Nonprofit · EIN 56-1552375
RURAL ECONOMIC DEVELOPMENT CENTER INC
Tax-exempt · RALEIGH, NC 27610
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $69,981,334 | $11,635,108 | $58,346,226 | $309,058,828 | $93,274,636 | $215,784,192 |
| June 30, 2024 | 990 | $60,678,534 | $13,096,953 | $47,581,581 | $247,445,307 | $86,713,091 | $160,732,216 |
| June 30, 2023 | 990 | $21,387,422 | $11,713,020 | $9,674,402 | $262,359,551 | $146,830,881 | $115,528,670 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $56,236,894
- of which government grants
- $48,388,692
- Program service revenue
- $494,903
- Investment income
- $12,981,246
- Net rental income
- $9,894
- Net gain from sales of assets
- $639,807
- Other revenue
- $268,291
Expenses
- Grants and similar amounts paid
- $2,509,353
- Compensation of officers, directors and key employees
- $1,701,271
- Other salaries and wages
- $2,481,450
- Salaries, compensation and benefits (total)
- $4,934,667
- Professional fundraising fees
- $0
- Legal fees
- $230,557
- Accounting fees
- $139,599
- Occupancy
- $194,150
- Travel
- $128,761
- Depreciation
- $216,687
- Program services (functional)
- $9,010,664
- Management and general (functional)
- $2,526,836
- Fundraising (functional)
- $97,608
Balance sheet and other
- Total assets, start of year
- $247,445,307
- Total assets, end of year
- $309,058,828
- Total liabilities, end of year
- $93,274,636
- Net assets, end of year
- $215,784,192
- Land, buildings and equipment
- $2,654,821
- Publicly traded securities
- $9,421,898
- Net assets without donor restrictions
- $202,449,358
- Net assets with donor restrictions
- $13,334,834
- Gross receipts
- $72,147,772
- Employees
- 63
- Volunteers
- 22
- Year formed
- 1987
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PATRICK WOODIE | PRESIDENT & CEO Officer | 40 | $384,462 | $51,084 |
| CAROLYN RHODES | COO Officer | 40 | $303,879 | $36,358 |
| FRANKLIN T ROBERTS | CFO/ASST TREASURER Officer | 40 | $235,999 | $39,310 |
| ARMEER G KENCHEN | EXEC DIR, CORNERSQUARE LLC Highest-paid employee | 40 | $215,112 | $40,858 |
| WILLIAM MITCHELL STALLINGS | CHIEF REVENUE OFFICER Highest-paid employee | 40 | $216,529 | $32,825 |
| MISTY HERGET | CHIEF PROGRAMS OFFICER Key employee | 40 | $213,762 | $32,779 |
| JONATHAN BRERETON | EXEC DIR, THREAD CAPITAL (TO AUG '23) Former | 20 | $237,735 | $0 |
| JOY STEWART | DIR OF INTERNAL COMPLIANCE AND AUDIT Officer | 40 | $166,252 | $24,810 |
| DANIEL MICHAEL | CONTROLLER Highest-paid employee | 40 | $146,600 | $34,865 |
| ANDREA BREAZEALE | DIR OF HR Highest-paid employee | 40 | $124,800 | $24,213 |
| WILLIAM HOLMES | SR DIR OF COMMUNICATIONS Highest-paid employee | 40 | $121,693 | $23,122 |
| PHIL MARION | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| SARA CHESTER | VICE-CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| YOLANDA TAYLOR | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| PAULA BENSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
18 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JOSE ALVAREZ | BOARD MEMBER Trustee or director | 1 | $0 |
| RYAN AMMANN | BOARD MEMBER Trustee or director | 1 | $0 |
| ANDY ANDERSON | BOARD MEMBER Trustee or director | 1 | $0 |
| DR ZACHARY BARRICKLOW | BOARD MEMBER Trustee or director | 1 | $0 |
| AL BASS | BOARD MEMBER Trustee or director | 1 | $0 |
| CASEY COOPER | BOARD MEMBER Trustee or director | 1 | $0 |
| ANNE FAIRCLOTH | BOARD MEMBER Trustee or director | 1 | $0 |
