Skip to content
Nonprofiteer
← RUTLAND ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by RUTLAND ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$2,069,858
Total expenses
$1,166,276
Contributions and grants received
$1,790,148
Grants paid
$0
Program service revenue
$279,272
Investment income
$35,074
Other revenue
-$34,636
Total assets, end of year
$3,964,933
Total liabilities, end of year
$1,307,547
Net assets or fund balances, end of year
$2,657,386
Program services expenses (Part IX)
$951,872
Management and general expenses
$159,966
Fundraising expenses
$54,438
Program service expenses (Part III)
not reported

Program services were 81.6% 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.

  • 1b · Membership dues

    $230,594

  • 1c · Fundraising events

    $88,508

  • 1e · Government grants (contributions)

    $1,255,052

  • 1f · All other contributions, gifts and grants

    $215,994

  • 2a · Program service revenue: RENTAL INCOME

    total $249,564 · related or exempt $249,564

  • 2b · Program service revenue: OTHER PROGRAM INCOME

    total $29,708 · related or exempt $29,708

  • 3 · Investment income

    total $35,074 · excluded $35,074

  • 5 · Royalties

    total $18,882 · excluded $18,882

  • 8a · Fundraising events: gross income

    $9,795

  • 8a · Fundraising events: contributions included on line 1c

    $88,508

  • 8b · Fundraising events: direct expenses

    $78,518

  • 8c · Net income from fundraising events

    total -$68,723 · excluded -$68,723

  • 11a · Other revenue: PROMOTIONAL ACTIVITIES

    total $8,040 · related or exempt $8,040

  • 11b · Other revenue: LOAN LOSS RECOVERIES

    total $7,165 · related or exempt $7,165

  • 11e · Other revenue, total

    $15,205

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $116,570 · program services $88,606 · management and general $15,271 · fundraising $12,693

  • 7 · Other salaries and wages

    total $459,854 · program services $372,398 · management and general $71,128 · fundraising $16,328

  • 8 · Pension plan contributions

    total $5,360 · program services $4,423 · management and general $869 · fundraising $68

  • 10 · Payroll taxes

    total $47,015 · program services $37,612 · management and general $7,052 · fundraising $2,351

  • 11a · Fees: management

    total $14,470 · program services $5,759 · management and general $8,711

  • 11b · Fees: legal

    total $4,217 · management and general $4,217

  • 11c · Fees: accounting

    total $32,665 · management and general $32,665

  • 12 · Advertising and promotion

    total $34,212 · program services $17,106 · fundraising $17,106

  • 13 · Office expenses

    total $48,392 · program services $38,713 · management and general $7,259 · fundraising $2,420

  • 16 · Occupancy

    total $125,048 · program services $114,404 · management and general $10,644

  • 17 · Travel

    total $6,506 · program services $6,506

  • 19 · Conferences, conventions and meetings

    total $13,889 · program services $10,417 · fundraising $3,472

  • 20 · Interest

    total $23,730 · program services $23,730

  • 22 · Depreciation, depletion and amortization

    total $48,441 · program services $48,441

  • 23 · Insurance

    total $14,331 · program services $12,181 · management and general $2,150

  • 24a · Other expenses: PROGRAM SERVICES

    total $112,487 · program services $112,487

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $35,941 · program services $35,941

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $12,737 · program services $12,737

  • 24d · Other expenses: REGIONAL MARKETING

    total $6,696 · program services $6,696

  • 24e · All other expenses

    total $3,715 · program services $3,715

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $490,410 · end of year $995,928

  • 2 · Savings and temporary cash investments

    beginning of year $761,368 · end of year $1,073,606

  • 3 · Pledges and grants receivable

    beginning of year $43,946 · end of year $90,275

  • 4 · Accounts receivable

    beginning of year $18,708 · end of year $37,122

  • 7 · Other notes and loans receivable

    beginning of year $496,894 · end of year $414,735

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,420 · end of year $1,560

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

    $1,277,028

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

    $567,924

  • 10c · Land, buildings and equipment, net

    beginning of year $666,886 · end of year $709,104

  • 15 · Other assets

    beginning of year $89,666 · end of year $642,603

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,955 · end of year $73,566

  • 19 · Deferred revenue

    beginning of year $20,832 · end of year $10,000

  • 23 · Secured mortgages and notes payable

    beginning of year $733,952 · end of year $606,170

  • 25 · Other liabilities

    beginning of year $37,755 · end of year $617,811

  • 27 · Net assets without donor restrictions

    beginning of year $1,476,877 · end of year $1,587,486

  • 28 · Net assets with donor restrictions

    beginning of year $276,927 · end of year $1,069,900

Mission and programs · 2022

Mission

TO USE COLLABORATION, CREATIVITY, AND INGENUITY TO CREATE A REGIONAL ECONOMIC CLIMATE CONDUCIVE TO BUSINESS GROWTH BY RECRUITING TALENT AND BUSINESSES OF ALL KINDS, GROWING AND RETAINING EMPLOYERS, WHILE CREATING A BRIDGE TO COMMUNITY AND CULTURAL ORGANIZATIONS WHICH PROMOTE HEALTHY AND VIBRANT NEIGHBORHOODS AND ENHANCE THE QUALITY OF LIFE IN RUTLAND COUNTY.

