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Nonprofiteer
← RURAL ENTERPRISES OF OKLAHOMA INC

Form 990 for tax year 2024

Filed by RURAL ENTERPRISES OF OKLAHOMA INC.

Totals

Total revenue
$6,778,906
Total expenses
$5,591,626
Contributions and grants received
$3,754,569
Grants paid
$861,772
Program service revenue
$2,444,992
Investment income
$579,345
Other revenue
$0
Total assets, end of year
$38,133,420
Total liabilities, end of year
$2,359,494
Net assets or fund balances, end of year
$35,773,926
Program services expenses (Part IX)
$3,697,654
Management and general expenses
$1,893,972
Fundraising expenses
$0
Program service expenses (Part III)
$3,697,654

Program services were 66.1% 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)

    $3,724,296

  • 1f · All other contributions, gifts and grants

    $30,273

  • 2a · Program service revenue: HOUSING DOWNPAYMENT PR

    total $696,745 · related or exempt $696,745

  • 2b · Program service revenue: LOAN FEE INCOME

    total $643,327 · related or exempt $643,327

  • 2c · Program service revenue: PROGRAM INVESTMENT INC

    total $582,507 · related or exempt $582,507

  • 2d · Program service revenue: PROGRAM RENTAL INCOME

    total $410,273 · related or exempt $410,273

  • 2f · All other program service revenue

    total $112,140 · related or exempt $112,140

  • 3 · Investment income

    total $286,322 · excluded $286,322

  • 7a · Gross sales of assets other than inventory

    securities $465,483

  • 7b · Less cost or other basis and sales expenses

    securities $172,460

  • 7c · Gain or loss

    securities $293,023

  • 7d · Net gain or loss

    total $293,023 · excluded $293,023

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $261,975 · program services $261,975

  • 2 · Grants to domestic individuals

    total $599,797 · program services $599,797

  • 5 · Compensation of officers, directors and key employees

    total $1,828,292 · program services $1,296,202 · management and general $532,090

  • 7 · Other salaries and wages

    total $619,347 · program services $439,098 · management and general $180,249

  • 8 · Pension plan contributions

    total $13,954 · program services $9,893 · management and general $4,061

  • 9 · Other employee benefits

    total $709,109 · program services $502,736 · management and general $206,373

  • 10 · Payroll taxes

    total $135,942 · program services $96,379 · management and general $39,563

  • 11b · Fees: legal

    total $13,678 · program services $13,586 · management and general $92

  • 11c · Fees: accounting

    total $34,821 · management and general $34,821

  • 11g · Fees: other

    total $55,427 · program services $30,923 · management and general $24,504

  • 13 · Office expenses

    total $28,194 · program services $27,528 · management and general $666

  • 14 · Information technology

    total $58,864 · program services $58,864

  • 16 · Occupancy

    total $100,994 · program services $37,552 · management and general $63,442

  • 17 · Travel

    total $68,234 · program services $58,888 · management and general $9,346

  • 19 · Conferences, conventions and meetings

    total $76,220 · program services $76,220

  • 20 · Interest

    total $506 · program services $506

  • 22 · Depreciation, depletion and amortization

    total $254,124 · management and general $254,124

  • 23 · Insurance

    total $75,324 · program services $50,498 · management and general $24,826

  • 24a · Other expenses: OVERHEAD

    total $152,926 · management and general $152,926

  • 24b · Other expenses: MEMBERSHIP & DUES

    total $83,347 · program services $83,347

  • 24c · Other expenses: OUTREACH

    total $68,666 · program services $53,662 · management and general $15,004

  • 24e · All other expenses

    total $351,885 · management and general $351,885

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $179,531 · end of year $191,905

  • 2 · Savings and temporary cash investments

    beginning of year $11,769,470 · end of year $11,390,193

  • 3 · Pledges and grants receivable

    beginning of year $189,386 · end of year $218,723

  • 4 · Accounts receivable

    beginning of year $904,109 · end of year $1,148,608

  • 9 · Prepaid expenses and deferred charges

    beginning of year $95,197 · end of year $78,800

  • 10a · Land, buildings and equipment: cost or other basis

    $14,060,958

  • 10b · Land, buildings and equipment: accumulated depreciation

    $7,483,651

  • 10c · Land, buildings and equipment, net

    beginning of year $6,948,606 · end of year $6,577,307

  • 11 · Investments: publicly traded securities

    beginning of year $7,334,013 · end of year $8,143,385

  • 13 · Investments: program-related

    beginning of year $8,663,997 · end of year $10,335,199

  • 14 · Intangible assets

    beginning of year $0 · end of year $49,300

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,898,326 · end of year $2,087,971

