2025-01-24T12:16:49-06:00 2024-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2023-07-01 464840814 ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA INC ECON 9194477777 150 FAYETTEVILLE STREET 1200 RALEIGH NC 27601 CHRISTOPHER CHUNG CEO 9194477777 2025-01-23 1 1 BREE-ANN WEIDNER P01319397 9197821040 2023 2025-03-06 01:10:19Z CHRISTOPHER CHUNG 150 FAYETTEVILLE STREET 1200 RALEIGH NC 27601 42149721 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 83 18 0 0 2297690 2438783 49958693 39024679 264823 766468 0 -80209 52521206 42149721 0 0 0 0 7876501 8142399 0 0 218815 43401925 32588503 51278426 40730902 1242780 1418819 25065283 38670385 18106947 30293230 6958336 8377155 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 18875286 545151 TOURISM IN NORTH CAROLINA CONTINUED TO BREAK RECORDS IN 2023, WITH TRAVEL SPENDING STATEWIDE RISING 6.9% TO $35.6 BILLION, WHICH WAS MORE THAN 2022'S RECORD OF $33.3 BILLION. 2022'S GROWTH WAS A RECORD-BREAKING INCREASE OF 15% OVER 2021 NUMBERS. DIRECT TOURISM EMPLOYMENT ALSO INCREASED STATEWIDE BY 4.8 % TO 227,000 IN 2023. GROWTH IN DIRECT TOURISM EMPLOYMENT WAS SEEN AMONG RURAL AND URBAN COUNTIES WITH NEARLY 20 % OF COUNTIES SEEING HIGHER THAN AVERAGE GROWTH. VISIT NC MARKED 2023 WITH A NEW ADVERTISING CAMPAIGN TITLED "FOR REAL, VISIT NC." THANKS TO INCREASED FUNDING FROM THE NORTH CAROLINA GENERAL ASSEMBLY, THE CAMPAIGN EXPANDED INTO NEW MARKETS THROUGHOUT THE NORTHEAST, SOUTHEAST, AND MIDWEST. "FOR REAL, VISIT NC" SHOWS THE VIEWER THAT FOR A RICHER EXPERIENCE, YOU SHOULD HAVE A REAL EXPERIENCE, WHICH CAN ALL BE FOUND IN NORTH CAROLINA. GROWTH IN DIRECT TOURISM EMPLOYMENT WAS ALSO SEEN AMONG RURAL AND URBAN COUNTIES WITH NEARLY 20 % OF COUNTIES SEEING HIGHER THAN AVERAGE GROWTH. 2447549 16705 THE EDPNC OFFERS ANOTHER SPECIALIZED SERVICE TO NORTH CAROLINA COMPANIES: ASSISTING THEM TO ENTER FOREIGN MARKETS AND EXPAND THEIR INTERNATIONAL SALES. IN FISCAL YEAR 2024, THE EDPNC'S INTERNATIONAL TRADE MANAGERS AND FOREIGN OFFICES PROVIDED EXPORT ASSISTANCE TO 520 COMPANIES, INCLUDING 102 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. 17131372 38462823 IN FISCAL YEAR 2024, THE EDPNC, WORKING IN TANDEM WITH LOCAL AND STATE PARTNERS INCLUDING THE GOVERNOR'S OFFICE, THE N.C. DEPARTMENT OF COMMERCE, AND LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS, HELPED CLOSE DEALS ON 120 BUSINESS RECRUITMENT AND EXPANSION PROJECTS RESULTING IN THE ANNOUNCEMENT OF 13,888 NEW JOBS IN NORTH CAROLINA AND $10.5 BILLION IN INVESTMENT. NOTABLE PROJECT ANNOUNCEMENTS INCLUDE EPSILON ADVANCED MATERIALS' NEW SYNTHETIC GRAPHITE MANUFACTURING FACILITY OUTSIDE OF WILMINGTON. THE COMPANY ANNOUNCED IT WOULD INVEST $649.9 MILLION AND WILL CREATE 500 NEW JOBS IN BRUNSWICK COUNTY. ALSO ANNOUNCED WERE SCHOTT PHARMA'S 401-JOB, $371 MILLION MANUFACTURING FACILITY IN WILSON COUNTY; VIETNAMESE SOLAR