| LARIZA GARZON | BOARD MEMBER (FROM DEC '24) Trustee or director | 1 | $0 |
| RANDY GORE | BOARD MEMBER Trustee or director | 1 | $0 |
| MIKE HAWKINS | BOARD MEMBER Trustee or director | 1 | $0 |
| RANDOLPH KEATON | BOARD MEMBER Trustee or director | 1 | $0 |
| BEN KNIGHT | BOARD MEMBER Trustee or director | 1 | $0 |
| ALICE SCHENALL | BOARD MEMBER (TO DEC '24) Trustee or director | 1 | $0 |
| KIM SHEPHERD | BOARD MEMBER Trustee or director | 1 | $0 |
| BRITTANY BENNETT WESTON | BOARD MEMBER Trustee or director | 1 | $0 |
| GIL WISE | BOARD MEMBER Trustee or director | 1 | $0 |
| WEYLING WHITE | BOARD MEMBER Trustee or director | 1 | $0 |
| JENNIFER TOLLE WHITESIDE | BOARD MEMBER Trustee or director | 1 | $0 |
990 for the year ended June 30, 2024: 35 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PATRICK WOODIE | PRESIDENT & CEO Officer | 40 | $250,071 | $35,644 |
| JONATHAN BRERETON | EXEC DIR, THREAD CAPITAL (TO AUG '23) Officer | 20 | $237,491 | $46,366 |
| FRANKLIN T ROBERTS | CFO/ASST TREASURER Officer | 40 | $198,309 | $35,996 |
| MISTY HERGET | CHIEF PROGRAMS OFFICER Key employee | 40 | $204,000 | $28,238 |
| ARMEER G KENCHEN | EXEC DIR, CORNERSQUARE LLC Highest-paid employee | 40 | $184,595 | $34,895 |
| JOY STEWART | DIR OF INTERNAL COMPLIANCE AND AUDIT Officer | 40 | $156,770 | $19,362 |
| JALISHA RICHMOND | DIR OF LENDING AND CLIENT SUPPORT Highest-paid employee | 40 | $136,548 | $24,387 |
| JUVON LEGARE-RIVERS | PRODUCT MANAGER Highest-paid employee | 40 | $132,529 | $22,270 |
| DANIEL MICHAEL | CONTROLLER Highest-paid employee | 40 | $125,591 | $27,333 |
| SHANNON O'SHEA | SBC DIR OF OPERATIONS Highest-paid employee | 40 | $137,306 | $13,230 |
| CAROLYN RHODES | COO (FROM JUL '23) Officer | 40 | $111,617 | $12,962 |
| LAURA CARLSON | ASSISTANT SECRETARY Officer | 40 | $80,218 | $17,026 |
| NELLE HOTCHKISS | CHAIR (TO DEC '23) Trustee or director, Officer | 1 | $0 | $0 |
| PHIL MARION | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| SARA CHESTER | VICE-CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| YOLANDA TAYLOR | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| PAULA BENSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JOSE ALVAREZ | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RYAN AMMANN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ANDY ANDERSON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| DR ZACHARY BARRICKLOW | BOARD MEMBER (FROM JAN '24) Trustee or director | 1 | $0 | $0 |
| AL BASS | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BRENDA BERG | BOARD MEMBER (TO DEC '23) Trustee or director | 1 | $0 | $0 |
| CASEY COOPER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ANNE FAIRCLOTH | BOARD MEMBER (FROM JAN '24) Trustee or director | 1 | $0 | $0 |
| RANDY GORE | BOARD MEMBER (FROM JAN '24) Trustee or director | 1 | $0 | $0 |
| MIKE HAWKINS | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RANDOLPH KEATON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BEN KNIGHT | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ALICE SCHENALL | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| KIM SHEPHERD | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BRITTANY BENNETT WESTON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| GIL WISE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| WEYLING WHITE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JENNIFER TOLLE WHITESIDE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2023: 35 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JONATHAN BRERETON | EXECUTIVE DIRECTOR, THREAD CAPITAL, INC. Officer | 20 | $238,931 | $42,897 |