  • RUTLAND ECONOMIC DEVELOPMENT CORPORATION DOES BUSINESS AS THE CHAMBER & ECONOMIC DEVELOPMENT OF THE RUTLAND REGION(CEDRR). THE PRIMARY GOAL OF CEDRR IS TO FACILITATE THE EXPANSION, RELOCATION AND RETENTION OF BUSINESS AND INDUSTRY IN THE AREA. A CORE FUNCTION OF CEDRR IS TO EXPAND AND CREATE PARTNERSHIPS AND STRATEGIC ALLIANCES TO PROVIDE TECHNICAL ASSISTANCE FOR STARTING AND GROWING SMALL BUSINESSES. TO HELP FULFILL THIS FUNCTION, CEDRR PROVIDES FIXED-RATE LOANS THROUGH ITS REVOLVING LOAN FUND. THE REVOLVING LOAN FUND PROVIDES BUSINESSES WITH LOANS BETWEEN 5,000 250,000. AS LOANS ARE REPAID, THEY ARE REINVESTED BY CEDRR IN THE FORM OF NEW LOANS TO OTHER BUSINESSES. CEDRR ALSO WORKS WITH OTHER PARTNERS SUCH AS VERMONT ECONOMIC DEVELOPMENT AUTHORITY (VEDA) AND THE U.S. SMALL BUSINESS ADMINISTRATION (SBA) AS WELL AS PRIVATE AND ALTERNATIVE LENDERS. CEDRR ALSO PROVIDES TECHNICAL SUPPORT, WORKFORCE TRAINING AND DEVELOPMENT PROGRAMS AND BUSINESS PLANNING SUPPORT TO BUSINESSES THROUGHOUT THE REGION BY PROVIDING RESOURCES FOR BUSINESS FINANCING, ASSISTING WITH JOB POSTINGS AND INTERNSHIP OPPORTUNITIES, CREATING WORKFORCE TRAINING PROGRAMS, AND PROVIDING A MAKERSPACE FOR PEOPLE WHO GET NEW BUSINESSES UP AND RUNNING. THE SERVICES NOTED ABOVE ARE INTENDED TO CREATE A BRIDGE BETWEEN BUSINESS AND COMMUNITY TO PROMOTE HEALTHY AND VIBRANT NEIGHBORHOODS AND ENHANCE THE QUALITY OF LIFE IN RUTLAND COUNTY. CEDRR FULFILLS THIS PART OF THEIR MISSION BUT HOSTING EVENTS AND ACTIVITIES THROUGHOUT THE YEAR AND BY BEING A HUB OF RESOURCES FOR THOSE LIVING AND WORKING IN THE REGION. TO FURTHER ITS WORK IN CREATING VIBRANT COMMUNITIES, CEDRR LAUNCHED REAL RUTLAND AFTER IDENTIFYING THE NEED TO INCREASE OUR WORKFORCE AND OVERALL POPULATION IN RUTLAND COUNTY TO SUPPORT THE NECESSARY BUSINESS GROWTH. REAL RUTLAND IS MADE UP OF REAL PEOPLE WHO LIVE, WORK, AND PLAY IN RUTLAND COUNTY, VERMONT. CEDRR STAFF AND ITS DEDICATED VOLUNTEERS ARE PASSIONATE ABOUT THIS REGION, AND ALL ARE PROUD TO CALL RUTLAND COUNTY HOME. SINCE THE BIRTH OF REAL RUTLAND, CEDRR HAVE SEEN OVER 100 INDIVIDUALS RELOCATE, SPECIFICALLY THROUGH THE REAL RUTLAND CONCIERGE PROGRAM. START-UP RUTLAND WAS LAUNCHED IN 2023. START-UP RUTLAND IS AN EDA FUNDED PROGRAM TO HELP SMALL BUSINESSES AND ENTREPRENEURS TO START AND MAINTAIN BUSINESS DEVELOPMENT SKILLS. THE PROGRAM OFFERS EDUCATIONAL CLASSES TO THE LOCAL COMMUNITY MEMBERS TO HELP INCREASE THE KNOWLEDGE OF THE LOCAL WORKFORCE. CEDRR'S REGIONAL MARKETING PROGRAM HAS BEEN DOING WONDERS WITH HELPING FAMILIES THAT ARE INTERESTED IN MOVING TO THE AREA THROUGH CONCIERGE AND WEEKEND GETAWAY PROGRAMS. CEDRR'S COMMUNITY EVENTS PROGRAM HAS EXCEEDED EXPECTATIONS WITH THE SUCCESS OF BRINGING PEOPLE OUT INTO THE COMMUNITY WITH THE RUTLAND REGION. WHILE BIRNGING NEW AND RETURNING INDIVIDUALS INTO THE AREA, IT HAS HIGHLIGHTED SALES AND SERVICE OF DOWNTOWN RUTLAND AND HAS SHOWN SUPPORT OF LOCAL BUSINESSES.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Lyle Jepson

    EXECUTIVE DI

    Total calculated
    $111,417
    From this org
    $108,172
    From related orgs
    $0
    Other
    $3,245
    Hours/week
    40

  • Shana Louiselle

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Russ Marsan

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    1

  • Karen Garrow

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Nicole Kesselring

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • John Casella III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jess Anderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sue Bishop

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mary Cohen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Raven Crispino

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mary Ann Goulette

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alex Hilliard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rolf Hirschmann

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amy Laramie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Mora

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Greg McClallen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bill Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Traci Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kelley Robinson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Russell III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cameron Schaefer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Werle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Doenges

    DIRECTOR - T

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
13 August 2024
IRS schema version
2022v5.0
Source object
202412269349301911

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.