Rural Economic Development Center Inc
- Assets
- $262.4m
- Revenue
- $21.4m
- Investments
- $0.0
- Employees
- 62
- Location
- Raleigh, NC
- Founding
- 04/1987
- Data as of
- 06/2023
- EIN
- 56-1552375
Organization Overview
Rural Economic Development Center Inc is located in Raleigh, NC. The organization was established in 1987. 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 Economic Development Center Inc employed 62 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Economic Development Center Inc 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 Economic Development Center Inc generated $21.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.3% each year . All expenses for the organization totaled $11.7m during the year ending 06/2023. While expenses have increased by 16.8% per year over the past 8 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.
Since 2015, Rural Economic Development Center Inc has awarded 49 individual grants totaling $4,322,310. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP, PROMOTE, AND IMPLEMENT SOUND ECONOMIC STRATEGIES IN RURAL NORTH CAROLINA
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS / ENTREPRENEURSHIP: THE RURAL CENTER DELIVERS CRITICAL RESOURCES TO SUPPORT EXISTING BUSINESSES AND ENABLE THE EMERGENCE OF NEW ENTREPRENEURS. THE RURAL CENTER BELIEVES EQUITABLE ECONOMIC GROWTH DEPENDS ON SUSTAINING RURAL SMALL BUSINESSES AND NURTURING SMALL-TOWN ENTREPRENEURS. THE RURAL CENTER'S LENDING SUBSIDIARY, THREAD CAPITAL, WORKS WITH INDIVIDUALS TRYING TO START OR EXPAND A SMALL BUSINESS BY PROVIDING CAPITAL, COACHING, AND CONNECTIONS. THE RURAL CENTER OPERATES THE STATE SMALL BUSINESS CREDIT INITIATIVE PROGRAM TO SUPPORT PRIVATE SECTOR CAPITAL FORMATION IN ALL 100 COUNTIES. THE RURAL CENTER OPERATES CORNERSQUARE COMMUNITY CAPITAL, WHICH SUPPORTS COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS IN A 17-STATE REGION.
LEADERSHIP & ENGAGEMENT: THE RURAL CENTER PROVIDES RURAL COMMUNITIES WITH A COMPREHENSIVE FRAMEWORK FOR ECONOMIC DEVELOPMENT, TOOLS TO INVEST IN BUILDING THEIR ASSETS AND CREATE CULTURES OF COLLABORATIVE PROBLEM SOLVING. AS A PROMOTER OF LEADERSHIP THAT IS INCLUSIVE, CONNECTED, INFORMED AND CREATIVE, THE RURAL CENTER NURTURES THE STATE'S NEXT GENERATION OF RURAL LEADERS. THE RURAL CENTER WORKS TO EQUIP COMMUNITIES AND LEADERS WITH THE KNOWLEDGE AND TOOLS NECESSARY TO MANAGE THE CHALLENGES OF A CHANGING ECONOMIC LANDSCAPE AND TO PROMOTE SUSTAINED ECONOMIC AND COMMUNITY DEVELOPMENT. THE RURAL CENTER'S RURAL ECONOMIC DEVELOPMENT INSTITUTE (REDI) AND REGIONAL LEADERSHIP TRAINING, HOMEGROWN LEADERS, HAVE TRAINED MORE THAN 1,550 RURAL LEADERS SINCE 1989. THE COMMUNITY ENGAGEMENT PROGRAM PROVIDED CAPACITY BUILDING, TECHNICAL ASSISTANCE AND TRAINING TO RURAL COMMUNITIES.
