Civic Intelligence

Economic Development Partnership of North Carolina Inc.

990 • Fiscal year 2023 • EIN 46-4840814

Jul 01, 2022 to Jun 30, 2023 • Filed on Dec 11, 2023

Organization ProfileWWW.EDPNC.COM
150 Fayetteville Street 1200Raleigh, NC 27601

(919) 447-7777

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

83rd percentile

0.72x

Higher debt load relative to assets than 83% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

47th percentile

0.34x

Higher debt load relative to revenue than 47% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

47th percentile

2.4%

Higher net margin than 47% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

58th percentile

$404,953

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

98th percentile

204%

Faster asset growth than 98% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

94th percentile

103%

Faster revenue growth than 94% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Up

$25,065,283

Up $16,819,062 (+204%) from 2022

Net Assets

Up

$6,958,336

Up $1,242,780 (+22%) from 2022

Liabilities

Up

$18,106,947

Up $15,576,282 (+616%) from 2022

Revenue And Expenses
Liabilities / Revenue47th percentileNet Margin47th percentile

Revenue

Up

$52,521,206

Up $26,620,518 (+103%) from 2022

Expenses

Up

$51,278,426

Up $26,220,381 (+105%) from 2022

Net Income

Up

$1,242,780

Up $400,137 (+47%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2013: $0Liabilities 2013: $0Net Assets 2013: $02013Assets 2014: $50Liabilities 2014: $0Net Assets 2014: $502014Assets 2015: $2,593,708Liabilities 2015: $639,647Net Assets 2015: $1,954,0612015Assets 2016: $3,012,255Liabilities 2016: $736,379Net Assets 2016: $2,275,8762016Assets 2017: $8,432,840Liabilities 2017: $6,226,957Net Assets 2017: $2,205,8832017Assets 2018: $3,793,975Liabilities 2018: $670,491Net Assets 2018: $3,123,4842018Assets 2019: $3,583,941Liabilities 2019: $674,699Net Assets 2019: $2,909,2422019Assets 2020: $10,570,203Liabilities 2020: $7,055,919Net Assets 2020: $3,514,2842020Assets 2021: $8,597,850Liabilities 2021: $3,724,937Net Assets 2021: $4,872,9132021Assets 2022: $8,246,221Liabilities 2022: $2,530,665Net Assets 2022: $5,715,5562022Assets 2023: $25,065,283Liabilities 2023: $18,106,947Net Assets 2023: $6,958,3362023Assets 2024: $38,670,385Liabilities 2024: $30,293,230Net Assets 2024: $8,377,1552024Assets 2025: $130,673,830Liabilities 2025: $121,439,408Net Assets 2025: $9,234,4222025

Highlighted filing

2023

Assets$25,065,283
Liabilities$18,106,947
Net Assets$6,958,336
Open 2023 Filing

Operations Trend

Revenue Growth94th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MRevenue 2013: $0Expenses 2013: $0Net Income 2013: $02013Revenue 2014: $35,870Expenses 2014: $35,820Net Income 2014: $502014Revenue 2015: $14,848,641Expenses 2015: $12,904,580Net Income 2015: $1,944,0612015Revenue 2016: $18,985,435Expenses 2016: $18,672,260Net Income 2016: $313,1752016Revenue 2017: $23,881,184Expenses 2017: $23,951,177Net Income 2017: -$69,9932017Revenue 2018: $24,333,761Expenses 2018: $23,416,160Net Income 2018: $917,6012018Revenue 2019: $23,011,507Expenses 2019: $23,225,749Net Income 2019: -$214,2422019Revenue 2020: $20,898,417Expenses 2020: $20,293,375Net Income 2020: $605,0422020Revenue 2021: $39,872,083Expenses 2021: $38,513,454Net Income 2021: $1,358,6292021Revenue 2022: $25,900,688Expenses 2022: $25,058,045Net Income 2022: $842,6432022Revenue 2023: $52,521,206Expenses 2023: $51,278,426Net Income 2023: $1,242,7802023Revenue 2024: $42,149,721Expenses 2024: $40,730,902Net Income 2024: $1,418,8192024Revenue 2025: $52,335,240Expenses 2025: $51,477,973Net Income 2025: $857,2672025

Highlighted filing

2023

Revenue$52,521,206
Expenses$51,278,426
Net Income$1,242,780
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Dec 11, 2023
Return Version
2022v5.0
Gross Receipts
$52,521,206
Mission and Program Overview

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.