TECHNOLOGY COMPANY BOVIET SOLAR'S 908-JOB, $294 MILLION SOLAR PANEL MANUFACTURING FACILITY IN PITT COUNTY; JAPANESE LITHIUM-ION BATTERY POUCH MANUFACTURER DAI NIPPON PRINTING COMPANY'S 352-JOB, $233 MILLION ADVANCED MANUFACTURING FACILITY IN DAVIDSON COUNTY; AND JAPANESE PHARMACEUTICAL COMPANY KYOWA KIRIN'S 102-JOB, $200 MILLION MANUFACTURING COMPLEX IN LEE 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. EIGHTY-FOUR OF THE 120 BUSINESS RECRUITMENT AND EXPANSION DEALS OCCURRED IN TIER 1 AND 2 COUNTIES, AND THOSE PROJECTS ARE EXPECTED TO CREATE 7,822 NEW JOBS AND OVER $3.56 BILLION IN INVESTMENT.IN RESPONSE TO THE STATE'S CONTINUED BUSINESS RECRUITMENT SUCCESSES, THE MEGASITE READINESS PROGRAM AND SELECTSITE READINESS PROGRAM WERE CREATED TO DEVELOP NEW INDUSTRIAL SITES AIMED AT ATTRACTING MAJOR MANUFACTURING EMPLOYERS. EDPNC IS LEADING THESE EFFORTS ON THE STATE'S BEHALF, AND IN FY2024 DEVELOPED PROGRAM GUIDELINES AND AN APPLICATION PORTAL FOR THE NEW GRANT PROGRAMS. EDPNC, IN PARTNERSHIP WITH THE SITE SELECTION GROUP (SSG) AND THOMAS & HUTTON, ALSO COMPLETED A STATEWIDE STUDY THAT IDENTIFIED 15 SITES FOR DEVELOPMENT UNDER THE SELECTSITE PROGRAM. 38454207 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 42 0 1 83 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 ROLF BLIZZARD DIRECTOR 1.00 0.00 X 0 0 0 SAM BOWLES DIRECTOR 1.00 0.00 X 0 0 0 SPENCE BROADHURST DIRECTOR 1.00 0.00 X 0 0 0 PAM CUNDIFF DIRECTOR 1.00 0.00 X 0 0 0 KEITH HOLTSCLAW DIRECTOR 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 MICHELLE LOGAN DIRECTOR 1.00 0.00 X 0 0 0 WILLIAM MORGAN DIRECTOR 1.00 0.00 X 0 0 0 LEE NETTLES DIRECTOR 1.00 0.00 X 0 0 0 RICHARD C REICH PHD DIRECTOR 1.00 0.00 X 0 0 0 MACHELLE SANDERS DIRECTOR 1.00 0.00 X 0 0 0 AARON THOMAS DIRECTOR 1.00 0.00 X 0 0 0 BHASKAR VENEPALLI DIRECTOR 1.00 0.00 X 0 0 0 CHRISTOPHER CHUNG CEO 40.00 0.00 X 400926 0 62103 MICHAEL EBERT COO 40.00 0.00 X 199795 0 16274 LARRY PRICE DIRECTOR FINANCE 40.00 0.00 X 143060 0 19754 MELISSA SMITH VP BUSINESS RECRUITMENT 40.00 0.00 X 184002 0 13798 WILLIAM TUTTELL VP TOURISM 40.00 0.00 X 156340 0 19322 KOREY HOWARD DIRECTOR BUSINESS RECRUITMNT 40.00 0.00 X 149201 0 16853 DENISE DESATNICK VP MARKETING 40.00 0.00 X 162955 0 15130 1396279 0 163234 22 0 1 0 M MOSER ASSOCIATES LLC 233 BROADWAY SUITE 2401 NEW YORK NY 10279 OFFICE RENOVATION 357782 APRIL ELIZABETH MASON 8 HILLSIDE AVE SUITE LL1 MONTCLAIR NJ 07042 PUBLIC RELATIONS SERVICES 109778 2 1188683 1250100 22000 2438783 STATE OF NC FUNDING 900099 38066597 38066597 EVENT REVENUE 900099 544427 544427 MILITARY FUNDS 900099 60000 60000 TRADE SHOW REVENUE 900099 31075 31075 322580 322580 39024679 766468 766468 3RD PARTY FRAUD LOSS 900099 -80209 -80209 -80209 42149721 39024679 0 686259 689638 689638 6016039 5595677 282201 138161 229181 213988 15193 726091 667808 49941 8342 481450 419597 51278 