2024-05-20T06:59:29-05:00 2023-12-31 550538163 SUTTLE & STALNAKER PLLC 1411 VIRGINIA ST E STE 100 CHARLESTON WV 25301 990 2023-01-01 556020147 RITCHIE COUNTY EDUCATIONAL TRUST RITC 3046432460 PO BOX 239 HARRISVILLE WV 26362 WENDY SNIDER DIRECTOR 3046432460 2024-05-15 1 WENDY SNIDER 999009999 1 KELLY L SHAFER P02247671 3043434126 2024-05-15 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z WENDY SNIDER PO BOX 239 HARRISVILLE WV 26362 2387548 0 X WWW.RITCHIESCHOOLS.COM X 501(C)3 1956 WV THE RITCHIE COUNTY EDUCATIONAL TRUST (RCET) MAKES LOW INTEREST LOANS TO RITCHIE COUNTY RESIDENTS PURSUING POST-SECONDARY EDUCATION. THE RCET IS A NON-COMMERCIAL, REVOLVING LOAN PROGRAM FOR THE EXPRESS PURPOSE OF ASSISTING WORTHY STUDENTS IN OBTAINING EDUCATION. STUDENTS WHO BORROW MONEY PAY IT BACK UPON THE COMPLETION OF THEIR STUDIES AT A LOW RATE OF INTEREST, MAKING THAT MONEY AVAILABLE TO OTHER STUDENTS IN THE FUTURE. 7 7 1 0 0 0 1261 1080 0 0 118122 290020 606068 228430 725451 519530 0 0 0 0 19377 22607 0 0 0 35098 31942 54475 54549 670976 464981 5252669 5717661 182 193 5252487 5717468 X THE RITCHIE COUNTY EDUCATIONAL TRUST (RCET) MAKES LOW INTEREST LOANS TO RITCHIE COUNTY RESIDENTS PURSUING POST-SECONDARY EDUCATION. THE RCET IS A NON-COMMERCIAL, REVOLVING LOAN PROGRAM FOR THE EXPRESS PURPOSE OF ASSISTING WORTHY STUDENTS IN OBTAINING EDUCATION. STUDENTS WHO BORROW MONEY PAY IT BACK UPON THE COMPLETION OF THEIR STUDIES AT A LOW RATE OF INTEREST, MAKING THAT MONEY AVAILABLE TO OTHER STUDENTS IN THE FUTURE. 0 0 17660 168352 PROVIDE STUDENTS FROM RITCHIE COUNTY WITH LOW INTEREST LOANS TO PURSUE POST-SECONDARY EDUCATION. 17660 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 WV X WENDY SNIDER 3046432460 PO BOX 239 HARRISVILLE WV 26362 TIMOTHY L SWEENEY TRUSTEE 0.10 X 0 0 0 APRIL HAUGHT TRUSTEE 0.10 X 0 0 0 IRA HAUGHT TRUSTEE 0.10 X 0 0 0 CLAIRE ROBINSON TRUSTEE 0.10 X 0 0 0 MARTHA HARTLEY TRUSTEE 0.10 X 0 0 0 LEWIS COTTRILL TRUSTEE 0.10 X 0 0 0 JACK LANGFORD TRUSTEE 0.10 X 0 0 0 WENDY SNIDER DIRECTOR 20.00 X 21000 0 0 21000 0 0 0 0 0 0 0 1080 1080 135650 13982 121668 206399 206399 2022388 1868018 154370 154370 154370 ANTERO SIGNING BONUS 531390 22031 0 22031 22031 519530 168352 0 350098 21000 12600 8400 1607 964 643 2000 2000 21886 21886 35 35 1455 1455 496 496 LOAN LOSSES 4061 4061 BANK FEES 1243 1243 CONTINGENCY PROVISIONS 600 600 MISC 110 110 56 56 54549 17660 36889 0 342205 150191 152427 154334 596895 605928 19057 571 18486 18486 4142656 4788722 5252669 5717661 182 193 182 193 X 790036 790036 0 0 4462451 4927432 5252487 5717468 5252669 5717661 464981 0 X 0 0 0 X 52867 6791 3073 1261 1080 65072 53076 53076 53076 53076 53076 265380 