2021-11-15T13:53:18-06:00 2020-12-31 390758449 WIPFLI LLP 43 CONSTITUTION DRIVE SUITE 100 BEDFORD NH 03110 990 2020-01-01 824508477 CENTER ON RURAL INNOVATION INC CENT 8024364100 PO BOX 392 HARTLAND VT 05048 ROBIN KILFEATHER-MACKEY DIRECTOR OF FINANCE & OPS 8024364100 2021-11-15 1 ROBIN KILFEATHER-MACKEY 999009999 LANCE R TURGEON P00627708 6036273838 2021-11-15 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z ROBIN KILFEATHER-MACKEY PO BOX 392 HARTLAND VT 05048 3782203 0 X HTTPS://RURALINNOVATION.US X 2018 VT THE CENTER ON RURAL INNOVATION (CORI) USES PROGRESSIVE PUBLIC, PRIVATE, AND PHILANTHROPIC PARTNERSHIPS AND STRATEGIES TO ACHIEVE SUSTAINABLE ECONOMIC SUCCESS IN RURAL AMERICA. OUR ACTIVITIES ARE DESIGNED TO ATTRACT PARALLEL AND FOLLOW-UP INVESTMENT. OUR GOAL IS TO DEVELOP A REPLICABLE AND SCALABLE PARADIGM FOR ECONOMIC DEVELOPMENT ACROSS RURAL AMERICA. 9 8 5 10 0 0 1825189 3738115 0 42398 669 618 0 1072 1825858 3782203 125000 25000 0 0 223910 176808 0 0 113755 749984 1148003 1098894 1349811 726964 2432392 1080336 3934245 40973 459991 1039363 3474254 X THE CENTER ON RURAL INNOVATION (CORI) USES PROGRESSIVE PUBLIC, PRIVATE, AND PHILANTHROPIC PARTNERSHIPS AND STRATEGIES TO ACHIEVE SUSTAINABLE ECONOMIC SUCCESS IN RURAL AMERICA. OUR ACTIVITIES ARE DESIGNED TO ATTRACT PARALLEL AND FOLLOW-UP INVESTMENT. OUR GOAL IS TO DEVELOP A REPLICABLE AND SCALABLE PARADIGM FOR ECONOMIC DEVELOPMENT ACROSS RURAL AMERICA. 0 0 406152 THE RURAL INNOVATION INITIATIVE (RII) PROVIDES INTENSIVE TECHNICAL ASSISTANCE AND SUPPORT TO RURAL COMMUNITIES AS THEY BUILD DIGITAL ECONOMY ECOSYSTEM STRATEGIES, AN ECONOMIC DEVELOPMENT MODEL THAT WORKS TO EDUCATE AND TRAIN LOCAL RESIDENTS IN DIGITAL SKILLS, EMPLOY THEM IN DIGITAL JOBS, AND EMPOWER THEM TO LAUNCH THE STARTUPS THAT WILL DRIVE THEIR LOCAL ECONOMY. THROUGH THE RURAL INNOVATION INITIATIVE, WE'VE HELPED OUR COMMUNITIES RAISE MORE THAN $13 MILLION IN FEDERAL FUNDING AND MATCHING DOLLARS THROUGH THE HIGHLY COMPETITIVE ECONOMIC DEVELOPMENT ADMINISTRATION'S BUILD TO SCALE VENTURE CHALLENGE GRANT. 164398 43470 OUR THOUGHT LEADERSHIP AND COMMUNICTIONS PROGRAM IS INTENDED TO BETTER SHOWCASE THE ECONOMIC POTENTIAL OF RURAL AMERICA (AND CHANGE EXISTING, BIASED PERCEPTIONS) TO KEY AUDIENCES INCLUDING POLICYMAKERS, EMPLOYERS, INVESTORS, RURAL RESIDENTS THEMSELVES. 