ADVOCACY & RESEARCH: THE RURAL CENTER SERVES AS THE STATE'S LEADING ADVOCATE FOR ITS MANY RURAL COMMUNITIES. THE RURAL CENTER PROVIDES LOCAL, REGIONAL, AND STATE LEADERS THE INFORMATION THEY NEED TO BE INFORMED ON THE IMPORTANT RURAL ISSUES OF THE DAY. THE RURAL CENTER IDENTIFIES SPECIFIC TOPICS FOR MORE IN-DEPTH EXPLORATION AND PARTNERS WITH EXPERTS TO LIFT UP POLICY AND RESEARCH THAT INFORMS THE DECISIONS OF TODAY AND HELPS PLAN FOR THE CHOICES OF TOMORROW. WITH A VOICE INFORMED BY DATA, RESEARCH, STORYTELLING, AND BEST PRACTICES, THE RURAL CENTER ADVOCATES ON THE LOCAL, STATE, AND FEDERAL LEVELS FOR THE COMPELLING ISSUES FACING RURAL COMMUNITIES: ISSUES LIKE BROADBAND ACCESS, HEALTHCARE, HOUSING, AGRICULTURE, EDUCATION, ENERGY, WORKFORCE DEVELOPMENT, AND INFRASTRUCTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan Brereton Executive Director, Thread Capital, Inc. | Officer | 20 | $238,931 |
Patrick Woodie President & CEO | Officer | 40 | $215,074 |
Misty Herget Chief Programs Officer | Officer | 40 | $213,639 |
Armeer G Kenchen Executive Director, Cornersquare, Llc | 40 | $181,291 | |
Todd Brantley VP Of Public Affairs (to Sep '22) | 40 | $154,500 | |
Jalisha Richmond Director Of Lending And Client Support | 40 | $152,378 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Johnson Lambert Audit And Tax Services | 6/29/23 | $266,353 |
Brooks Pierce Mclendon Humphrey And Leon Legal Services | 6/29/23 | $207,594 |
Boss Consulting Consulting Services | 6/29/23 | $154,000 |
Onyx Audiovisual It Support Services | 6/29/23 | $141,790 |
Mercer Hr Consulting Services | 6/29/23 | $109,626 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,485,334 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,103,885 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,589,219 |
| Total Program Service Revenue | $330,588 |
| Investment income | $6,893,901 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $11,408 |
| Net Gain/Loss on Asset Sales | -$92,254 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,387,422 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,893,000 |
| Grants and other assistance to domestic individuals. | $15,701 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,247,501 |
| Compensation of current officers, directors, key employees. | $335,651 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,767,297 |
| Pension plan accruals and contributions | $229,298 |
| Other employee benefits | $263,076 |
| Payroll taxes | $296,625 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $132,205 |
| Fees for services: Accounting | $83,082 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,420,287 |
| Advertising and promotion | $27,860 |
| Office expenses | $272,496 |
| Information technology | $305,739 |
| Royalties | $0 |
| Occupancy | $100,824 |
| Travel | $146,880 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $184,551 |
| Interest | $119,681 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $136,159 |
| Insurance | $21,131 |
| All other expenses | $19,989 |
| Total functional expenses | $11,713,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,731,322 |
| Savings and temporary cash investments | $79,306,708 |
| Pledges and grants receivable | $4,459,290 |
| Accounts receivable, net | $379,802 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $144,789,813 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $115,194 |
| Net Land, buildings, and equipment | $2,311,488 |
| Investments—publicly traded securities | $7,399,267 |
| Investments—other securities | $0 |
| Investments—program-related | $18,866,667 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $262,359,551 |
| Accounts payable and accrued expenses | $3,258,842 |
| Grants payable | $1,030,800 |
| Deferred revenue | $49,158,362 |
| 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 | $92,138,213 |
| Other liabilities | $1,244,664 |
| Total liabilities | $146,830,881 |
| Net assets without donor restrictions | $106,172,125 |
| Net assets with donor restrictions | $9,356,545 |
| 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 | $262,359,551 |
Grants Awarded
Over the last fiscal year, Rural Economic Development Center Inc has awarded $3,886,000 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
INSTITUTE CAPITAL INC PURPOSE: CDFI CAPACITY BUILDING PROGRAM GRANTS | $775,000 |
MOUNTAIN BIZWORKS PURPOSE: CDFI CAPACITY BUILDING PROGRAM GRANTS | $736,000 |
PARTNER COMMUNITY CAPITAL INC PURPOSE: CDFI CAPACITY BUILDING PROGRAM GRANTS | $725,000 |
CAROLINA COMMUNITY IMPACT INC PURPOSE: CDFI CAPACITY BUILDING PROGRAM GRANTS | $450,000 |
BUSINESS EXPANSION FUNDING CORPORATION PURPOSE: CDFI CAPACITY BUILDING PROGRAM GRANTS | $500,000 |
THREAD CAPITAL PURPOSE: SHELLFISH GROWERS PROGRAM GRANT | $250,000 |