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← ITC RURAL ECONOMIC DEVELOPMENT INC

Form 990 for tax year 2023

Filed by ITC RURAL ECONOMIC DEVELOPMENT INC.

Totals

Total revenue
$35,972
Total expenses
$10,673
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,694
Investment income
$19,278
Other revenue
$0
Total assets, end of year
$1,276,105
Total liabilities, end of year
$191,495
Net assets or fund balances, end of year
$1,084,610
Program services expenses (Part IX)
$649
Management and general expenses
$10,024
Fundraising expenses
$0
Program service expenses (Part III)
$649

Program services were 6.1% 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.

  • 2a · Program service revenue: LOAN INTEREST

    total $15,744 · related or exempt $15,744

  • 2b · Program service revenue: NOTE ORIGINATION FEES

    total $750 · related or exempt $750

  • 2c · Program service revenue: APPLICATION FEES

    total $200 · related or exempt $200

  • 3 · Investment income

    total $19,278 · excluded $19,278

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $10,024 · management and general $10,024

  • 20 · Interest

    total $649 · program services $649

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $992,543 · end of year $996,132

  • 4 · Accounts receivable

    beginning of year $50,000 · end of year $0

  • 13 · Investments: program-related

    beginning of year $239,452 · end of year $279,973

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,224 · end of year $1,059

  • 23 · Secured mortgages and notes payable

    beginning of year $221,460 · end of year $190,436

  • 27 · Net assets without donor restrictions

    beginning of year $729,311 · end of year $754,610

  • 28 · Net assets with donor restrictions

    beginning of year $330,000 · end of year $330,000

Mission and programs · 2023

Mission

INTENT - TO PROVIDE LOW INTEREST LOANS TO BUSINESSES AND COMMUNITIES FOR THE PURPOSE OF ADDING VALUE, EMPLOYMENT, AND RURAL COMMUNITY OPPORTUNITIES. PROPOSALS MAY INCLUDE HEALTHCARE, ENVIRONMENTAL, EDUCATIONAL, AND SAFETY-RELATED PROJECTS.

Activities or mission (Part I)

PROVIDE LOW INTEREST LOANS TO ENHANCE VITALITY OF RURAL COMMUNITIES.

  • ITC REDI HAD LOANS RECEIVABLE FROM A TOTAL OF 6 COMPANIES/INDIVIDUALS AS OF DECEMBER 31, 2023. THE LOANS WERE FOR ECONOMIC DEVELOPMENT IN RURAL COMMUNITIES AND TELECOMMUNICATIONS FOR RURAL DEVELOPMENT, JOB CREATION, AND IMPROVING RURAL INFRASTRUCTURE.

    Expenses $649 · Revenue $16,694

As filed on the 2023 return.

Listed in Part VII

  • Susan Robbins

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • G Todd Garry

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Warren Brandlee

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Joel Brandt

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Connie Sawinsky

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
17 July 2024
IRS schema version
2023v5.1
Source object
202412139349300431

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