Rural Economic Development Center Inc
77% goes to programs $0 to raise $100 Strong reserves Growing revenue
Rural Economic Development Center Inc is a 501(c)(3) organization based in Raleigh, North Carolina, registered in 1987, with $69,981,334 in FY2024 revenue. CharityIndex grades it A, and it directs about 77% of spending to programs.
4021 Carya Dr, Raleigh, NC, 27610 EIN 56-1552375 Since 1987
Revenue (FY2024)
$70.0M
▲ 15.3% vs prior year
Community median: $184K
Expenses (FY2024)
$11.6M
Net assets
$215.8M
Employees
63
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
B+Program efficiency40% of the rating77% to programs · $0 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Rural Economic Development Center Inc: 77% to programs · $0 to raise $100 earns a B+ on this criterion. See the exact thresholds →
B+Financial health25% of the rating223 mo reserves · +83% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Rural Economic Development Center Inc: 223 mo reserves · +83% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Rural Economic Development Center Inc: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Rural Economic Development Center Inc: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
We champion rural north carolina by investing in people, communities and potential.
What they do
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.
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.
Contact & location
- Address
- 4021 Carya Dr, Raleigh, NC, 27610
- City
- Raleigh
- State
- North Carolina
- Subcategory
- Economic Development
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $10.3M (FY2014) to $70.0M (FY2024) across 11 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $93.3MNet assets $215.8M
Operating margin
83.4%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$309.1M
Total liabilities
$93.3M
Net assets
$215.8M
Salaries & benefits
$4.9M
42% of expenses
Board members
21
21 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $69,981,334▲15.3% | $11,635,108▼11.2% | $215,784,192▲34.3% | $309,058,828▲24.9% | 990 |
| 2023 | $60,678,534▲184% | $13,096,953▲11.8% | $160,732,216▲39.1% | $247,445,307▼5.7% | 990 |
| 2022 | $21,387,422▲88.0% | $11,713,020▲58.3% | $115,528,670▲6.3% | $262,359,551▲17.4% | 990 |
| 2021 | $11,378,133▼76.2% | $7,400,388▲20.7% | $108,721,408▼2.5% | $223,566,149▼3.2% | 990 |
| 2020 | $47,793,767▲698% | $6,129,181▲31.3% | $111,533,578▲78.0% | $231,001,114▲152% | 990 |
| 2019 | $5,989,172▼19.6% | $4,667,786▼45.7% | $62,669,033▼0.1% | $91,820,049▲31.5% | 990 |
| 2018 | $7,448,090▲61.4% | $8,603,886▲145% | $62,714,512▼11.2% | $69,830,541▼5.4% | 990 |
| 2017 | $4,615,637▲8.1% | $3,514,107▲24.7% | $70,645,806▲8.7% | $73,848,242▲9.8% | 990 |
| 2016 | $4,271,162▼37.5% | $2,818,494▼16.7% | $64,980,767▲8.3% | $67,285,496▲7.1% | 990 |
| 2015 | $6,832,897▼33.9% | $3,384,690▲3.6% | $59,987,959▲8.0% | $62,835,201▼0.4% | 990 |
| 2014 | $10,341,726 | $3,268,144 | $55,539,244 | $63,100,351 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Patrick Woodie — $384,462 (3.30% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Patrick Woodie | President & Ceo | 40 | $384,462 |
| Carolyn Rhodes | Coo | 40 | $303,879 |
| Jonathan Brereton | Exec Dir, Thread Capital (to Aug '23) | 20 | $237,735 |
| Franklin T Roberts | Cfo/asst Treasurer | 40 | $235,999 |
| William Mitchell Stallings | Chief Revenue Officer | 40 | $216,529 |
| Armeer G Kenchen | Exec Dir, Cornersquare LLC | 40 | $215,112 |
| Misty Herget | Chief Programs Officer | 40 | $213,762 |
| Joy Stewart | Dir of Internal Compliance and Audit | 40 | $166,252 |
| Daniel Michael | Controller | 40 | $146,600 |
| Andrea Breazeale | Dir of Hr | 40 | $124,800 |
| William Holmes | Sr Dir of Communications | 40 | $121,693 |
| Al Bass | Board Member | 1 | — |
| Alice Schenall | Board Member (to Dec '24) | 1 | — |
| Andy Anderson | Board Member | 1 | — |
