2016-11-07T14:12:44-06:00 2015-12-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2015-01-01 520887806 INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL INTE 2022234735 734 15TH STREET NW NO 900 WASHINGTON DC 20005 SHARON COY VP OF FINANCE & CFO 2022234735 2016-11-06 1 YONG ZHANG CPA P01249785 7033366400 2015 2017-02-10 21:41:12Z JEFFREY A FINKLE 734 15TH STREET NW NO 900 WASHINGTON DC 20005 6259863 0 X WWW.IEDCONLINE.ORG X 2001 WI THE PURPOSE OF THE COUNCIL IS TO DEVELOP POLICIES AN ADVANCE THE PROFESSION OF ECONOMIC DEVELOPMENT AND SERVE AS A CLEARINGHOUSE FOR INFORMATION ON LOCAL ECONOMIC PROBLEMS AND SITUATIONS. 55 55 50 55 171478 144971 2147311 2548973 3895302 3676384 25971 34506 0 0 6068584 6259863 0 0 0 0 3158458 3272198 0 0 0 2735777 2641870 5894235 5914068 174349 345795 5437429 5981327 2270417 2468520 3167012 3512807 X IEDC IS A MEMBERSHIP ORGANIZATION DEDICATED TO HELPING ECONOMIC DEVELOPERS DO THEIR JOB MORE EFFECTIVELY AND RAISING THE PROFILE OF THE PROFESSION. THE ORGANIZATION'S MISSION IS TO PROVIDE LEADERSHIP AND EXCELLENCE IN ECONOMIC DEVELOPMENT FOR OUR COMMUNITIES, MEMBERS, AND PARTNERS. 0 0 3006074 3504906 THE IEDC ADVISORY SERVICES AND RESEARCH (ASR) DEPARTMENT WORKED TO IMPROVE ECONOMIC OPPORTUNITIES FOR COMMUNITIES AND REGIONS; PROVIDED TECHNICAL ASSISTANCE AND CUSTOMIZED ANALYSIS THAT HELPED CREATE SUSTAINABLE ECONOMIC DEVELOPMENT SOLUTIONS. WE KEPT ECONOMIC DEVELOPMENT PROFESSIONALS INFORMED ON ISSUES AND TRENDS IN THE FIELD THROUGH RESEARCH, PUBLICATIONS, AND INFORMATION DISSEMINATION. 3006074 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 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 39 0 1 50 1 1 1 0 0 0 0 0 0 0 0 0 X 55 55 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 0 1 1 0 0 X JEFFREY FINKLE 2022234735 734 15TH STREET NW NO 900 WASHINGTON DC 20005 JOANN CRARY BOARD CHAIR 5.00 X X 5308 0 0 BARRY MATHERLY BOARD VICE CHAIR 5.00 X X 381 0 0 MICHAEL LANGLEY BOARD SECRETARY/TREASURER 5.00 X X 0 0 0 KENNY MCDONALD CHAIR, PLANNING AND BUSINESS DEVELOPMENT 2.00 X X 0 0 0 CRAIG RICHARDS CHAIR, EXTERNAL MEMBER RELATIONS 2.00 X X 0 0 0 TRACYE MCDANIEL CHAIR, PERFORMANCE OVERSIGHT AND MONITORING 2.00 X X 0 0 0 WILLIAM SPROULL IMMEDIATE PAST BOARD CHAIR 2.00 X X 2073 0 0 WILLIAM ALLEN DIRECTOR 1.00 X 0 0 0 DARRELL AUTERSON DIRECTOR 1.00 X 0 0 0 IVAN BAKER DIRECTOR 1.00 X 0 0 0 DAVID BERZINA DIRECTOR 1.00 X 0 0 0 DYAN BRASINGTON DIRECTOR 1.00 X 0 0 0 MARVA BRYANT DIRECTOR 1.00 X 0 0 0 CHRIS CAMACHO DIRECTOR 1.00 X 0 0 0 ROBERT CAMOIN DIRECTOR 1.00 X 0 0 0 TIM CHASE DIRECTOR 1.00 X 0 0 0 