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Nonprofiteer
← ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC

Form 990 for tax year 2024

Filed by ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC.

Totals

Total revenue
$52,335,240
Total expenses
$51,477,973
Contributions and grants received
$2,642,875
Grants paid
$0
Program service revenue
$48,248,526
Investment income
$1,443,839
Other revenue
$0
Total assets, end of year
$130,673,830
Total liabilities, end of year
$121,439,408
Net assets or fund balances, end of year
$9,234,422
Program services expenses (Part IX)
$48,543,133
Management and general expenses
$2,589,291
Fundraising expenses
$345,549
Program service expenses (Part III)
$48,543,133

Program services were 94.3% 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)

    $1,135,675

  • 1f · All other contributions, gifts and grants

    $1,507,200

  • 1g · Noncash contributions included above

    $22,000

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

    total $46,139,719 · related or exempt $46,139,719

  • 2b · Program service revenue: CONFERENCE REVENUE

    total $1,000,000 · related or exempt $1,000,000

  • 2c · Program service revenue: EVENT REVENUE

    total $817,281 · related or exempt $817,281

  • 2d · Program service revenue: SPONSORSHIP REVENUE

    total $207,595 · related or exempt $207,595

  • 2e · Program service revenue: TRADE SHOW REVENUE

    total $46,530 · related or exempt $46,530

  • 2f · All other program service revenue

    total $37,401 · related or exempt $37,401

  • 3 · Investment income

    total $1,443,839 · excluded $1,443,839

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $721,713 · management and general $721,713

  • 7 · Other salaries and wages

    total $6,970,496 · program services $6,234,393 · management and general $554,198 · fundraising $181,905

  • 8 · Pension plan contributions

    total $270,732 · program services $255,024 · management and general $15,708

  • 9 · Other employee benefits

    total $927,995 · program services $748,207 · management and general $159,071 · fundraising $20,717

  • 10 · Payroll taxes

    total $556,529 · program services $470,491 · management and general $72,467 · fundraising $13,571

  • 11b · Fees: legal

    total $101,651 · program services $74,982 · management and general $26,669

  • 11c · Fees: accounting

    total $61,155 · program services $9,038 · management and general $52,117

  • 11g · Fees: other

    total $2,034,779 · program services $1,908,208 · management and general $126,571

  • 12 · Advertising and promotion

    total $34,696,546 · program services $34,685,459 · management and general $7,839 · fundraising $3,248

  • 13 · Office expenses

    total $107,870 · program services $88,245 · management and general $19,017 · fundraising $608

  • 14 · Information technology

    total $911,849 · program services $676,493 · management and general $222,008 · fundraising $13,348

  • 16 · Occupancy

    total $926,849 · program services $658,979 · management and general $242,939 · fundraising $24,931

  • 17 · Travel

    total $714,641 · program services $648,074 · management and general $61,780 · fundraising $4,787

  • 19 · Conferences, conventions and meetings

    total $2,167,855 · program services $2,036,336 · management and general $49,283 · fundraising $82,236

  • 20 · Interest

    total $59,339 · management and general $59,339

  • 22 · Depreciation, depletion and amortization

    total $131,779 · management and general $131,779

  • 23 · Insurance

    total $82,441 · program services $17,215 · management and general $65,226

  • 24a · Other expenses: HOSPITALITY

    total $33,754 · program services $31,989 · management and general $1,567 · fundraising $198

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,556,665 · end of year $3,678,423

  • 2 · Savings and temporary cash investments

    beginning of year $33,180,964 · end of year $125,122,966

  • 4 · Accounts receivable

    beginning of year $423,957 · end of year $464,421

  • 9 · Prepaid expenses and deferred charges

    beginning of year $877,833 · end of year $599,355

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

    $3,777,343

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

    $2,985,292

  • 10c · Land, buildings and equipment, net

    beginning of year $1,608,748 · end of year $792,051

  • 15 · Other assets

    beginning of year $22,218 · end of year $16,614

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,586,866 · end of year $819,522

  • 19 · Deferred revenue

    beginning of year $27,327,252 · end of year $119,930,538

  • 25 · Other liabilities

    beginning of year $1,379,112 · end of year $689,348

  • 27 · Net assets without donor restrictions

    beginning of year $8,377,155 · end of year $9,234,422

Mission and programs · 2024

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.

