Form 990 for tax year 2023
Filed by RURAL ECONOMIC DEVELOPMENT CENTER INC.
Totals
- Total revenue
- $60,678,534
- Total expenses
- $13,096,953
- Contributions and grants received
- $49,884,903
- Grants paid
- $2,309,497
- Program service revenue
- $627,585
- Investment income
- $9,374,202
- Other revenue
- $791,844
- Total assets, end of year
- $247,445,307
- Total liabilities, end of year
- $86,713,091
- Net assets or fund balances, end of year
- $160,732,216
- Program services expenses (Part IX)
- $10,277,162
- Management and general expenses
- $2,665,202
- Fundraising expenses
- $154,589
- Program service expenses (Part III)
- $10,277,162
Program services were 78.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$47,854,798
-
1f · All other contributions, gifts and grants
$2,030,105
-
2a · Program service revenue: SMALL BUSINESS RECOVERY
total $483,329 · related or exempt $483,329
-
2b · Program service revenue: REGISTRATION FEES
total $142,794 · related or exempt $142,794
-
2f · All other program service revenue
total $1,462 · related or exempt $1,462
-
3 · Investment income
total $9,191,993 · related or exempt $6,876,696 · excluded $2,315,297
-
6a · Gross rents
real property $14,743
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $14,743
-
6d · Net rental income or loss
total $14,743 · excluded $14,743
-
7a · Gross sales of assets other than inventory
securities $4,541,116
-
7b · Less cost or other basis and sales expenses
securities $4,358,907
-
7c · Gain or loss
securities $182,209
-
7d · Net gain or loss
total $182,209 · excluded $182,209
-
11a · Other revenue: THREAD MANAGEMENT FEE
total $775,702 · excluded $775,702
-
11d · All other revenue
total $1,399 · excluded $1,399
-
11e · Other revenue, total
$777,101
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $2,303,897 · program services $2,303,897
-
2 · Grants to domestic individuals
total $5,600 · program services $5,600
-
5 · Compensation of officers, directors and key employees
total $1,604,584 · program services $1,124,184 · management and general $449,283 · fundraising $31,117
-
7 · Other salaries and wages
total $2,959,785 · program services $2,046,091 · management and general $859,504 · fundraising $54,190
-
8 · Pension plan contributions
total $219,233 · program services $167,126 · management and general $46,278 · fundraising $5,829
-
9 · Other employee benefits
total $300,131 · program services $231,081 · management and general $60,816 · fundraising $8,234
-
10 · Payroll taxes
total $339,988 · program services $219,293 · management and general $114,426 · fundraising $6,269
-
11b · Fees: legal
total $437,976 · program services $394,814 · management and general $42,073 · fundraising $1,089
-
11c · Fees: accounting
total $141,659 · program services $127,699 · management and general $13,608 · fundraising $352
-
11g · Fees: other
total $3,148,737 · program services $2,350,372 · management and general $759,382 · fundraising $38,983
-
12 · Advertising and promotion
total $32,859 · program services $12,303 · management and general $20,556
-
13 · Office expenses
total $584,425 · program services $467,013 · management and general $116,561 · fundraising $851
-
14 · Information technology
total $132,006 · program services $118,995 · management and general $12,682 · fundraising $329
-
16 · Occupancy
total $217,899 · program services $155,789 · management and general $58,820 · fundraising $3,290
-
17 · Travel
total $129,608 · program services $119,646 · management and general $9,954 · fundraising $8
-
19 · Conferences, conventions and meetings
total $218,194 · program services $201,422 · management and general $16,765 · fundraising $7
-
20 · Interest
total $47,952 · program services $37,944 · management and general $9,959 · fundraising $49
-
22 · Depreciation, depletion and amortization
total $182,491 · program services $126,939 · management and general $52,004 · fundraising $3,548
-
23 · Insurance
total $12,921 · program services $7,544 · management and general $5,245 · fundraising $132