105943 59867 56149 54337 54156 330452 330452 753269 311621 456063 697431 350098 2568482 2898934 0.11400 0.11240 X INFORMATION BELOW IS IN REPSONSE TO PART II, LINE 17A: THE RITCHIE COUNTY EDUCATIONAL TRUST (RCET) EXISTS SOLELY TO PROVIDE LOW INTEREST LOANS FOR RITCHIE COUNTY, WV RESIDENTS PURSUING POST-SECONDARY EDUCATION. THIS PURPOSE WAS ESTABLISHED IN THE LAST WILL AND TESTAMENT OF MISS MINNIE BROADWATER, AIGNED 1956. RITCHIE COUNTY IS A RURAL COUNTY IN WEST VIRGINIA, INCLUDING A FEW SMALL COMMUNITIES AND ONE HIGH SCHOOL. ITS MAIN FUNDING HAS COME FROM ESTATES, (INCLUDING REVENUE BEQUESTS OF OIL, GAS, AND MINERAL RIGHTS), AND FROM DONATIONS GIVEN IN MEMORY OR HONOR OF SOMEONE. THE PERCENTAGE OF SUPPORT NORMALLY RECEIEVED BY THE RCET FROM GOVERNMENTAL UNITS AND FROM CONTRIBUTIONS FROM THE GENERAL PUBLIC HAS ALWAYS BEEN SUBSTANTIAL, EASILY BEING MORE THAN 10% OF ITS SUPPORT. ONLY IN THE LAST FEW YEARS HAS ITS PUBLIC SUPPORT NOT MET THE 33-1/3% TEST, AND THIS HAS BEEN DUE TO ROYALTIES RECEIVED FROM OIL AND GAS DRILLING, THE RIGHTS TO WHICH THE RCET ONLY HAS BECASUE THEY WERE LEFT TO THE RCET BY THE GENEROUS CONTRIBUTION OF DONORS. HENCE, ONE COULD ARGUE THAT THE ROYALTIES ARE STILL PUBLIC CONTRIBUTIONS. THE RCET HAS NEVER PURCHASED OIL AND GAS RIGHTS OUTRIGHT, AND THE INTENTION OF THE RCET HAS NEVER BEEN TO MAKE A PROFIT. THE FACT IS, CONTRIBUTORS TO THE RCET WERE EXTREMELY GENEROUS AND FORWARD-THINKING IN SPECIFICALLY LEAVING OIL, GAS, AND MINERAL RIGHTS FOR POSSIBLE FUTURE USE. THE RCET HAS BENEFITTED FROM THE RECENT OIL AND HAS BOOM IN THE LOCAL AREA. THE RCET HAS NO CONTROL AND NO IDEA OF HOW LONG THE BOOM PERIOD WILL LAST. BUSTS GENERALLY FOLLOW BOOMS, AND THE ROYALTIES WILL PROBABLY NOT CONTINUE AT THEIR CURRENT RATES AS A LONG-TERM SOURCE OF SUPPORT. ROYALTIES IN 2023 REPRESENT 44% OF INCOME LISTED ON SECTION A, PART II, LINE 8 ($228,430.00 OUT OF $519,530.00). FOLLOWING ARE THE PERCENTAGES OF ROYALTIES & RELATED INCOME TO TOTAL INCOME AS LISTED ON LINE 8 FOR THE PREVIOUS FIVE YEARS: 2022=84% ($606,068.00 OUT OF $725,451.00); 2021 =79% ($361,786.00 OUT OF $456,063); 2020 =91% ($282,702.00 OUT OF $311,621.00; 2019 =93% (701,744.00 OUT OF $753,269.00); 2018 =88% ($647,452.00 OUT OF $393,968.00). IN 2017, ROYALTY INCOME MADE UP ONLY 6% OF INCOME. THE 2017 VALUES ARE INDICATIVE OF THE RCET BEFORE THE LARGE ROYALTIES BEGAN COMING IN. WE CAN ALREADY SEE THAT THE ROYALTIES AS A PERCENTAGE OF TOTAL INCOME IS ALREADY FALLING, AND THE RCET HAS SEEN A SIGNIFICANT REDUCTION IN ROYALTY INCOME THUS FAR IN 2024 AS COMPARED TO 2023. EITHER WAY, THE ROAYLTIES THE RCET RECEIVES HAPPEN ONLY BECASUE OF GENEROUS DONORS IN THE PAST. THE