TEDRA CHEATHAM DIRECTOR 1.00 X 0 0 0 CHRISTOPHER CHUNG DIRECTOR 1.00 X 0 0 0 AMY CLICKNER DIRECTOR 1.00 X 0 0 0 VANN CUNNINGHAM DIRECTOR 1.00 X 0 0 0 BRYAN DANIELS DIRECTOR 1.00 X 0 0 0 JACKIE DAVIS-WELLINGTON DIRECTOR 1.00 X 0 0 0 NEIL EVERSON DIRECTOR 1.00 X 0 0 0 KRISTEN FISH DIRECTOR 1.00 X 0 0 0 JIM FRAM DIRECTOR 1.00 X 0 0 0 RAYMOND GILLEY DIRECTOR 1.00 X 0 0 0 GYNII GILLIAM DIRECTOR 1.00 X 0 0 0 TODD GREENE DIRECTOR 1.00 X 0 0 0 CECILIA HARRY DIRECTOR 1.00 X 0 0 0 MARIO HERNANDEZ DIRECTOR 1.00 X 0 0 0 CLARENCE HULSE DIRECTOR 1.00 X 0 0 0 THOMAS KUCHARSKI DIRECTOR 1.00 X 0 0 0 HEATHER LALONDE DIRECTOR 1.00 X 0 0 0 CAROL KRAUS LAUFFER DIRECTOR 1.00 X 0 0 0 ANDREW LEVINE DIRECTOR 1.00 X 0 0 0 BRIAN MCGOWAN DIRECTOR 1.00 X 0 0 0 RODERICK MILLER DIRECTOR 1.00 X 0 0 0 MARY ANN MOON DIRECTOR 1.00 X 0 0 0 FRED MORLEY DIRECTOR 1.00 X 0 0 0 MARK O'CONNELL DIRECTOR 1.00 X 0 0 0 ERIK PAGES DIRECTOR 1.00 X 0 0 0 DIANE PALMINTERA DIRECTOR 1.00 X 0 0 0 JONAS PETERSON DIRECTOR 1.00 X 0 0 0 JAN ROGERS DIRECTOR 1.00 X 0 0 0 GURBAX SAHOTA DIRECTOR 1.00 X 0 0 0 GILBERT SALINAS DIRECTOR 1.00 X 0 0 0 JOHN STERNLICHT DIRECTOR 1.00 X 0 0 0 MICHAEL TAYLOR DIRECTOR 1.00 X 0 0 0 ALLISON THOMPSON DIRECTOR 1.00 X 0 0 0 ANATALIO UBALDE DIRECTOR 1.00 X 0 0 0 MARTIN VANAGS DIRECTOR 1.00 X 0 0 0 STEVE WEATHERS DIRECTOR 1.00 X 0 0 0 JOY WILKINS DIRECTOR 1.00 X 0 0 0 ROY WILLIAMS DIRECTOR 1.00 X 0 0 0 BEN WRIGHT DIRECTOR 1.00 X 0 0 0 JEFF FINKLE PRESIDENT & CEO 40.00 X 359486 0 100699 SHARON COY VP OF FINANCE & CFO 40.00 X 133668 0 27609 TRACY KITTS CAO 40.00 X 145835 0 25721 LYNN KNIGHT VP OF KMD 40.00 X 139475 0 33028 786226 0 187057 4 0 1 0 NADO RESEARCH FOUNDATION 400 NORTH CAPITAL STREET NW WASHINGTON DC 20001 CONSULTING 452997 SHARI NOURICK 13380 NW 11TH LANE FT LAUDERDALE FL 33323 CONSULTING 121910 SMG OF ALASKA INC 600 WEST 7TH AVENUE ANCHORAGE AK 99501 CONFERENCE 109470 WALTON FLORIDA GOLF RESORT 400 AVENUE OF THE CHAMPIONS PALM BEACH GARDENS FL 33418 HOTEL 108444 4 1418646 1125766 4561 2548973 CONFERENCE 900099 2092424 2092424 EDUCATION/CERTIFICATIO 900099 1031657 1031657 ADVISORY SERVICES AND 900099 380825 380825 EMPLOYMENT SERVICES 561300 171478 171478 3676384 34506 34506 6259863 3504906 171478 34506 X 621462 325133 296329 2049839 1072423 977416 135487 70883 64604 274346 143530 130816 191064 99960 91104 31800 31800 847787 366494 481293 10270 5373 4897 647490 338750 308740 42915 42915 271150 271150 122483 64080 58403 537522 281218 256304 8735 8735 19003 19003 DUES & SUBSCRIPTIONS 54384 28452 25932 BAD DEBT EXPENSE 35746 35746 OTHER EXPENSE 12585 6694 5891 