  • EDPNC'S VISIT NC TEAM RESPONDED IMMEDIATELY TO HURRICANE HELENE'S DESTRUCTION THROUGH EXTENSIVE PARTNER COMMUNICATIONS, PROACTIVE MEDIA RELATIONS, ITS WELL-PUBLICIZED INTERACTIVE TRAVEL ADVISORY MAP, AND MORE. THE TEAM'S FOCUS QUICKLY SHIFTED TO SUPPORTING THE MOUNTAIN DESTINATIONS LESS AFFECTED AND ABLE TO WELCOME VISITORS DURING THE VITAL FALL, HOLIDAY/WINTER, AND SPRING SEASONS. AS SEASONS PROGRESSED INTO SPRING AND SUMMER, EFFORTS EVOLVED TO EMPHASIZE TRAVEL INSPIRATION. VISIT NC HAS CONTINUED TO LEVERAGE THE ADDITIONAL, INCREMENTAL RECOVERY FUNDS WITH THE SAME SENSE OF URGENCY AND COMMITMENT. WITH A ROBUST SUMMER CAMPAIGN IN MOTION, EMPHASIS REMAINS ON STRENGTHENING AND EXTENDING THE CAMPAIGN'S REACH AND EFFECTIVENESS THROUGH SUMMER, FALL, AND WINTER 2025 TO INSPIRE TRAVEL AND HELP REVITALIZE WESTERN NORTH CAROLINA'S VITAL TOURISM ECONOMY.DESPITE SIGNIFICANT HEADWINDS BROUGHT ON BY HURRICANE HELENE, TOURISM IN NORTH CAROLINA CONTINUED TO BREAK RECORDS IN 2024, WITH TRAVEL SPENDING STATEWIDE RISING TO $36.7 BILLION. THAT TOTAL ECLIPSED THE PREVIOUS RECORD OF $35.6 BILLION SET IN 2023. DIRECT TOURISM EMPLOYMENT ALSO INCREASED STATEWIDE BY 1.4% TO 230,338 IN 2024.

    Expenses $26,521,387 · Revenue $541,933

  • THE EDPNC OFFERS ANOTHER SPECIALIZED SERVICE TO NORTH CAROLINA COMPANIES: ASSISTING THEM TO ENTER FOREIGN MARKETS AND EXPAND THEIR INTERNATIONAL SALES. IN FISCAL YEAR 2025, THE EDPNC'S INTERNATIONAL TRADE MANAGERS AND FOREIGN OFFICES PROVIDED EXPORT ASSISTANCE TO 463 COMPANIES ACROSS ALL EIGHT MULTICOUNTY 'PROSPERITY ZONES.' 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. DURING FISCAL YEAR 2025, THE INTERNATIONAL TRADE TEAM DEVELOPED A NEW TRADE ACCELERATOR PROGRAM EXPECTED TO LAUNCH IN LATE 2025 THAT WILL GUIDE A COHORT OF NORTH CAROLINA COMPANIES THROUGH AN INTENSIVE CURRICULUM AND CULMINATE IN AN INTERNATIONAL TRADE MISSION.

