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← ECONOMIC DEVELOPMENT CORPORATION OF UTAH FOUNDATION

Form 990 for tax year 2022

Filed by ECONOMIC DEVELOPMENT CORPORATION OF UTAH FOUNDATION.

Totals

Total revenue
$465,280
Total expenses
$498,099
Contributions and grants received
$465,280
Grants paid
$144,401
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$20,413
Total liabilities, end of year
$901
Net assets or fund balances, end of year
$19,512
Program services expenses (Part IX)
$449,212
Management and general expenses
$43,175
Fundraising expenses
$5,712
Program service expenses (Part III)
$449,212

Program services were 90.2% 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)

    $22,500

  • 1f · All other contributions, gifts and grants

    $442,780

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $144,401 · program services $144,401

  • 5 · Compensation of officers, directors and key employees

    total $103,579 · program services $100,292 · fundraising $3,287

  • 7 · Other salaries and wages

    total $58,565 · program services $56,706 · fundraising $1,859

  • 8 · Pension plan contributions

    total $1,957 · program services $1,895 · fundraising $62

  • 9 · Other employee benefits

    total $1,313 · program services $1,271 · fundraising $42

  • 10 · Payroll taxes

    total $13,287 · program services $12,865 · fundraising $422

  • 11g · Fees: other

    total $102,787 · program services $102,787

  • 13 · Office expenses

    total $4,442 · program services $4,442

  • 17 · Travel

    total $10,981 · program services $10,981

  • 19 · Conferences, conventions and meetings

    total $7,672 · program services $7,672

  • 24a · Other expenses: ADMIN FEE TO EDCU

    total $43,175 · management and general $43,175

  • 24b · Other expenses: MEMBERSHIP & SUBSCRIPTION

    total $2,500 · program services $2,500

  • 24c · Other expenses: SUPPLIES

    total $2,167 · program services $2,167

  • 24d · Other expenses: REPAIRS, MAINT & IMPROVEM

    total $1,273 · program services $1,233 · fundraising $40

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $55,000 · end of year $20,000

  • 4 · Accounts receivable

    end of year $413

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,669 · end of year $901

  • 27 · Net assets without donor restrictions

    beginning of year $52,331 · end of year $19,512

Mission and programs · 2022

Mission

TO SERVE AS A CATALYST FOR QUALITY JOB GROWTH AND INCREASED CAPITAL INVESTMENT IN THE STATE.

  • THE CENTER FOR ECONOMIC OPPORTUNITY AND BELONGING SERVES AS THE PRIVATE SECTOR COMMITMENT TO WORK ALONGSIDE GOVERNMENT AND COMMUNITIES OF COLOR TO ADVANCE THE PRINCIPLES OUTLINED IN THE UTAH COMPACT ON RACIAL EQUITY, DIVERSITY, AND INCLUSION. THE CENTER FOCUSES ON ADVANCING ECONOMIC EQUITY AND STRENGTHENING COMMUNITY COHESIVENESS BY FOSTERING AN ENVIRONMENT OF BELONGING FOR ALL UTAHNS.

    Expenses $449,212 · Grants $144,401

As filed on the 2022 return.

Listed in Part VII

  • Theresa Foxley

    BOARD MEMBER

    Total calculated
    $254,620
    From this org
    $0
    From related orgs
    $241,752
    Other
    $12,868
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported + $226,510 related
    Bonus
    not reported + $15,242 related
    Other
    not reported
    Deferred
    not reported + $8,653 related
    Nontaxable benefits
    not reported + $4,215 related
    Filer's total
    not reported + $254,620 related

  • Ze Min Xiao

    DIRECTOR

    Total calculated
    $107,039
    From this org
    $92,592
    From related orgs
    $0
    Other
    $14,447
    Hours/week
    40

  • Scott Cuthbertson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tom Morgan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michelle Smith

    BOARD MEMBER

    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

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

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

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
2022
Filed
1 February 2024
IRS schema version
2022v5.0
Source object
202420439349301407

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