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Nonprofiteer
← RURAL ECONOMIC DEVELOPMENT CENTER INC

Form 990 for tax year 2022

Filed by RURAL ECONOMIC DEVELOPMENT CENTER INC.

Totals

Total revenue
$21,387,422
Total expenses
$11,713,020
Contributions and grants received
$13,589,219
Grants paid
$3,908,701
Program service revenue
$330,588
Investment income
$6,801,647
Other revenue
$665,968
Total assets, end of year
$262,359,551
Total liabilities, end of year
$146,830,881
Net assets or fund balances, end of year
$115,528,670
Program services expenses (Part IX)
$9,088,399
Management and general expenses
$2,361,585
Fundraising expenses
$263,036
Program service expenses (Part III)
$9,088,399

Program services were 77.6% 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.

  • 1e · Government grants (contributions)

    $11,485,334

  • 1f · All other contributions, gifts and grants

    $2,103,885

  • 2a · Program service revenue: REGISTRATION FEES

    total $173,447 · related or exempt $173,447

  • 2b · Program service revenue: SMALL BUSINESS RECOVERY

    total $156,078 · related or exempt $156,078

  • 2f · All other program service revenue

    total $1,063 · related or exempt $1,063

  • 3 · Investment income

    total $6,893,901 · related or exempt $3,661,753 · excluded $3,232,148

  • 6a · Gross rents

    real property $11,408

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $11,408

  • 6d · Net rental income or loss

    total $11,408 · excluded $11,408

  • 7a · Gross sales of assets other than inventory

    securities $4,571,874

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

    securities $4,664,128

  • 7c · Gain or loss

    securities -$92,254

  • 7d · Net gain or loss

    total -$92,254 · excluded -$92,254

  • 11a · Other revenue: THREAD MANAGEMENT FEE

    total $653,439 · excluded $653,439

  • 11d · All other revenue

    total $1,121 · excluded $1,121

  • 11e · Other revenue, total

    $654,560

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,893,000 · program services $3,893,000

  • 2 · Grants to domestic individuals

    total $15,701 · program services $15,701

  • 5 · Compensation of officers, directors and key employees

    total $1,247,501 · program services $872,151 · management and general $335,651 · fundraising $39,699

  • 7 · Other salaries and wages

    total $2,767,297 · program services $1,942,493 · management and general $736,782 · fundraising $88,022

  • 8 · Pension plan contributions

    total $229,298 · program services $155,901 · management and general $66,076 · fundraising $7,321

  • 9 · Other employee benefits

    total $263,076 · program services $178,867 · management and general $75,811 · fundraising $8,398

  • 10 · Payroll taxes

    total $296,625 · program services $197,557 · management and general $90,319 · fundraising $8,749

  • 11b · Fees: legal

    total $132,205 · program services $100,111 · management and general $29,513 · fundraising $2,581

  • 11c · Fees: accounting

    total $83,082 · program services $62,912 · management and general $18,548 · fundraising $1,622

  • 11g · Fees: other

    total $1,420,287 · program services $569,785 · management and general $772,720 · fundraising $77,782

  • 12 · Advertising and promotion

    total $27,860 · program services $26,040 · management and general $1,810 · fundraising $10

  • 13 · Office expenses

    total $272,496 · program services $213,549 · management and general $52,249 · fundraising $6,698

  • 14 · Information technology

    total $305,739 · program services $234,801 · management and general $62,906 · fundraising $8,032

  • 16 · Occupancy

    total $100,824 · program services $73,698 · management and general $23,963 · fundraising $3,163

  • 17 · Travel

    total $146,880 · program services $134,839 · management and general $11,910 · fundraising $131

  • 19 · Conferences, conventions and meetings

    total $184,551 · program services $168,769 · management and general $15,578 · fundraising $204

  • 20 · Interest

    total $119,681 · program services $98,238 · management and general $17,177 · fundraising $4,266

  • 22 · Depreciation, depletion and amortization

    total $136,159 · program services $94,905 · management and general $36,955 · fundraising $4,299

  • 23 · Insurance

    total $21,131 · program services $15,770 · management and general $4,844 · fundraising $517

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $29,638 · program services $22,904 · management and general $5,904 · fundraising $830

  • 24e · All other expenses

    total $19,989 · program services $16,408 · management and general $2,869 · fundraising $712

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,355,434 · end of year $4,731,322