    Expenses $2,440,430 · Revenue $24,975

  • EDPNC AND PARTNERS SUCCESSFULLY COMPETED FOR 128 BUSINESS RECRUITMENT AND EXPANSION PROJECTS RESULTING IN THE ANNOUNCEMENT OF 29,983 NEW JOBS IN NORTH CAROLINA AND $25.3 BILLION IN INVESTMENT, BOTH MARKS DOUBLING THE PREVIOUS YEAR'S TALLIES. THE YEAR WAS HEADLINED BY JETZERO'S PLANS FOR A NEW COMMERCIAL AIRPLANE MANUFACTURING FACILITY AT PIEDMONT TRIAD INTERNATIONAL AIRPORT. THE COMMITMENT TO CREATE 14,564 JOBS IS THE LARGEST JOBS ANNOUNCEMENT IN STATE HISTORY. ALSO ANNOUNCED WERE JABIL'S 2,004-JOB, $264 MILLION MANUFACTURING FACILITY IN ROWAN COUNTY; AMAZON WEB SERVICES' 500-JOB, $10 BILLION INVESTMENT IN RICHMOND COUNTY; PRATT & WHITNEY'S 325-JOB, $285 MILLION COMMITMENT TO BUNCOMBE COUNTY; AND A FLURRY OF LIFE SCIENCES AND BIOTECHNOLOGY ANNOUNCEMENTS INCLUDING, AMONG OTHERS, AMGEN AND GENENTECH IN WAKE COUNTY AND JOHNSON & JOHNSON AND IDEXX LABORATORIES IN WILSON COUNTY.

    Expenses $3,189,842

  • EXISTING INDUSTRY, SMALL BUSINESS SUPPORT; BUSINESS DEVELOPMENT, AND BUSINESS RESEARCH AND MARKETING.

    Expenses $16,391,474 · Revenue $47,681,618

As filed on the 2024 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

  • 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 (THRU NOV 2024)

    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 (THRU NOV 2024)

    Total calculated
    $0
    Hours/week
    1

  • Rolf Blizzard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lee Lilley

    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

  • Bhaskar Venepalli

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Shaylah Nunn Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrew Schmidt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Machelle Sanders

    DIRECTOR (THRU NOV 2024)

    Total calculated
    $0
    Hours/week
    1

  • Christopher Chung

    CEO

    Total calculated
    $456,032
    From this org
    $391,760
    From related orgs
    $0
    Other
    $64,272
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $316,760
    Bonus
    $75,000
    Other
    $0
    Deferred
    $46,833
    Nontaxable benefits
    $17,439
    Filer's total
    $456,032

  • Michael Ebert

    COO

    Total calculated
    $230,766
    From this org
    $213,991
    From related orgs
    $0
    Other
    $16,775
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,432
    Bonus
    $22,559
    Other
    $0
    Deferred
    $10,281
    Nontaxable benefits
    $6,494
    Filer's total
    $230,766

  • Melissa Smith

    SR. VP BUSINESS RECRUITMENT

    Total calculated
    $195,217
    From this org
    $179,736
    From related orgs
    $0
    Other
    $15,481
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,602
    Bonus
    $11,134
    Other
    $0
    Deferred
    $8,987
    Nontaxable benefits
    $6,494
    Filer's total
    $195,217

  • Denise Desatnick

    VP MARKETING

    Total calculated
    $197,283
    From this org
    $179,332
    From related orgs
    $0
    Other
    $17,951
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,142
    Bonus
    $21,190
    Other
    $0
    Deferred
    $8,967
    Nontaxable benefits
    $8,984
    Filer's total
    $197,283

  • William Tuttell

    VP TOURISM

    Total calculated
    $196,381
    From this org
    $174,850
    From related orgs
    $0
    Other
    $21,531
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,197
    Bonus
    $18,653
    Other
    $0
    Deferred
    $8,742
    Nontaxable benefits
    $12,789
    Filer's total
    $196,381

  • Larry Price

    DIRECTOR FINANCE

    Total calculated
    $168,774
    From this org
    $147,982
    From related orgs
    $0
    Other
    $20,792
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,231
    Bonus
    $11,751
    Other
    $0
    Deferred
    $7,399
    Nontaxable benefits
    $13,393
    Filer's total
    $168,774

  • Anders Victor

    DIRECTOR BUS. DEVELOPMENT

    Total calculated
    $144,642
    From this org
    $131,261
    From related orgs
    $0
    Other
    $13,381
    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 · 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
SERP PAYMENT WAS PAID TO THE CEO IN JANUARY 2024 IN THE AMOUNT OF $110,712. IN FY25 SERP WAS ACCRUED AND NOT PAID IN THE AMOUNT OF $31,583.35.

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
2024
Filed
13 January 2026
IRS schema version
2024v5.5
Source object
202620149349301502

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