Intuit, Inc.

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Intuit, Inc. is a software company that was founded in 1983 with Quicken personal finance software and became public in 1993. They also own QuickBooks and TurboTax. In 2007, Intuit bought Digital Insight, an online banking network. The company also works with hospitals and other health care systems. It has offices in North America, Asia, Europe and Australia, with offices in the United States, Canada, the United Kingdom and other locations.

Intuit, Inc. had a revenue of $3.5 billion and a net income of $574 million in 2010.[1] Its CEO, Brad Smith, received $13.9 million in compensation in 2010.[2]

Ties to the American Legislative Exchange Council

Intuit was a member of the American Legislative Exchange Council (ALEC) until sometime in 2011. Bernie McKay, Vice President of Government Affairs, had represented Intuit on ALEC's corporate ("Private Enterprise") board.[3] McKay told the Center for Media and Democracy on April 5, 2012 that Intuit had declined to renew its ALEC membership in 2011. McKay explained to CMD that the company doesn't "usually issue statements about membership in any organization" and declined to comment further.[4]

A list of ALEC corporations can be found here.

About ALEC
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site.


CMD executive director Lisa Graves and leaders from other public interest groups including Color of Change (CoC), Common Cause and the NAACP had attempted to deliver a letter asking the ALEC chairmen of its legislative and corporate boards to "fully disclose ALEC's financial relationship with all NRA entities, including any contributions, sponsorships, in-kind support or other support ALEC has received" the week before Intuit's communication with CMD. CoC announced a public boycott of Coca-Cola and other ALEC corporate board members earlier the week of the announcement, joined by other public interest groups.[5]

Intuit was a "Vice-Chairman" level sponsor of 2011 American Legislative Exchange Council Annual Conference, which in 2010, equated to $25,000.[6]

Lobbying and Political Contributions

Open Secrets reports that in 2010, Intuit spent $64,534 on federal candidates and pro-corporate PACs. Federal House candidates received: $20,000 to Democrats and $25,000 to Republicans. Senate Democrats received $3,000 and Republicans $6,500.[7]

In 2010, Intuit, Inc. spent $2.06 million on lobbying efforts. The company used the following lobbying firms: C2 Group, Capitol Counsel, Dickstein Shapiro LLP, Madison Group, Mehlman Vogel Castagnetti Inc, OB-C Group, Van Heuvelen Strategies, Williams & Jensen and their own PAC.[8]

Intuit lobbied for 9 federal bills in 2010. You can see a list HERE.

Financials

2010[9]
Total Revenues: $3.5 billion
Gross Profit: $2.9 billion
Net Income: $574 million

2009[10]
Total Revenues: $3.2 billion
Gross Profit: $2.5 billion
Net Income: $447 million

2008[11]
Total Revenues: $3 billion
Gross Profit: $2.5 billion
Net Income: $447 million

Personnel

  • Brad Smith - President and Chief Executive Officer - $13.9 million
  • Scott Cook - Founder and Chairman of the Executive Committee - $1 million
  • Bill Campbell - Chairman of the Board
  • Laura Fennell - Senior Vice President, General Counsel and Secretary
  • Per-Kristian (Kris) Halvorsen - Senior Vice President and Chief Innovation Officer
  • Ginny T. Lee - Senior Vice President and Chief Information Officer, Information Technology
  • R. Neil Williams - Senior Vice President and Chief Financial Officer - $4.9 million
  • Harry Pforzheimer - Chief Communications Officer, Marketing Leader

Contact


2632 Marine Way
Mountain View, CA 94043
650-944-6000

Articles and resources

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External resources

External articles

References

  1. INTUIT INC (INTU:NASDAQ GS) Financials, Bloomberg BusinessWeek, accessed July 9, 2011
  2. Executive Profile: Brad D. Smith, Bloomberg BusinessWeek, accessed July 9, 2011
  3. American Legislative Exchange Council, Private Enterprise Board, organizational website, accessed July 8, 2011
  4. Rebekah Wilce, BREAKING: Intuit Out of ALEC; Coke, Kraft, Pepsi, too, while Koch Stands Ground, PRWatch.org, April 6, 2012
  5. Rebekah Wilce, BREAKING: Intuit Out of ALEC; Coke, Kraft, Pepsi, too, while Koch Stands Ground, PRWatch.org, April 6, 2012
  6. [American Legislative Exchange Council, 2011 Conference Sponsors, conference brochure on file with CMD, August 11, 2011]
  7. Federal Contributions, "Open Secrets"
  8. Intuit, Inc. Lobbying,"Open Secrets"
  9. Intuit Inc. Financials,"Bloomberg Businessweek"
  10. Intuit Inc. Financials,"Bloomberg Businessweek"
  11. Intuit Inc. Financials,"Bloomberg Businessweek"