| MISTY HERGET | CHIEF PROGRAMS OFFICER Key employee | 40 | $213,639 | $48,387 |
| PATRICK WOODIE | PRESIDENT & CEO Officer | 40 | $215,074 | $46,161 |
| ARMEER G KENCHEN | EXECUTIVE DIRECTOR, CORNERSQUARE, LLC Highest-paid employee | 40 | $181,291 | $36,557 |
| JALISHA RICHMOND | DIRECTOR OF LENDING AND CLIENT SUPPORT Highest-paid employee | 40 | $152,378 | $24,066 |
| TODD BRANTLEY | VP OF PUBLIC AFFAIRS (TO SEP '22) Highest-paid employee | 40 | $154,500 | $19,672 |
| JULIA MALINOWSKI | SR. DIR, INTERMEDIARY LENDING (TO DEC '22) Highest-paid employee | 40 | $149,563 | $24,489 |
| FRANKLIN T ROBERTS | CFO & COO/ASST TREASURER (FROM MAR '22) Officer | 40 | $143,139 | $25,447 |
| SHANNON O'SHEA | SBC DIRECTOR OF OPERATIONS Highest-paid employee | 40 | $146,306 | $15,630 |
| BRANDON ROSAS | DIRECTOR OF FINANCE (TO MAR '22) Former | 40 | $138,821 | $11,450 |
| JOY STEWART | DIRECTOR OF INTERNAL COMPLIANCE AND AUDIT (FROM AP Officer | 40 | $105,968 | $12,166 |
| LAURA CARLSON | ASSISTANT SECRETARY Officer | 40 | $72,245 | $15,216 |
| NELLE HOTCHKISS | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| DEBBIE HAMRICK | VICE CHAIR (TO DEC '22) Trustee or director, Officer | 1 | $0 | $0 |
| PHIL MARION | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| ALICE SCHENALL | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| PAULA BENSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JOSE ALVAREZ | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RYAN AMMANN | BOARD MEMBER (FROM DEC '22) Trustee or director | 1 | $0 | $0 |
| ANDY ANDERSON | BOARD MEMBER (FROM Trustee or director | 1 | $0 | $0 |
| AL BASS | BOARD MEMBER (FROM AUG '22) Trustee or director | 1 | $0 | $0 |
| BRENDA BERG | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| SARA CHESTER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CASEY COOPER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MIKE HAWKINS | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RAY JEFFERS | BOARD MEMBER (TO DEC '22) Trustee or director | 1 | $0 | $0 |
| RANDOLPH KEATON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BEN KNIGHT | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| KIM SHEPHERD | BOARD MEMBER (FROM DEC '22) Trustee or director | 1 | $0 | $0 |
| YOLANDA TAYLOR | BOARD MEMBER (TO DEC '22) Trustee or director | 1 | $0 | $0 |
| DENNIS TRACZ | BOARD MEMBER (TO DEC '22) Trustee or director | 1 | $0 | $0 |
| BRITTANY BENNETT WESTON | BOARD MEMBER (FROM AUG '22) Trustee or director | 1 | $0 | $0 |
| GIL WISE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| WEYLING WHITE | BOARD MEMBER (FROM DEC '22) Trustee or director | 1 | $0 | $0 |
| JENNIFER TOLLE WHITESIDE | BOARD MEMBER (FROM DEC '22) Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 4021 CARYA DR, RALEIGH, NC 27610-2914
- Principal officer (990 for 2024)
- PATRICK WOODIE, 4021 CARYA DRIVE, RALEIGH, NC 27610
- Signed the 990
- PAULA BENSON, BOARD CHAIR
- Phone
- (919) 250-4314
- Website
- WWW.NCRURALCENTER.ORG
- Return prepared by
- JOHNSON LAMBERT LLP
Mission
WE CHAMPION RURAL NORTH CAROLINA BY INVESTING IN PEOPLE, COMMUNITIES AND POTENTIALAND ENVISION A RURAL NORTH CAROLINA WHERE EVERY RURAL VOICE MATTERS AND EVERY RURALCOMMUNITY THRIVES.