Collaborating with state, regional, local, and private-sector partners to improve the economic well-being and quality of life for all north carolinians.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$5,678,180$22,250,255▲ $16,572,075
Land, Buildings, and Equipment, Net$1,703,842$2,091,122▲ $387,280
Prepaid Expenses and Deferred Charges$417,109$442,506▲ $25,397
Accounts Receivable$433,462$267,772▼ $165,690
Total Assets$8,246,221$25,065,283▲ $16,819,062
Other Assets Total$13,628$13,628→ $0
Liabilities
Deferred Revenue$25,953$13,741,854▲ $13,715,901
Accounts Payable and Accrued Expenses$814,749$2,613,453▲ $1,798,704
Other Liabilities$1,689,963$1,751,640▲ $61,677
Total Liabilities$2,530,665$18,106,947▲ $15,576,282
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,715,556$6,958,336▲ $1,242,780
Total Net Assets Fund Balance$5,715,556$6,958,336▲ $1,242,780
Total Liabilities and Net Assets / Fund Balance$8,246,221$25,065,283▲ $16,819,062

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,519,923$1,083,445$2,603,368
Other Land Buildings$475,416$178,298$653,714
Equipment$95,783$77,479$173,262
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Christopher ChungCEOFT$278,969$125,984$404,953
Michael EbertCOOFT$163,793$38,247$202,040
Korey HowardDirector Business DevelopmentFT$122,592$47,759$170,351
Melissa SmithVP Business RecruitmentFT$134,034$36,129$170,163
Denise DesatnickVP MarketingFT$126,583$41,223$167,806
William TuttellVP TourismFT$125,742$38,895$164,637
Larry PriceDirector FinanceFT$121,823$35,072$156,895

Board Members and Trustees

NameTitle
Gene MclaurinDirector & Chair
Aaron ThomasDirector
James R JordanDirector
Jeffery TurnerDirector
Karen LevertDirector
Keith HoltsclawDirector
Lee NettlesDirector
Machelle SandersDirector
Michelle LoganDirector
Pam CundiffDirector
Richard C Reich PhdDirector
Rolf BlizzardDirector
Sam BowlesDirector
Sheila KnightDirector
Spence BroadhurstDirector
Swadesh ChatterjeeDirector
Vimal KolappaDirector
William MorganDirector
John KaneDirector & Secretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,297,690
Program Service Revenue
$49,958,693
Investment Income
$264,823
Other Revenue
$0
All Other Contributions
$1,178,001
Change in Net Assets
$1,242,780

Audited Revenue Reconciliation

Revenue per Audited Statements
$52,256,383
Revenue Not Reported on Financial Statements
$264,823
Revenue Not Reported on Form 990
$32,706
Other Revenue Adjustments
$264,823
Total Revenue per Audited Statements
$52,289,089
Total Revenue per Form 990
$52,521,206
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$43,401,925
Salaries, Compensation, and Employee Benefits$7,876,501
Total Fundraising Expense$92,736
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising$38,508,347$4,754$4,062$38,517,163
Other Salaries and Wages$5,364,414$413,873$48,250$5,826,537
Fees for Services Other$1,761,438$53,817-$1,815,255
Travel$821,305$27,019$1,696$850,020
Occupancy$644,224$92,594$20,270$757,088
Other Employee Benefits$589,044$102,637$503$692,184
Current Officers, Directors, Trustees, and Key Employees-$674,957-$674,957
Information Technology$542,140$72,801$5,976$620,917
Payroll Taxes$406,911$54,898$3,585$465,394
Conferences and Meetings$395,395$27,314$7,218$429,927
Pension Plan Contributions$200,688$16,741-$217,429
Office Expenses$83,501$9,950$965$94,416
Interest-$78,142-$78,142
Depreciation Depletion-$66,943-$66,943
Insurance$12,786$52,273-$65,059
Fees for Services Accounting$7,855$31,945-$39,800
Other Expenses$32,929$2,407$211$35,547
Fees for Services Legal$15,210$16,438-$31,648
Total Functional Expenses$49,386,187$1,799,503$92,736$51,278,426