  • 2 · Savings and temporary cash investments

    beginning of year $30,653,405 · end of year $79,306,708

  • 3 · Pledges and grants receivable

    beginning of year $4,409,534 · end of year $4,459,290

  • 4 · Accounts receivable

    beginning of year $301,855 · end of year $379,802

  • 7 · Other notes and loans receivable

    beginning of year $143,417,081 · end of year $144,789,813

  • 9 · Prepaid expenses and deferred charges

    beginning of year $62,807 · end of year $115,194

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

    $5,001,378

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

    $2,689,890

  • 10c · Land, buildings and equipment, net

    beginning of year $2,183,513 · end of year $2,311,488

  • 11 · Investments: publicly traded securities

    beginning of year $6,559,658 · end of year $7,399,267

  • 13 · Investments: program-related

    beginning of year $21,622,862 · end of year $18,866,667

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,094,919 · end of year $3,258,842

  • 18 · Grants payable

    end of year $1,030,800

  • 19 · Deferred revenue

    end of year $49,158,362

  • 24 · Unsecured notes and loans payable

    beginning of year $111,464,072 · end of year $92,138,213

  • 25 · Other liabilities

    beginning of year $1,285,750 · end of year $1,244,664

  • 27 · Net assets without donor restrictions

    beginning of year $100,088,321 · end of year $106,172,125

  • 28 · Net assets with donor restrictions

    beginning of year $8,633,087 · end of year $9,356,545

Mission and programs · 2022

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 $6,615,421 · Grants $3,805,150 · Revenue $3,817,869

  • LEADERSHIP & ENGAGEMENT: THE RURAL CENTER PROVIDES RURAL COMMUNITIES WITH A COMPREHENSIVE FRAMEWORK FOR ECONOMIC DEVELOPMENT, TOOLS TO INVEST IN BUILDING THEIR ASSETS AND CREATE CULTURES OF COLLABORATIVE PROBLEM SOLVING. AS A PROMOTER OF LEADERSHIP THAT IS INCLUSIVE, CONNECTED, INFORMED AND CREATIVE, THE RURAL CENTER NURTURES THE STATE'S NEXT GENERATION OF RURAL LEADERS. THE RURAL CENTER WORKS TO EQUIP COMMUNITIES AND LEADERS WITH THE KNOWLEDGE AND TOOLS NECESSARY TO MANAGE THE CHALLENGES OF A CHANGING ECONOMIC LANDSCAPE AND TO PROMOTE SUSTAINED ECONOMIC AND COMMUNITY DEVELOPMENT. THE RURAL CENTER'S RURAL ECONOMIC DEVELOPMENT INSTITUTE (REDI) AND REGIONAL LEADERSHIP TRAINING, HOMEGROWN LEADERS, HAVE TRAINED MORE THAN 1,550 RURAL LEADERS SINCE 1989. THE COMMUNITY ENGAGEMENT PROGRAM PROVIDED CAPACITY BUILDING, TECHNICAL ASSISTANCE AND TRAINING TO RURAL COMMUNITIES.

    Expenses $1,470,520 · Grants $103,057 · Revenue $173,447

  • 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 $1,002,458 · Grants $494 · Revenue $1,025

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

Listed in Part VII

  • Jonathan Brereton

    EXECUTIVE DIRECTOR, THREAD CAPITAL, INC.

    Total calculated
    $281,828
    From this org
    $238,931
    From related orgs
    $0
    Other
    $42,897
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $238,931
    Bonus
    $0
    Other
    $0
    Deferred
    $30,570
    Nontaxable benefits
    $12,327
    Filer's total
    $281,828

  • Patrick Woodie

    PRESIDENT & CEO

    Total calculated
    $261,235
    From this org
    $215,074
    From related orgs
    $0
    Other
    $46,161
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $215,074
    Bonus
    $0
    Other
    $0
    Deferred
    $33,844
    Nontaxable benefits
    $12,317
    Filer's total
    $261,235

  • Misty Herget

    CHIEF PROGRAMS OFFICER

    Total calculated
    $262,026
    From this org
    $213,639
    From related orgs
    $0
    Other
    $48,387
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,639
    Bonus
    $0
    Other
    $0
    Deferred
    $36,070
    Nontaxable benefits
    $12,317
    Filer's total
    $262,026

  • Armeer G Kenchen

    EXECUTIVE DIRECTOR, CORNERSQUARE, LLC

    Total calculated
    $217,848
    From this org
    $181,291
    From related orgs
    $0
    Other
    $36,557
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,291
    Bonus
    $0
    Other
    $0
    Deferred
    $25,396
    Nontaxable benefits
    $11,161
    Filer's total
    $217,848