| Anne Faircloth | Board Member | 1 | — |
| Ben Knight | Board Member | 1 | — |
| Brittany Bennett Weston | Board Member | 1 | — |
| Casey Cooper | Board Member | 1 | — |
| Dr Zachary Barricklow | Board Member | 1 | — |
| Gil Wise | Board Member | 1 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Intellectual Currency LLC | Program Consulting & Management Services | $1,547,320 |
| Broadband Catalysts | Program Consulting & Management Services | $368,120 |
| Johnson Lambert LLP | Audit and Tax Services | $215,135 |
| Mighty River LLC | Program Consulting & Management Services | $160,000 |
| Boss Consulting & Management LLC | Data Management Services | $144,000 |
Grants received · $133.8M total
33 grants to Rural Economic Development Center Inc totaling $133.8M, reported by foundations on their Schedule I filings — showing the 15 most recent.
Grants made · $2.5M in FY2024
26 grants totaling $2.5M in FY2024 — showing the 15 largest. All grants made by Rural Economic Development Center Inc →
| Recipient | Purpose | Amount |
|---|---|---|
| North Carolina State University Small Business and Technology Development C | Ssbci ta grant | $1,826,647 |
| Mdc Inc | Cdfi capacity building program grants | $218,412 |
| Tennessee Cooperative Baptist Fellowship | Faith in rural communities connect implementation grant | $95,000 |
| Blackburns Chapel Umc | Faith in rural communities connect implementation grant | $50,000 |
| Bethesda United Methodist Church | Faith in rural communities connect implementation grant | $30,000 |
| Calvary Presbyterian Church | Faith in rural communities connect implementation grant | $30,000 |
| First Umc (franklin) | Faith in rural communities connect implementation grant | $30,000 |
| First Umc (murphy) | Faith in rural communities connect implementation grant | $20,000 |
| F I R S T | Faith in rural communities connect implementation grant | $13,401 |
| Abernethy Memorial Rutherford College United Methodist Church | Faith in rural communities connect implementation grant | $10,000 |
| Abundant Life Miracle Center | Faith in rural communities connect implementation grant | $10,000 |
| Bluestone Missionary Baptist Church | Faith in rural communities connect implementation grant | $10,000 |
| Carthage Umc | Faith in rural communities connect implementation grant | $10,000 |
| Central Umc | Faith in rural communities connect implementation grant | $10,000 |
| Chadbourn Umc | Faith in rural communities connect implementation grant | $10,000 |
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Compare Rural Economic Development Center Inc
Frequently asked questions
- Is Rural Economic Development Center Inc a legitimate nonprofit?
- Yes. Rural Economic Development Center Inc is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 56-1552375, based in Raleigh, North Carolina. Donations are tax-deductible.
- What is Rural Economic Development Center Inc's EIN?
- Rural Economic Development Center Inc's Employer Identification Number (EIN) is 56-1552375.
- How much revenue does Rural Economic Development Center Inc report?
- Rural Economic Development Center Inc reported $69,981,334 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Rural Economic Development Center Inc's spending goes to programs?
- Rural Economic Development Center Inc spends about 77% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Rural Economic Development Center Inc have?
- CharityIndex grades Rural Economic Development Center Inc A, based on program efficiency and fundraising cost.
- How much does Rural Economic Development Center Inc's highest-paid employee make?
- The highest reported compensation on Rural Economic Development Center Inc's latest Form 990 is $384,462, paid to Patrick Woodie (President & Ceo).
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Data for Rural Economic Development Center Inc (EIN 56-1552375) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.