EDASC's 2019 financial outlook
Monday, January 20, 2020
EDASC continuously looks to improve the value it provides to the community, ensuring it spends your investment dollars wisely. In 2019, EDASC staff and board members took a hard look at internal processes to find where we could free up resources, augment revenues and reduce expenses.
A direct outcome of this analysis was the merging of EDASC and the EDASC foundation into a single 501(c)(3) nonprofit. It was found that EDASC administrative staff spent unnecessary time maintaining two separate organizations through board meetings, payroll, tax fi lings and reporting when the organizations could have operated as one.
This change will have a few impacts. First, EDASC will have a new Federal Tax ID Number (FEIN). Second, EDASC, which was created as a 501(c)(6) (membership organization), will become a 501(c)(3) (charitable organization).
Finally EDASC adopted a new mission statement incorporating the values of the EDASC Foundation. EDASC will still have Investor members and serve a public purpose of creating a stronger, more sustainable economy, and educating a diverse and inclusive cadre of civic leaders.
Throughout 2019 and beyond, EDASC continued diversifying its funding sources and opportunities, ensuring a healthy and stable organization. EDASC is a countywide public–private partnership with 53% of funding coming from public sources, and 47% from private sources.
Public revenue sources include Skagit County, Port of Skagit, Port of Anacortes, local cities and towns, and the Washington Department of Commerce. Private sources include EDASC Investors and events. Private Small Business and Signature Investors represent a cross-section of the local economy.
EDASC is a small organization implementing good financial stewardship practices with oversight by the Board of Directors and Finance & Audit Committee members. As reported in the most recent 990 Tax reporting, expenses focus on service delivery to the county with 55% of all spending allocated toward economic development programs, 33% for operations support and general administration, and only 12% of expenses going toward fundraising and investor relations.