  • Todd Brantley

    VP OF PUBLIC AFFAIRS (TO SEP '22)

    Total calculated
    $174,172
    From this org
    $154,500
    From related orgs
    $0
    Other
    $19,672
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,500
    Bonus
    $0
    Other
    $0
    Deferred
    $11,977
    Nontaxable benefits
    $7,695
    Filer's total
    $174,172

  • Jalisha Richmond

    DIRECTOR OF LENDING AND CLIENT SUPPORT

    Total calculated
    $176,444
    From this org
    $152,378
    From related orgs
    $0
    Other
    $24,066
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,378
    Bonus
    $0
    Other
    $0
    Deferred
    $15,842
    Nontaxable benefits
    $8,224
    Filer's total
    $176,444

  • Julia Malinowski

    SR. DIR, INTERMEDIARY LENDING (TO DEC '22)

    Total calculated
    $174,052
    From this org
    $149,563
    From related orgs
    $0
    Other
    $24,489
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,563
    Bonus
    $0
    Other
    $0
    Deferred
    $16,273
    Nontaxable benefits
    $8,216
    Filer's total
    $174,052

  • Shannon O'Shea

    SBC DIRECTOR OF OPERATIONS

    Total calculated
    $161,936
    From this org
    $146,306
    From related orgs
    $0
    Other
    $15,630
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,306
    Bonus
    $0
    Other
    $0
    Deferred
    $15,156
    Nontaxable benefits
    $474
    Filer's total
    $161,936

  • Franklin T Roberts

    CFO & COO/ASST TREASURER (FROM MAR '22)

    Total calculated
    $168,586
    From this org
    $143,139
    From related orgs
    $0
    Other
    $25,447
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $143,139
    Bonus
    $0
    Other
    $0
    Deferred
    $16,819
    Nontaxable benefits
    $8,628
    Filer's total
    $168,586

  • Brandon Rosas

    DIRECTOR OF FINANCE (TO MAR '22)

    Total calculated
    $150,271
    From this org
    $138,821
    From related orgs
    $0
    Other
    $11,450
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $138,821
    Bonus
    $0
    Other
    $0
    Deferred
    $6,684
    Nontaxable benefits
    $4,766
    Filer's total
    $150,271

  • Joy Stewart

    DIRECTOR OF INTERNAL COMPLIANCE AND AUDIT (FROM AP

    Total calculated
    $118,134
    From this org
    $105,968
    From related orgs
    $0
    Other
    $12,166
    Hours/week
    40

  • Laura Carlson

    ASSISTANT SECRETARY

    Total calculated
    $87,461
    From this org
    $72,245
    From related orgs
    $0
    Other
    $15,216
    Hours/week
    40

  • Nelle Hotchkiss

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Debbie Hamrick

    VICE CHAIR (TO DEC '22)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Phil Marion

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Alice Schenall

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Paula Benson

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Jose Alvarez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ryan Ammann

    BOARD MEMBER (FROM DEC '22)

    Total calculated
    $0
    Hours/week
    1

  • Andy Anderson

    BOARD MEMBER (FROM

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Al Bass

    BOARD MEMBER (FROM AUG '22)

    Total calculated
    $0
    Hours/week
    1

  • Brenda Berg

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sara Chester

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Casey Cooper

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mike Hawkins

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ray Jeffers

    BOARD MEMBER (TO DEC '22)

    Total calculated
    $0
    Hours/week
    1

  • Randolph Keaton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ben Knight

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kim Shepherd

    BOARD MEMBER (FROM DEC '22)

    Total calculated
    $0
    Hours/week
    1

  • Yolanda Taylor

    BOARD MEMBER (TO DEC '22)

    Total calculated
    $0
    Hours/week
    1

  • Dennis Tracz

    BOARD MEMBER (TO DEC '22)

    Total calculated
    $0
    Hours/week
    1

  • Brittany Bennett Weston

    BOARD MEMBER (FROM AUG '22)

    Total calculated
    $0
    Hours/week
    1

  • Gil Wise

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Weyling White

    BOARD MEMBER (FROM DEC '22)

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Tolle Whiteside

    BOARD MEMBER (FROM DEC '22)

    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. 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

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.

  • THREAD CAPITAL INC

    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 -$2,997,100 · assets $18,538,842

    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

    INVESTMENTS · NC · income $0 · assets $38,754,802

    Directly controlled by RURAL ECONOMIC DEVELOPMENT CENTER

Provenance

Return type
form_990
Tax year
2022
Filed
23 January 2024
IRS schema version
2022v5.0
Source object
202401069349300330

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