Form 990 for tax year 2023
Filed by ECONOMIC DEVELOPMENT CORP OF UTAH.
Totals
- Total revenue
- $2,040,810
- Total expenses
- $2,853,718
- Contributions and grants received
- $1,874,044
- Grants paid
- $0
- Program service revenue
- $79,600
- Investment income
- $27,909
- Other revenue
- $59,257
- Total assets, end of year
- $3,504,683
- Total liabilities, end of year
- $791,034
- Net assets or fund balances, end of year
- $2,713,649
- Program services expenses (Part IX)
- $2,240,786
- Management and general expenses
- $581,421
- Fundraising expenses
- $31,511
- Program service expenses (Part III)
- $2,240,786
Program services were 78.5% 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)
$751,858
-
1f · All other contributions, gifts and grants
$1,122,186
-
2a · Program service revenue: RESEARCH PROJECTS
total $56,600 · related or exempt $56,600
-
2b · Program service revenue: TRADE SHOW INCOME
total $23,000 · related or exempt $23,000
-
3 · Investment income
total $27,509 · excluded $27,509
-
7a · Gross sales of assets other than inventory
other assets $400
-
7c · Gain or loss
other assets $400
-
7d · Net gain or loss
total $400 · excluded $400
-
8a · Fundraising events: gross income
$65,922
-
8b · Fundraising events: direct expenses
$21,793
-
8c · Net income from fundraising events
total $44,129 · excluded $44,129
-
11a · Other revenue: MISCELLANEOUS REVENUE
total $15,128 · related or exempt $15,128
-
11e · Other revenue, total
$15,128
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $277,342 · program services $221,873 · management and general $52,695 · fundraising $2,774
-
7 · Other salaries and wages
total $1,285,499 · program services $1,028,400 · management and general $244,245 · fundraising $12,854
-
8 · Pension plan contributions
total $39,251 · program services $31,401 · management and general $7,458 · fundraising $392
-
9 · Other employee benefits
total $133,950 · program services $107,161 · management and general $25,450 · fundraising $1,339
-
10 · Payroll taxes
total $134,139 · program services $107,312 · management and general $25,486 · fundraising $1,341
-
11c · Fees: accounting
total $26,775 · management and general $26,775
-
11g · Fees: other
total $202,182 · program services $110,606 · management and general $91,576
-
12 · Advertising and promotion
total $181,841 · program services $181,841
-
13 · Office expenses
total $69,223 · program services $45,643 · management and general $21,033 · fundraising $2,547
-
14 · Information technology
total $104,470 · program services $91,347 · management and general $11,706 · fundraising $1,417
-
16 · Occupancy
total $134,991 · program services $89,008 · management and general $41,017 · fundraising $4,966
-
17 · Travel
total $76,183 · program services $70,930 · management and general $4,935 · fundraising $318
-
19 · Conferences, conventions and meetings
total $44,988 · program services $41,723 · management and general $2,990 · fundraising $275
-
20 · Interest
total $14,507 · management and general $14,507
-
22 · Depreciation, depletion and amortization
total $54,617 · program services $46,424 · management and general $5,462 · fundraising $2,731
-
23 · Insurance
total $9,548 · program services $6,296 · management and general $2,901 · fundraising $351
-
24a · Other expenses: GLOBAL STRATEGY/OUTREACH
total $26,868 · program services $26,868
-
24b · Other expenses: BUSINESS DEVELOPMENT
total $21,444 · program services $21,444
-
24c · Other expenses: ADMINISTRATION
total $15,900 · program services $12,509 · management and general $3,185 · fundraising $206
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $359,314 · end of year $161,466
-
2 · Savings and temporary cash investments
beginning of year $1,815,691 · end of year $2,013,475
-
3 · Pledges and grants receivable
beginning of year $1,347,237 · end of year $423,172
-
7 · Other notes and loans receivable
beginning of year $25,140
-
9 · Prepaid expenses and deferred charges
beginning of year $59,423 · end of year $146,406
-
10a · Land, buildings and equipment: cost or other basis
$367,379
-
10b · Land, buildings and equipment: accumulated depreciation
$137,057
-
10c · Land, buildings and equipment, net
beginning of year $272,823 · end of year $230,322
-
15 · Other assets
beginning of year $597,644 · end of year $529,842
-
17 · Accounts payable and accrued expenses
beginning of year $280,443 · end of year $189,739
-
25 · Other liabilities
beginning of year $670,272 · end of year $601,295
-
27 · Net assets without donor restrictions
beginning of year $2,044,583 · end of year $2,713,649
-
28 · Net assets with donor restrictions
beginning of year $1,481,974
Mission and programs · 2023
Mission
ECONOMIC DEVELOPMENT CORPORATION OF UTAH (EDCUTAH) SERVES AS A CATALYST FOR QUALITY JOB GROWTH AND INCREASED CAPITAL INVESTMENT BY ASSISTING IN-STATE COMPANIES TO GROW AND RECRUITING OUT-OF-STATE COMPANIES TO EXPAND AND RELOCATE INTO UTAH.
