2024-04-15T08:03:16-05:00 2023-06-30 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS RD STE 1500 RALEIGH NC 27609 990 2022-07-01 561552375 RURAL ECONOMIC DEVELOPMENT CENTER INC RURA 9192504314 4021 CARYA DRIVE RALEIGH NC 27610 PHIL MARION BOARD CHAIR 9192504314 2024-01-23 1 PHIL MARION 999009999 0 J CALVIN MARKS P01226973 9197196400 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z PATRICK WOODIE 4021 CARYA DRIVE RALEIGH NC 27610 26051550 0 X WWW.NCRURALCENTER.ORG X 1987 NC DEVELOP, PROMOTE, AND IMPLEMENT SOUND ECONOMIC STRATEGIES IN RURAL NORTH CAROLINA 20 20 62 22 0 0 5729488 13589219 144240 330588 3621094 6801647 1883311 665968 11378133 21387422 155279 3908701 0 0 3796607 4803797 0 0 263036 3448502 3000522 7400388 11713020 3977745 9674402 223566149 262359551 114844741 146830881 108721408 115528670 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 6615421 3805150 3817869 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. 1470520 103057 173447 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 1,550 RURAL LEADERS SINCE 1989. THE COMMUNITY ENGAGEMENT PROGRAM PROVIDED CAPACITY BUILDING, TECHNICAL ASSISTANCE AND TRAINING TO RURAL COMMUNITIES. 1002458 494 1025 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. 9088399 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 59 0 1 62 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 JONATHAN BRERETON EXECUTIVE DIRECTOR, THREAD CAPITAL, INC. 20.00 20.00 X 238931 0 42897 PATRICK WOODIE PRESIDENT & CEO 40.00 1.00 X 215074 0 46161 MISTY HERGET CHIEF PROGRAMS OFFICER 40.00 X 213639 0 48387 ARMEER G KENCHEN EXECUTIVE DIRECTOR, CORNERSQUARE, LLC 40.00 X 181291 0 36557 TODD BRANTLEY VP OF PUBLIC AFFAIRS (TO SEP '22) 40.00 X 154500 0 19672 JALISHA RICHMOND DIRECTOR OF LENDING AND CLIENT SUPPORT 40.00 X 152378 0 24066 JULIA MALINOWSKI SR. DIR, INTERMEDIARY LENDING (TO DEC '22) 40.00 X 149563 0 24489 SHANNON O'SHEA SBC DIRECTOR OF OPERATIONS 40.00 X 146306 0 15630 FRANKLIN T ROBERTS CFO & COO/ASST TREASURER (FROM MAR '22) 40.00 1.00 X 143139 0 25447 BRANDON ROSAS DIRECTOR OF FINANCE (TO MAR '22) 40.00 1.00 X 138821 0 11450 JOY STEWART DIRECTOR OF INTERNAL COMPLIANCE AND AUDIT (FROM AP 40.00 X 105968 0 12166 LAURA CARLSON ASSISTANT SECRETARY 40.00 X 72245 0 15216 NELLE HOTCHKISS CHAIR 1.00 1.00 X X 0 0 0 DEBBIE HAMRICK VICE CHAIR (TO DEC '22) 1.00 1.00 X X 0 0 0 PHIL MARION VICE CHAIR 1.00 1.00 X X 0 0 0 ALICE SCHENALL SECRETARY 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 (FROM DEC '22) 1.00 X 0 0 0 ANDY ANDERSON BOARD MEMBER (FROM 1.00 1.00 X 0 0 0 AL BASS BOARD MEMBER (FROM AUG '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 1.00 X 0 0 0 MIKE HAWKINS BOARD MEMBER 1.00 X 0 0 0 RAY JEFFERS BOARD MEMBER (TO DEC '22) 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 KIM SHEPHERD BOARD MEMBER (FROM DEC '22) 1.00 X 0 0 0 YOLANDA TAYLOR BOARD MEMBER (TO DEC '22) 1.00 X 0 0 0 DENNIS TRACZ BOARD MEMBER (TO DEC '22) 1.00 X 0 0 0 BRITTANY BENNETT WESTON BOARD MEMBER (FROM AUG '22) 1.00 X 0 0 0 GIL WISE BOARD MEMBER 1.00 X 0 0 0 WEYLING WHITE BOARD MEMBER (FROM DEC '22) 1.00 X 0 0 0 JENNIFER TOLLE WHITESIDE BOARD MEMBER (FROM DEC '22) 1.00 X 0 0 0 1911855 