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$51,278,426
Total Expenses per Form 990$51,278,426
Total Expenses per Audited Statements$51,046,309
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$-232,117
International Activity

International Summary

Offices
15
Employees
15
Spending
$1,673,173

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeProgram ServicesInternational Trade & Foreign Direct Investment66$1,038,791
North AmericaProgram ServicesInternational Trade & Foreign Direct Investment22$260,000
East Asia and the PacificProgram ServicesInternational Trade & Foreign Direct Investment55$155,497
South AsiaProgram ServicesInternational Trade & Foreign Direct Investment11$118,885
Middle East and North AfricaProgram ServicesInternational Trade & Foreign Direct Investment11$100,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease Obligations$1,751,640
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A

“Economic development partnership of north carolina (edpnc) is a legally separate non-profit corporation created to consolidate and enhance the state's economic development marketing and sales functions previously conducted by the n.c. Department of commerce. These functions include export promotion, tourism marketing, existing industry support, small business assistance, and business recruitment. Edpnc is governed by a 18-member board comprised nine directors, including the chair, appointed by the governor of the state of north carolina, four directors appointed by the speaker of the house of representatives of the state of north carolina, four directors appointed by the president pro tempore of the senate of the state of north carolina, and the secretary of the north carolina department of commerce as an ex officio director. The state has the ability to remove board members at will. The state's contract with edpnc provides recurring financial support to edpnc, creating a financial benefit/burden relationship.”

Form 990, Part VI, Section B, Line 11B

“The 990 is reviewed by the finance team, coo, ceo and board including board audit committee prior to filing with the irs.”

Form 990, Part VI, Section B, Line 12C

“The policy is read at the beginning of various board meetings and members are asked to self-identify any potential conflicts at that time.”

Form 990, Part VI, Section B, Line 15

“The board used comparative data gathered from the form 990s and other disclosures of similar entities when determining the ceo's compensation. Compensation for other officers are determined via compensation studies performed by independent 3rd-party organizations.”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents, conflict of interest policy, and financial statements are available upon request. Board meetings are additionally open to the public.”

Filing and Contact Details

Filer

Filer Name
Economic Development Partnership of
EIN
46-4840814
Phone
9194477777
Address
150 FAYETTEVILLE STREET 1200, RALEIGH, NC 27601

Signing Officer

Name
Christopher Chung
Title
CEO
Phone
9194477777
Signed
2023-12-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher Chung
Formed
2013
Legal Domicile
Nc
Voting Board Members
18
Independent Board Members
18
Employees
87
Volunteers
20

Preparer

Firm
Cherry Bekaert Advisory LLC
Address
3800 GLENWOOD AVE SUITE 200, RALEIGH, NC 27612
Preparer
Paula Wendling
Phone
9197821040
Supplemental Narrative

Financial Statement Notes

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Investment income 264,823.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Investment income -264,823.”

