2024-10-13T12:48:25-05:00 2023-12-31 390758449 WIPFLI LLP 43 CONSTITUTION DRIVE SUITE 100 BEDFORD NH 03110 990 2023-01-01 824508477 CENTER ON RURAL INNOVATION INC CENT 8024364100 PO BOX 392 HARTLAND VT 05048 ROBIN KILFEATHER-MACKEY DIRECTOR OF FINANCE & OPS 8024364100 2024-10-08 1 1 LANCE R TURGEON P00627708 6036273838 2024-10-08 2023 2024-10-15 13:58:12Z ROBIN KILFEATHER-MACKEY PO BOX 392 HARTLAND VT 05048 6043680 0 X HTTPS://RURALINNOVATION.US X 2018 VT ADVANCING ECONOMIC PROSPERITY IN RURAL AMERICA THROUGH THE CREATION OF AN INCLUSIVE TECH ECONOMY. 8 7 17 7 0 0 3225473 5592922 276604 391061 6018 58697 0 1000 3508095 6043680 15873 0 0 0 1011236 1104497 0 0 450910 3724044 4137884 4751153 5242381 -1243058 801299 3616357 3517433 2506515 1606292 1109842 1911141 X ADVANCING ECONOMIC PROSPERITY IN RURAL AMERICA THROUGH THE CREATION OF INCLUSIVE TECH ECONOMY ECOSYSTEMS THAT SUPPORT SCALABLE ENTREPRENEURSHIP AND TECH JOB CREATION. 0 0 764750 0 33197 RURAL AMERICA HAS UNDERGONE SEISMIC CHANGES IN THE LAST 20 YEARS AND WE ARE COMMITTED TO USING DATA TO ENSURE THERE IS AVAILABLE RESEARCH THAT REFLECTS THIS EVOLUTION AND THE OPPORTUNITIES THAT ACCOMPANY IT. OUR TEAM OF SOFTWARE DEVELOPERS, DATA ENGINEERS, AND DATA SCIENTISTS BUILD DATA-DRIVEN MAPS, TOOLS, AND OTHER RESOURCES THAT HIGHLIGHT RURAL AMERICA'S OPPORTUNITIES AND CHALLENGES. IN DEVELOPING THESE RESOURCES, WE MAKE DATA ABOUT RURAL COMMUNITIES ACCESSIBLE, AND ALSO LOOK TO BROADEN THE CONVERSATION AND CHANGE THE NARRATIVE ABOUT WHAT'S POSSIBLE IN RURAL AMERICA. 1056476 0 119799 COMMUNITY CONSULTING: WE'VE IDENTIFIED THE NECESSARY INFRASTRUCTURE COMMUNITIES NEED TO PARTICIPATE IN THE TECH ECONOMY, WHICH INCLUDE BROADBAND INFRASTRUCTURE, COWORKING AND ENTREPRENEURSHIP SPACES, AND LOCAL LEADERSHIP CAPACITY. WE PROVIDE CRITICAL SUPPORT TO ENABLE COMMUNITIES TO SECURE FUNDING, DEVELOP INFRASTRUCTURE AND IMPLEMENT THE PROGRAMS NECESSARY TO UNLOCK THE POTENTIAL OF RURAL AMERICA. 1433934 0 65000 THE RURAL INNOVATION NETWORK IS A NATIONAL COMMUNITY OF PRACTICE WORKING TO ADVANCE THE ECONOMIC FUTURE OF RURAL AMERICA. THROUGH THIS NETWORK, THE CENTER ON RURAL INNOVATION BRINGS TOGETHER DIVERSE LEADERS FROM COMMUNITIES ADVANCING THEIR TECH ECONOMIES AND PROVIDES THEM WITH A RANGE OF CUSTOMIZED SOLUTIONS TO PRESSING CHALLENGES. 406374 0 170725 THROUGH OUR RURAL INNOVATION INITIATIVE, OUR TEAM WORKS WITH COHORTS OF RURAL COMMUNITIES TO CREATE PLACE-BASED TECH ECONOMY STRATEGIES, AN ECONOMIC DEVELOPMENT MODEL THAT AIMS TO EDUCATE AND TRAIN LOCAL RESIDENTS IN DIGITAL SKILLS, EMPLOY THEM IN TECH JOBS, AND EMPOWER THEM TO LAUNCH THE STARTUPS THAT WILL DRIVE THEIR LOCAL ECONOMY. SINCE LAUNCHING IN 2019, WE'VE HELPED OUR COMMUNITIES RAISE MORE THAN $33 MILLION IN FEDERAL FUNDING AND MATCHING DOLLARS THROUGH THE U.S. ECONOMIC DEVELOPMENT ADMINISTRATION'S HIGHLY COMPETITIVE BUILD TO SCALE VENTURE CHALLENGE GRANT. 