Overview
What is Rural Electric Economic Development Inc?
Rural Electric Economic Development Inc, or REED, is a nonprofit organization located in Madison, South Dakota. With a mission to stimulate economic growth in rural areas, REED provides gap financing through loans to community projects, businesses, and value-added agriculture initiatives. Established in 1997, REED has funded 389 projects worth over $114 million, leading to a total investment of over $945 million in the community. The organization has played a significant role in creating or retaining over 10,000 jobs, focusing primarily on communities with fewer than 5,000 residents and locally-owned projects. REED ensures that the profits generated from these projects remain within the community, contributing to the maintenance of vital services and promoting business growth and sustainability. In summary, REED serves as a crucial economic catalyst in rural communities, fostering development and bolstering local economies.
Official website here: www.reedfund.coop
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Rural Electric Economic Development Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting a strong commitment to accountability and finance. The organization scored 96% in this category, indicating a well-managed operation with transparent financial practices. This high score is primarily derived from its robust governance framework and fiscal responsibility.
The nonprofit boasts a fully independent board, which is crucial for impartial decision-making, and it has implemented a comprehensive set of policies that guard against conflicts of interest and ensure ethical operations. Additionally, there have been no material diversions of assets, highlighting the organization's integrity in managing its resources effectively.
Despite its strengths, the summary does not provide information on the organization's programmatic impact or community engagement efforts. Nonetheless, the financial health and governance practices of Rural Electric Economic Development Inc position it as a trustworthy organization within the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Rural Electric Economic Development Inc legitimate?
Rural Electric Economic Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rural Electric Economic Development Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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For more financial information, click here
Official website here: www.reedfund.coop
What is the mission statement of Rural Electric Economic Development Inc?
Rural Electric Economic Development Inc's mission is to enhance economic growth in rural areas by providing financing and leveraging investments. This organization administers a loan program aimed at supporting community, business, and value-added agriculture projects. The loans facilitate start-ups and expansions, leading to job creation and retention, and contribute to the sustainability and growth of rural communities. Since its inception in 1997, Rural Electric Economic Development Inc has made 389 loans totaling over $114 million, resulting in an investment of over $945 million. This has directly resulted in the creation and retention of over 10,000 jobs. The organization prioritizes lending in communities with fewer than 5,000 people and supports locally owned projects, ensuring that profits stay within the community to maintain vital services and support continued business growth.
Official website here: www.reedfund.coop
Who is the CEO of Rural Electric Economic Development Inc?
Chris Larson is the Chairman of Rural Electric Economic Development Inc.
Official website here: www.reedfund.coop
What is the revenue of Rural Electric Economic Development Inc?
Rural Electric Economic Development Inc's revenue in 2022 was $2,362,102.
Official website here: www.reedfund.coop
Who are the executives of Rural Electric Economic Development Inc and what are their salaries?
There 27 volunteers at Rural Electric Economic Development Inc.
Here are 28 key members and their salaries:
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Official website here: www.reedfund.coop
Where can I find the form 990 for Rural Electric Economic Development Inc?
Rural Electric Economic Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.reedfund.coop
Learn more at the official website: www.reedfund.coop
Mission Statement of Rural Electric Economic Development Inc
Rural Electric Economic Development Inc, often referred to as REED, is a nonprofit organization dedicated to administering a rural economic development loan program. Its mission is to stimulate economic growth in rural communities by providing financing and leveraging investments. By offering gap financing to community, business, and value-added agriculture projects, REED supports start-ups and expansions, leading to job creation and retention. With its lending activities, REED aims to create a foundation for sustaining and growing rural communities.
Since its establishment in 1997, REED has made 389 loans totaling over $114 million. These loans have resulted in an overall investment of over $945 million, significantly contributing to the economic well-being of rural areas. Over 10,000 jobs have been created and retained through REED's lending activities, demonstrating its impact on community development. REED primarily focuses on lending to communities with fewer than 5,000 people and locally-owned projects, ensuring that profits remain within the community to maintain vital services and support continued business growth and sustainability.
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Impact
July, 2024
Rural Electric Economic Development Inc, through its administration of a rural economic development loan program, has had a significant impact on stimulating economic growth in rural areas. Since 1997, REED has provided 389 loans totaling over $114 million, resulting in a total investment of over $945 million. This has led to the creation and retention of over 10,000 jobs, supporting start-up and expansion projects in community, business, and value-added agriculture sectors.
The organization's focus on lending in communities with fewer than 5,000 people, with 98% of loans going to locally owned projects, ensures that profits stay within the community to support vital services and foster continued business growth and sustainability. By fostering economic development at the grassroots level, REED contributes to the overall health and prosperity of rural communities, making a tangible difference in the region and beyond.
This information is meant to be a general summary of Rural Electric Economic Development Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $44,850
- Program Service Revenue: $1,157,987
- Gross Receipts: $2,362,102
Assets and Liabilities:
- Total Assets: $46,728,426
- Total Liabilities: $14,768,054
- Net Assets: $31,960,372
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$1,022,019
LOAN LOSS ADJUSTMENT
Revenue
$90,169
LOAN APPLICATION FEES
Revenue
$57,512
EQUITY EARNINGS
Revenue
-$11,713
Organization Details
Founding Year
1997
Phone
(605) 256-4536Principal Officer
Chris Larson
Main Address
PO BOX 227, MADISON, SD, 57042
Website
www.reedfund.coopNTEE Category
Code: S32 - Community improvement
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