Program accomplishments
- 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.Expenses $5,323,041 · grants $2,219,117 · revenue $9,468,656
- LEADERSHIP & ENGAGEMENT: THE CENTER'S FLAGSHIP LEADERSHIP PROGRAM, THE RURAL ECONOMIC DEVELOPMENT INSTITUTE (REDI) OFFERS PARTICIPANTS COLLABORATIVE LEADERSHIP SKILLS AND RURAL DEVELOPMENT STRATEGIES TO HELP THEM RETURN HOME AND MAKE A MEANINGFUL IMPACT IN THEIR COMMUNITIES. UPON GRADUATING FROM REDI, GRADUATES OF THE PROGRAM BECOME PART OF A LARGER ALUMNI NETWORK OF LEADERS. REDI AND HOMEGROWN LEADERS REGIONAL LEADERSHIP TRAINING HAVE TRAINED OVER 1,800 RURAL LEADERS. THE RURAL SUMMIT BRINGS TOGETHER COMMUNITY LEADERS, POLICYMAKERS, AND RURAL ADVOCATES FROM ACROSS THE STATE AND NATION TO ENGAGE IN A THOUGHTFUL, INTENTIONAL DIALOGUE ABOUT THE ACTIONS WE CAN TAKE TODAY TO ADVANCE POLICY AND SYSTEMS CHANGE ACROSS A BROAD SPECTRUM OF RURAL DEVELOPMENT ISSUES. FINALLY, THROUGH OUR CONNECT CHURCH AND COMMUNITY CONNECT PROGRAMS, WE LOCATE THE POWERFUL INTERSECTION BETWEEN RURAL CHURCH ASSETS AND COMMUNITY OPPORTUNITIES.Expenses $2,724,108 · grants $194,540 · revenue $209,588
- 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.Expenses $963,515 · grants $95,696
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 56-1552375
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1987
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S320)
- Assets (IRS master file)
- $309,058,828
- Income (IRS master file)
- $72,147,772
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $69,981,334 | $11,635,108 | $309,058,828 | XML |
| 990 | June 2024 | $60,678,534 | $13,096,953 | $247,445,307 | XML |
| 990 | June 2023 | $21,387,422 | $11,713,020 | $262,359,551 | XML |
| 990 | June 2022 | $11,378,133 | $7,400,388 | $223,566,149 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-1552375).
Questions about RURAL ECONOMIC DEVELOPMENT CENTER INC
- What is the EIN of RURAL ECONOMIC DEVELOPMENT CENTER INC?
- The employer identification number (EIN) of RURAL ECONOMIC DEVELOPMENT CENTER INC is 56-1552375.
- Is RURAL ECONOMIC DEVELOPMENT CENTER INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1987.
- Are donations to RURAL ECONOMIC DEVELOPMENT CENTER INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does RURAL ECONOMIC DEVELOPMENT CENTER INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of RURAL ECONOMIC DEVELOPMENT CENTER INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did RURAL ECONOMIC DEVELOPMENT CENTER INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of RURAL ECONOMIC DEVELOPMENT CENTER INC?
- The 990 for the year ended June 30, 2025 names PATRICK WOODIE.
- Who are the officers and directors of RURAL ECONOMIC DEVELOPMENT CENTER INC?
- The 990 for the year ended June 30, 2025 lists 33 people; 11 received compensation from the organization, the highest $384,462 (PATRICK WOODIE, PRESIDENT & CEO).
- How much revenue does RURAL ECONOMIC DEVELOPMENT CENTER INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $69,981,334, expenses of $11,635,108 and total assets of $309,058,828 at year end.
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