-
24a · Other expenses: DUES & SUBSCRIPTIONS
total $28,736 · program services $21,212 · management and general $7,262 · fundraising $262
-
24e · All other expenses
total $48,272 · program services $38,198 · management and general $10,024 · fundraising $50
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $4,731,322 · end of year $3,746,884
-
2 · Savings and temporary cash investments
beginning of year $79,306,708 · end of year $31,934,233
-
3 · Pledges and grants receivable
beginning of year $4,459,290 · end of year $2,725,893
-
4 · Accounts receivable
beginning of year $379,802 · end of year $700,110
-
7 · Other notes and loans receivable
beginning of year $144,789,813 · end of year $172,824,190
-
9 · Prepaid expenses and deferred charges
beginning of year $115,194 · end of year $87,874
-
10a · Land, buildings and equipment: cost or other basis
$5,732,242
-
10b · Land, buildings and equipment: accumulated depreciation
$2,872,381
-
10c · Land, buildings and equipment, net
beginning of year $2,311,488 · end of year $2,859,861
-
11 · Investments: publicly traded securities
beginning of year $7,399,267 · end of year $8,403,150
-
13 · Investments: program-related
beginning of year $18,866,667 · end of year $24,163,112
-
17 · Accounts payable and accrued expenses
beginning of year $3,258,842 · end of year $4,016,875
-
18 · Grants payable
beginning of year $1,030,800 · end of year $0
-
19 · Deferred revenue
beginning of year $49,158,362 · end of year $4,435,209
-
24 · Unsecured notes and loans payable
beginning of year $92,138,213 · end of year $77,575,836
-
25 · Other liabilities
beginning of year $1,244,664 · end of year $685,171
-
27 · Net assets without donor restrictions
beginning of year $106,172,125 · end of year $152,731,125
-
28 · Net assets with donor restrictions
beginning of year $9,356,545 · end of year $8,001,091
Mission and programs · 2023
Mission
THE MISSION OF THE ORGANIZATION IS TO DEVELOP, IMPLEMENT AND PROMOTE SOUND ECONOMIC STRATEGIES THAT IMPROVE THE QUALITY OF LIFE OF RURAL NORTH CAROLINIANS, WITH A SPECIAL FOCUS ON INDIVIDUALS WITH LOW TO MODERATE INCOMES AND COMMUNITIES WITH LIMITED RESOURCES.
Activities or mission (Part I)
DEVELOP, PROMOTE, AND IMPLEMENT SOUND ECONOMIC STRATEGIES IN RURAL NORTH CAROLINA
-
SMALL BUSINESS / ENTREPRENEURSHIP: THE RURAL CENTER DELIVERS CRITICAL RESOURCES TO SUPPORT EXISTING BUSINESSES AND ENABLE THE EMERGENCE OF NEW ENTREPRENEURS. THE RURAL CENTER BELIEVES EQUITABLE ECONOMIC GROWTH DEPENDS ON SUSTAINING RURAL SMALL BUSINESSES AND NURTURING SMALL-TOWN ENTREPRENEURS. THE RURAL CENTER'S LENDING SUBSIDIARY, THREAD CAPITAL, WORKS WITH INDIVIDUALS TRYING TO START OR EXPAND A SMALL BUSINESS BY PROVIDING CAPITAL, COACHING, AND CONNECTIONS. THE RURAL CENTER OPERATES THE STATE SMALL BUSINESS CREDIT INITIATIVE PROGRAM TO SUPPORT PRIVATE SECTOR CAPITAL FORMATION IN ALL 100 COUNTIES. THE RURAL CENTER OPERATES CORNERSQUARE COMMUNITY CAPITAL, WHICH SUPPORTS COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS IN A 17-STATE REGION.
Expenses $7,539,976 · Grants $2,169,248 · Revenue $7,360,987
-
LEADERSHIP & ENGAGEMENT: THE CENTER'S FLAGSHIP LEADERSHIP PROGRAM, THE RURAL ECONOMIC DEVELOPMENT INSTITUTE (REDI) OFFERS PARTICIPANTS COLLABORATIVE LEADERSHIP SKILLS AND RURAL DEVELOPMENT STRATEGIES TO HELP THEM RETURN HOME AND MAKE A MEANINGFUL IMPACT IN THEIR COMMUNITIES. UPON GRADUATING FROM REDI, GRADUATES OF THE PROGRAM BECOME PART OF A LARGER ALUMNI NETWORK OF LEADERS. REDI AND HOMEGROWN LEADERS REGIONAL LEADERSHIP TRAINING HAVE TRAINED OVER 1,600 RURAL LEADERS. THE RURAL SUMMIT BRINGS TOGETHER COMMUNITY LEADERS, POLICYMAKERS, AND RURAL ADVOCATES FROM ACROSS THE STATE AND NATION TO ENGAGE IN A THOUGHTFUL, INTENTIONAL DIALOGUE ABOUT THE ACTIONS WE CAN TAKE TODAY TO ADVANCE POLICY AND SYSTEMS CHANGE ACROSS A BROAD SPECTRUM OF RURAL DEVELOPMENT ISSUES. FINALLY, THROUGH OUR CONNECT CHURCH AND COMMUNITY CONNECT PROGRAMS, WE LOCATE THE POWERFUL INTERSECTION BETWEEN RURAL CHURCH ASSETS AND COMMUNITY OPPORTUNITIES.