  • 19 · Deferred revenue

    beginning of year $22,270 · end of year $28,920

  • 23 · Secured mortgages and notes payable

    beginning of year $305,826 · end of year $242,603

  • 27 · Net assets without donor restrictions

    beginning of year $33,857,887 · end of year $35,773,926

Mission and programs · 2024

Mission

REI OKLAHOMA EXPANDS ECONOMIC OPPORTUNITIES FOR OKLAHOMANS BY PROVIDING FLEXIBLE FINANCING AND DEVELOPMENT SERVICES TO INDIVIDUALS, BUSINESSES, AND ENTREPRENEURS WITH LIMITED ACCESS TO RESOURCES.

Activities or mission (Part I)

RURAL ENTERPRISES OF OKLAHOMA, INC 'S (REI OK) MISSION IS TO EXPAND PROSPERITY IN OKLAHOMA.REI OKLAHOMA EXPANDS ECONOMIC OPPORTUNITIES FOR OKLAHOMANS BY PROVIDING FLEXIBLE FINANCING AND DEVELOPMENT SERVICES TO INDIVIDUALS, BUSINESSES, AND ENTREPRENEURS WITH LIMITED ACCESS TO RESOURCES. REI BUSINESS LENDING PROVIDES CAPITAL TO BUSINESSES AND COLLABORATES CLOSELY WITH LOCAL LENDERS TO HELP ENTREPRENEURS NAVIGATE THROUGH LENDING RESOURCES. REI WOMAN'S BUSINESS CENTER AND REI MINORITY BUSINESS CENTER OFFER UNIQUE TRAININGS, AS WELL AS TECHNICAL ASSISTANCE AND BUSINESS ASSISTANCE SERVICES TO CLIENTS THROUGHOUT THE STATE. THIS INCLUDES TRAINING, FINANCIAL, AND TECHNICAL ASSISTANCE SERVICES FOR THE CREATION OF NEW BUSINESSES AND THE EXPANSION OF EXISTING BUSINESSES. REI OKLAHOMA PROVIDES DEVELOPMENT CAPITAL IN THE FORM OF LOANS WHICH MAY BE USED AS A BASIS TO LEVERAGE PUBLIC AND PRIVATE RESOURCES NECESSARY TO ESTABLISH OR EXPAND BUSINESS IN OKLAHOMA.

  • ASSISTANCE TO ENTREPRENEURS INCLUDING TRAINING, BUSINESS RENTAL SPACE, AND DEVELOPMENT CAPITAL IN THE FORM OF LOANS WHICH ARE USED AS A BASIS TO LEVERAGE PUBLIC AND PRIVATE RESOURCES NECESSARY TO ESTABLISH OR EXPAND BUSINESSES IN OKLAHOMA.

    Expenses $2,298,126 · Grants $261,975 · Revenue $1,053,600

  • RURAL ENTERPRISES OF OKLAHOMA, INC. OFFERS MULTIPLE HOUSING OPPORTUNITIES FOR ELIGIBLE BORROWERS THROUGHOUT THE STATE OF OKLAHOMA. THE PROGRAMS INCLUDES AN OFFERING OF DOWN PAYMENT ASSISTANCE. REI ALSO PROVIDES FINANCING IN THE FORM OF LOANS FOR HOUSING PROJECTS SERVING VERY LOW AND LOW INCOME TENANTS.

    Expenses $1,399,528 · Grants $599,797 · Revenue $1,391,392

As filed on the 2024 return.

Listed in Part VII

  • JEFF GREENLEE

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • BRIAN ALFORD

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CLAYTON LODES

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • KYLE HUGHBANKS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • GARY SHERRER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MARTIN VANMETER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DR FERN GREEN-BOWLING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CLAYTON TAYLOR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CHRIS MEYERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JOHN HARPER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SCOTT DEWALD

    PRESIDENT/CEO

    Total calculated
    $530,042
    From this org
    $487,375
    From related orgs
    $0
    Other
    $42,667
    Hours/week
    17 + 19 related

    Schedule J breakdown matched by us

    Base
    $333,697
    Bonus
    $141,640
    Other
    $12,038
    Deferred
    $27,487
    Nontaxable benefits
    $15,180
    Filer's total
    $530,042