OVERHEAD ALLOCATION 0 203084 -203084 5914068 3006074 2907994 0 765850 1048531 633546 1173408 801506 1098289 11972 12151 344064 251720 837130 829574 4675 7556 2861178 2375034 14638 14638 5437429 5981327 629836 567305 1352601 1566647 287980 334568 2270417 2468520 X 3090977 3434175 76035 78632 3167012 3512807 5437429 5981327 345795 0 X X 0 1 X 1 1 1 X 1399852 1580402 1754248 2147311 2548973 9430786 1399852 1580402 1754248 2147311 2548973 9430786 9430786 28661 21839 26189 25971 34506 137166 137456 144971 282427 9850379 17700422 0.95740 0.96960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 837130 829574 7556 7556 OBLIGATION UNDER NONQUALIFIED EMPLOYEE BENEFIT PLAN 275034 DEFERRED RENT 59534 334568 X 6444445 184582 184582 6259863 0 6259863 6098650 184582 184582 5914068 0 5914068 PART X, LINE 2: THE COUNCIL IS EXEMPT FROM THE PAYMENT OF INCOME TAXES ON ITS EXEMPT ACTIVITIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS OTHER THAN A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE COUNCIL IS ALSO EXEMPT UNDER SECTION 47-1802.1(3) OF THE D.C. CODE. THE COUNCIL HAD INCOME TAX EXPENSE RELATING TO ADVERTISING INCOME OF $63,100 AND $0 FOR THE YEARS ENDING DECEMBER 31, 2015 AND 2014, RESPECTIVELY. THE COUNCIL MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WOULD BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS EVALUATED THE COUNCIL'S TAX POSITIONS AND HAS CONCLUDED THAT THE COUNCIL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THE COUNCIL WOULD BE LIABLE FOR INCOME TAXES IN THE U.S. FEDERAL JURISDICTION. GENERALLY, THE COUNCIL IS NO LONGER SUBJECT TO U.S. FEDERAL TAX EXAMINATIONS BY TAX AUTHORITIES BEFORE 2012. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JEFF FINKLE PRESIDENT & CEO 299135 0 60351 0 0 0 58843 0 41856 0 460185 0 0 0 SHARON COY VP OF FINANCE & CFO 119598 0 14070 0 0 0 14352 0 13257 0 161277 0 0 0 TRACY KITTS CAO 134886 0 10949 0 0 0 10677 0 15044 0 171556 0 0 0 LYNN KNIGHT VP OF KMD 130133 0 9342 0 0 0 8443 0 24585 0 172503 0 0 0 PART I, LINE 1A THE ORGANIZATION PAID $5,807 IN 2014 FOR THE PRESIDENT & CEO'S CLUB DUES, WHICH IS NOT TAXABLE BENEFIT. FORM 990, PART VI, SECTION A, LINE 6 IEDC HAS THE FOLLOWING MEMBERS: -ACTIVE MEMBER: MEMBERSHIP IN THE COUNCIL SHALL BE OPEN TO GOVERNMENTAL AGENCIES, PRIVATE ORGANIZATIONS AND INDIVIDUALS ENGAGED IN OR CONCERNED WITH LOCAL, REGIONAL, STATE AND PROVINCIAL ECONOMIC AND COMMUNITY DEVELOPMENT UPON APPLICATION TO, AND ACCEPTANCE BY, THE PRESIDENT, IN ACCORDANCE WITH SPECIFICATIONS OF THE EXECUTIVE COMMITTEE. ACTIVE MEMBERSHIP EMBRACES ALL MEMBERSHIP