0 322138 13 1 1 0 JOHNSON LAMBERT 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 AUDIT AND TAX SERVICES 266353 BROOKS PIERCE MCLENDON HUMPHREY AND LEON PO BOX 26032 GREENSBORO NC 27420 LEGAL SERVICES 207594 BOSS CONSULTING 3019 SUNSET DR CHARLOTTE NC 28209 CONSULTING SERVICES 154000 ONYX AUDIOVISUAL 800 PRINCIPAL COURT SUITE A CHEAPEAKE VA 23320 IT SUPPORT SERVICES 141790 MERCER PO BOX 730182 DALLAS TX 75373 HR CONSULTING SERVICES 109626 6 11485334 2103885 13589219 REGISTRATION FEES 900099 173447 173447 SMALL BUSINESS RECOVERY 900099 156078 156078 1063 1063 330588 6893901 3661753 3232148 11408 0 11408 11408 11408 4571874 4664128 -92254 -92254 -92254 THREAD MANAGEMENT FEE 900099 653439 653439 1121 1121 654560 21387422 3992341 0 3805862 X 3893000 3893000 15701 15701 1247501 872151 335651 39699 2767297 1942493 736782 88022 229298 155901 66076 7321 263076 178867 75811 8398 296625 197557 90319 8749 132205 100111 29513 2581 83082 62912 18548 1622 1420287 569785 772720 77782 27860 26040 1810 10 272496 213549 52249 6698 305739 234801 62906 8032 100824 73698 23963 3163 146880 134839 11910 131 184551 168769 15578 204 119681 98238 17177 4266 136159 94905 36955 4299 21131 15770 4844 517 DUES & SUBSCRIPTIONS 29638 22904 5904 830 19989 16408 2869 712 11713020 9088399 2361585 263036 14355434 4731322 30653405 79306708 4409534 4459290 301855 379802 143417081 144789813 62807 115194 5001378 2689890 2183513 2311488 6559658 7399267 21622862 18866667 223566149 262359551 2094919 3258842 1030800 49158362 111464072 92138213 1285750 1244664 114844741 146830881 X 100088321 106172125 8633087 9356545 108721408 115528670 223566149 262359551 X 9674402 -2167602 -699538 X 0 1 X 1 1 1 X 1210113 1680351 2403382 5729488 13589219 24612553 1210113 1680351 2403382 5729488 13589219 24612553 3800338 20812215 410502 381495 200079 365701 3243556 4601333 -5250 500 2751 292 1121 -586 29213300 12099196 0.71240 0.52020 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. 2022 AMOUNT: $ 1,121. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 73717 73717 11639303 11713020 735651 183913 0 0 383389 456459 520019 735651 2095518 3143277 13127 9162 3266 73717 99272 95847 114115 130005 183913 523880 785820 4004897 1995062 2009835 637292 352620 284672 359189 342208 16981 2311488 INVESTMENT IN VENTURE FUNDS 18866667 F 18866667 CAPITAL RESERVE LIABILITY 1244664 1244664 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 INSTITUTE CAPITAL INC 114 W PARRISH ST DURHAM NC 27701 562142717 501(C)(3) 775000 0 CDFI CAPACITY BUILDING PROGRAM GRANTS MOUNTAIN BIZWORKS 153 S LEXINGTON AVE ASHEVILLE NC 28801 141864873 501(C)(3) 736000 0 CDFI CAPACITY BUILDING PROGRAM GRANTS PARTNER COMMUNITY CAPITAL INC 1098 TURNER ROAD SHEPHERDSTOWN NC 25443 542058754 501(C)(3) 725000 0 CDFI CAPACITY BUILDING PROGRAM GRANTS BUSINESS EXPANSION FUNDING CORPORATION 5970 FAIRVIEW RD 218 CHARLOTTE NC 28210 561434029 501(C)(3) 500000 0 CDFI CAPACITY BUILDING PROGRAM GRANTS CAROLINA COMMUNITY IMPACT INC 3724 NATIONAL DRIVE SUITE 220 RALEIGH NC 27612 823990062 501(C)(3) 450000 0 CDFI CAPACITY BUILDING PROGRAM GRANTS THREAD CAPITAL 4021 CARYA DRIVE RALEIGH NC 27610 831284532 501(C)(3) 250000 0 SHELLFISH