2025-01-16T14:56:35-06:00 2024-06-30 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS RD STE 1500 RALEIGH NC 27609 990 2023-07-01 561552375 RURAL ECONOMIC DEVELOPMENT CENTER INC RURA 9192504314 4021 CARYA DRIVE RALEIGH NC 27610 PHIL MARION 1/15/25 9192504314 2025-01-16 1 0 J CALVIN MARKS P01226973 9197196400 2023 2024-10-15 13:58:12Z PATRICK WOODIE 4021 CARYA DRIVE RALEIGH NC 27610 65037441 0 X WWW.NCRURALCENTER.ORG X 1987 NC DEVELOP, PROMOTE, AND IMPLEMENT SOUND ECONOMIC STRATEGIES IN RURAL NORTH CAROLINA 21 21 68 23 0 0 13589219 49884903 330588 627585 6801647 9374202 665968 791844 21387422 60678534 3908701 2309497 0 0 4803797 5423721 0 0 154589 3000522 5363735 11713020 13096953 9674402 47581581 262359551 247445307 146830881 86713091 115528670 160732216 X THE MISSION OF THE ORGANIZATION IS TO DEVELOP, IMPLEMENT AND PROMOTE SOUND ECONOMIC STRATEGIES THAT IMPROVE THE QUALITY OF LIFE OF RURAL NORTH CAROLINIANS, WITH A SPECIAL FOCUS ON INDIVIDUALS WITH LOW TO MODERATE INCOMES AND COMMUNITIES WITH LIMITED RESOURCES. 0 0 7539976 2169248 7360987 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. 1949069 140085 142794 LEADERSHIP & ENGAGEMENT: THE CENTER'S FLAGSHIP LEADERSHIP PROGRAM, THE RURAL ECONOMIC DEVELOPMENT INSTITUTE (REDI) OFFERS PARTICIPANTS COLLABORATIVE LEADERSHIP SKILLS AND RURAL DEVELOPMENT STRATEGIES TO HELP THEM RETURN HOME AND MAKE A MEANINGFUL IMPACT IN THEIR COMMUNITIES. UPON GRADUATING FROM REDI, GRADUATES OF THE PROGRAM BECOME PART OF A LARGER ALUMNI NETWORK OF LEADERS. REDI AND HOMEGROWN LEADERS REGIONAL LEADERSHIP TRAINING HAVE TRAINED OVER 1,600 RURAL LEADERS. THE RURAL SUMMIT BRINGS TOGETHER COMMUNITY LEADERS, POLICYMAKERS, AND RURAL ADVOCATES FROM ACROSS THE STATE AND NATION TO ENGAGE IN A THOUGHTFUL, INTENTIONAL DIALOGUE ABOUT THE ACTIONS WE CAN TAKE TODAY TO ADVANCE POLICY AND SYSTEMS CHANGE ACROSS A BROAD SPECTRUM OF RURAL DEVELOPMENT ISSUES. FINALLY, THROUGH OUR CONNECT CHURCH AND COMMUNITY CONNECT PROGRAMS, WE LOCATE THE POWERFUL INTERSECTION BETWEEN RURAL CHURCH ASSETS AND COMMUNITY OPPORTUNITIES. 788117 164 500 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. 10277162 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 27 0 1 68 1 0 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X FRANKLIN ROBERTS 9192504314 4021 CARYA DRIVE RALEIGH NC 27610 NELLE HOTCHKISS CHAIR (TO DEC '23) 1.00 1.00 X X 0 0 0 PHIL MARION CHAIR 1.00 1.00 X X 0 0 0 SARA CHESTER VICE-CHAIR 1.00 1.00 X X 0 0 0 YOLANDA TAYLOR SECRETARY 1.00 1.00 X X 0 0 0 PAULA BENSON TREASURER 1.00 X X 0 0 0 JOSE ALVAREZ BOARD MEMBER 1.00 X 0 0 0 RYAN AMMANN BOARD MEMBER 1.00 X 0 0 0 ANDY ANDERSON BOARD MEMBER 1.00 1.00 X 0 0 0 DR ZACHARY BARRICKLOW BOARD MEMBER (FROM JAN '24) 1.00 X 0 0 0 AL BASS BOARD MEMBER 1.00 X 0 0 0 BRENDA BERG BOARD MEMBER (TO DEC '23) 1.00 X 0 0 0 CASEY COOPER BOARD MEMBER 1.00 X 0 0 0 ANNE FAIRCLOTH BOARD MEMBER (FROM JAN '24) 1.00 X 0 0 0 RANDY GORE BOARD MEMBER (FROM JAN '24) 1.00 X 0 0 0 MIKE HAWKINS BOARD