Activities or mission (Part I)
TO CATALYZE QUALITY JOBS AND CAPITAL INVESTMENT THROUGHOUT UTAH.
-
IN FY 2023-24 EDCUTAH'S BUSINESS DEVELOPMENT TEAM ASSISTED 28 COMPANIES IN THEIR RELOCATION OR EXPANSION INTO UTAH, THAT IN TURN PLAN TO CREATE OR RETAIN MORE THAN 8,968 JOBS OVER THE LIFE OF THEIR PROJECTS.
Expenses $1,264,490
-
EDCUTAH CONTINUED ITS PROACTIVE GLOBAL STRATEGY & OUTREACH LEAD GENERATION PROGRAM, MEETING WITH 77 COMPANIES AND GENERATING SEVERAL HIGH VALUE CORPORATE RECRUITING PROJECTS. THOSE PROJECTS HAVE THE POTENTIAL TO CREATE THOUSANDS OF JOBS AND INVEST MILLIONS OF DOLLARS IN FACILITIES AND EQUIPMENT OVER THE NEXT FEW YEARS.
Expenses $976,296 · Revenue $79,600
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Scott CuthbertsonSCOTT CUTHBERTSON
PRESIDENT &
- Total calculated
- $235,499
- From this org
- $219,726
- From related orgs
- $0
- Other
- $15,773
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $199,926
- Bonus
- $19,800
- Other
- not reported
- Deferred
- $5,078
- Nontaxable benefits
- $10,695
- Filer's total
- $235,499
-
Stephanie FrohmanSTEPHANIE FROHMAN
SVP, STRATEG
- Total calculated
- $176,578
- From this org
- $156,215
- From related orgs
- $0
- Other
- $20,363
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $139,665
- Bonus
- $16,550
- Other
- not reported
- Deferred
- $5,663
- Nontaxable benefits
- $14,700
- Filer's total
- $176,578
-
Colby CooleyCOLBY COOLEY
SVP, OPERATI
- Total calculated
- $162,886
- From this org
- $144,392
- From related orgs
- $0
- Other
- $18,494
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $132,242
- Bonus
- $12,150
- Other
- not reported
- Deferred
- $6,026
- Nontaxable benefits
- $12,468
- Filer's total
- $162,886
-
Jill KirslingJILL KIRSLING
CFO
- Total calculated
- $44,100
- From this org
- $44,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Debbie WinnDEBBIE WINN
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Judd CookJUDD COOK
CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Tom MorganTOM MORGAN
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Brandon GordonBRANDON GORDON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Rob MooreROB MOORE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Larry JensenLARRY JENSEN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Matt HirstMATT HIRST
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Ryan MeyerRYAN MEYER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Christy AlterCHRISTY ALTER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Christian GardnerCHRISTIAN GARDNER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Ryan StarksRYAN STARKS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Richard GarlishRICHARD GARLISH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Michael AmbreMICHAEL AMBRE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
J Steven PriceJ STEVEN PRICE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Dan RichardsDAN RICHARDS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Ben HartBEN HART
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Janice CoJANICE CO
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Bob StevensonBOB STEVENSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Ben NadolskiBEN NADOLSKI
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Erin MendenhallERIN MENDENHALL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jenny WilsonJENNY WILSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Gage FroererGAGE FROERER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Dirk BurtonDIRK BURTON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Reed LawsREED LAWS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Brennen BrownBRENNEN BROWN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jason HillJASON HILL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Brie DavisBRIE DAVIS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Beth HolbrookBETH HOLBROOK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
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 · 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
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.
-
ECONOMIC DEVELOPMENT CORPORATION OF UTAH FOUNDATION
501C3 · JOB GROWTH · UT
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 13 May 2025
- IRS schema version
- 2023v6.0
- Source object
- 202541349349309684
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