Rutland Economic Development Corporation

Organization Overview

Rutland Economic Development Corporation, operating under the name Dba Chamber And Economic Developm, is located in Rutland, VT. The organization was established in 1977. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Dba Chamber And Economic Developm employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dba Chamber And Economic Developm is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 09/2021, Dba Chamber And Economic Developm generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $795.8k during the year ending 09/2021. While expenses have increased by 9.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

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.

Describe the Organization's Program Activity:

Part 3 - Line 4a

IN FY 21, THE RUTLAND REGION CHAMBER OF COMMERCE, INC. DISSOLVED AND MERGED INTO RUTLAND ECONOMIC DEVELOPMENT CORPORATION (REDC) TO CREATE A MORE EFFICIENT AND DYNAMIC ORGANIZATION THAT CAN STRENGTHEN AND EXPAND SERVICES TO BETTER MEET THE ECONOMIC AND COMMUNITY DEVELOPMENT NEEDS OF RUTLAND COUNTY BUSINESSES AND RESIDENTS. AS A RESULT OF THIS MERGER, REDC BEGAN DOING BUSINESS AS THE CHAMBER & ECONOMIC DEVELOPMENT OF THE RUTLAND REGION (CEDRR)TO BETTER REFLECT THE COMBINATION OF SERVICES OF THE TWO ORGANIZATIONS. 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.


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Board, Officers & Key Employees

Name (title)Compensation
Lyle Jepson
Executive Di
$32,860
Karen Garrow
Co-Treasurer
$0
Nicole Kesselring
Secretary
$0
John Casella II
President
$0
Shana Louiselle
Vice Preside
$0
Russ Marsan
Co-Treasurer
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$204,910
Fundraising events$50,872
Related organizations$0
Government grants $213,015
All other contributions, gifts, grants, and similar amounts not included above$335,692
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$804,489
Total Program Service Revenue$229,327
Investment income $24,430
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events -$4,333
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,109,239

Grants Recieved

Over the last fiscal year, we have identified 2 grants that Rutland Economic Development Corporation has recieved totaling $34,494.

Awarding OrganizationAmount
Brattleboro Development Credit Corporation

Brattleboro, VT

PURPOSE: GRANT ASSISTANCE

$19,489
Rutland Hospital Inc

Rutland, VT

PURPOSE: COMMUNITY HEALTH IMPROVEMENT

$15,005
View Grant Recipient Profile

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