Economic Development Commission of Florida's Space Coast Inc

What it reported doing in 2024

The economic development commission of Florida's space coast is an innovative, countywide, not-for-profit working closely with the space coast business community, business leaders, chambers of commerce, local and state government leaders, and community organizations. The edc is dedicated to attracting new business and investment and expanding existing industry throughout the space coast, advocating for positive business policies, promoting the space coast to encourage new business investment, supporting efforts of space coast military installations, and developing programs to assist manufacturing and high-tech companies. (continued on schedule o)the edc guides its program of work within three primary strategic priorities:1. Maintain a targeted industry focus concentrating efforts on five key industries that serve as core drivers of economy: aerospace and aviation, advanced communications, electronics, homeland security and defense, and emerging technologies. 2. Advocate for a competitive business environment.3. Engage community leaders and elected officials, enabling these leaders to serve as economic development advocates throughout the community. Alongside job growth, the edc continues to foster the conditions and coalitions that lead to opportunities for business to expand and obtain qualified workforce.the economic development commission (edc) continued to expand its workforce development initiatives to strengthen brevard county's advanced manufacturing and aerospace talent pipeline. The certified production technician (cpt) program provides participants with industry-recognized credentials and workforce-ready skills that support local employers' hiring needs.during the year, the edc expanded scholarship opportunities beyond the cpt program to include additional high-demand technical fields critical to the region's economy, including aerospace manufacturing, welding, autocad and computer-aided design, cnc machining, industrial maintenance, and other advanced manufacturing disciplines. These efforts inhigh wagecess to training, help prepare individuals for high-wage careers, and support the workforce needs of brevard county's targeted industries.the edc also continued implementation of the tomorrow launches here talent attraction initiative to support recruitment and retention of skilled workers, helping local employers meet current and future workforce demands while strengthening the region's long-term economic competitiveness.this past year the edc team managed 36 business projects and 77 client leads. Since 2010, the edc secured $2.3b in capital investment announcements impacting 17,848 new and retained jobs for the community. It also received 8.7m in earned media.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 90.9%; rating input score 91; 5th percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 35.8%; rating input score 36; 14th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 7 of 8 controls in place; rating input score 88
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 15.8%; rating input score 72; 72nd percentile among comparable filings
• Total-asset coverage ratio: 1.82; rating input score 58; 58th percentile among comparable filings
• Liabilities to assets ratio: 0.17; rating input score 48; 48th percentile among comparable filings
• Officer compensation ratio: 35.6%; rating input score 3; 3rd percentile among comparable filings

Growth

• Program expense growth: -32.4% per year; rating input score 0; 1st percentile among comparable filings
• Revenue growth: -0.7% per year; rating input score 0; 9th percentile among comparable filings
• Asset growth: 2.8% per year; rating input score 100; 23rd percentile among comparable filings