GROWERS PROGRAM GRANT UP COMMUNITY FUND LLC 2320 W MOREHEAD ST CHARLOTTE NC 28208 824247155 OTHER 250000 0 CDFI CAPACITY BUILDING PROGRAM GRANTS ARRAY COMMUNITY DEVELOPMENT CORPORATION 1903 LIVE OAK ST UNIT 1009 BEAUFORT NC 28516 823391726 501(C)(3) 100000 0 SHELLFISH GROWERS PROGRAM GRANT ALLENSVILLE TRINITY UNITED METHODIST CHURCH 80 DIRGIE MINE ROAD ROXBORO NC 27574 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT ELK PARK UNITED METHODIST CHURCH PO BOX 174 ELK PARK NC 28622 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT LONG'S UNITED METHODIST CHURCH 1097 COFFEE BRANCH ROAD CANTON NC 28716 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT LONGTOWN UNITED METHODIST CHURCH 1416 LONGTOWN ROAD YADKINVILLE NC 27055 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT MADISON UNITED METHODIST CHURCH 110 W ACADEMY STREET MADISON NC 27025 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT ST JOHN UNITED METHODIST CHURCH PO BOX 129 AVON NC 27915 311813333 501(C)(3) 15000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT CONCORD UNITED METHODIST CHURCH 1161 CHERRY HILL ROAD MOCKSVILLE NC 27028 311813333 501(C)(3) 10000 0 FAITH IN RURAL COMMUNITIES SUB-GRANT 14 1 REDI SCHOLARSHIPS 3 9000 KAUFFMAN RURAL SUMMIT SCHOLARSHIPS 24 6701 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 JONATHAN BRERETON EXECUTIVE DIRECTOR, THREAD CAPITAL, 238931 0 0 0 0 0 30570 0 12327 0 281828 0 0 0 PATRICK WOODIE PRESIDENT & CEO 215074 0 0 0 0 0 33844 0 12317 0 261235 0 0 0 MISTY HERGET CHIEF PROGRAMS OFFICER 213639 0 0 0 0 0 36070 0 12317 0 262026 0 0 0 ARMEER G KENCHEN EXECUTIVE DIRECTOR, CORNERSQUARE, LL 181291 0 0 0 0 0 25396 0 11161 0 217848 0 0 0 TODD BRANTLEY VP OF PUBLIC AFFAIRS (TO SEP '22) 154500 0 0 0 0 0 11977 0 7695 0 174172 0 0 0 JALISHA RICHMOND DIRECTOR OF LENDING AND CLIENT SUPPO 152378 0 0 0 0 0 15842 0 8224 0 176444 0 0 0 JULIA MALINOWSKI SR. DIR, INTERMEDIARY LENDING (TO DE 149563 0 0 0 0 0 16273 0 8216 0 174052 0 0 0 SHANNON O'SHEA SBC DIRECTOR OF OPERATIONS 146306 0 0 0 0 0 15156 0 474 0 161936 0 0 0 FRANKLIN T ROBERTS CFO & COO/ASST TREASURER (FROM MAR ' 143139 0 0 0 0 0 16819 0 8628 0 168586 0 0 0 BRANDON ROSAS DIRECTOR OF FINANCE (TO MAR '22) 138821 0 0 0 0 0 6684 0 4766 0 150271 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION REVISED ITS BYLAWS DURING DECEMBER 2022 IN ORDER TO TO ALTER THE COMPOSITION OF THE BOARD AND INCREASE THE MAXIMUM NUMBER OF BOARD MEMBERS ALLOWED TO 23. 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 NOVEMBER 2022. 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 569,785. MANAGEMENT AND GENERAL EXPENSES 772,720. FUNDRAISING EXPENSES 77,782. TOTAL EXPENSES 1,420,287. FORM 990, PART XI, LINE 9: BAD DEBT EXPENSE -699,538. RURAL CENTER VENTURES LLC 4021 CARYA DR RALEIGH NC 27610 383880980 INVESTMENTS NC -2997100 18538842 RURAL ECONOMIC DEVELOPMENT CENTER IMAF COMMON LLC 1959 N PEACE HAVEN RD SUITE 111 WINSTONSALEM NC 27106 460959357 INVESTMENTS NC 0 328371 RURAL CENTER VENTURES LLC CORNERSQUARE COMMUNITY CAPITAL LLC 4021 CARYA DR RALEIGH NC 27610 INVESTMENTS NC 0 38754802 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 THREAD CAPITAL LLC B 250000 CASH