ECONOMIC DEVELOPMENT CORP OF UTAH Charity Report

Public IRS 990 nonprofit record

ECONOMIC DEVELOPMENT CORP OF UTAH

EIN 74-2502619 · Chambers of Commerce & Business Leagues (S41)

What they do

ECONOMIC DEVELOPMENT CORPORATION of UTAH (EDCUTAH) SERVES AS A CATALYST for QUALITY JOB GROWTH and INCREASED CAPITAL INVESTMENT BY ASSISTING IN-STATE COMPANIES to GROW and RECRUITING OUT-OF-STATE COMPANIES to EXPAND and RELOCATE INTO UTAH.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $78.50 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders34 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

109.80%of revenue went to mission work78.5% of expenses · Program services

1.54%of revenue went to fundraising1.1% of expenses

$169.26spent for every $100 of revenueSpending was higher than revenue this year.

28.49%of revenue went to management and office costs20.4% of expenses

$1.02in assets for every $1 spent this yearSome assets cannot be spent right away.

86.6%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $1,068,544 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $327,741 for SCOTT CUTHBERTSON (FORMER PRESIDENT & CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$2,040,810

Mission workProgram services$2,240,786109.80% of revenue78.5% of expenses

ManagementOffice and general costs$581,42128.49% of revenue20.4% of expenses

FundraisingAsking for donations$31,5111.54% of revenue1.1% of expenses

Total expenses$2,853,718139.83% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 78.5% mission · 20.4% management · 1.1% fundraisingTotal expenses: 139.83% of revenue

2023Expense mix: 80.1% mission · 18.8% management · 1.1% fundraisingTotal expenses: 98.21% of revenue

2022Expense mix: 82.0% mission · 16.9% management · 1.1% fundraisingTotal expenses: 91.65% of revenue

2021Expense mix: 84.8% mission · 14.2% management · 1.0% fundraisingTotal expenses: 94.95% of revenue

2020Expense mix: 84.5% mission · 14.4% management · 1.1% fundraisingTotal expenses: 98.32% of revenue

2019Expense mix: 84.1% mission · 14.8% management · 1.0% fundraisingTotal expenses: 99.98% of revenue

2018Expense mix: 83.8% mission · 15.3% management · 1.0% fundraisingTotal expenses: 96.85% of revenue

2017Expense mix: 77.6% mission · 21.3% management · 1.1% fundraisingTotal expenses: 105.00% of revenue

Money in and money out

Revenue$1,542,737

Expenses$2,611,281

Annual shortfall $1,068,544 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$2,240,786 · 85.8% of expenses

Management and office costs$581,421 · 22.3% of expenses

Fundraising$31,511 · 1.2% of expenses

See all reported dollar amounts

Revenue$1,542,737

Expenses$2,611,281

Assets$2,675,176

Income$1,619,186

Contributions$1,335,344

Mission work (program services)$2,240,786

Fundraising$31,511

Grants given$7,098

Average grant$7,098

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

SCOTT CUTHBERTSONFORMER PRESIDENT & CEO · 40 hrs/week $327,741Base $313,083 · Other $14,658

COLBY COOLEYSENIOR VICE PRESIDENT OF OPERATIONS · 40 hrs/week $146,017Base $125,897 · Other $20,120

ERIN FARRDEPUTY DIRECTOR & VICE PRESIDENT OF BUSINESS DEVEL · 40 hrs/week $141,787Base $130,176 · Other $11,611

SARA ADELMANVICE PRESIDENT OF MARKETING · 40 hrs/week $137,324Base $118,485 · Other $18,839

GREGORY BISPINGVICE PRESIDENT OF INVESTOR RELATIONS · 40 hrs/week $125,281Base $114,143 · Other $11,138

DEREK MILLERPRESIDENT & CHIEF EXECUTIVE OFFICER · 4 hrs/week $55,197Base · Other $55,197

DANIEL BRIMHALLCHIEF FINANCIAL OFFICER · 4 hrs/week $21,324Base · Other $21,324

HEIDI WALKERCHIEF OPERATING OFFICER · 4 hrs/week $8,739Base · Other $8,739

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (34)

SCOTT CUTHBERTSONFORMER PRESIDENT & CEO

COLBY COOLEYSENIOR VICE PRESIDENT OF OPERATIONS

ERIN FARRDEPUTY DIRECTOR & VICE PRESIDENT OF BUSINESS DEVEL

SARA ADELMANVICE PRESIDENT OF MARKETING

GREGORY BISPINGVICE PRESIDENT OF INVESTOR RELATIONS

DEREK MILLERPRESIDENT & CHIEF EXECUTIVE OFFICER

DANIEL BRIMHALLCHIEF FINANCIAL OFFICER

HEIDI WALKERCHIEF OPERATING OFFICER

NATALIE GOCHNOURBOARD MEMBER & CHIEF ECONOMIST

JONATHAN HAFENBOARD MEMBER

NATE FOSTERBOARD MEMBER

NATHAN CALLISTERBOARD PAST CHAIR

RICHARD GARLISHBOARD MEMBER

ROB HITCHCOCKBOARD MEMBER

RYAN STARKSEXECUTIVE DIRECTOR

SPENCER P ECCLESBOARD MEMBER

STERLING NIELSENBOARD MEMBER

SUSAN ROBELBOARD MEMBER

TAYLOR RANDALLBOARD MEMBER

THOMAS MORGANBOARD MEMBER

MATT LYONBOARD MEMBER

KAITLIN ESKELSONBOARD MEMBER

JUDD COOKBOARD MEMBER

AMANDA COVINGTONBOARD MEMBER

JEREMY HAFENBOARD CHAIR

GARY PORTERFINANCE COMMITTEE CHAIR

ERIN LANEY BARRBOARD MEMBER

ERIN BARRYBOARD MEMBER

DONNA MILAVETZBOARD MEMBER

DIRK BURTONBOARD MEMBER

DAVID PETERSENBOARD MEMBER

CLARK IVORYBOARD MEMBER

CHLOE GEHRKEBOARD MEMBER

BENJAMIN BROWNBOARD MEMBER

About this charity

Recognized since: January 2016
Location: 201 S MAIN ST STE 425, SALT LAKE CTY, UT 84111-2238
County: Salt Lake
In care of: Jill Kirsling
Primary officer: Jill Kirsling, Chief Financial Officer

How to reach them

WebsiteVisit the charity’s website Phone(801) 364-3631

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: LARSON & COMPANY PC
NTEE classification: Chambers of Commerce & Business Leagues (S41)
IRS tax category: Chambers of Commerce & Business Leagues
Grant-giving organization: Yes