2026-01-14T09:19:13-06:00 2025-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2024-07-01 464840814 ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC ECON 9194477777 150 FAYETTEVILLE STREET 1200 RALEIGH NC 27601 CHRISTOPHER CHUNG CEO 9194477777 2026-01-13 1 1 BREE-ANN WEIDNER P01319397 9197821040 2024 2025-03-06 01:10:19Z CHRISTOPHER CHUNG 150 FAYETTEVILLE STREET 1200 RALEIGH NC 27601 52335240 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 80 18 0 0 2438783 2642875 39024679 48248526 766468 1443839 -80209 0 42149721 52335240 0 0 0 0 8142399 9447465 0 0 345549 32588503 42030508 40730902 51477973 1418819 857267 38670385 130673830 30293230 121439408 8377155 9234422 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 26521387 541933 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. 2440430 24975 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. 3189842 0 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. 16391474 47681618 EXISTING INDUSTRY, SMALL BUSINESS SUPPORT; BUSINESS DEVELOPMENT, AND BUSINESS RESEARCH AND MARKETING. 16391474 47681618 48543133 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 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 51 0 1 80 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 0.00 X X 0 0 0 JOHN KANE DIRECTOR & SECRETARY/TREAS 1.00 0.00 X X 0 0 0 PAM CUNDIFF DIRECTOR 1.00 0.00 X 0 0 0 AARON THOMAS DIRECTOR 1.00 0.00 X 0 0 0 SPENCE BROADHURST DIRECTOR 1.00 0.00 X 0 0 0 WILLIAM MORGAN DIRECTOR 1.00 0.00 X 0 0 0 MICHELLE LOGAN DIRECTOR (THRU NOV 2024) 1.00 0.00 X 0 0 0 JAMES R JORDAN DIRECTOR 1.00 0.00 X 0 0 0 SHEILA KNIGHT DIRECTOR 1.00 0.00 X 0 0 0 VIMAL KOLAPPA DIRECTOR 1.00 0.00 X 0 0 0 KAREN LEVERT DIRECTOR 1.00 0.00 X 0 0 0 RICHARD C REICH PHD DIRECTOR 1.00 0.00 X 0 0 0 LEE NETTLES DIRECTOR (THRU NOV 2024) 1.00 0.00 X 0 0 0 ROLF BLIZZARD DIRECTOR 1.00 0.00 X 0 0 0 LEE LILLEY DIRECTOR 1.00 0.00 X 0 0 0 SAM BOWLES DIRECTOR 1.00 0.00 X 0 0 0 KEITH HOLTSCLAW DIRECTOR 1.00 0.00 X 0 0 0 BHASKAR VENEPALLI DIRECTOR 1.00 0.00 X 0 0 0 SHAYLAH NUNN JONES DIRECTOR 1.00 0.00 X 0 0 0 ANDREW SCHMIDT DIRECTOR 1.00 0.00 X 0 0 0 MACHELLE SANDERS DIRECTOR (THRU NOV 2024) 1.00 0.00 X 0 0 0 CHRISTOPHER CHUNG CEO 40.00 0.00 X 391760 0 64272 MICHAEL EBERT COO 40.00 0.00 X 213991 0 16775 MELISSA SMITH SR. VP BUSINESS RECRUITMENT 40.00 0.00 X 179736 0 15481 DENISE DESATNICK VP MARKETING 40.00 0.00 X 179332 0 17951 WILLIAM TUTTELL VP TOURISM 40.00 0.00 X 174850 0 21531 LARRY PRICE DIRECTOR FINANCE 40.00 0.00 X 147982 0 20792 ANDERS VICTOR DIRECTOR BUS. DEVELOPMENT 40.00 0.00 X 131261 0 13381 1418912 0 170183 22 0 1 0 SITE SELECTION GROUP LLC 8235 DOUGLAS AVE DALLAS TX 75225 BUSINESS SITE LOCATION CONSULTANTS 380067 THE UPROAR CONCEPT LLC 360 OLD HAW CREEK RD ASHEVILLE NC 28805 TOURISM MARKETING CONSULTANTS 291108 KOREY KINGSLEY HOWARD 1-2-6 NIHONBASHI MUROMACHI CHUOKU TOKYO JA 100-0022 BUSINES DEVELOPMENT AND RECRUITMENT CONS 194208 VIOLET COMMUNICATIONS LLC 33 PLYMOUTH STREET SUITE LL2 MONTCLAIR NJ 07042 