2022-05-05T20:44:33-05:00 2021-06-30 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS RD STE 1500 RALEIGH NC 27609 990 2020-07-01 561552375 RURAL ECONOMIC DEVELOPMENT CENTER INC RURA 9192504314 4021 CARYA DRIVE RALEIGH NC 27610 PATRICK WOODIE BOARD CHAIR 9192504314 2022-05-05 1 PATRICK WOODIE 999009999 J CALVIN MARKS P01226973 9197196400 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z PATRICK WOODIE 4021 CARYA DRIVE RALEIGH NC 27610 55217222 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. 20 20 38 23 0 0 1680351 42403382 381423 423274 2622840 3612792 1304558 1354319 5989172 47793767 55291 86016 0 0 2491425 3095976 0 0 134102 2121070 2947189 4667786 6129181 1321386 41664586 91820049 231001114 29151016 119467536 62669033 111533578 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 2546016 3924 2147468 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. 974598 82052 29825 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. 746249 40 PUBLIC AFFAIRS: 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. 500 500 4266863 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 44 0 1 38 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 1 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 179028 0 28719 BARRY RYAN VICE PRESIDENT 40.00 X 125328 0 22557 MISTY HERGET SENIOR DIRECTOR, PROGRAMS 40.00 X 113411 0 21382 MARY K CLIFFORD SR. DIR FINANCE & ADMIN (TO JUL '21)) 40.00 1.00 X 103304 0 22256 TODD BRANTLEY SENIOR DIRECTOR, PUBLIC AFFAIRS 40.00 X 103056 0 21464 BRANDON ROSAS VP FINANCE & ADMIN (TO FEB' 22) 40.00 1.00 X 0 0 0 SARAH THOMPSON CHAIR 1.00 1.00 X X 0 0 0 ANDY ANDERSON VICE CHAIR 1.00 1.00 X X 0 0 0 ALICE SCHENALL SECRETARY 1.00 X X 0 0 0 LIGE DAUGHTRIDGE SECRETARY (TO DEC '20) 1.00 1.00 X X 0 0 0 PHIL MARION TREASURER 1.00 X 0 0 0 JOSE ALVAREZ BOARD MEMBER (FROM JAN '21) 1.00 X 0 0 0 BRENDA BERG BOARD MEMBER 1.00 X 0 0 0 SARA CHESTER BOARD MEMBER (FROM JAN '21) 1.00 X 0 0 0 GRANT GODWIN BOARD MEMBER 1.00 1.00 X 0 0 0 DEBBIE HAMRICK BOARD MEMBER 1.00 X 0 0 0 CECE HIPPS BOARD MEMBER 1.00 X 0 0 0 NELLE HOTCHKISS BOARD MEMBER 1.00 X 0 0 0 LENORA JARVIS-MACKEY BOARD MEMBER 1.00 X 0 0 0 RAY JEFFERS BOARD MEMBER (FROM JAN '21) 1.00 X 0 0 0 ANGELA JUDGE BOARD MEMBER (FROM JAN '21) 1.00 X 0 0 0 BEN KNIGHT BOARD MEMBER 1.00 X 0 0 0 JOHN NELMS BOARD MEMBER 1.00 X 0 0 0 REV ALAN RICE BOARD MEMBER 1.00 X 0 0 0 JUVENCIO ROCHA-PERALTA BOARD MEMBER 1.00 1.00 X 0 0 0 JIM ROSE BOARD MEMBER (TO DEC '20) 1.00 X 0 0 0 JOSEPH STANLEY BOARD MEMBER 1.00 1.00 X 0 0 0 DENNIS TRACZ BOARD MEMBER 1.00 X 0 0 0 JENNIFER TOLLE WHITESIDE BOARD MEMBER (TO DEC '20) 1.00 X 0 0 0 624127 0 116378 5 0 1 0 NC INSTITUTE OF MINORITY ECONOMIC DEVELO PO 1331 DURHAM NC 27701 TECHNICAL ASSISTANCE 176497 BROOKS PIERCE MCLENDON HUMPHREY AND LEON PO BOX 26032 GREENSBORO NC 27420 LEGAL SERVICES 164450 ERICA PALMER SMITH 629 LAKE ARTESIA LANE FUQUAY VARINA NC 27526 CARE4CAROLINA 118839 3 1878299 40525083 42403382 SMALL BUSINESS RECOVERY 900099 392949 392949 REGISTRATION FEES 900099 29825 29825 500 500 423274 1944998 1754519 190479 9600 0 9600 9600 9600 9091249 7423455 1667794 1667794 1667794 THREAD MANAGEMENT FEE 900099 707720 707720 INDIRECT COST 900099 634248 634248 2751 2751 1344719 47793767 2177793 0 3212592 X 85516 85516 500 500 536844 391108 135050 10686 