Overview
What is Rural Economic Development Center Inc?
The Rural Economic Development Center Inc, located in Raleigh, North Carolina, is a dedicated nonprofit organization. Its primary mission is to foster economic growth and development in rural areas, focusing on low-income individuals and resource-limited communities. The Center delivers essential resources to support existing businesses and nurture new entrepreneurs through its lending subsidiary, Thread Capital. Thread Capital provides capital, coaching, and connections to individuals starting or expanding small businesses. The Center also manages the State Small Business Credit Initiative Program, supporting private sector capital formation across all 100 North Carolina counties. Furthermore, the Rural Center operates Cornersquare Community Capital, which supports Community Development Financial Institutions in a 17-state region. In addition to its financial support, the Center conducts policy research aimed at improving economic conditions, strengthening infrastructure, promoting increased entrepreneurial development, and increasing job availability in rural areas.
Official website here: www.ncruralcenter.org
What are the reviews and ratings of this charity?
The Rural Economic Development Center Inc has earned a Four-Star out of Four Star rating from Charity Navigator, with an impressive score of 92%. This rating reflects a strong performance in accountability and financial health, indicating the organization effectively manages its resources to fulfill its mission. The high score primarily comes from their Accountability & Finance metrics, where they consistently achieve or near maximum points across various measures.
The organization excels in governance, with 100% independent board members and comprehensive policies like a conflict of interest policy, whistleblower policy, and systematic document retention. Their financial operations are transparent and robust, without any reported material diversion of assets, ensuring donor confidence. They showcase a solid program expense ratio, dedicating a significant portion of their budget to direct programmatic efforts.
Even though they have notable strengths, the liabilities to assets ratio of 55.96% suggests room for improvement in financial leverage. Despite this, the organization's overall fiscal management and compliance measures are commendable. No user reviews are available from GreatNonprofits to provide additional qualitative insights into donor and beneficiary experiences.
This AI summary has been generated from information found on Charity Navigator.
Is Rural Economic Development Center Inc legitimate?
Rural Economic Development Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rural Economic Development Center 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,604,584
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,959,785
For more financial information, click here
Official website here: www.ncruralcenter.org
What is the mission statement of Rural Economic Development Center Inc?
The Rural Economic Development Center Inc's mission is centered around improving economic conditions in rural areas. Their objective is to develop, implement, and promote sound economic strategies that enhance the quality of life for people with low to moderate incomes and communities with limited resources in North Carolina. The organization supports small businesses and entrepreneurship, recognizing the importance of sustaining rural small businesses and nurturing small-town entrepreneurs. Their lending subsidiary, Thread Capital, provides capital, coaching, and connections to individuals trying to start or expand a small business. The Rural Economic Development Center Inc also operates the State Small Business Credit Initiative program to support private sector capital formation in all 100 counties and Cornersquare Community Capital, which supports community development financial institutions in a 17-state region.
Official website here: www.ncruralcenter.org
Who is the CEO of Rural Economic Development Center Inc?
Patrick Woodie is the CEO of Rural Economic Development Center Inc The CEO's salary of Rural Economic Development Center Inc is $250,071 and their total compensation is $285,715.
Official website here: www.ncruralcenter.org
What is the revenue of Rural Economic Development Center Inc?
Rural Economic Development Center Inc's revenue in 2024 was $60,678,534.
Official website here: www.ncruralcenter.org
Who are the executives of Rural Economic Development Center Inc and what are their salaries?
The average compensation at Rural Economic Development Center Inc during 2024 was $67,123. There are 68 employees and 23 volunteers at Rural Economic Development Center Inc.
Here are 35 key members and their salaries (Rural Economic Development Center Inc's CEO's salary is $250,071 and their total compensation is $285,715):
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- Compensation: $250,071
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- Other: $35,644
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- Compensation: $125,591
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- Other: $27,333
Official website here: www.ncruralcenter.org
Where can I find the form 990 for Rural Economic Development Center Inc?
Rural Economic Development Center Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.ncruralcenter.org
Learn more at the official website: www.ncruralcenter.org
Mission Statement of Rural Economic Development Center Inc
The Rural Economic Development Center Inc is committed to developing, implementing, and promoting sound economic strategies. Their mission is geared towards improving the quality of life for rural North Carolinians, with a particular focus on individuals with low to moderate incomes and communities with limited resources. The organization believes in equitable economic growth, which they achieve by sustaining rural small businesses and nurturing small-town entrepreneurs.
To accomplish this mission, the Rural Economic Development Center Inc provides critical resources to support existing businesses and foster the emergence of new entrepreneurs. Their lending subsidiary, Thread Capital, works closely with individuals trying to start or expand a small business. Thread Capital offers capital, coaching, and connections to help these entrepreneurs succeed. Furthermore, the Rural Center operates the State Small Business Credit Initiative Program, which supports private sector capital formation in all 100 counties.
In addition to their lending initiatives, the Rural Economic Development Center Inc operates Cornersquare Community Capital, which supports Community Development Financial Institutions (CDFIs) in a 17-state region. CDFI's are essential for community development and providing much-needed financial resources to underserved communities. By supporting these CDFIs, the Rural Economic Development Center Inc is helping to strengthen rural infrastructure and foster economic growth in these areas.
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Impact
July, 2024
The Rural Economic Development Center Inc, based in Raleigh, NC, is dedicated to conducting policy research aimed at enhancing economic conditions, strengthening infrastructure, supporting increased entrepreneurial development, and boosting job opportunities in rural areas. The organization focuses on small business and entrepreneurship by providing critical resources to assist existing businesses and foster the growth of new entrepreneurs. Through its lending subsidiary, Thread Capital, the Rural Center offers capital, coaching, and connections to individuals looking to start or expand a small business.
Moreover, the Rural Center operates programs like the State Small Business Credit Initiative and CornerSquare Community Capital to support private sector capital formation and community development financial institutions in a 17-state region. By developing, implementing, and advocating for sound economic strategies, the organization strives to improve the quality of life for rural North Carolinians, particularly individuals with low to moderate incomes and communities with limited resources. Their work ultimately contributes to community improvement and economic resilience in rural areas.
This information is meant to be a general summary of Rural Economic Development Center 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 2024.
- Investment Income: $9,191,993
- Program Service Revenue: $627,585
- Gross Receipts: $65,037,441
Assets and Liabilities:
- Total Assets: $223,566,149
- Total Liabilities: $114,844,741
- Net Assets: $108,721,408
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SMALL BUSINESS RECOVERY
Revenue
$483,329
REGISTRATION FEES
Revenue
$142,794
Organization Details
Founding Year
1987
Principal Officer
Patrick Woodie
Website
www.ncruralcenter.orgNTEE Category
Code: S320 - Community improvement
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