RCET HAS A CONTINUOUS, BONA FIDE PROGRAM FOR SOLICITATION OF FUNDS FROM THE GERNAL PUBLIC AND GOVERNMENTAL UNITS, WHICH IS REASONABLE IN LIGHT OF ITS CHARITABLE ACTIVITIES. THERE ARE SIGNS POSTED IN VIEW OF THE GENERAL PUBLIC IN THE RITCHIE COUNTY COURTHOUSE, THE RITCHIE COUNTY BOARD OF EDUCATION OFFICES, AND IN THE COMMONS AREA OF RITCHIE COUNTY MIDDLE/HIGH SCHOOL LISTING DONORS IN EXCESS OF $500 WHICH ARE MAINTAINED AND UPDATED AS NEEDED. THESE SIGNS INCLUDE THE HISTORY OF THE RCET SHOWING THE INITIAL $25,000 BEQUEST FROM MISS BROADWATER, ALONG WITH THE ENTIRE RESIDUE OF MISS MARY FLANAGHAN'S ESTATE LEFT IN 1957 TOTALING $382,000. THE SIGNS ALSO SHOW $50,000 PLUS DONORS, OF WHICH THERE ARE THREE TO DATE, FROM 1990, 2000, AND 2019. IT ALSO DISPLAYS $10,000 PLUS DONORS, CURRENTLY LISTIING FOUR, GIVEN BETWEEN THE YEARS OF 1966 AND 2014 AND INCLUDING TWO SEPARATE MEMORIALS, ONE ESTATE BEQUEST AND ONE CORPORATE DONATION. DONATIONS IN EXCESS OF $500 ARE ALSO SHOWN ON THE SIGN, DATED FROM 1968 - 2019 AND CURRENTLY LISTING NINE MEMORIALS, ONE ESTATE, AND ONE GIFT FROM A MERCHANT'S ASSOCIATION. THESE VARIOUS CONTRIBUTIONS SHOW THAT THE DONORS TO THE RCET REPRESENT MANY DIFFERENT FAMILIES, INDIVIDUALS, AND ENTITIES AND HAVE SPANNED THE ENTIRE EXISTENCE OF THE RCET. THE RCET PLACED ADVERTISEMENTS IN THE TWO EXISTING LOCAL COUNTY NEWSPAPERS YEARLY, NEAR THE END OF EACH YEAR, SOLICITING POTENTIALLY (ACCORDING TO CURRENT TAX LAWS) TAX-DEDUCTIBLE DONATIONS TO FURTHER THE GOALS OF THE RCET. THE RCET ALSO ADVERTISES ANNUALLY IN THE RITCHIE COUNTY HIGH SCHOOL FALL SPORTS PROGRAM, HOPING TO REACH BOTH STUDENTS INTERESTED IN UTILIZING THE LOANS AND DONORS INTERESTED IN SUPPORTING THE RCET. THE RCET ALSO MAINTAINS DONOR ENVELOPES AT THE LOCAL FUNERAL HOME FOR PEOPLE INTERESTED IN PROVIDING DONATIONS IN MEMORY OF SOMEONE. IN 2019, THE RCET RECEIVED A SUBSTATIAL DONATION OF $50,000 FROM THE ESTATE OF A NATIVE OF RITCHIE COUNTY, WV WHO HAD SPENT HER ADULT LIFE LIVING IN ANOTHER STATE, BUT HAD USED THE RCET'S STUDENT LOANS, AND WISHED TO SUPPORT ITS ONGOING PROGRAM. IN THE PAST FEW YEARS, A FORMER LOANEE HAS UNSED AN AUTOMATIC DEDUCTION PROCESS THROUGH HIS EMPLOYER, SENDING REGULAR DONATIONS TO THE RCET IN MEMORY OF LOVES ONES. ANOTHER SOURCE OF SUPPORT WITHIN THE PAST FEW YEARS HAS INCLUDED PROCEEDS FROM A FISHING TOURNAMENT ESTABLISHED IN MEMORY OF A COMMUNITY MEMBER. THESE ARE JUST A FEW RECENT EXAMPLES OF HOW THE GENERAL PUBLIC USES OPPORTUNITIES TO CONTRIBUTE TO THE RCET, AND HOW THE RCET'S MISSION OF HELPING COUNTY RESIDENTS PURSUE HIGHER EDUCATION APPEALS TO AND HAS THE SUPPORT OF THE RITCHIE COUNTY COMMUNITY.THE RITCHIE COUNTY BOARD OF