Raw XML AppendixShowing 400 of 767 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0COLLABORATING WITH STATE, REGIONAL, LOCAL, AND PRIVATE-SECTOR PARTNERS TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL NORTH CAROLINIANS.
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IRS990/Desc0TOURISM IN NORTH CAROLINA CONTINUED ITS STRONG REBOUND FROM PANDEMIC-DRIVEN LOWS, SO MUCH SO THAT VISITOR SPENDING INCREASED TO $33.3 BILLION IN 2022, A NEW RECORD THAT WELL OUTPACED THE PREVIOUS RECORD OF $28.9 BILLION SET IN 2021. 2022'S PERFORMANCE REFLECTED A 15% INCREASE OVER THE PRIOR YEAR AND A 66% INCREASE OVER PANDEMIC LOWS EXPERIENCED IN 2020. THE TOURISM-SUPPORTED WORKFORCE IN NORTH CAROLINA INCREASED 10 PERCENT FROM 2021 TO 216,900 JOBS, THOUGH INDUSTRY RELATED JOBS STILL LAG THE 2019 RECORD OF 242,600. OUR VISIT NC TEAM LEVERAGED THE STATE'S BRAND PROMISE OF "RICHER EXPERIENCES" THROUGH ADVERTISING, PUBLIC RELATIONS, DIGITAL MESSAGING, AND MORE TO HELP ACHIEVE THESE NUMBERS. THIS STRATEGY HAS PROVEN SUCCESSFUL IN HELPING NORTH CAROLINA COMPETE AGAINST ITS PEER COMPETITIVE STATES, INCLUDING MANY WHO CONTINUE TO INVEST MORE AGGRESSIVELY IN TOURISM MARKETING.
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2015047
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2117791
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2218135
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2318986
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2410979
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2520725
IRS990/Form990PartVIISectionAGrp/PersonNm0GENE MCLAURIN
IRS990/Form990PartVIISectionAGrp/PersonNm1JOHN KANE
IRS990/Form990PartVIISectionAGrp/PersonNm2PAM CUNDIFF
IRS990/Form990PartVIISectionAGrp/PersonNm3AARON THOMAS
IRS990/Form990PartVIISectionAGrp/PersonNm4SPENCE BROADHURST
IRS990/Form990PartVIISectionAGrp/PersonNm5WILLIAM MORGAN
IRS990/Form990PartVIISectionAGrp/PersonNm6MICHELLE LOGAN
IRS990/Form990PartVIISectionAGrp/PersonNm7JAMES R JORDAN
IRS990/Form990PartVIISectionAGrp/PersonNm8SHEILA KNIGHT
IRS990/Form990PartVIISectionAGrp/PersonNm9VIMAL KOLAPPA
IRS990/Form990PartVIISectionAGrp/PersonNm10KAREN LEVERT
IRS990/Form990PartVIISectionAGrp/PersonNm11RICHARD C REICH PHD
IRS990/Form990PartVIISectionAGrp/PersonNm12LEE NETTLES
IRS990/Form990PartVIISectionAGrp/PersonNm13ROLF BLIZZARD
IRS990/Form990PartVIISectionAGrp/PersonNm14MACHELLE SANDERS
IRS990/Form990PartVIISectionAGrp/PersonNm15SAM BOWLES
IRS990/Form990PartVIISectionAGrp/PersonNm16KEITH HOLTSCLAW
IRS990/Form990PartVIISectionAGrp/PersonNm17JEFFERY TURNER
IRS990/Form990PartVIISectionAGrp/PersonNm18SWADESH CHATTERJEE
IRS990/Form990PartVIISectionAGrp/PersonNm19CHRISTOPHER CHUNG
IRS990/Form990PartVIISectionAGrp/PersonNm20MICHAEL EBERT
IRS990/Form990PartVIISectionAGrp/PersonNm21WILLIAM TUTTELL
IRS990/Form990PartVIISectionAGrp/PersonNm22DENISE DESATNICK
IRS990/Form990PartVIISectionAGrp/PersonNm23LARRY PRICE
IRS990/Form990PartVIISectionAGrp/PersonNm24MELISSA SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm25KOREY HOWARD
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt19346092
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20186993
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt21146846
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt22149671
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt23137909
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt24159184
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt25149626
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt220
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt240
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt250
IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR & CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR & SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt20COO
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP TOURISM
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP BUSINESS RECRUITMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR BUSINESS DEVELOPMENT
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr02013
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolAndSepBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt018
IRS990/GovernmentGrantsAmt01119689
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt052521206
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt018
IRS990/IndivRcvdGreaterThan100KCnt019
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InformationTechnologyGrp/FundraisingAmt05976
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt072801
IRS990/InformationTechnologyGrp/ProgramServicesAmt0542140
IRS990/InformationTechnologyGrp/TotalAmt0620917
IRS990/InsuranceGrp/ManagementAndGeneralAmt052273
IRS990/InsuranceGrp/ProgramServicesAmt012786
IRS990/InsuranceGrp/TotalAmt065059
IRS990/InterestGrp/ManagementAndGeneralAmt078142
IRS990/InterestGrp/TotalAmt078142
IRS990/InvestmentIncomeGrp/ExclusionAmt0264823
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0264823
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt040
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt01339222
IRS990/LandBldgEquipBasisNetGrp/BOYAmt01703842
IRS990/LandBldgEquipBasisNetGrp/EOYAmt02091122
IRS990/LandBldgEquipCostOrOtherBssAmt03430344
IRS990/LegalDomicileStateCd0NC
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0OUR 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt05715556