142461 0 3340 OUR THOUGHT LEADERSHIP EFFORTS FOCUS ON SHIFTING THE NARRATIVE ABOUT WHAT IS POSSIBLE IN RURAL AMERICA. WE PUBLISH CASE STUDIES, BLOG POSTS, AND OP-EDS, AS WELL AS PRODUCE VIDEOS AND HOST WEBINARS TO HIGHLIGHT POSITIVE EXAMPLES AND IMPACT OF THE TECH SECTOR AND ENTREPRENEURSHIP IN ACTION IN SMALL TOWNS ACROSS THE COUNTRY. 143859 0 0 WE LAUNCHED THE CORI INNOVATION FUND (CIF) IN 2020, A SEED FUND, TO INVEST IN TECH-ENABLED STARTUPS LOCATED IN RURAL OPPORTUNITY ZONES. CIF SEEKS ATTRACTIVE TECHNOLOGY-ENABLED OPERATING STARTUPS IN RURAL GEOGRAPHIES, WHICH ARE UNDER-SERVED BY TRADITIONAL VENTURE CAPITAL INSTITUTIONS. WE IDENTIFY, FUND, AND SUPPORT THE BEST AND MOST INNOVATIVE TECH ENTREPRENEURS IN RURAL AMERICA, ENHANCING ECONOMIC GROWTH AND TECH JOB CREATION IN SMALL COMMUNITIES ACROSS THE UNITED STATES. 692694 0 174065 3947854 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 1 17 0 1 17 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 1 0 VT X X ROBIN KILFEATHER-MACKEY DIRECTOR O 8024364100 PO BOX 392 HARTLAND VT 05048 X MATT DUNNE DIRECTOR, EXECUTIVE DIRECT 20.00 X X 0 0 0 LEE ROM DIRECTOR/CHAIR 3.00 X X 0 0 0 TOM SPERRY DIRECTOR/TREASURER 3.00 X X 0 0 0 DEBBIE ATUK DIRECTOR/SECRETARY 3.00 X X 0 0 0 PIRAYE BEIM DIRECTOR 2.00 X 0 0 0 JACOB MARTINEZ DIRECTOR 2.00 X 0 0 0 ADAM QUINN DIRECTOR 2.00 X 0 0 0 JACOB SMITH DIRECTOR 2.00 X 0 0 0 KATE DUFFY DEVELOPMENT DIRECTOR 40.00 X 118829 0 18013 BREYANA RAY DIRECTOR OF RURAL INNOVATION NETWORK 40.00 X 127553 0 6630 246382 0 24643 2 0 0 0 RURAL INNOVATION STRATEGIES INC PO BOX 202 HARTLAND VT 05048 CONSULTING - PROJECT WORK 3507039 1 151410 5441512 5592922 CONTRACT REVENUE 541900 323721 323721 MEMBER FEE 541900 65000 65000 SPEAKER FEE 541900 1500 1500 CORI BRANDED MERCHANDI 900099 840 840 391061 58697 58697 1000 1000 1000 6043680 392061 0 58697 X 891775 693815 8804 189156 32062 24944 317 6801 112087 87205 1107 23775 68573 53352 676 14545 2708 2708 15054 15054 3688048 2787242 693635 207171 31 31 16566 2247 8326 5993 98057 3699 93567 791 10800 10800 163672 160583 3089 127005 114285 10613 2107 5011 5011 EMPLOYEE TRAINING 7898 7358 540 TAXES 364 364 2670 2324 346 5242381 3947854 843617 450910 553343 1168279 196026 284111 35626 146228 102975 62077 5 5 2728382 1856733 3616357 3517433 34668 46887 2471847 1559405 2506515 1606292 X 774935 1544766 334907 366375 1109842 1911141 3616357 3517433 801299 0 X X 0 1 X 1 0 X 1825188 3738116 1808408 3225473 5592922 16190107 1825188 3738116 1808408 3225473 5592922 16190107 9148124 7041983 669 618 2927 6018 58697 68929 1072 23236 1000 25308 16284344 779665 0.43240 X SCHEDULE A, PAGE 2, SECTION B, LINE 13 THE ORGANIZATION'S EFFECTIVE DATE OF EXEMPTION WAS FEBRUARY 7, 2018, THE INITIAL SHORT YEAR OF THE ORGANIZATION. