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Nonprofiteer
← RURAL ECONOMIC DEVELOPMENT CENTER INC

Form 990 for tax year 2024

Filed by RURAL ECONOMIC DEVELOPMENT CENTER INC.

Totals

Total revenue
$69,981,334
Total expenses
$11,635,108
Contributions and grants received
$56,236,894
Grants paid
$2,509,353
Program service revenue
$494,903
Investment income
$12,981,246
Other revenue
$268,291
Total assets, end of year
$309,058,828
Total liabilities, end of year
$93,274,636
Net assets or fund balances, end of year
$215,784,192
Program services expenses (Part IX)
$9,010,664
Management and general expenses
$2,526,836
Fundraising expenses
$97,608
Program service expenses (Part III)
$9,010,664

Program services were 77.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • PHIL MARION

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • SARA CHESTER

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • YOLANDA TAYLOR

    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 + 1 related

  • RYAN AMMANN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ANDY ANDERSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DR ZACHARY BARRICKLOW

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • AL BASS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CASEY COOPER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ANNE FAIRCLOTH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LARIZA GARZON

    BOARD MEMBER (FROM DEC '24)

    Total calculated
    $0
    Hours/week
    1

  • RANDY GORE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MIKE HAWKINS

    BOARD MEMBER

    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

  • ALICE SCHENALL

    BOARD MEMBER (TO DEC '24)

    Total calculated
    $0
    Hours/week
    1

  • KIM SHEPHERD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BRITTANY BENNETT WESTON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • GIL WISE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • WEYLING WHITE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER TOLLE WHITESIDE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PATRICK WOODIE

    PRESIDENT & CEO

    Total calculated
    $435,546
    From this org
    $384,462
    From related orgs
    $0
    Other
    $51,084
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $328,929
    Bonus
    $26,933
    Other
    $28,600
    Deferred
    $35,019
    Nontaxable benefits
    $16,065
    Filer's total
    $435,546

  • CAROLYN RHODES

    COO

    Total calculated
    $340,237
    From this org
    $303,879
    From related orgs
    $0
    Other
    $36,358
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,900
    Bonus
    $24,239
    Other
    $25,740
    Deferred
    $27,198
    Nontaxable benefits
    $9,160
    Filer's total
    $340,237

  • FRANKLIN T ROBERTS

    CFO/ASST TREASURER

    Total calculated
    $275,309
    From this org
    $235,999
    From related orgs
    $0
    Other
    $39,310
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $214,453
    Bonus
    $21,546
    Other
    $0
    Deferred
    $24,483
    Nontaxable benefits
    $14,827
    Filer's total
    $275,309

  • JOY STEWART

    DIR OF INTERNAL COMPLIANCE AND AUDIT

    Total calculated
    $191,062
    From this org
    $166,252
    From related orgs
    $0
    Other
    $24,810
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,252
    Bonus
    $0
    Other
    $0
    Deferred
    $10,441
    Nontaxable benefits
    $14,369
    Filer's total
    $191,062

  • MISTY HERGET

    CHIEF PROGRAMS OFFICER

    Total calculated
    $246,541
    From this org
    $213,762
    From related orgs
    $0
    Other
    $32,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,762
    Bonus
    $0
    Other
    $0
    Deferred
    $22,694
    Nontaxable benefits
    $10,085
    Filer's total
    $246,541

  • WILLIAM MITCHELL STALLINGS

    CHIEF REVENUE OFFICER

    Total calculated
    $249,354
    From this org
    $216,529
    From related orgs
    $0
    Other
    $32,825
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,529
    Bonus
    $0
    Other
    $0
    Deferred
    $23,458
    Nontaxable benefits
    $9,367
    Filer's total
    $249,354

  • ARMEER G KENCHEN

    EXEC DIR, CORNERSQUARE LLC

    Total calculated
    $255,970
    From this org
    $215,112
    From related orgs
    $0
    Other
    $40,858
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,458
    Bonus
    $0
    Other
    $12,654
    Deferred
    $23,335
    Nontaxable benefits
    $17,523
    Filer's total
    $255,970

  • DANIEL MICHAEL

    CONTROLLER

    Total calculated
    $181,465
    From this org
    $146,600
    From related orgs
    $0
    Other
    $34,865
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,244
    Bonus
    $0
    Other
    $8,356
    Deferred
    $18,344
    Nontaxable benefits
    $16,521
    Filer's total
    $181,465

  • ANDREA BREAZEALE

    DIR OF HR

    Total calculated
    $149,013
    From this org
    $124,800
    From related orgs
    $0
    Other
    $24,213
    Hours/week
    40

  • WILLIAM HOLMES

    SR DIR OF COMMUNICATIONS

    Total calculated
    $144,815
    From this org
    $121,693
    From related orgs
    $0
    Other
    $23,122
    Hours/week
    40

  • JONATHAN BRERETON

    EXEC DIR, THREAD CAPITAL (TO AUG '23)

    Total calculated
    $237,735
    From this org
    $237,735
    From related orgs
    $0
    Other
    $0
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $237,735
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $237,735

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
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 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

The filer's explanations (Part III)

PART I, LINES 4A-B
SEVERANCE: JONATHAN BRERETON $237,735 CONTRIBUTIONS TO SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS: PATRICK WOODIE $28,600 CAROLYN RHODES $25,740

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 $5,120,507 · assets $29,206,934

    Directly controlled by RURAL ECONOMIC DEVELOPMENT CENTER

  • IMAF COMMON LLC

    INVESTMENTS · NC · income $0 · assets $154,795

    Directly controlled by RURAL CENTER VENTURES LLC

  • CORNERSQUARE COMMUNITY CAPITAL LLC

    LOAN PARTICIPATIONS · NC · income $2,521,679 · assets $38,703,945

    Directly controlled by RURAL ECONOMIC DEVELOPMENT CENTER

Provenance

Return type
form_990
Tax year
2024
Filed
12 February 2026
IRS schema version
2024v5.5
Source object
202600449349301015

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.