MEMBER 1.00 X 0 0 0 RANDOLPH KEATON BOARD MEMBER 1.00 X 0 0 0 BEN KNIGHT BOARD MEMBER 1.00 X 0 0 0 ALICE SCHENALL BOARD MEMBER 1.00 X 0 0 0 KIM SHEPHERD BOARD MEMBER 1.00 X 0 0 0 BRITTANY BENNETT WESTON BOARD MEMBER 1.00 X 0 0 0 GIL WISE BOARD MEMBER 1.00 X 0 0 0 WEYLING WHITE BOARD MEMBER 1.00 X 0 0 0 JENNIFER TOLLE WHITESIDE BOARD MEMBER 1.00 X 0 0 0 PATRICK WOODIE PRESIDENT & CEO 40.00 1.00 X 250071 0 35644 JONATHAN BRERETON EXEC DIR, THREAD CAPITAL (TO AUG '23) 20.00 20.00 X 237491 0 46366 FRANKLIN T ROBERTS CFO/ASST TREASURER 40.00 1.00 X 198309 0 35996 JOY STEWART DIR OF INTERNAL COMPLIANCE AND AUDIT 40.00 X 156770 0 19362 CAROLYN RHODES COO (FROM JUL '23) 40.00 X 111617 0 12962 LAURA CARLSON ASSISTANT SECRETARY 40.00 X 80218 0 17026 MISTY HERGET CHIEF PROGRAMS OFFICER 40.00 X 204000 0 28238 ARMEER G KENCHEN EXEC DIR, CORNERSQUARE LLC 40.00 X 184595 0 34895 SHANNON O'SHEA SBC DIR OF OPERATIONS 40.00 X 137306 0 13230 JALISHA RICHMOND DIR OF LENDING AND CLIENT SUPPORT 40.00 X 136548 0 24387 JUVON LEGARE-RIVERS PRODUCT MANAGER 40.00 X 132529 0 22270 DANIEL MICHAEL CONTROLLER 40.00 X 125591 0 27333 1955045 0 317709 18 0 1 0 INTELLECTUAL CURRENCY LLC 3535 PEACHTREE RD NE 529-649 ATLANTA GA 30326 PROGRAM CONSULTING & MANAGEMENT SERVICES 709753 ORION FIRST 5403 OLYMPIC DR NW STE 200 GIG HARBOR WA 98335 LOAN SERVICING SERVICES 226927 WYRICK ROBBINS YATES AND PONTON LLP 4101 LAKE BOONE TRAIL STE 300 RALEIGH NC 27607 LEGAL SERVICES 184885 BROOKS PIERCE MCLENDON HUMPHREY AND LEON PO BOX 26032 GREENSBORO NC 27420 LEGAL SERVICES 165799 JOHNSON LAMBERT 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 AUDIT AND TAX SERVICES 163858 6 47854798 2030105 49884903 SMALL BUSINESS RECOVERY 900099 483329 483329 REGISTRATION FEES 900099 142794 142794 1462 1462 627585 9191993 6876696 2315297 14743 0 14743 14743 14743 4541116 4358907 182209 182209 182209 THREAD MANAGEMENT FEE 900099 775702 775702 1399 1399 777101 60678534 7504281 0 3289350 X 2303897 2303897 5600 5600 1604584 1124184 449283 31117 2959785 2046091 859504 54190 219233 167126 46278 5829 300131 231081 60816 8234 339988 219293 114426 6269 437976 394814 42073 1089 141659 127699 13608 352 3148737 2350372 759382 38983 32859 12303 20556 584425 467013 116561 851 132006 118995 12682 329 217899 155789 58820 3290 129608 119646 9954 8 218194 201422 16765 7 47952 37944 9959 49 182491 126939 52004 3548 12921 7544 5245 132 DUES & SUBSCRIPTIONS 28736 21212 7262 262 48272 38198 10024 50 13096953 10277162 2665202 154589 4731322 3746884 79306708 31934233 4459290 2725893 379802 700110 144789813 172824190 115194 87874 5732242 2872381 2311488 2859861 7399267 8403150 18866667 24163112 262359551 247445307 3258842 4016875 1030800 0 49158362 4435209 92138213 77575836 1244664 685171 146830881 86713091 X 106172125 152731125 9356545 8001091 115528670 160732216 262359551 247445307 X 47581581 700879 -3078914 X 0 1 X 1 1 1 X 1680351 2403382 5729488 13589219 49884903 73287343 1680351 2403382 5729488 13589219 49884903 73287343 1620579 71666764 381495 200079 365701 3243556 2330040 6520871 500 2751 292 1121 1399 6063 79814277 18017370 0.89790 0.71240 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 500. 