  • SHERRY HARLIN

    COO

    Total calculated
    $359,122
    From this org
    $330,554
    From related orgs
    $0
    Other
    $28,568
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $226,722
    Bonus
    $101,561
    Other
    $2,271
    Deferred
    $18,518
    Nontaxable benefits
    $10,050
    Filer's total
    $359,122

  • DEBBIE PARTIN

    SVP-LENDING

    Total calculated
    $286,933
    From this org
    $260,220
    From related orgs
    $0
    Other
    $26,713
    Hours/week
    12 + 24 related

    Schedule J breakdown matched by us

    Base
    $196,012
    Bonus
    $63,369
    Other
    $839
    Deferred
    $16,106
    Nontaxable benefits
    $10,607
    Filer's total
    $286,933

  • LORI HILL

    CFO

    Total calculated
    $273,273
    From this org
    $250,232
    From related orgs
    $0
    Other
    $23,041
    Hours/week
    13 + 23 related

    Schedule J breakdown matched by us

    Base
    $187,234
    Bonus
    $60,254
    Other
    $2,744
    Deferred
    $15,315
    Nontaxable benefits
    $7,726
    Filer's total
    $273,273

  • DENA SHERRILL

    VP-HOUSING

    Total calculated
    $210,124
    From this org
    $189,188
    From related orgs
    $0
    Other
    $20,936
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $141,794
    Bonus
    $46,493
    Other
    $901
    Deferred
    $11,662
    Nontaxable benefits
    $9,274
    Filer's total
    $210,124

  • JAMES HARRINGTON

    VP-BUSINESS RESOURCES

    Total calculated
    $168,798
    From this org
    $144,072
    From related orgs
    $0
    Other
    $24,726
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $112,146
    Bonus
    $31,186
    Other
    $740
    Deferred
    $9,795
    Nontaxable benefits
    $14,931
    Filer's total
    $168,798

  • SUSAN BATES

    SR. LOAN OFFICER

    Total calculated
    $160,163
    From this org
    $143,427
    From related orgs
    $0
    Other
    $16,736
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $114,077
    Bonus
    $29,229
    Other
    $121
    Deferred
    $9,298
    Nontaxable benefits
    $7,438
    Filer's total
    $160,163

  • MELANIE ANTHONY

    SR DIRECTOR OF MARKETING

    Total calculated
    $146,532
    From this org
    $129,558
    From related orgs
    $0
    Other
    $16,974
    Hours/week
    36

  • JEREMY LAYMAN

    HOUSING MANAGER

    Total calculated
    $127,352
    From this org
    $109,171
    From related orgs
    $0
    Other
    $18,181
    Hours/week
    36

  • AUTUMN THURMAN

    CONTROLLER

    Total calculated
    $112,083
    From this org
    $106,540
    From related orgs
    $0
    Other
    $5,543
    Hours/week
    36

  • HEIDI MCKNIGHT

    HR BENEFITS ADMINISTRATOR

    Total calculated
    $114,914
    From this org
    $106,023
    From related orgs
    $0
    Other
    $8,891
    Hours/week
    36

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
AN INDEPENDENT COMPENSATION ANALYSIS FIRM IS ENGAGED TO PROVIDE A REVIEW AND WAGE COMPARISON STUDY. COMPENSATION OF THE CEO IS DETERMINED BY THE BOARD BASED ON THE RECOMMENDATIONS OF THE EXECUTIVE EVALUATION COMMITTEE, WHICH IS COMPRISED OF A SUBSET OF BOARD MEMBERS. THE EVALUATION COMMITTEE REVIEWS THE FULL BENEFIT PACKAGE ANNUALLY AND THE HR COORDINATOR COMPILES INDEPENDENT COMPARATIVE DATA TO BE REVIEWED BY THE EVALUATION COMMITTEE AND BOARD. THE ANALYSIS AND REVIEW INVOLVES A WAGE COMPARISON WITH LIKE POSITIONS IN THE AREA, WITH COMPARABLE ORGANIZATIONS, AND A FULL PERFORMANCE EVALUATION REVIEW INVOLVING A FULL BOARD SURVEY.
PART I, LINE 6
THE ORGANIZATION PAYS OUT INCENTIVE COMPENSATION BASED ON TWO GOALS, WHICH INCLUDE THE NET EARNINGS OF RURAL ENTERPRISES OF OK AND REI DEVELOPMENT CORPORATION (A RELATED ORGANIZATION), AND JOBS CREATED TO FULFILL MISSION PURPOSE.

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

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.

Provenance

Return type
form_990
Tax year
2024
Filed
2 October 2025
IRS schema version
2024v5.2
Source object
202532799349301573

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