Expenses $1,949,069 · Grants $140,085 · Revenue $142,794
-
ADVOCACY & RESEARCH: THE RURAL CENTER SERVES AS THE STATE'S LEADING ADVOCATE FOR ITS MANY RURAL COMMUNITIES. THE RURAL CENTER PROVIDES LOCAL, REGIONAL, AND STATE LEADERS THE INFORMATION THEY NEED TO BE INFORMED ON THE IMPORTANT RURAL ISSUES OF THE DAY. THE RURAL CENTER IDENTIFIES SPECIFIC TOPICS FOR MORE IN-DEPTH EXPLORATION AND PARTNERS WITH EXPERTS TO LIFT UP POLICY AND RESEARCH THAT INFORMS THE DECISIONS OF TODAY AND HELPS PLAN FOR THE CHOICES OF TOMORROW. WITH A VOICE INFORMED BY DATA, RESEARCH, STORYTELLING, AND BEST PRACTICES, THE RURAL CENTER ADVOCATES ON THE LOCAL, STATE, AND FEDERAL LEVELS FOR THE COMPELLING ISSUES FACING RURAL COMMUNITIES: ISSUES LIKE BROADBAND ACCESS, HEALTHCARE, HOUSING, AGRICULTURE, EDUCATION, ENERGY, WORKFORCE DEVELOPMENT, AND INFRASTRUCTURE.
Expenses $788,117 · Grants $164 · Revenue $500
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Nelle HotchkissNELLE HOTCHKISS
CHAIR (TO DEC '23)
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Phil MarionPHIL MARION
CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Sara ChesterSARA CHESTER
VICE-CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Yolanda TaylorYOLANDA TAYLOR
SECRETARY
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Paula BensonPAULA BENSON
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Jose AlvarezJOSE ALVAREZ
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Ryan AmmannRYAN AMMANN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Andy AndersonANDY ANDERSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Dr Zachary BarricklowDR ZACHARY BARRICKLOW
BOARD MEMBER (FROM JAN '24)
- Total calculated
- $0
- Hours/week
- 1
-
Al BassAL BASS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Brenda BergBRENDA BERG
BOARD MEMBER (TO DEC '23)
- Total calculated
- $0
- Hours/week
- 1
-
Casey CooperCASEY COOPER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Anne FairclothANNE FAIRCLOTH
BOARD MEMBER (FROM JAN '24)
- Total calculated
- $0
- Hours/week
- 1
-
Randy GoreRANDY GORE
BOARD MEMBER (FROM JAN '24)
- Total calculated
- $0
- Hours/week
- 1
-
Mike HawkinsMIKE HAWKINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Randolph KeatonRANDOLPH KEATON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Ben KnightBEN KNIGHT
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Alice SchenallALICE SCHENALL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Kim ShepherdKIM SHEPHERD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Brittany Bennett WestonBRITTANY BENNETT WESTON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Gil WiseGIL WISE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Weyling WhiteWEYLING WHITE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Jennifer Tolle WhitesideJENNIFER TOLLE WHITESIDE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Patrick WoodiePATRICK WOODIE
PRESIDENT & CEO
- Total calculated
- $285,715
- From this org
- $250,071
- From related orgs
- $0
- Other
- $35,644
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $250,071
- Bonus
- $0
- Other
- $0
- Deferred
- $23,711
- Nontaxable benefits
- $11,933
- Filer's total
- $285,715
-
Jonathan BreretonJONATHAN BRERETON
EXEC DIR, THREAD CAPITAL (TO AUG '23)
- Total calculated
- $283,857
- From this org
- $237,491
- From related orgs
- $0
- Other
- $46,366
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $237,491
- Bonus
- $0
- Other
- $0
- Deferred
- $33,979
- Nontaxable benefits
- $12,387
- Filer's total
- $283,857
-
Franklin T RobertsFRANKLIN T ROBERTS
CFO/ASST TREASURER
- Total calculated
- $234,305
- From this org
- $198,309
- From related orgs
- $0
- Other
- $35,996
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $198,309
- Bonus
- $0
- Other
- $0
- Deferred
- $23,690
- Nontaxable benefits
- $12,306
- Filer's total
- $234,305
-
Joy StewartJOY STEWART
DIR OF INTERNAL COMPLIANCE AND AUDIT
- Total calculated
- $176,132
- From this org
- $156,770
- From related orgs
- $0
- Other