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 RESTRICTED CASH 1559405 DUE FROM RELATED PARTIES 206453 CONTRIBUTIONS RECEIVABLE, NET OF CURRENT PORTION 90875 1856733 REFUNDABLE ADVANCES 1559405 1559405 X 6043680 0 6043680 0 6043680 5242381 0 5242381 0 5242381 PART X, LINE 2: THE ORGANIZATION RECOGNIZES THE TAX BENEFIT OF AN UNCERTAIN TAX POSITION ONLY IF MANAGEMENT DETERMINES THAT IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WOULD BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERIT OF THE POSITION. MANAGEMENT HAS DETERMINED THAT THROUGH DECEMBER 31, 2023, THE ORGANIZATION DID NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. MATT DUNNE DIRECTOR OF CORI AND RISI 3521500 RURAL INNOVATION STRATEGIES, INC. (RISI) PERFORMS CONTRACTUAL WORK FOR THE CENTER ON RURAL INNOVATION, INC. (CORI) AND ADDITIONAL CONSULTING WORK AS REQUIRED ON VARIOUS EXEMPT PURPOSE PROJECTS. MATT DUNNE IS THE EXECUTIVE DIRECTOR AND A BOARD MEMBER FOR CORI AND A BOARD DIRECTOR OF RISI. AMOUNT REPORTED IS CASH PAID OF WHICH $61,202 REMAINS OUTSTANDING AS A PREPAID EXPENSE. TOTAL NET CONTRACTED EXPENSE ON THE ACCRUAL BASIS WAS $3,507,039. 0 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS SUBMITTED ELECTRONICALLY TO MEMBERS OF THE ORGANIZATION'S GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH ONE WEEK TO REVIEW THE PREPARED FORM 990 AND PROVIDE COMMENTS. ANY COMMENTS ARE THEN PROVIDED TO THE OPERATIONS DIRECTOR WHO GROUPS AND SUMMARIZES COMMENTS AND IS RESPONSIBLE FOR FILING THE RETURN. ANY ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CENTER'S CONFLICT OF INTEREST POLICY WAS ADOPTED ON MARCH 20, 2018. THE PURPOSE OF THIS CONFLICT OF INTEREST POLICY IS TO PROTECT THE INTERESTS OF CENTER ON RURAL INNOVATION,INC., WHEN IT CONTEMPLATES ENTERING INTO A TRANSACTION OR ARRANGEMENT WITH A COVERED PERSON. THIS CONFLICT OF INTEREST POLICY IS INTENDED TO SUPPLEMENT BUT NOT REPLACE ANY APPLICABLE STATE AND FEDERAL LAWS GOVERNING CONFLICT OF INTEREST APPLICABLE TO NONPROFIT ORGANIZATIONS. DUTY TO DISCLOSE. IN CONNECTION WITH ANY TRANSACTION OR ARRANGEMENT UNDER CONSIDERATION BY THE CORPORATION, A COVERED PERSON MUST DISCLOSE THE EXISTENCE OF SUCH COVERED PERSON'S OR ANY OTHER COVERED PERSON'S RELATED INTEREST TO THE DESIGNATED CONFLICT OF INTEREST OFFICER. EACH DIRECTOR, MEMBER OF A COMMITTEE WITH POWERS DELEGATED BY THE BOARD OF DIRECTORS, PRINCIPAL OFFICER, MEMBER, EMPLOYEE HAVING RESPONSIBILITIES SIMILAR TO A DIRECTOR OR PRINCIPAL OFFICER, SUBSTANTIAL DONOR TO THE CORPORATION, OR ANY PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF THE CORPORATION SHALL, UPON FIRST ACCEDING TO SUCH OFFICE OR POSITION, SIGN AN ACKNOWLEDGEMENT FORM WHICH AFFIRMS THAT SUCH PERSON: 1. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, 2. HAS READ AND UNDERSTANDS THE CONFLICT OF INTEREST POLICY, 3. HAS AGREED TO COMPLY WITH THE CONFLICT OF INTEREST POLICY, AND 4. UNDERSTANDS THE CORPORATION IS A SOCIAL WELFARE ORGANIZATION AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION THE CORPORATION MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. FORM 990, PART VI, SECTION B, LINE 15B THE CENTER'S BOARD WILL REVIEW THE AMOUNTS ALLOCATED FOR COMPENSATION AND CONFIRM THAT IT ALIGNS WITH COMPENSATION PAID TO COMPARABLE OFFICERS AND STAFF OF STARTUP NONPROFITS IN ORDER TO CONFIRM THAT THE CENTER PAYS NO MORE THAN MARKET RATE FOR SUCH COMPENSATION. TO ENSURE THE CORPORATION OPERATES IN A MANNER CONSISTENT WITH ITS SOCIAL WELFARE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED BY THE BOARD. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING SUBJECTS: 1. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULT OF ARM'S LENGTH BARGAINING. 2. WHETHER TRANSACTIONS AND ARRANGEMENTS CONFORM TO THE CORPORATION'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER THE CORPORATION'S SOCIAL WELFARE PURPOSES AND DO NOT RESULT IN INUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR IN AN "EXCESS BENEFIT" TRANSACTION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANZIATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE UPON REQUEST; GUIDESTAR.ORG; AND OTHER SIMILAR TYPES OF WEBSITES. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION. FORM 990, PART IX, LINE 11G RURAL INNOVATION STRATEGIES, INC. (RISI) CONTRACT LABOR: PROGRAM SERVICE EXPENSES 140,983. MANAGEMENT AND GENERAL EXPENSES 39,148. FUNDRAISING EXPENSES 880. TOTAL EXPENSES 181,011. OTHER OUTSIDE CONTRACT LABOR: PROGRAM SERVICE EXPENSES 2,646,259. MANAGEMENT AND GENERAL EXPENSES 654,487. FUNDRAISING EXPENSES 206,291. TOTAL EXPENSES 3,507,037. PART XII LINE 2C WE HAVE NOT CHANGED THIS PROCESS FROM THE PRIOR YEAR. CORI INNOVATION FUND LLC 2 QUECHEE ROAD HARTLAND VT 05048 843845584 OPPORTUNITY ZONE INVESTMENT FUND VT CIF MANAGEMENT INC 3885132 1 1 0.00100 CORI INNOVATION FUND II LP 2 QUECHEE ROAD HARTLAND VT 05048 883221355 OPPORTUNITY ZONE INVESTMENT FUND VT CIF MANAGEMENT INC 1236960 1 1 0.00100 CIF MANAGEMENT INC 2 QUECHEE ROAD HARTLAND VT 05048 843831168 INVESTMENT FUND MANAGEMENT VT CENTER ON RURAL INNOVATION INC C 97600 254626 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 RURAL INNOVATION STRATEGIES INC P 3507000 FMV