2023-01-27T15:56:43-06:00 2022-06-30 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS RD STE 1500 RALEIGH NC 27609 990 2021-07-01 561552375 RURAL ECONOMIC DEVELOPMENT CENTER INC RURA 9192504314 4021 CARYA DRIVE RALEIGH NC 27610 PATRICK WOODIE BOARD CHAIR 9192504314 2023-01-27 1 PATRICK WOODIE 999009999 J CALVIN MARKS P01226973 9197196400 3 AAL1 IAL1 2021 2023-03-07 01:45:13Z PATRICK WOODIE 4021 CARYA DRIVE RALEIGH NC 27610 17028206 0 X WWW.NCRURALCENTER.ORG X 1987 NC CONDUCTING POLICY RESEARCH FOCUSED ON IMPROVING ECONOMIC CONDITIONS,STRENGTHENING INFRASTRUCTURE, SUPPORTING INCREASED ENTREPRENEURIALDEVELOPMENT, AND INCREASING THE NUMBER OF JOBS AVAILABLE IN RURALAREAS. 16 16 47 26 0 0 42403382 5729488 423274 144240 3612792 3621094 1354319 1883311 47793767 11378133 86016 155279 0 0 3095976 3796607 0 0 157914 2947189 3448502 6129181 7400388 41664586 3977745 231001114 223566149 119467536 114844741 111533578 108721408 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 3314286 1400 2272552 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. 1713131 152479 77681 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 1,300 RURAL LEADERS SINCE 1989. THE COMMUNITY ENGAGEMENT PROGRAM PROVIDED CAPACITY BUILDING, TECHNICAL ASSISTANCE AND TRAINING TO RURAL COMMUNITIES. 1035671 1400 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. 50 50 6063088 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 67 0 1 47 1 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 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 PATRICK WOODIE PRESIDENT 40.00 1.00 X 178690 0 28402 BARRY RYAN SVP, STRAT & SMALL BUS CAP (TO AUG '21) 40.00 X 136958 0 13916 BRANDON ROSAS VP, FINANCE & ADMIN (TO MAR '22) 40.00 1.00 X 122807 0 17708 JONATHAN BRERETON EXECUTIVE DIRECTOR, THREAD CAPITAL 20.00 20.00 X 120463 0 28366 ARMEER KENCHEN EXEC DIR, CORNERSQUARE & SMALL BUS CAP 40.00 X 118090 0 22149 CHERYL CHERRY MANAGING DIR, CORNERSQUARE (FROM JAN '21) 40.00 X 116649 0 18537 MISTY HERGET VP, PROGRAMS & STRATEGIC PARTNERSHIPS 40.00 X 112741 0 21465 MARY K CLIFFORD SR. DIR FINANCE & ADMIN (TO JUL '21) 40.00 1.00 X 110446 0 18615 JULIA MALINOWSKI SR. DIR, CORNERSQUARE (FROM JAN '21) 40.00 X 103129 0 18766 TODD BRANTLEY VP, PUBLIC AFFAIRS 40.00 X 102388 0 26931 FRANKLIN ROBERTS CFO & COO (FROM MAR '22) 40.00 X 0 0 0 NELLE HOTCHKISS CHAIR 1.00 1.00 X X 0 0 0 SARAH THOMPSON CHAIR (TO AUG '21) 1.00 1.00 X X 0 0 0 ANDY ANDERSON VICE CHAIR (TO DEC '21) 1.00 1.00 X X 0 0 0 DEBBIE HAMRICK VICE CHAIR 1.00 1.00 X X 0 0 0 ALICE SCHENALL SECRETARY 1.00 X X 0 0 0 PHIL MARION TREASURER 1.00 X X 0 0 0 JOSE ALVAREZ BOARD MEMBER 1.00 X 0 0 0 PAULA BENSON BOARD MEMBER (FROM JAN '22) 1.00 X 0 0 0 BRENDA BERG BOARD MEMBER 1.00 X 0 0 0 SARA CHESTER BOARD MEMBER 1.00 X 0 0 0 CASEY COOPER BOARD MEMBER (FROM JAN '22) 