Rural Enterprises Of Oklahoma Inc
- Assets
- $41.9m
- Revenue
- $15.2m
- Investments
- $0.0
- Employees
- 37
- Location
- Durant, OK
- Founding
- 03/1982
- Data as of
- 12/2021
- EIN
- 73-1129417
Organization Overview
Rural Enterprises Of Oklahoma Inc is located in Durant, OK. 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 12/2021, Rural Enterprises Of Oklahoma Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Enterprises Of Oklahoma 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 12/2021, Rural Enterprises Of Oklahoma Inc generated $15.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $14.8m during the year ending 12/2021. While expenses have increased by 8.5% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
RURAL ENTERPRISES OF OKLAHOMA, INC 'S (REI OK) MISSION IS TO EXPAND PROSPERITY IN OKLAHOMA.REI OKLAHOMA EXPANDS ECONOMIC OPPORTUNITIES FOR OKLAHOMANS BY PROVIDING FLEXIBLE FINANCING AND DEVELOPMENT SERVICES TO INDIVIDUALS, BUSINESSES, AND ENTREPRENEURS WITH LIMITED ACCESS TO RESOURCES. REI BUSINESS LENDING PROVIDES CAPITAL TO BUSINESSES AND COLLABORATES CLOSELY WITH LOCAL LENDERS TO HELP ENTREPRENEURS NAVIGATE THROUGH LENDING RESOURCES. REI WOMAN'S BUSINESS CENTER AND REI MINORITY BUSINESS CENTER OFFER UNIQUE TRAININGS, AS WELL AS TECHNICAL ASSISTANCE AND BUSINESS ASSISTANCE SERVICES TO CLIENTS THROUGHOUT THE STATE. THIS INCLUDES TRAINING, FINANCIAL, AND TECHNICAL ASSISTANCE SERVICES FOR THE CREATION OF NEW BUSINESSES AND THE EXPANSION OF EXISTING BUSINESSES. REI OKLAHOMA PROVIDES DEVELOPMENT CAPITAL IN THE FORM OF LOANS WHICH MAY BE USED AS A BASIS TO LEVERAGE PUBLIC AND PRIVATE RESOURCES NECESSARY TO ESTABLISH OR EXPAND BUSINESS IN OKLAHOMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSISTANCE TO ENTREPRENEURS INCLUDING TRAINING, BUSINESS RENTAL SPACE, AND DEVELOPMENT CAPITAL IN THE FORM OF LOANS WHICH ARE USED AS A BASIS TO LEVERAGE PUBLIC AND PRIVATE RESOURCES NECESSARY TO ESTABLISH OR EXPAND BUSINESSES IN OKLAHOMA.
RURAL ENTERPRISES OF OKLAHOMA, INC. OFFERS MULTIPLE HOUSING OPPORTUNITIES FOR ELIGIBLE BORROWERS THROUGHOUT THE STATE OF OKLAHOMA. THE PROGRAMS INCLUDE AN OFFERING OF DOWN PAYMENT ASSISTANCE OF UP TO 4% OF THE FIRST MORTGAGE THROUGH GIFTS AND SECOND MORTGAGES TO LOW MODERATE INCOME FAMILIES. THESE GIFTS TYPICALLY AVERAGE ABOUT $5,000.00 EACH. EACH GIFT IS REVIEWED TO INSURE THE PROGRAM REQUIREMENTS AND QUALIFICATIONS ARE MET. REI ALSO PROVIDES FINANCING IN THE FORM OF LOANS FOR MULTI-FAMILY LOW INCOME HOUSING TAX CREDIT PROJECTS SERVING VERY LOW AND LOW INCOME TENANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Dewald President/ceo | Officer | 9 | $395,113 |
Sherry Harlin Svp-Development | Officer | 36 | $258,204 |
Debbie Partin Svp-Lending | Officer | 9 | $236,323 |
Lori Hill CFO | Officer | 22 | $229,353 |
Dena Sherrill Director Of Housing | 36 | $140,132 | |
Shannon Mulkey Admin Sr. Manager | 36 | $125,794 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $250,000 |
| Government grants | $2,063,005 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,313,005 |
| Total Program Service Revenue | $13,680,135 |
| Investment income | $24,073 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$843,781 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,173,432 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,342,772 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,226,709 |
| Compensation of current officers, directors, key employees. | $433,101 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $826,231 |
| Pension plan accruals and contributions | $54,749 |
| Other employee benefits | $917,301 |
| Payroll taxes | $126,482 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,926 |
| Fees for services: Accounting | $28,828 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,739 |
| Advertising and promotion | $0 |
| Office expenses | $58,000 |
| Information technology | $47,743 |
| Royalties | $0 |
| Occupancy | $86,878 |
| Travel | $10,511 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,202 |
| Interest | $10,527 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $288,733 |
| Insurance | $58,147 |
| All other expenses | $151,824 |
| Total functional expenses | $14,814,110 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $147,458 |
| Savings and temporary cash investments | $12,109,716 |
| Pledges and grants receivable | $60,958 |
| Accounts receivable, net | $1,497,801 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $67,312 |
| Net Land, buildings, and equipment | $7,830,637 |
| Investments—publicly traded securities | $8,177,046 |
| Investments—other securities | $0 |
| Investments—program-related | $12,017,427 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $41,908,355 |
| Accounts payable and accrued expenses | $2,514,451 |
| Grants payable | $0 |
| Deferred revenue | $18,394 |
| 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 | $1,318,183 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,851,028 |
| Net assets without donor restrictions | $38,035,611 |
| Net assets with donor restrictions | $21,716 |
| 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 | $41,908,355 |
Grants Awarded
Over the last fiscal year, Rural Enterprises Of Oklahoma Inc has awarded $166,732 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ORGANIC PASTURE FARMS LLC PURPOSE: TO PURCHASE EQUIPMENT TO CONSTRUCT HEN HOUSES IN RURAL OKLAHOMA | $100,000 |
SPOKTO BEVERAGE COMPANY PURPOSE: TO FUND EQUIPMENT AND INVENTORY TO SET UP AN END-TO-END BEVERAGE FACILITY | $66,732 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rural Enterprises Of Oklahoma Inc has recieved totaling $591,800.
| Awarding Organization | Amount |
|---|---|
Neighborhood Reinvestment Corp Washington, DC PURPOSE: GENERAL SUPPORT | $591,800 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Icast Internationl Center For Appropriate & Sustanabl Technology Lakewood, CO | $9,165,224 | $20,236,331 |
Rural Enterprises Of Oklahoma Inc Durant, OK | $41,908,355 | $15,173,432 |
Black River Area Development Corporation Pocahontas, AR | $9,485,787 | $11,077,041 |
East Central Kansas Economic Opportunity Corp Ottawa, KS | $5,122,658 | $10,399,835 |
Missouri Incutech Foundation Rolla, MO | $1,463,624 | $4,973,546 |
Central Oklahoma Economic Development District Shawnee, OK | $5,863,107 | $4,724,858 |
Urban Partnerships Community Development Corporation Pearland, TX | $13,389,393 | $5,000,952 |
New Mexico Community Capital Albuquerque, NM | $12,754,152 | $2,840,640 |
Western Arkansas Planning And Fort Smith, AR | $1,883,659 | $2,141,077 |
Little Rock Workforce Development Board Little Rock, AR | $359,522 | $1,935,959 |
Pulaski County Growth Alliance Saint Robert, MO | $34,130 | $1,396,256 |
Forge Financing Ozark Rural Growth And Economy Huntsville, AR | $10,015,357 | $2,246,755 |