2023-12-13T13:13:43-06:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2022-07-01 464840814 ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC ECON 9194477777 150 FAYETTEVILLE STREET 1200 RALEIGH NC 27601 CHRISTOPHER CHUNG CEO 9194477777 2023-12-11 1 CHRISTOPHER CHUNG 999009999 1 PAULA WENDLING P00536805 9197821040 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHRISTOPHER CHUNG 150 FAYETTEVILLE STREET 1200 RALEIGH NC 27601 52521206 0 X WWW.EDPNC.COM X 2013 NC COLLABORATING WITH STATE, REGIONAL, LOCAL, AND PRIVATE-SECTOR PARTNERS TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL NORTH CAROLINIANS. 18 18 87 20 0 0 5093721 2297690 20806967 49958693 0 264823 0 0 25900688 52521206 0 0 0 0 7193498 7876501 0 0 92736 17864547 43401925 25058045 51278426 842643 1242780 8246221 25065283 2530665 18106947 5715556 6958336 X 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. 0 0 28052361 545221 TOURISM 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. 16820324 49410722 EXISTING 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. 2316361 2750 EDPNC 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. 2197141 IN 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. 2197141 49386187 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 40 0 1 87 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X CHRISTOPHER CHUNG 9194477788 150 FAYETTEVILLE STREET STE 1200 RALEIGH NC 27601 GENE MCLAURIN DIRECTOR & CHAIR 2.00 X X 0 0 0 JOHN KANE DIRECTOR & SECRETARY/TREASURER 1.00 X X 0 0 0 PAM CUNDIFF DIRECTOR 1.00 X 0 0 0 AARON THOMAS DIRECTOR 1.00 X 0 0 0 SPENCE BROADHURST DIRECTOR 1.00 X 0 0 0 WILLIAM MORGAN DIRECTOR 1.00 X 0 0 0 MICHELLE LOGAN DIRECTOR 1.00 X 0 0 0 JAMES R JORDAN DIRECTOR 1.00 X 0 0 0 SHEILA KNIGHT DIRECTOR 1.00 X 0 0 0 VIMAL KOLAPPA DIRECTOR 1.00 X 0 0 0 KAREN LEVERT DIRECTOR 1.00 X 0 0 0 RICHARD C REICH PHD DIRECTOR 1.00 X 0 0 0 LEE NETTLES DIRECTOR 1.00 X 0 0 0 ROLF BLIZZARD DIRECTOR 1.00 X 0 0 0 MACHELLE SANDERS DIRECTOR 1.00 X 0 0 0 SAM BOWLES DIRECTOR 1.00 X 0 0 0 KEITH HOLTSCLAW DIRECTOR 1.00 X 0 0 0 JEFFERY TURNER DIRECTOR 1.00 X 0 0 0 SWADESH CHATTERJEE DIRECTOR 1.00 X 0 0 0 CHRISTOPHER CHUNG CEO 40.00 X 346092 0 58861 MICHAEL EBERT COO 40.00 X 186993 0 15047 WILLIAM TUTTELL VP TOURISM 40.00 X 146846 0 17791 DENISE DESATNICK VP MARKETING 40.00 X 149671 0 18135 LARRY PRICE DIRECTOR FINANCE 40.00 X 137909 0 18986 MELISSA SMITH VP BUSINESS RECRUITMENT 40.00 X 159184 0 10979 KOREY HOWARD DIRECTOR BUSINESS DEVELOPMENT 40.00 X 149626 0 20725 1276321 0 160524 19 0 1 0 0 1119689 1178001 2297690 STATE OF NC FUNDING 900099 48995372 48995372 EVENT REVENUE 900099 468915 468915 MILITARY FUNDS 900099 120000 120000 TRADE SHOW REVENUE 900099 21795 21795 352611 352611 49958693 264823 264823 52521206 49958693 0 264823 674957 674957 5826537 5364414 413873 48250 217429 200688 16741 692184 589044 102637 503 465394 406911 54898 3585 31648 15210 16438 39800 7855 31945 1815255 1761438 53817 38517163 38508347 4754 4062 94416 83501 9950 965 620917 542140 72801 5976 757088 644224 92594 20270 850020 821305 27019 1696 429927 395395 27314 7218 78142 78142 66943 66943 65059 12786 52273 HOSPITALITY 35547 32929 2407 211 51278426 49386187 1799503 92736 5678180 22250255 433462 267772 417109 442506 3430344 1339222 1703842 2091122 13628 13628 8246221 25065283 814749 2613453 25953 13741854 1689963 1751640 2530665 18106947 X 5715556 6958336 5715556 6958336 8246221 25065283 1242780 0 X 0 1 X 1 1 1 X 2079128 1656451 20695573 5093721 2297690 31822563 2079128 1656451 20695573 5093721 2297690 31822563 558252 31264311 264823 264823 32087386 130116515 0.97430 0.98360 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2603368 1083445 1519923 173262 77479 95783 653714 178298 475416 2091122 CAPITAL LEASE OBLIGATIONS 1751640 1751640 52289089 32706 32706 52256383 264823 264823 52521206 51046309 32706 -264823 -232117 51278426 0 51278426 PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME 264,823. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT INCOME -264,823. EAST ASIA AND THE PACIFIC 5 5 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 155497 EUROPE 6 6 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 1038791 NORTH AMERICA 2 2 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 260000 MIDDLE EAST AND NORTH AFRICA 1 1 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 100000 SOUTH ASIA 1 1 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 118885 15 15 0 0 15 15 1673173 0 1673173 0 0 0 0 0 0 PART I, LINE 3: THE ORGANIZATION USED THE ACCRUAL METHOD OF ACCOUNTING IN CALCULATING THE EXPENDITURES SHOWN IN PART I. PART III ACCOUNTING METHOD: X X X X 0 1 0 0 0 0 0 0 0 CHRISTOPHER CHUNG CEO 278969 0 67123 0 0 0 43045 0 15816 0 404953 0 0 0 MICHAEL EBERT COO 163793 0 23200 0 0 0 9098 0 5949 0 202040 0 0 0 KOREY HOWARD DIRECTOR BUSINESS DEVELOPMENT 122592 0 27034 0 0 0 4909 0 15816 0 170351 0 0 0 MELISSA SMITH VP BUSINESS RECRUITMENT 134034 0 25150 0 0 0 5030 0 5949 0 170163 0 0 0 DENISE DESATNICK VP MARKETING 126583 0 23088 0 0 0 7232 0 10903 0 167806 0 0 0 WILLIAM TUTTELL VP TOURISM 125742 0 21104 0 0 0 7138 0 10653 0 164637 0 0 0 LARRY PRICE DIRECTOR FINANCE 121823 0 16086 0 0 0 6699 0 12287 0 156895 0 0 0 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. THE CONTRIBUTION TO THE SERP IS CALCULATED BASED ON THE CEO'S BASE SALARY AND IS INCREASED EACH YEAR THAT THE CEO IS EMPLOYED BY THE ORGANIZATION. THE VESTED BALANCE OF $99,670 IN THE SERP WAS PAID TO THE CEO ON JANUARY 15, 2021. FOR FYE 2023, THE AMOUNT ACCRUED FOR THE SERP WAS $27,795. 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.