ECONOMIC DEVELOPMENT CORP OF UTAH

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1987

Legal Domicile

Principal Officer

SCOTT CUTHBERTSON

Phone

8013288824

Tax Period

2022-07-01 to 2023-06-30

ECONOMIC DEVELOPMENT CORP OF UTAH, founded in 1987, is a community nonprofit in the Community Improvement sector that reported $3.0M in total revenue in fiscal year 2022. Revenue decreased 5% compared to the prior year.

Mission

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.

Program Service Accomplishments

Program 1

Expenses: $1,266,485

IN FY 2022-23 EDCUTAH'S BUSINESS DEVELOPMENT TEAM ASSISTED 26 COMPANIES IN THEIR RELOCATION OR EXPANSION INTO UTAH, THAT IN TURN PLAN TO CREATE OR RETAIN MORE THAN 5,152 JOBS OVER THE LIFE OF THEIR...

Program 2

Expenses: $1,054,744 Revenue: $29,881

EDCUTAH CONTINUED ITS PROACTIVE GLOBAL STRATEGY & OUTREACH LEAD GENERATION PROGRAM, MEETING WITH 103 COMPANIES AND GENERATING SEVERAL HIGH VALUE CORPORATE RECRUITING PROJECTS. THOSE PROJECTS HAVE THE POTENTIAL TO CREATE THOUSANDS OF JOBS AND INVEST MILLIONS OF DOLLARS IN FACILITIES AND EQUIPMENT OVER THE NEXT FEW YEARS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $2,830,588

Program Service Revenue $29,881

Investment Income $4,988

Other Revenue $85,490

TOTAL REVENUE $2,950,947

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,747,267

Fundraising Expenses $31,128

Program Expenses $2,321,229

Other Expenses $1,150,806

TOTAL EXPENSES $2,898,073

Year-over-Year Comparison

	2022	2021	Change
Revenue	$2,950,947	$3,120,960	-0.1%
Expenses	$2,898,073	$2,860,324	+0.0%
Net Income	$52,874	$260,636	-0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

140

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$386,772

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT CUTHBERTSON	PRESIDENT &	40.00	Officer	$0	$0	$0
THERESA FOXLEY FORMER	PRESIDENT AN	40.00	Officer	$241,752	$12,868	$254,620
JILL KIRSLING	CFO	30.00	Officer	$109,521	$22,631	$132,152
STEPHANIE FROHMAN	VP OF STRATE	N/A	Highest	$140,769	$18,904	$159,673
COLBY COOLEY	VP OF BUSINE	N/A	Highest	$127,888	$14,407	$142,295
GARY HOOGEVEEN	CHAIR	2.00	Officer Director	$0	$0	$0
DAWN RAMSEY	VICE CHAIR	2.00	Officer Director	$0	$0	$0
JUDD COOK	VICE CHAIR	2.00	Officer Director	$0	$0	$0
THOMAS MORGAN	SECRETARY	2.00	Officer Director	$0	$0	$0
STEVE STARKS	TRUSTEE	1.00	Director	$0	$0	$0
GARY COKER	TRUSTEE	1.00	Director	$0	$0	$0
DIRK BURTON	TRUSTEE	1.00	Director	$0	$0	$0
MIKE CALDWELL	TRUSTEE	1.00	Director	$0	$0	$0
NATE CALLISTER	TRUSTEE	1.00	Director	$0	$0	$0
CARINE CLARK	TRUSTEE	1.00	Director	$0	$0	$0
DANIEL HEMMERT	TRUSTEE	1.00	Director	$0	$0	$0
ALAN MATHESON	TRUSTEE	1.00	Director	$0	$0	$0
MATT HIRST	TRUSTEE	1.00	Director	$0	$0	$0
ERIN MENDENHALL	TRUSTEE	1.00	Director	$0	$0	$0
ROB MOORE	TRUSTEE	1.00	Director	$0	$0	$0
BRYAN NIELSEN	TRUSTEE	1.00	Director	$0	$0	$0
J STEVEN PRICE	TRUSTEE	1.00	Director	$0	$0	$0
BOB STEVENSON	TRUSTEE	1.00	Director	$0	$0	$0
TARA THUE	TRUSTEE	1.00	Director	$0	$0	$0
LARRY JENSEN	TRUSTEE	1.00	Director	$0	$0	$0
RYAN MEYER	TRUSTEE	1.00	Director	$0	$0	$0
ARI BRUENING	TRUSTEE	1.00	Director	$0	$0	$0
TROY WALKER	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTIAN GARDNER	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTY ALTER	TRUSTEE	1.00	Director	$0	$0	$0
TAYLOR RANDALL	TRUSTEE	1.00	Director	$0	$0	$0
DENEECE HUFTALIN	TRUSTEE	1.00	Director	$0	$0	$0
JENNY WILSON	TRUSTEE	1.00	Director	$0	$0	$0
SHELLEY KIMBERLY	TRUSTEE	1.00	Director	$0	$0	$0
JAMES JACKSON	TRUSTEE	1.00	Director	$0	$0	$0
ABBY OSBORNE	TRUSTEE	1.00	Director	$0	$0	$0
STUART ADAMS	TRUSTEE	1.00	Director	$0	$0	$0
NOELLE COCKETT	TRUSTEE	1.00	Director	$0	$0	$0
DAVE WOOLSTENHULME	TRUSTEE	1.00	Director	$0	$0	$0
JANICE CO	TRUSTEE	1.00	Director	$0	$0	$0
GAGE FROERER	TRUSTEE	1.00	Director	$0	$0	$0
BEN HART	TRUSTEE	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$2,950,947	$2,898,073	$4,477,272	$52,874
2022	$3,120,960	$2,860,324	$3,726,215	$260,636
2021	$2,940,488	$2,791,902	$3,667,019	$148,586
2020	$2,946,429	$2,897,072	$3,157,960	$49,357
2019	$2,738,820	$2,738,362	$1,399,724	$458