2015-11-11T16:48:17-06:00 2014-12-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2014-01-01 520887806 INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL INTE 2022234735 734 15TH STREET NW NO 900 WASHINGTON DC 20005 SHARON COY VP OF FINANCE & CFO 2022234735 2015-11-11 1 YONG ZHANG CPA P01249785 7033366400 2014 2016-03-07 17:11:31Z JEFFREY A FINKLE 734 15TH STREET NW NO 900 WASHINGTON DC 20005 6068584 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 55 55 162500 137456 1754248 2147311 3758501 3895302 26189 25971 0 0 5538938 6068584 0 0 0 0 3003083 3158458 0 0 0 2220356 2735777 5223439 5894235 315499 174349 4842917 5437429 1850254 2270417 2992663 3167012 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 4828838 3895302 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. 4828838 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 47 0 1 55 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 WILLIAM SPROULL CHAIR 5.00 X X 0 0 0 JOANN CRARY VICE CHAIR 5.00 X X 0 0 0 BARRY MATHERLY TREASURER/SECRETARY 5.00 X X 0 0 0 JANET MILLER CHAIR, PLANNING AND BUSINE 5.00 X X 0 0 0 DYAN BRASINGTON CHAIR, PERFORMANCE OVERSIG 5.00 X X 0 0 0 CRAIG RICHARDS CHAIR, EXTERNAL RELATIONS 5.00 X X 0 0 0 PAUL KRUTKO IMMEDIATE PAST CHAIR 5.00 X X 0 0 0 WILLIAM ALLEN BOARD MEMBER 1.00 X 0 0 0 DARRELL AUTERSON BOARD MEMBER 1.00 X 0 0 0 IVAN BAKER BOARD MEMBER 1.00 X 0 0 0 DAVID BERZINA BOARD MEMBER 1.00 X 0 0 0 ROBERT CAMOIN BOARD MEMBER 1.00 X 0 0 0 TIM CHASE BOARD MEMBER 1.00 X 0 0 0 TEDRA CHEATHAM BOARD MEMBER 1.00 X 0 0 0 CHRISTOPHER CHUNG BOARD MEMBER 1.00 X 0 0 0 AMY CLICKNER BOARD MEMBER 1.00 X 0 0 0 VANN CUNNINGHAM BOARD MEMBER 1.00 X 0 0 0 BRYAN DANIELS BOARD MEMBER 1.00 X 0 0 0 JACKIE DAVIS-WELLINGTON BOARD MEMBER 1.00 X 0 0 0 NEIL EVERSON BOARD MEMBER 1.00 X 0 0 0 ROBERT FINE BOARD MEMBER 1.00 X 0 0 0 KRISTEN FISH BOARD MEMBER 1.00 X 0 0 0 JIM FRAM BOARD MEMBER 1.00 X 0 0 0 RAYMOND GILLEY BOARD MEMBER 1.00 X 0 0 0 GYNII GILLIAM BOARD MEMBER 1.00 X 0 0 0 GERALD GORDON BOARD MEMBER 1.00 X 0 0 0 TODD GREENE BOARD MEMBER 1.00 X 0 0 0 DANIEL GUNDERSEN BOARD MEMBER 1.00 X 0 0 0 CECILIA HARRY BOARD MEMBER 1.00 X 0 0 0 MARIO HERNANDEZ BOARD MEMBER 1.00 X 0 0 0 CLARENCE HULSE BOARD MEMBER 1.00 X 0 0 0 THOMAS KUCHARSKI BOARD MEMBER 1.00 X 0 0 0 MICHAEL LANGLEY BOARD MEMBER 1.00 X 0 0 0 CAROL KRAUS LAUFFER BOARD MEMBER 1.00 X 0 0 0 ANDREW LEVINE BOARD MEMBER 1.00 X 0 0 0 TRACYE MCDANIEL BOARD MEMBER 1.00 X 0 0 0 KENNY MCDONALD BOARD MEMBER 1.00 X 0 0 0 BRIAN MCGOWAN BOARD MEMBER 1.00 X 0 0 0 RODERICK MILLER BOARD MEMBER 1.00 X 0 0 0 MARY ANN MOON BOARD MEMBER 1.00 X 0 0 0 FRED MORLEY BOARD MEMBER 1.00 X 0 0 0 MARK O'CONNELL BOARD MEMBER 1.00 X 0 0 0 ERIK PAGES BOARD MEMBER 1.00 X 0 0 0 DIANE PALMINTERA BOARD MEMBER 1.00 X 0 0 0 JAN ROGERS BOARD MEMBER 1.00 X 0 0 0 GURBAX SAHOTA BOARD MEMBER 1.00 X 0 0 0 NOREEN SCOTT BOARD MEMBER 1.00 X 0 0 0 JOHN