PRIVILEGES, INCLUDING BUT NOT LIMITED TO THE POWER TO AMEND THESE BYLAWS AS HEREINAFTER PROVIDED. -MEMBERS IN TRANSITION: DESIGNATION IS AVAILABLE TO FORMER MEMBERS IN GOOD STANDING OR OTHER INDIVIDUALS WHO HAVE BEEN ACTIVE IN THE AFFAIRS OF THE COUNCIL AND WHO CURRENTLY ARE NOT EMPLOYED IN ECONOMIC DEVELOPMENT BUT WHO DESIRE TO MAINTAIN AN ASSOCIATION WITH AND TO FURTHER THE PURPOSE OF THE COUNCIL. AN INACTIVE MEMBER CANNOT VOTE OR HOLD OFFICE AND IS ELIGIBLE FOR MEMBERSHIP PRIVILEGES AS DEFINED BY THE BOARD OF DIRECTORS. -STUDENT MEMBER CRITERIA: DESIGNATION IS AVAILABLE TO INDIVIDUALS WHO ARE FULL-TIME STUDENTS AT THE GRADUATE OR UNDERGRADUATE LEVEL. A STUDENT MEMBER MAY NOT VOTE OR HOLD OFFICE, BUT MAY SERVE ON COMMITTEES, AND IS ELIGIBLE FOR MEMBERSHIP PRIVILEGES AS DEFINED BY THE BOARD OF DIRECTORS. -FELLOW OF THE COUNCIL STATUS: A FELLOW OF THE AMERICAN ECONOMIC DEVELOPMENT COUNCIL SHALL BE ENTITLED TO USE THIS HONORIFIC WITH THE IEDC AS LONG AS MEMBERSHIP IN THE COUNCIL IS MAINTAINED. -HONORARY LIFE MEMBER STATUS: HONORARY LIFE MEMBERS OF THE AMERICAN ECONOMIC DEVELOPMENT COUNCIL SHALL BE ENTITLED TO USE THIS HONORIFIC WITH THE IEDC AS LONG AS MEMBERSHIP IN THE COUNCIL IS MAINTAINED. -EMERITUS MEMBER STATUS: EMERITUS MEMBERS OF THE AMERICAN ECONOMIC DEVELOPMENT COUNCIL SHALL BE ENTITLED TO USE THIS HONORIFIC WITH THE IEDC AS LONG AS MEMBERSHIP IN THE COUNCIL IS MAINTAINED. FORM 990, PART VI, SECTION A, LINE 7A THE NAMES OF THE MEMBERS OF THE NOMINATING COMMITTEE APPOINTED PURSUANT TO ARTICLE VII, PARAGRAPH 2 OF THE BYLAWS SHALL BE MAILED TO THE MEMBERSHIP OF THE COUNCIL AT LEAST 120 DAYS PRIOR TO THE ANNUAL MEETING. MEMBERS SHALL BE INVITED TO SUBMIT RECOMMENDATIONS FOR DIRECTORS TO THE NOMINATING COMMITTEE. RECOMMENDATIONS WILL BE CONSIDERED AS VALIDLY SUBMITTED IF THE NOMINATION, ACCOMPANIED BY A ONE PARAGRAPH BIOGRAPHIC STATEMENT ON THE CANDIDATE AND EITHER A PETITION SIGNED BY TWENTY (20) MEMBERS OR LETTERS OF ENDORSEMENT FROM TWENTY (20) MEMBERS (OR SOME COMBINATION THEREOF), IS RECEIVED WITHIN SIXTY (60) DAYS OF THE DATE OF THE ABOVE REFERENCED MAILING TO MEMBERS. THE NOMINATING COMMITTEE SHALL NOMINATE A SLATE OF DIRECTORS FOR ELECTION AT THE ANNUAL MEETING OF THE BOARD, SUCH SLATE TO INCLUDE AS MANY NOMINEES AS THERE ARE VACANCIES TO BE FILLED AS OF THE ANNUAL MEETING. THE NOMINATING COMMITTEE SHALL CONSIDER ANY INDIVIDUAL WITH RESPECT TO WHOM IT HAS RECEIVED A VALID RECOMMENDATION, BUT MAY ALSO DRAW FROM THE MEMBERSHIP AT LARGE (INCLUDING ANY NON-MEMBER WHO HAS AGREED TO BECOME A MEMBER OF THE COUNCIL IF ELECTED TO SERVE AS