66301 25000 SPRINGFIELD WAS ONCE THE CENTER OF VERMONT'S INNOVATION ECONOMY. TODAY, LIKE MANY RURAL PLACES, IT HAS STRUGGLED TO REINVENT ITSELF. SPRINGFIELD REGIONAL DEVELOPMENT CORPORATION (SRDC) AND THE CENTER ON RURAL INNOVATION (CORI) HAVE PARTNERED WITH OTHER LOCAL, STATE, AND NATIONAL ORGANIZATIONS TO CATALYZE SPRINGFIELD'S TRANSFORMATION TO A DIGITAL ECONOMY WITH THE LAUNCH OF THE BLACK RIVER INNOVATION CAMPUS (BRIC). LEVERAGING THE COMMUNITY'S FASTEST INTERNET SPEEDS IN THE COUNTRY (10 GIGABIT), BRIC'S AIM IS TO EDUCATE AND TRAIN SPRINGFIELDERS IN DIGITAL SKILLS, EMPLOY THEM IN DIGITAL ECONOMY JOBS, AND EMPOWER THEM TO LAUNCH STARTUPS THAT WILL CONTINUE TO DRIVE SPRINGFIELD'S DIGITAL ECONOMY. CORI HAS FACILITATED GRANT APPLICATIONS TO BRIC IN SUPPORT OF PROGRAMS. 61946 RURAL INNOVATION NETWORK (RIN) WAS LAUNCHED IN 2019 AND IS A NATIONWIDE COMMUNITY OF CHANGE AGENTS AND LOCAL LEADERS WORKING TO ADVANCE THE ECONOMIC FUTURE OF SMALL-TOWN AMERICA. THEY HAVE SHOWN ONGOING DEDICATION AND COMMITMENT TO ADVANCING THE ECONOMIC FUTURE OF THEIR COMMUNITY THROUGH CORI'S RURAL INNOVATION INITIATIVE, A TECHNICAL ASSISTANCE PROGRAM EMPOWERING RURAL COMMUNITIES AS THEY EXECUTE ON THEIR ECOSYSTEM STRATEGIES. THROUGH THE RURAL INNOVATION NETWORK, WE CONNECT OUR MEMBERS WITH OTHER RURAL LEADERS AND ADVOCATES WORKING ON SIMILAR DEVELOPMENT INITIATIVES AT DIFFERENT STAGES OF ECONOMIC DEVELOPMENT. WE PROVIDE ACCESS TO DIVERSE NATIONAL RESOURCES RANGING FROM ACCESS TO CAPITAL OPPORTUNITIES TO NATIONAL DIGITAL JOBS TRAINING PARTNERSHIP. BY CREATING A NATIONAL NETWORK OF DIGITAL ECONOMY ECOSYSTEMS FOR OUR MEMBERS TO ACCESS, WE ARE ABLE TO ACCELERATE THEIR LEARNING AND AMPLIFY THEIR WORK ON THE GROUND. 61835 MAPPING AND DATA ANALYTICS: DATA FOR RURAL PLACES IS NOTORIOUSLY HARD TO FIND AND USE. WITHOUT DATA VISUALIZATIONS, MAPS OR EVEN RAW DATA IN AN ACCESSIBLE FORM, ECONOMIC DEVELOPMENT DIRECTORS WITH SMALL STAFFS OFTEN STRUGGLE TO CONTEXTUALIZE THEIR REGION'S ECONOMIC ASSETS. THIS CAN BE PARTICULARLY CHALLENGING WHEN MAKING DECISIONS ABOUT INVESTMENTS, STRATEGIES AND GRANT OPPORTUNITIES. THIS DATA GAP ALSO MEANS THAT POLICYMAKERS AND PHILANTHROPISTS FIND IT DIFFICULT TO UNDERSTAND THE VAST AND VARIED GEOGRAPHY THAT IS RURAL AMERICA. AND BECAUSE COMPREHENSIVE DATA IS UNAVAILABLE, THE MEDIA IS OFTEN FORCED TO RELY ON ANECDOTES WHEN DISCUSSING RURAL ISSUES, UNINTENTIONALLY CONTRIBUTING TO NARRATIVES THAT DO NOT REFLECT THE FULL COMPLEXITY OF RURAL AMERICA. WE RECOGNIZED THIS GAP AND THE CRITICAL IMPORTANCE OF MAKING DATA BOTH AVAILABLE AND ACCESSIBLE TO COMMUNITY LEADERS, AMONG OTHERS. WITH PHILANTHROPIC SUPPORT, WE BEGAN TO BUILD DATA-DRIVEN MAPS, TOOLS, AND OTHER RESOURCES THAT HIGHLIGHT RURAL AMERICA'S OPPORTUNITIES AND CHALLENGES. IN DEVELOPING THESE RESOURCES, WE HOPE NOT JUST TO MAKE DATA ABOUT RURAL COMMUNITIES ACCESSIBLE, BUT ALSO TO BROADEN THE CONVERSATION AND CHANGE THE NARRATIVE ABOUT WHAT'S POSSIBLE IN RURAL AMERICA. 