AT JUNE 30, 2024.

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
23 January 2025
IRS schema version
2023v6.0
Source object
202510249349301451

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