EDUCATION (A GOVERNMENTAL UNIT) PROVIDES SPACE FOR THE OFFICE OF THE DIRECTOR OF THE RCET AT NO COST. BESIDES OFFICE SPACE, THIS PROVIDES TELEPHONE SERVICE, INFORMATION TECHNOLOGY ASSISTANTS, INCLUDING THE NO COST USE OF THE COUNTY SCHOOLS' WEB SITE, PRINTER, COPIER AND SCANNER SERVICES, AND A MEETING PLACE FOR THE RCET BOARD OF TRUSTEES. THIS SUPPORT IS SUBSTANTIAL AND INVALUABLE TO THE RCET. THE RCET HAS A VOLUNTEER GOVERNING BODY AS SET FORTH IN THE WILL THAT CREATED IT. THIS BOARD OF TRUSTEES REPRESENTS BROAD INTERESTS OF THE GENERAL PUBLIC AND INCLUDES PUBLIC OFFICIALS ACTING IN THEIR OFFICIAL CAPACITY AS WELL AS INDIVIDUALS WHO ARE COMMUNITY LEADERS AND OFTEN THOSE WHO HAVE SPECIAL KNOWLEDGE OF THE FIELD OF EDUCATION. THE BOARD OF TRUSTEES ALWAYS CONSISTS OF THE JUDGE OF THE THIRD CIRCUIT COURT AND THE SUPERINTENDENT OF THE SCHOOLS OF RITCHIE COUNTY. IN ADDITION, THERE IS ONE REPRESTATIVE FROM EACH MAGISTERIAL DISTRICT OF THE COUNTY (OF WHICH THERE ARE FOUR), AND ONE AT LARGE MEMBER. THIS SYSTEM ASSURES REPRESENTATION ON THE BOARD OF TRUSTEES FROM THE ENTIRE COUNTY. IN REPSONSE TO THE RECENT INCREASED REVENUE THE RCET HAS RECEIVED FROM OIL AND GAS ROYALTIES THE BOARD OF TRUSTEES VOTED IN 2018 TO INCREASE THE LOAN CAPS ON ALL LOANS OFFERED. UNTIL THAT POINT, THEIR MOST RECENT POLICY WAS TO LOAN UNDERGRADUATE STUDENTS UP TO $1,500 PER SEMESTER FOR UP TO TEN SEMESTERS, AND GRADUATE STUDENTS UP TO $2,000 PER SEMESTER ON AN AS-NEEDED BASIS. THEY THOUGHTFULLY CONSIDERED OPTIONS TO INCREASE THE LOANS AND CREATED A TIERED SYSTEM WHICH NOW OFFERS UNDERGRADUATES IN THEIR FIRST AND SECOND YEARS UP TO $2,000 PER SEMESTER, THEN UP TO $3,000 PER SEMESTER FOR YEARS THREE THROUGH FIVE, AGAIN ALLOWING LOANS UP TO TEN SEMESTERS. GRADUATE LOANS WERE INCREASED TO $4,000 PER SEMESTER, AS NEEDED. THE BOARD OF TRUSTEES IS COGNIZANT OF NATIONWIDE TRENDS IN SOME STUDENTS' HARDSHIPS IN PAYING BACK LOANS. THEY TRY TO KEEP LOAN LIMITS SENSIBLE FOR THE COUNTY'S STUDENTS, TAKING INTO CONSIDERATION THE COSTS OF ATTENDING COLLEGE AND WHAT THEY BELEIVE STUDENTS CAN REASONABLY BE EXPECTED TO REPAY, INCLUDING KEEPING INTEREST RATES AT A LOW RATE OF 4% PER YEAR, WHICH HAS NOT CHANGED FOR MANY YEARS. THE RCET TRUSTEES WORK HARD TO BE EXCELLENT STEWARDS OF THE RCET'S FUNDS, WISELY USING THEIR RESOURCES TO BEST BENEFIT THE STUDENTS OF RITCHIE COUNTY. THEY TRY TO HELP AS MANY STUDENTS AS THEY PRUDENTLY CAN. 17730 17730 1327 571 756 18486 FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEE MEETINGS WERE HELD. FORM 990, PART VI, SECTION B, LINE 11B NO REVIEW WAS OR WILL BE CONDUCTED. FORM 990, PART VI, SECTION C, LINE 19 NO DOCUMENTS AVAILABLE TO THE PUBLIC.