40559 THE RURAL INNOVATION SEED FUND RAISES CAPITAL TO INVEST IN GROWTH BUSINESSES LOCATED IN QUALIFIED OPPORTUNITY ZONES IN THE UNITED STATES TO ENHANCE ECONOMIC GROWTH AND JOB CREATION IN SMALL COMMUNITIES. THE FUND FINDS ATTRACTIVE TECHNOLOGY-ENABLED OPERATING BUSINESSES IN RURAL GEOGRAPHIES, WHICH ARE UNDER-SERVED BY TRADITIONAL VENTURE CAPITAL INSTITUTIONS. WE IDENTIFY, FUND, AND SUPPORT THE BEST TECH ENTREPRENEURS AMERICAN SMALL TOWNS HAVE TO OFFER. CORI SUPPORT WAS USED TO DESIGN, STRUCTURE, AND LAUNCH THE CORI INNOVATION FUND. 164340 801191 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 1 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 1 7 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 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 DIRECTOR 20.00 X X 0 0 0 JEFF NAVIN CHAIR 3.00 X X 0 0 0 MARK BELIVEAU DIRECTOR 2.00 X 0 0 0 ADAM QUINN DIRECTOR 2.00 X 0 0 0 LEE ROM DIRECTOR 2.00 X 0 0 0 STEPHANIE CORNELL DIRECTOR 2.00 X 0 0 0 CHARLES PHILLIPS DIRECTOR (JOINED 12/1/20) 2.00 X 0 0 0 LISA GROENEVELD DIRECTOR 2.00 X 0 0 0 JAY BOREN TREASURER (LEFT 4/9/21) 3.00 X X 0 0 0 FIONA SPRUILL DIRECTOR (LEFT 12/1/20) 2.00 X 0 0 0 0 0 0 0 0 0 0 RURAL INNOVATION STRATEGIES INC PO BOX 202 HARTLAND VT 05048 CONSULTING - PROJECT WORK 1015000 1 35988 3702127 3738115 CONTRACT REVENUE 541900 42398 42398 42398 618 618 MISCELLANEOUS 900099 1072 1072 1072 3782203 43470 0 618 X 25000 25000 150027 139676 8350 2001 4953 4611 276 66 9137 8509 507 121 12691 11815 706 170 12128 4502 7626 13453 13453 989001 478486 399118 111397 116670 116670 1370 1359 11 5450 5450 7506 5098 2408 2335 15 2320 BANK FEES 90 90 1349811 801191 434865 113755 773164 804277 5 0 2196927 42325 35398 50000 264842 346604 5 0 501034 1080336 3934245 40973 12482 17500 0 430009 40973 459991 X 682787 3414254 356576 60000 1039363 3474254 1080336 3934245 X 2432392 2499 0 X X 0 1 X 1 0 X 518815 1825188 3738116 6082119 518815 1825188 3738116 6082119 4730299 1351820 110 669 618 1397 43470 43470 6126986 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 490009 DUE FROM CIF MANAGEMENT, INC. 11025 501034 REFUNDABLE ADVANCES 430009 430009 X 3782203 0 3782203 0 3782203 1349811 0 1349811 0 1349811 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, 2020, THE ORGANIZATION DID NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. 