10575 44707 23587 21120 43757 8514 35243 2217899 2075412 142487 27054727 27046063 3056 5608 78662 69829 8243 590 758975 568771 180907 9297 943595 686738 232216 24641 879645 824641 48504 6500 241450 202428 24521 14501 90842 90842 118404 118404 77744 16038 61706 HOSPITALITY 38096 35116 2380 600 40730902 38454207 2057880 218815 22250255 35737629 267772 423957 442506 877833 3728156 2119408 2091122 1608748 13628 22218 25065283 38670385 2613453 1586866 13741854 27327252 1751640 1379112 18106947 30293230 X 6958336 8377155 6958336 8377155 25065283 38670385 1418819 0 X 0 1 X 1 1 1 X 1656451 20695573 5093721 2297690 2438783 32182218 1656451 20695573 5093721 2297690 2438783 32182218 785730 31396488 264823 766468 1031291 33213509 148208815 0.94530 0.97430 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2999466 1772304 1227162 455906 114249 341657 272784 232855 39929 1608748 CAPITAL LEASE OBLIGATIONS 1379112 1379112 X 41523225 59763 59763 41463462 686259 686259 42149721 40104406 59763 -686259 -626496 40730902 0 40730902 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, 2024. MANAGEMENT HAS ALSO NOT IDENTIFIED ANY UNRELATED BUSINESS INCOME REQUIRING THE ORGANIZATION TO FILE A FORM 990-T, EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME 766,468. 3RD PARTY LOSS -80,209. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT INCOME -766,468. 3RD PARTY LOSS 80,209. EAST ASIA AND THE PACIFIC 4 4 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 148866 EUROPE 6 6 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 644907 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 - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 1 1 PROGRAM SERVICES INTERNATIONAL TRADE & FOREIGN DIRECT INVESTMENT 108476 14 14 0 0 14 14 1262249 0 1262249 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 300926 0 100000 0 0 0 45250 0 16853 0 463029 0 0 0 MICHAEL EBERT COO 178697 0 21098 0 0 0 9990 0 6284 0 216069 0 0 0 MELISSA SMITH VP BUSINESS RECRUITMENT 163460 0 20542 0 0 0 7514 0 6284 0 197800 0 0 0 DENISE DESATNICK VP MARKETING 148022 0 14933 0 0 0 8148 0 6982 0 178085 0 0 0 WILLIAM TUTTELL VP TOURISM 141843 0 14497 0 0 0 7817 0 11505 0 175662 0 0 0 KOREY HOWARD DIRECTOR BUSINESS RECRUITMNT 127167 0 22034 0 0 0 0 0 16853 0 166054 0 0 0 LARRY PRICE DIRECTOR FINANCE 128543 0 14517 0 0 0 7153 0 12601 0 162814 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. SERP IS CALCULATED BASED OFF OF THE CEO'S BASE SALARY AND IS INCREASED EACH YEAR THAT THE CEO IS EMPLOYED BY THE ORGANIZATION. $110,712 WAS PAID TO THE CEO ON JANUARY 15, 2024, AS A RESULT OF THIS CONTRACT. ON MARCH 21, 2024, THE SERP AGREEMENT WAS RENEWED, WITH THE SERP PAYABLE ON JANUARY 13, 2027, PROVIDED THE CEO IS EMPLOYED BY THE ORGANIZATION. THE SERP AMOUNT ACCRUED UNDER THE PLAN WAS $30,000 AT JUNE 30, 2024. 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.