DIRECTOR). NOMINATIONS SHOULD ASSURE GEOGRAPHIC, ETHNIC, AND GENDER DIVERSITY TO REFLECT THE PROFESSION. WITH RESPECT TO THE PROSPECTIVE NOMINATIONS OF CURRENT DIRECTORS WHO MAY BE UNDER CONSIDERATION TO SERVE EITHER A 3RD OR 4TH CONSECUTIVE TERM, THE NOMINATIONS COMMITTEE SHALL CONSIDER AND EVALUATE THE LEVEL OF PARTICIPATION, PERFORMANCE, AND CONTRIBUTIONS OF ANY SUCH PROSPECTIVE NOMINEES, WHO SHALL REQUIRE THE ENDORSEMENT OF THE EXECUTIVE COMMITTEE. AT LEAST THIRTY (30) DAYS PRIOR TO THE ANNUAL MEETING THE NOMINATING COMMITTEE SHALL MAIL TO THE MEMBERSHIP ITS SLATE OF NOMINEES ALONG WITH A ONE-PARAGRAPH BIOGRAPHICAL STATEMENT SUBMITTED BY EACH NOMINEE. SUCH MAILING SHALL ALSO INCLUDE THE NAMES AND BIOGRAPHICAL STATEMENTS OF ANY INDIVIDUALS, NOT INCLUDED ON THE NOMINATING COMMITTEE'S SLATE, WITH RESPECT TO WHOM A VALID RECOMMENDATION WAS SUBMITTED. THE SLATE OF NOMINEES RECOMMENDED BY THE NOMINATING COMMITTEE MAY BE ELECTED AT THE ANNUAL MEETING OF THE BOARD BY A MAJORITY VOTE OF THOSE BOARD MEMBERS PRESENT AND VOTING. IF A MAJORITY OF MEMBERS PRESENT AND VOTING FAIL TO VOTE AFFIRMATIVELY FOR THE SLATE OF NOMINEES, SUBSEQUENT VOTING SHALL BE BY WRITTEN BALLOT. SUCH BALLOT SHALL INCLUDE THE NAMES OF ALL CANDIDATES ON THE NOMINATING COMMITTEE'S SLATE AS WELL AS ALL OTHER CANDIDATES WHOSE NOMINATION WAS VALIDLY SUBMITTED PURSUANT TO PARAGRAPH 3 TO THE NOMINATING COMMITTEE. VOTING SHALL BE NON-CUMULATIVE, AND THOSE CANDIDATES RECEIVING THE HIGHEST NUMBER OF VOTES SHALL BE ELECTED. IN THE EVENT OF A TIE VOTE, A RUN-OFF ELECTION SHALL BE HELD. FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION PROVIDED A COPY OF THE FORM 990 TO ITS BOARD OF DIRECTORS TO REVIEW BEFORE THE FINAL FORM 990 WAS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S BOARD HANDBOOK CONTAINS A "CONFLICT OF INTEREST DISCLOSURE FORM" WHICH IS COMPLETED BY EACH BOARD MEMBER ANNUALLY. POTENTIAL CONFLICTS ARE INVESTIGATED AS NECESSARY. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION UTILIZES A COMPENSATION COMMITTEE (MEMBERS OF THE GOVERNANCE COMMITTEE) TO REVIEW THE PRESIDENT/CEO'S EMPLOYMENT AGREEMENT ANNUALLY WITH THE ASSISTANCE OF A THIRD PARTY CONSULTING FIRM. THE COMPENSATION COMMITTEE ESTABLISHES THE ANNUAL GOALS FOR THE PRESIDENT/CEO. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G CONSULTANTS: PROGRAM SERVICE EXPENSES 366,494. MANAGEMENT AND GENERAL EXPENSES 481,293. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 847,787. FORM 990, PART XII, LINE 2C THE ORGANIZATION'S AUDIT COMMITTEE IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.