PUBLIC RELATION SERVICES 162580 4 1135675 1507200 22000 2642875 STATE OF NC FUNDING 900099 46139719 46139719 CONFERENCE REVENUE 900099 1000000 1000000 EVENT REVENUE 900099 817281 817281 SPONSORSHIP REVENUE 900099 207595 207595 TRADE SHOW REVENUE 900099 46530 46530 37401 37401 48248526 1443839 1443839 52335240 48248526 0 1443839 721713 721713 6970496 6234393 554198 181905 270732 255024 15708 927995 748207 159071 20717 556529 470491 72467 13571 101651 74982 26669 61155 9038 52117 2034779 1908208 126571 34696546 34685459 7839 3248 107870 88245 19017 608 911849 676493 222008 13348 926849 658979 242939 24931 714641 648074 61780 4787 2167855 2036336 49283 82236 59339 59339 131779 131779 82441 17215 65226 HOSPITALITY 33754 31989 1567 198 51477973 48543133 2589291 345549 2556665 3678423 33180964 125122966 423957 464421 877833 599355 3777343 2985292 1608748 792051 22218 16614 38670385 130673830 1586866 819522 27327252 119930538 1379112 689348 30293230 121439408 X 8377155 9234422 8377155 9234422 38670385 130673830 857267 0 X 0 1 X 1 1 1 X 20695573 5093721 2297690 2438783 2642875 33168642 20695573 5093721 2297690 2438783 2642875 33168642 537125 32631517 264823 766468 1443839 2475130 35643772 177215376 0.91550 0.94530 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2999466 2473541 525925 505093 238967 266126 272784 272784 0 792051 CAPITAL LEASE OBLIGATIONS 689348 689348 X 52467425 132185 132185 52335240 0 52335240 51610158 132185 132185 51477973 0 51477973 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. MANAGEMENT BELIEVES THE ORGANIZATION CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AS OF JUNE 30, 2025. MANAGEMENT HAS ALSO NOT IDENTIFIED ANY UNRELATED BUSINESS INCOME REQUIRING THE ORGANIZATION TO FILE A FORM 990-T, EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN. EAST ASIA AND THE PACIFIC 1 1 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 396010 EUROPE 2 2 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 554644 NORTH AMERICA 2 2 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 226000 MIDDLE EAST AND NORTH AFRICA 1 1 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 100000 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 2 2 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 128974 8 8 0 0 8 8 1405628 0 1405628 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. X X X X 0 1 0 0 0 0 0 0 0 CHRISTOPHER CHUNG CEO 316760 0 75000 0 0 0 46833 0 17439 0 456032 0 0 0 MICHAEL EBERT COO 191432 0 22559 0 0 0 10281 0 6494 0 230766 0 0 0 DENISE DESATNICK VP MARKETING 158142 0 21190 0 0 0 8967 0 8984 0 197283 0 0 0 WILLIAM TUTTELL VP TOURISM 156197 0 18653 0 0 0 8742 0 12789 0 196381 0 0 0 MELISSA SMITH SR. VP BUSINESS RECRUITMENT 168602 0 11134 0 0 0 8987 0 6494 0 195217 0 0 0 LARRY PRICE DIRECTOR FINANCE 136231 0 11751 0 0 0 7399 0 13393 0 168774 0 0 0 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. 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. ADDITIONALLY, BOARD MEETINGS ARE OPEN TO THE PUBLIC.