IRS990/NetAssetsOrFundBalancesEOYAmt06958336
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt05715556
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt06958336
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt020270
IRS990/OccupancyGrp/ManagementAndGeneralAmt092594
IRS990/OccupancyGrp/ProgramServicesAmt0644224
IRS990/OccupancyGrp/TotalAmt0757088
IRS990/OfficeExpensesGrp/FundraisingAmt0965
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt09950
IRS990/OfficeExpensesGrp/ProgramServicesAmt083501
IRS990/OfficeExpensesGrp/TotalAmt094416
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt013628
IRS990/OtherAssetsTotalGrp/EOYAmt013628
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0503
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0102637
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0589044
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0692184
IRS990/OtherExpensesGrp/Desc0HOSPITALITY
IRS990/OtherExpensesGrp/FundraisingAmt0211
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02407
IRS990/OtherExpensesGrp/ProgramServicesAmt032929
IRS990/OtherExpensesGrp/TotalAmt035547
IRS990/OtherLiabilitiesGrp/BOYAmt01689963
IRS990/OtherLiabilitiesGrp/EOYAmt01751640
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt048250
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0413873
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt05364414
IRS990/OtherSalariesAndWagesGrp/TotalAmt05826537
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt03585
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt054898
IRS990/PayrollTaxesGrp/ProgramServicesAmt0406911
IRS990/PayrollTaxesGrp/TotalAmt0465394
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt016741
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0200688
IRS990/PensionPlanContributionsGrp/TotalAmt0217429
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0417109
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0442506
IRS990/PrincipalOfficerNm0CHRISTOPHER CHUNG
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/BusinessCd3900099
IRS990/ProgramServiceRevenueGrp/Desc0STATE OF NC FUNDING
IRS990/ProgramServiceRevenueGrp/Desc1EVENT REVENUE
IRS990/ProgramServiceRevenueGrp/Desc2MILITARY FUNDS
IRS990/ProgramServiceRevenueGrp/Desc3TRADE SHOW REVENUE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt048995372
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1468915
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2120000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt321795
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt048995372
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1468915
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2120000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt321795
IRS990/ProgSrvcAccomActy2Grp/Desc0EXISTING INDUSTRY AND SMALL BUSINESS SUPPORT; BUSINESS DEVELOPMENT, RESEARCH AND MARKETING.THROUGH ITS CONTRACT WITH THE NORTH CAROLINA DEPARTMENT OF COMMERCE, EDPNC OPERATES AS THE SALES AND MARKETING ARM OF THE STATE'S ECONOMIC DEVELOPMENT ACTIVITIES. AS SUCH, EDPNC IS RESPONSIBLE FOR BUSINESS RECRUITMENT, EXISTING INDUSTRY AND SMALL BUSINESS SUPPORT, IMPORT AND EXPORT ASSISTANCE, MARKETING AND RESEARCH, TOURISM, FILM, AND SPORTS DEVELOPMENT ACTIVITIES WITHIN THE STATE, WHICH ALL WORK TOWARD THE CREATION AND RETENTION OF HIGH QUALITY JOBS WITHIN NORTH CAROLINA. EXPENSES RELATED TO SPECIFIC PROGRAMS HAVE BEEN SHOWN PREVIOUSLY.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt016820324
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt049410722
IRS990/ProgSrvcAccomActy3Grp/Desc0EDPNC OFFERS ANOTHER SPECIALIZED SERVICE TO NORTH CAROLINA COMPANIES: ASSISTING THEM TO ENTER FOREIGN MARKETS AND EXPAND THEIR INTERNATIONAL SALES. IN FISCAL YEAR 2023, THE EDPNC'S INTERNATIONAL TRADE MANAGERS AND FOREIGN OFFICES PROVIDED EXPORT ASSISTANCE TO 570 COMPANIES, INCLUDING 166 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.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt02316361
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt02750
IRS990/ProgSrvcAccomActyOtherGrp/Desc0IN FISCAL YEAR 2023, THE EDPNC, WORKING IN TANDEM WITH LOCAL AND STATE PARTNERS INCLUDING THE GOVERNOR'S OFFICE, N.C. DEPARTMENT OF COMMERCE, AND LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS, HELPED CLOSE DEALS ON 131 BUSINESS RECRUITMENT AND EXPANSION PROJECTS RESULTING IN THE ANNOUNCEMENT OF 13,887 NEW JOBS IN NORTH CAROLINA AND $9.67 BILLION IN INVESTMENT. AMONG OTHER HIGHLIGHTS, THIS INCLUDED THE ANNOUNCEMENT OF THE LARGEST CAPITAL INVESTMENT IN NORTH CAROLINA HISTORY, AN 1,801-JOB, $5 BILLION SEMICONDUCTOR PROJECT BY WOLFSPEED IN CHATHAM COUNTY; MAJOR LIFE SCIENCE EXPANSIONS BY ELI LILLY ($450 MILLION) IN DURHAM COUNTY AND NOVO NORDISK ($500 MILLION) IN JOHNSTON COUNTY; A 506-JOB, $220 MILLION MANUFACTURING FACILITY FOR SIEMENS MOBILITY IN DAVIDSON COUNTY; AND A 440-JOB, $85 MILLION FOOD PROCESSING FACILITY FOR SOPAKCO IN SCOTLAND 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. 90 OF THE 131 BUSINESS RECRUITMENT AND EXPANSION DEALS OCCURRED IN TIER 1 AND 2 COUNTIES, AND THOSE PROJECTS ARE EXPECTED TO CREATE 6,906 NEW JOBS AND OVER $2.54 BILLION IN INVESTMENT.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt02197141
IRS990/ProhibitedTaxShelterTransInd00