STERNLICHT BOARD MEMBER 1.00 X 0 0 0 MICHAEL TAYLOR BOARD MEMBER 1.00 X 0 0 0 ALLISON THOMPSON BOARD MEMBER 1.00 X 0 0 0 ANATALIO UBALDE BOARD MEMBER 1.00 X 0 0 0 MARTIN VANAGS BOARD MEMBER 1.00 X 0 0 0 STEVE WEATHERS BOARD MEMBER 1.00 X 0 0 0 JOY WILKINS BOARD MEMBER 1.00 X 0 0 0 ROY WILLIAMS BOARD MEMBER 1.00 X 0 0 0 JEFF FINKLE PRESIDENT & CEO 40.00 X 344876 0 88588 SHARON COY VP OF FINANCE & CFO 40.00 X 126866 0 37506 PAUL KELLEY VP OF MMS 40.00 X 128180 0 17465 TRACY KITTS CAO 40.00 X 124992 0 8636 LYNN KNIGHT VP OF KMD 40.00 X 100825 0 14766 825739 0 166961 5 0 1 0 SHARI NOURICK 13380 NW 11TH LANE FT LAUDERDALE FL 33323 CONSULTING 150900 NADO RESEARCH FOUNDATION 400 NORTH CAPITAL STREET NW WASHINGTON DC 20001 CONSULTING 146426 THE CHOICE INC PO BOX 62408 BALTIMORE MD 21264 TEMPORARY STAFFING AGENCY 145703 3 1275589 860735 10987 2147311 CONFERENCE 900099 2164251 2164251 EDUCATION/CERTIFICATIO 900099 1107553 1107553 ADVISORY SERVICES AND 900099 460998 460998 EMPLOYMENT SERVICES 561300 162500 162500 3895302 25971 25971 6068584 3732802 162500 25971 X 597837 344130 253707 1962850 1129866 832984 128308 73857 54451 271795 156452 115343 197668 113783 83885 30750 30750 829594 530610 298984 12850 9352 3498 612990 336502 276488 10000 10000 259908 259908 95670 73081 22589 688710 630825 57885 37509 37509 18706 18706 OTHER EXPENSE 89897 10284 79613 DUES & SUBSCRIPTIONS 42661 37549 5112 BAD DEBT EXPENSE 6532 6532 OVERHEAD ALLOCATION 0 1382547 -1382547 5894235 4828838 1065397 0 699595 765850 1262705 633546 302574 801506 10320 11972 295663 344064 825513 820838 30170 4675 2227252 2861178 14638 14638 4842917 5437429 420297 629836 1164172 1352601 265785 287980 1850254 2270417 X 2927615 3090977 65048 76035 2992663 3167012 4842917 5437429 174349 0 X X 0 1 X 1 1 1 X 1089258 1399852 1580402 1754248 2147311 7971071 1089258 1399852 1580402 1754248 2147311 7971071 7971071 9705 28661 21839 26189 25971 112365 137456 137456 8220892 18086751 0.96960 0.98720 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 825513 820838 4675 4675 OBLIGATION UNDER NONQUALIFIED EMPLOYEE BENEFIT PLAN 261178 DEFERRED RENT 26802 287980 X 6372664 304080 304080 6068584 0 6068584 6198315 304080 304080 5894235 0 5894235 PART X, LINE 2: THE COUNCIL HAS ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS POLICY, 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 TO COMPLY WITH PROVISIONS OF THIS GUIDELINE. 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 2011. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JEFF FINKLE PRESIDENT & CEO 291247 0 53629 0 0 0 57477 0 31111 0 433464 0 0 0 SHARON COY VP OF FINANCE & CFO 112803 0 14063 0 0 0 14070 0 23436 0 164372 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 530,610. MANAGEMENT AND GENERAL EXPENSES 298,984. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 829,594. 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.