1.00 X 0 0 0 GRANT GODWIN BOARD MEMBER (TO DEC '21) 1.00 1.00 X 0 0 0 MIKE HAWKINS BOARD MEMBER (FROM JAN '22) 1.00 X 0 0 0 CECE HIPPS BOARD MEMBER (TO DEC '21) 1.00 X 0 0 0 LENORA JARVIS-MACKEY BOARD MEMBER (TO DEC '21) 1.00 X 0 0 0 RAY JEFFERS BOARD MEMBER 1.00 X 0 0 0 ANGELA JUDGE BOARD MEMBER (TO DEC '21) 1.00 X 0 0 0 RANDOLPH KEATON BOARD MEMBER (FROM JAN '22) 1.00 X 0 0 0 BEN KNIGHT BOARD MEMBER 1.00 X 0 0 0 JOHN NELMS BOARD MEMBER (TO DEC '21) 1.00 X 0 0 0 REV ALAN RICE BOARD MEMBER (TO DEC '21) 1.00 X 0 0 0 JUVENCIO ROCHA-PERALTA BOARD MEMBER (TO DEC '21) 1.00 1.00 X 0 0 0 JOSEPH STANLEY BOARD MEMBER (TO DEC '21) 1.00 1.00 X 0 0 0 YOLANDA TAYLOR BOARD MEMBER (FROM JAN '22) 1.00 X 0 0 0 DENNIS TRACZ BOARD MEMBER 1.00 X 0 0 0 GIL WISE BOARD MEMBER (FROM JAN '22) 1.00 X 0 0 0 1222361 0 214855 9 0 1 0 BROOKS PIERCE MCLENDON HUMPHREY AND LEON PO BOX 26032 GREENSBORO NC 27420 LEGAL SERVICES 238318 JOHNSON LAMBERT 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 AUDIT AND TAX SERVICES 164061 BOSS CONSULTING 3019 SUNSET DR CHARLOTTE NC 28209 CONSULTING SERVICES 112800 JOHN COGGIN 1414 LORD ASHLEY DR SANFORD NC 27330 CONSULTING SERVICES 107951 DAN GERLACH 5616 ALPINE DR RALEIGH NC 27609 CONSULTING SERVICES 107859 5 1061151 4668337 5729488 REGISTRATION FEES 900099 77681 77681 SMALL BUSINESS RECOVERY 900099 62701 62701 3858 3858 144240 2567746 2206043 361703 4000 0 4000 4000 4000 6703421 5650073 1053348 1053348 1053348 THREAD MANAGEMENT FEE 900099 992512 992512 INDIRECT COST 900099 886507 886507 292 292 1879311 11378133 2350283 0 3298362 X 135679 135679 19600 19600 745541 462802 254512 28227 2385347 1461184 859157 65006 178122 126987 23919 27216 233534 140856 86164 6514 254063 98612 150941 4510 235727 147844 87883 150196 44 150147 5 1894201 1444052 279272 170877 26711 2614 24097 259440 140574 111361 7505 177398 57277 116282 3839 87135 24007 61742 1386 40370 35402 4968 148258 131697 16271 290 253559 253559 130728 130728 18706 18706 DUES & SUBSCRIPTIONS 15823 7592 7778 453 ADMIN EXPENSE ALLOCATIO 0 1365302 -1207388 -157914 10250 7404 2846 7400388 6063088 1179386 157914 2562963 14355434 43563272 30653405 994297 4409534 156105 301855 148801391 143417081 91432 62807 4737243 2553730 2264018 2183513 7723989 6559658 24843647 21622862 231001114 223566149 2552735 2094919 41029 0 115588337 111464072 1285435 1285750 119467536 114844741 X 107411349 100088321 4122229 8633087 111533578 108721408 231001114 223566149 X 3977745 -5520302 -1269613 X 0 1 X 1 1 1 X 1860099 1210113 1680351 2403382 5729488 12883433 1860099 1210113 1680351 2403382 5729488 12883433 5237423 7646010 458906 410502 381495 200079 365701 1816683 -5250 500 2751 292 -1707 14698409 10499506 0.52020 0.58730 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2018 AMOUNT: $ -5,250. 2019 AMOUNT: $ 500. 