1 BLACK RIVER INNOVATION CAMPUS 60 PARK STREET SPRINGFIELD VT 05156 501C3 25000 FMV GENERAL SUPPORT FOR THE BLACK RIVER INNOVATION CAMPUS (BRIC). 1 0 PART I, LINE 2: THE ORGANIZATION MONITORS EACH GRANT RECIPIENT AND HAS DEVELOPED BEST PRACTICES THAT INCORPORATE POLICIES, SYSTEMS, AND PROCEDURES FOR PRE-GRANT INQUIRY AND GRANT MONITORING REPORTING SIMILAR TO THE EXPENDITURE RESPONSIBILITY REQUIREMENTS FOR PRIVATE FOUNDATIONS. PROCEDURES VARYING DEPENDING ON THE PURPOSE, SIZE OF GRANT, AND TYPE OF GRANTEE, BUT GOOD DOCUMENTATION IS REQUIRED IN ANY CASE. TYPES OF GRANTS AND AMOUNTS GIVEN, TYPES OF ORGANIZATIONS THAT QUALIFY, PURPOSES AND ACTIVITIES THAT QUALIFY, TIMELINES, THE APPLICATION AND APPROVAL PROCESS, RESPONSIBLE AND AUTHORIZED PERSONNEL, AND FILE MANAGEMENT AND RETENTION. ONCE A GRANT IS APPROVED, THE ORGANIZATION EXECUTES A GRANT AGREEMENT THAT DESCRIBES THE TERMS OF THE GRANT AND WHAT IS EXPECTED OF THE GRANTEE. IT MAY INCLUDE: O GRANTEE'S RESPONSIBILITIES O GRANTEE'S REPORTING REQUIREMENTS O GRANTOR'S RESPONSIBILITIES O AMOUNT OF THE GRANT AND PAYMENT SCHEDULE, INCLUDING PURPOSE OF GRANT AND DURATION O DESCRIPTION OF THE PROJECT THAT IS BEING FUNDED (SOMETIMES REFERENCES GRANT APPLICATION) O SPECIFICATIONS OF PROHIBITED USES OF THE GRANT FUNDS MATT DUNNE DIRECTOR OF CORI AND RISI SHORT TERM LOAN TO HELP SUPPORT PROGRAM INITIATIVES X 50000 50000 0 1 0 50000 MATT DUNNE DIRECTOR OF CORI AND RISI 1015000 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 PURPOSEPROJECTS. MATT DUNNE IS THE EXECUTIVE DIRECTOR AND A BOARD MEMBER FOR CORI AND A BOARD DIRECTOR OF RISI. 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 442,052. MANAGEMENT AND GENERAL EXPENSES 381,514. FUNDRAISING EXPENSES 111,397. TOTAL EXPENSES 934,963. OTHER OUTSIDE CONTRACT LABOR: PROGRAM SERVICE EXPENSES 36,434. MANAGEMENT AND GENERAL EXPENSES 17,604. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 54,038. PART XII LINE 2C WE HAVE NOT CHANGED THIS PROCESS FROM THE PRIOR YEAR. PART XI LINE 8 PRIOR PERIOD ADJUSTMENT RELATED TO A CONTRIBUTION THAT WAS REPORTED TWICE IN ERROR ON THE PRIOR YEAR RETURN. CORI INNOVATION FUND LLC 2 QUECHEE ROAD HARTLAND VT 05048 843845584 OPPORTUNITY ZONE INVESTMENT FUND VT CIF MANAGEMENT INC 1000 1 1 0.00100 CIF MANAGEMENT INC 2 QUECHEE ROAD HARTLAND VT 05048 843831168 INVESTMENT FUND MANAGEMENT VT CENTER ON RURAL INNOVATION INC C 100 100 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0