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$25,065,283
Liabilities
$18,106,947
Net assets
$6,958,336
Revenue
$52,521,206
Expenses
$51,278,426
Net income
$1,242,780
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$131$121$9.23$52.3$51.5$0.86
2024Detailed filing. Detailed filing data is available for this year.$38.7$30.3$8.38$42.1$40.7$1.42
2023Detailed filing. Detailed filing data is available for this year.$25.1$18.1$6.96$52.5$51.3$1.24
2022Detailed filing. Detailed filing data is available for this year.$8.25$2.53$5.72$25.9$25.1$0.84
2021Detailed filing. Detailed filing data is available for this year.$8.60$3.72$4.87$39.9$38.5$1.36
2020Detailed filing. Detailed filing data is available for this year.$10.6$7.06$3.51$20.9$20.3$0.61
2019Detailed filing. Detailed filing data is available for this year.$3.58$0.67$2.91$23.0$23.2$0.21
2018Detailed filing. Detailed filing data is available for this year.$3.79$0.67$3.12$24.3$23.4$0.92
2017Detailed filing. Detailed filing data is available for this year.$8.43$6.23$2.21$23.9$24.0$0.07
2016Detailed filing. Detailed filing data is available for this year.$3.01$0.74$2.28$19.0$18.7$0.31
2015Detailed filing. Detailed filing data is available for this year.$2.59$0.64$1.95$14.8$12.9$1.94
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.04$0.04$0.00
2013Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00