2020 AMOUNT: $ 2,751. 2021 AMOUNT: $ 292. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3266 3266 7397122 7400388 520019 130005 0 0 580194 383389 456459 520019 1940061 2910092 20719 13127 9162 3266 46274 145049 95847 114115 130005 485016 727524 4004897 1894911 2109986 376339 320343 55996 356007 338476 17531 2183513 INVESTMENT IN VENTURE FUNDS 21622862 F 21622862 CAPITAL RESERVE LIABILITY 1285750 1285750 X PART X, LINE 2: MANAGEMENT HAS EVALUATED THE CENTER'S TAX POSITIONS AND CONCLUDED THAT THE CENTER HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF GAAP. 1 BETHANY UNITED METHODIST CHURCH PO BOX 237 WANCHESE NC 27981 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT BIG SANDY UNITED METHODIST CHURCH 80 MISTY RIDGE LANE LEICESTER NC 28748 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT FRIENDSHIP UNITED METHODIST CHURCH 947 FRIENDSHIP ROAD STATESVILLE NC 28625 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT MAGGIE VALLEY UNITED METHODIST CHURCH 4192 SOCO ROAD MAGGIE VALLEY NC 28751 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT MT BETHEL UNITED METHODIST CHURCH 1605 BAHAMA RD BAHAMA NC 27503 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT PINK HILL UNITED METHODIST CHURCH 102 W WALNUT ST PINK HILL NC 28572 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT YADKINVILLE UNITED METHODIST CHURCH 204 W MAIN ST YADKINVILLE NC 27055 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT FAIRVIEW UNITED METHODIST CHURCH 3146 OSCEOLA ROAD ELON NC 27244 311813333 501(C)(3) 10000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT 8 0 REDI SCHOLARSHIPS 9 19600 PART I, LINE 2: THE RURAL CENTER MONITORS GRANTS PURSUANT TO A GRANTS MANAGEMENT AND MONITORING PLAN ADOPTED BY THE CENTER'S BOARD OF DIRECTORS. 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 178690 0 0 0 0 0 18991 0 9411 0 207092 0 0 0 BARRY RYAN SVP, STRAT & SMALL BUS CAP (TO AUG ' 136958 0 0 0 0 0 9823 0 4093 0 150874 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 AUGUST 2020. 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 1,444,052. MANAGEMENT AND GENERAL EXPENSES 279,272. FUNDRAISING EXPENSES 170,877. TOTAL EXPENSES 1,894,201. FORM 990, PART XI, LINE 9: BAD DEBT EXPENSE -1,269,613. RURAL CENTER VENTURES LLC 4021 CARYA DR RALEIGH NC 27610 383880980 INVESTMENTS NC -2944561 21342476 RURAL ECONOMIC DEVELOPMENT CENTER IMAF COMMON LLC 1959 N PEACE HAVEN RD SUITE 111 WINSTONSALEM NC 27106 460959357 INVESTMENTS NC 0 286577 RURAL CENTER VENTURES LLC CORNERSQUARE COMMUNITY CAPITAL LLC 4021 CARYA DR RALEIGH NC 27610 INVESTMENTS NC 0 38772920 RURAL ECONOMIC DEVELOPMENT CENTER THREAD CAPITAL INC 4021 CARYA DR RALEIGH NC 27610 831284532 ECONOMIC DEVELOPMENT NC 501(C)(3) LINE 7 RURAL ECONOMIC DEVELOPMENT CENTER 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 1 0