Randolph Area Community Development Corporation
- Assets
- $7.3m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 22
- Location
- Randolph, VT
- Founding
- 05/1994
- Data as of
- 06/2022
- EIN
- 03-0337709
Organization Overview
Randolph Area Community Development Corporation is located in Randolph, VT. The organization was established in 1994. 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 06/2022, Randolph Area Community Development Corporation employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Randolph Area Community Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Randolph Area Community Development Corporation generated $3.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.0% each year . All expenses for the organization totaled $1.0m during the year ending 06/2022. While expenses have increased by 6.0% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
RANDOLPH AREA COMMUNITY DEVELOPMENT CORPORATION UNITES THE COMMUNITY BEHIND INITIATIVES WHICH STRENGTHEN OUR REGION'S SOCIAL AND ECONOMIC ASSETS IN ORDER TO ENRICH QUALITY OF LIFE, INSTILL PRIDE AND BUILD CONFIDENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
JOSLYN HOUSE IS A SHARED HOUSING FACILITY WITH SUPPORTIVE SERVICES PRIMARILY FOR LOW AND MODERATE INCOME INDIVIDUALS, AND IS RESTRICTED TO SUCH BY AFFORDABILITY COVENANTS. JOSLYN HOUSE PROVIDED AFFORDABLE HOUSING FOR APPROXIMATELY TWENTY-TWO (22) PEOPLE IN FISCAL YEAR 2022.
RACDC ADMINISTERS SEVERAL ADDITIONAL PROGRAMS. THE REVOLVING LOAN FUND SERVED ROUGHLY EIGHT RESIDENTIAL AND SEVEN BUSINESS LOANS IN THE AREA. THE SUPPORT AND SERVICES AT HOME (SASH) PROGRAM SERVED APPROXIMATELY 80 FULL PARTICIPANTS AND OVER 100 PARTICIPANTS OF ITS PUBLICLY AVAILABLE ACTIVITIES AND EVENTS IN FISCAL YEAR 2022. IN ADDITION, THE DOWNTOWN DESIGNATION SERVED THE ENTIRE REGION BY SUPPORTING BUSINESSES AS WELL AS SUPPORTING INFRASTRUCTURE IMPROVEMENTS FOR THE TOWN OF RANDOLPH, VERMONT. RACDC REINSTATED EVENTS IN 2021 WITH THE CORNHOLD FESTIVAL IN AUGUST 2021, SAFE AND SEEN HALLOWEEN IN OCTOBER 2021, AND FIRST FRIDAYS FROM MAY THROUGH OCTOBER 2022. RACDC CONTINUED ITS MUTUAL AID NETWORK KNOWN AS RAMAN (RANDOLPH AREA MUTUAL AID NETWORK), WHICH INCLUDES FOUR TOWNS AND ABOUT A DOZEN LOCAL ORGANIZATIONS. THROUGH RAMAN, RACDC ALSO STARTED A COMMUNITY FUND WHICH RACDC HOSTS TO ADDRESS COMMUNITY NEEDS DUE TO COVID-19, BUT ALSO WITH THE INTENTION OF CONTINUING RAMAN AND THE COMMUNITY FUND TO ADDRESS ESSENTIAL NEEDS OF COMMUNITY MEMBERS IN CRISIS GOING FORWARD. THE COMMERCIAL BUILDING AT 28 NORTH MAIN STREET IS A REDEVELOPMENT OF A FORMER SCHOOL SITE INTO A COMMERCIAL BUILDING TO MOVE A LARGE RANDOLPH EMPLOYER TO A DOWNTOWN LOCATION.
ARMSTRONG MOBILE HOME PARK CONSISTS OF 16 MOBILE HOME LOTS AND A HOUSE THAT INCLUDES ONE 2-BEDROOM AND ONE 1-BEDROOM UNIT, FOR LEASE TO A MIX OF PRIMARILY LOW AND MODERATE INCOME FAMILIES, AND IS RESTRICTED TO SUCH USE BY AFFORDABILITY COVENANTS. ARMSTRONG MOBILE HOME PARK PROVIDED AFFORDABLE HOUSING FOR APPROXIMATELY TWENTY-ONE (21) PEOPLE IN FISCAL YEAR 2022.
JACOBS MOBILE HOME PARK CONSISTS OF 19 MOBILE HOME LOTS FOR LEASE TO A MIX OF PRIMARILY LOW AND MODERATE INCOME FAMILIES, AND IS RESTRICTED TO SUCH USE BY AFFORDABILITY COVENANTS. JACOBS MOBILE HOME PARK PROVIDED AFFORDABLE HOUSING FOR APPROXIMATELY NINETEEN (19) PEOPLE IN FISCAL YEAR 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie Iffland Executive Di | Officer | 38 | $83,066 |
Peter Reed President | OfficerTrustee | 2 | $0 |
Daniel Devoe Vice Preside | OfficerTrustee | 2 | $0 |
Robert Wright Treasurer | OfficerTrustee | 2 | $0 |
Tom Ayres Secretary | OfficerTrustee | 2 | $0 |
Dan Bennett Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $329,236 |
| All other contributions, gifts, grants, and similar amounts not included above | $227,444 |
| Noncash contributions included in lines 1a–1f | $2,036 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $556,680 |
| Total Program Service Revenue | $1,211,515 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,166,214 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,750,856 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,773 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $88,247 |
| Compensation of current officers, directors, key employees. | $13,237 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $292,355 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $40,040 |
| Payroll taxes | $30,619 |
| Fees for services: Management | $21,518 |
| Fees for services: Legal | $3,990 |
| Fees for services: Accounting | $15,468 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,765 |
| Advertising and promotion | $3,640 |
| Office expenses | $3,888 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $129,702 |
| Travel | $1,378 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,608 |
| Interest | $29,996 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $127,549 |
| Insurance | $25,713 |
| All other expenses | $0 |
| Total functional expenses | $1,007,506 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,490 |
| Savings and temporary cash investments | $895,649 |
| Pledges and grants receivable | $11,727 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,616,944 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,114 |
| Net Land, buildings, and equipment | $3,333,450 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $233,608 |
| Intangible assets | $0 |
| Other assets | $201,589 |
| Total assets | $7,323,571 |
| Accounts payable and accrued expenses | $40,244 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $32,071 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $920,389 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $992,704 |
| Net assets without donor restrictions | $5,916,668 |
| Net assets with donor restrictions | $414,199 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,323,571 |