Rural Revitilization Corporation
- Assets
- $409.1k
- Revenue
- $439.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Olean, NY
- Founding
- 10/1982
- Data as of
- 06/2023
- EIN
- 11-2616152
Organization Overview
Rural Revitilization Corporation is located in Olean, NY. The organization was established in 1982. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Rural Revitilization Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Revitilization 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 06/2023, Rural Revitilization Corporation generated $439.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.9%) each year. All expenses for the organization totaled $437.8k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (4.9%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
RURAL REVITALIZATION CORPORATION IS A NON-PROFIT ORGANIZATION WHOSE PRIMARY PURPOSE IS TO PROVIDE HOUSING RELATED EDUCATIONAL, TECHNICAL, AND FINANCIAL PROGRAMS TO PROVIDE SAFE, DECENT, AND AFFORDABLE HOUSING THROUGH REINVESTMENT IN THE RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL AREAS SITUATED IN CATTARAUGUS COUNTY, THE WESTERN AREA OF WYOMING COUNTY, AND SOUTHERN ERIE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HOUSING REHABILITATION PROGRAM PROVIDES FUNDING FOR DOWN PAYMENTS, CLOSING COSTS AND TO REHABILITATE PARTICIPANTS HOMES.
THE HOUSING RENTAL PROGRAM ALLOWS THE CORPORATION TO CONTINUE THE PROMOTION OF SAFE, DECENT AND AFFORDABLE HOUSING FOR LOW TO MODERATE-INCOME INDIVIDUALS AND FAMILIES IN CATTARAUGUS, ERIE AND WYOMING COUNTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sonya Mickens Secretary | OfficerTrustee | 1 | $0 |
Tarah Tarr Director | Trustee | 1 | $0 |
Jasmine Hall President | OfficerTrustee | 1 | $0 |
Janice Capaldo Vice-President | OfficerTrustee | 1 | $0 |
Marrah Price Director | Trustee | 1 | $0 |
Nanci Hurlburt Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $338,181 |
| All other contributions, gifts, grants, and similar amounts not included above | $141 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $338,322 |
| Total Program Service Revenue | $93,771 |
| Investment income | $7,509 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $439,602 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $90,017 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,848 |
| Payroll taxes | $6,886 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,685 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $248,715 |
| Advertising and promotion | $0 |
| Office expenses | $11,846 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,224 |
| Travel | $4,200 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,029 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,442 |
| Insurance | $13,328 |
| All other expenses | $0 |
| Total functional expenses | $437,828 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $240,166 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $81,250 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,656 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,439 |
| Net Land, buildings, and equipment | $68,053 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,570 |
| Total assets | $409,134 |
| Accounts payable and accrued expenses | $3,026 |
| Grants payable | $0 |
| Deferred revenue | $94,635 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2 |
| Total liabilities | $97,663 |
| Net assets without donor restrictions | $311,471 |
| Net assets with donor restrictions | $0 |
| 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 | $409,134 |