- $19,362
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $156,770
- Bonus
- $0
- Other
- $0
- Deferred
- $9,695
- Nontaxable benefits
- $9,667
- Filer's total
- $176,132
-
Carolyn RhodesCAROLYN RHODES
COO (FROM JUL '23)
- Total calculated
- $124,579
- From this org
- $111,617
- From related orgs
- $0
- Other
- $12,962
- Hours/week
- 40
-
Laura CarlsonLAURA CARLSON
ASSISTANT SECRETARY
- Total calculated
- $97,244
- From this org
- $80,218
- From related orgs
- $0
- Other
- $17,026
- Hours/week
- 40
-
Misty HergetMISTY HERGET
CHIEF PROGRAMS OFFICER
- Total calculated
- $232,238
- From this org
- $204,000
- From related orgs
- $0
- Other
- $28,238
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $204,000
- Bonus
- $0
- Other
- $0
- Deferred
- $19,560
- Nontaxable benefits
- $8,678
- Filer's total
- $232,238
-
Armeer G KenchenARMEER G KENCHEN
EXEC DIR, CORNERSQUARE LLC
- Total calculated
- $219,490
- From this org
- $184,595
- From related orgs
- $0
- Other
- $34,895
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,595
- Bonus
- $0
- Other
- $0
- Deferred
- $23,008
- Nontaxable benefits
- $11,887
- Filer's total
- $219,490
-
Shannon O'SheaSHANNON O'SHEA
SBC DIR OF OPERATIONS
- Total calculated
- $150,536
- From this org
- $137,306
- From related orgs
- $0
- Other
- $13,230
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $137,306
- Bonus
- $0
- Other
- $0
- Deferred
- $13,230
- Nontaxable benefits
- $0
- Filer's total
- $150,536
-
Jalisha RichmondJALISHA RICHMOND
DIR OF LENDING AND CLIENT SUPPORT
- Total calculated
- $160,935
- From this org
- $136,548
- From related orgs
- $0
- Other
- $24,387
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $136,548
- Bonus
- $0
- Other
- $0
- Deferred
- $15,703
- Nontaxable benefits
- $8,684
- Filer's total
- $160,935
-
Juvon Legare-RiversJUVON LEGARE-RIVERS
PRODUCT MANAGER
- Total calculated
- $154,799
- From this org
- $132,529
- From related orgs
- $0
- Other
- $22,270
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $132,529
- Bonus
- $0
- Other
- $0
- Deferred
- $13,592
- Nontaxable benefits
- $8,678
- Filer's total
- $154,799
-
Daniel MichaelDANIEL MICHAEL
CONTROLLER
- Total calculated
- $152,924
- From this org
- $125,591
- From related orgs
- $0
- Other
- $27,333
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $125,591
- Bonus
- $0
- Other
- $0
- Deferred
- $15,572
- Nontaxable benefits
- $11,761
- Filer's total
- $152,924
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
SHELLFISH GROWERS PROGRAM GRANT
-
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
$250,000
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
$250,000
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
UP COMMUNITY FUND LLC
$225,000
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
$215,150
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
$100,000
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
$50,000
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
$47,000
CDFI CAPACITY BUILDING PROGRAM GRANTS
-
$30,000
FAITH IN RURAL COMMUNITIES CONNECT IMPLEMENTATION GRANT
The 10 largest by cash amount. The API serves every itemized grant.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
501(C)(3) · ECONOMIC DEVELOPMENT · NC
Directly controlled by RURAL ECONOMIC DEVELOPMENT CENTER
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
RURAL CENTER VENTURES LLC
INVESTMENTS · NC · income $5,297,595 · assets $23,836,427
Directly controlled by RURAL ECONOMIC DEVELOPMENT CENTER
-
IMAF COMMON LLC
INVESTMENTS · NC · income $0 · assets $328,371
Directly controlled by RURAL CENTER VENTURES LLC
-
CORNERSQUARE COMMUNITY CAPITAL LLC
LOAN PARTICIPATIONS · NC · income $2,344,835 · assets $38,818,834
Directly controlled by RURAL ECONOMIC DEVELOPMENT CENTER
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 16 January 2025
- IRS schema version
- 2023v6.0
- Source object
- 202540169349301414
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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