2007035 1475698 491537 39800 194780 134530 56291 3959 180672 124321 52669 3682 176645 125934 47232 3479 105670 84220 18638 2812 75677 60315 13348 2014 1854263 1281985 510059 62219 17019 7087 9932 312256 224783 86227 1246 146416 76641 67418 2357 86635 12135 73765 735 4583 3890 584 109 29161 23012 5513 636 141350 128887 12463 137139 137139 19227 10087 8772 368 DUES & SUBSCRIPTIONS 8167 7437 730 9626 8777 849 6129181 4266863 1728216 134102 2109543 2562963 5498606 43563272 5415438 994297 216292 156105 53643065 148801391 63742 91432 4687020 2423002 2388139 2264018 6169325 7723989 16315899 24843647 91820049 231001114 1215343 2552735 55296 41029 26595346 115588337 1285031 1285435 29151016 119467536 X 58466826 107411349 4202207 4122229 62669033 111533578 91820049 231001114 X 41664586 7364959 -165000 X 0 1 X 1 1 1 X 2584632 1860099 1210113 1680351 2403382 9738577 2584632 1860099 1210113 1680351 2403382 9738577 1947086 7791491 359877 458906 410502 381495 200079 1810859 34461 119948 382227 544094 636999 1717729 13267165 9452976 0.58730 0.71270 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2016 AMOUNT: $ 34,461. 2017 AMOUNT: $ 119,948. 2018 AMOUNT: $ 382,227. 2019 AMOUNT: $ 544,094. 2020 AMOUNT: $ 636,999. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 9162 9162 6120019 6129181 456459 114115 0 0 325705 580194 383389 456459 1745747 2618621 48727 20719 13127 9162 91735 81426 145049 95847 114115 436437 654656 4004897 1794761 2210136 326116 293801 32315 356007 334440 21567 2264018 INVESTMENT IN VENTURE FUNDS 24843647 F 24843647 CAPITAL RESERVE LIABILITY 1285435 1285435 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 BETHESDA UNITED METHODIST CHURCH 4413 LEGGET ROAD FAIRMONT NC 28340 311813333 501(C)(3) 18750 FAITH IN RURAL COMMUNITIES GRANT FIRST UNITED METHODIST CHURCH 201 SOUTH ROAD STREET ELIZABETH CITY NC 27909 311813333 501(C)(3) 15000 FAITH IN RURAL COMMUNITIES GRANT JORDAN MEMORIAL UNITED METHODIST CHURCH PO BOX 848 RAMSEUR NC 27316 311813333 501(C)(3) 15000 FAITH IN RURAL COMMUNITIES GRANT ROBBINSVILLE UNITED METHODIST CHURCH 249 W FORST HILL RD ROBBINSVILLE NC 28771 311813333 501(C)(3) 15000 FAITH IN RURAL COMMUNITIES GRANT 4 0 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 179028 0 0 0 0 0 20369 0 8350 0 207747 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS ARTICLES OF INCORPORATION DURING SEPTEMBER 2020 TO EXPAND UPON ITS EXEMPT PURPOSES TO INCLUDE PROMOTING AND SUPPORTING ENTREPRENEURSHIP AND SMALL-BUSINESS GROWTH, OPPORTUNITY, AND DEVELOPMENT THROUGH EDUCATION, LENDING, AND ADVOCACY, CONSISTENT WITH THE PERMITTED PURPOSES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. 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 FROM OTHER FORM 990'S OF SIMILAR ORGANIZATIONS TO DETERMINE APPROPRIATE COMPENSATION. A MANAGEMENT AND PERSONNEL CONSULTANT WAS HIRED TO PERFORM A CLASSIFICATION AND PAY STUDY. 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 1,281,985. MANAGEMENT AND GENERAL EXPENSES 510,059. FUNDRAISING EXPENSES 62,219. TOTAL EXPENSES 1,854,263. FORM 990, PART XI, LINE 9: BAD DEBT EXPENSE -165,000. RURAL CENTER VENTURES LLC 4021 CARYA DR RALEIGH NC 27610 383880980 INVESTMENTS NC 7617169 24560201 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 38814125 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