2020 AMOUNT: $ 2,751. 2021 AMOUNT: $ 292. 2022 AMOUNT: $ 1,121. 2023 AMOUNT: $ 1,399. 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THE PLAN RELATES TO THE ENTIRE LIFE CYCLE OF A GRANT, FROM INITIAL PROGRAM DESIGN THROUGH FISCAL AND PERFORMANCE MONITORING REQUIREMENTS AND CLOSE OUT. X X X X 0 0 0 0 0 0 0 0 0 PATRICK WOODIE PRESIDENT & CEO 250071 0 0 0 0 0 23711 0 11933 0 285715 0 0 0 JONATHAN BRERETON EXEC DIR, THREAD CAPITAL (TO AUG '23 237491 0 0 0 0 0 33979 0 12387 0 283857 0 0 0 FRANKLIN T ROBERTS CFO/ASST TREASURER 198309 0 0 0 0 0 23690 0 12306 0 234305 0 0 0 MISTY HERGET CHIEF PROGRAMS OFFICER 204000 0 0 0 0 0 19560 0 8678 0 232238 0 0 0 ARMEER G KENCHEN EXEC DIR, CORNERSQUARE LLC 184595 0 0 0 0 0 23008 0 11887 0 219490 0 0 0 JOY STEWART DIR OF INTERNAL COMPLIANCE AND AUDIT 156770 0 0 0 0 0 9695 0 9667 0 176132 0 0 0 JALISHA RICHMOND DIR OF LENDING AND CLIENT SUPPORT 136548 0 0 0 0 0 15703 0 8684 0 160935 0 0 0 JUVON LEGARE-RIVERS PRODUCT MANAGER 132529 0 0 0 0 0 13592 0 8678 0 154799 0 0 0 DANIEL MICHAEL CONTROLLER 125591 0 0 0 0 0 15572 0 11761 0 152924 0 0 0 SHANNON O'SHEA SBC DIR OF OPERATIONS 137306 0 0 0 0 0 13230 0 0 0 150536 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE CENTER WILL MAKE THE FORM 990 AVAILABLE FOR REVIEW BY THE ENTIRE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICTS OF INTEREST POLICY IS REVIEWED AT EVERY BOARD MEETING AND MEMBERS ARE ASKED IF THERE ARE ANY CONFLICTS. SHOULD ANY CONFLICTS EXIST, THAT PERSON WILL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS OR VOTE AND SUCH INFORMATION WILL BE NOTED IN THE ORGANIZATION'S BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS BASED ON COMPENSATION DATA DERIVED FROM THE FORM 990 OF OTHER COMPARABLE EXEMPT ORGANIZATIONS. THE BOARD OF DIRECTORS HOLDS A MEETING TO DISCUSS AND MAKE RECOMMENDATIONS OF THE PRESIDENT'S COMPENSATION BASED ON THIS DATA AS WELL AS A PERFORMANCE EVALUATION. ALL INTERESTED PARTIES ARE RECUSED FROM BOTH VOTING AND PARTICIPATION IN THE COMPENSATION DELIBERATIONS OF THE BOARD OF DIRECTORS. THE PRESIDENT'S COMPENSATION WAS LAST REVIEWED IN JUNE 2024. FOR ALL OTHER EMPLOYEES, THE PRESIDENT OF THE ORGANIZATION HANDLES THE SALARY REVIEW PROCESS AND USES MARKET COMPARABLE DATA FROM OTHER FORM 990'S OF SIMILAR ORGANIZATIONS ALONG WITH A CLASSIFICATION AND PAY STUDY PERFORMED BY A BENEFITS CONSULTANT TO DETERMINE APPROPRIATE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICTS OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 2,350,372. MANAGEMENT AND GENERAL EXPENSES 759,382. FUNDRAISING EXPENSES 38,983. TOTAL EXPENSES 3,148,737. FORM 990, PART XI, LINE 9: BAD DEBT EXPENSE -1,980,424. IMPACT OF ADOPTION OF ASC 326 -703,307. RETURN OF GRANTS FUNDS TO DONOR -395,183. 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