Civic Intelligence

Rappahannock Economic Development Corporation

990 • Fiscal year 2018 • EIN 54-1389463

Oct 01, 2017 to Sep 30, 2018 • Filed on Mar 07, 2019

1125 Jefferson Davis Highway 420Fredericksburg, VA 22401

(540) 373-2897

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

73rd percentile

0.07x

Higher debt load relative to assets than 73% of similar nonprofits.

2018 filings • 501(c)4 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

75th percentile

0.07x

Higher debt load relative to revenue than 75% of similar nonprofits.

2018 filings • 501(c)4 • <$500k nonprofits • Source year 2018

Net Margin

37th percentile

-1.8%

Higher net margin than 37% of similar nonprofits.

2018 filings • 501(c)4 • <$500k nonprofits • Source year 2018

Top Officer Pay

99th percentile

$144,846

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 43.8% of source-year revenue.

2018 filings • 501(c)4 • <$500k nonprofits • Source year 2018

Asset Growth

49th percentile

0.8%

Faster asset growth than 49% of similar nonprofits.

2018 filings • 501(c)4 • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

29th percentile

-11%

Faster revenue growth than 29% of similar nonprofits.

2018 filings • 501(c)4 • <$500k nonprofits • Annualized from 2017 to 2018

Assets

Up

$364,428

Up $3,067 (+0.8%) from 2017

Net Assets

Down

$340,401

Down $5,994 (-1.7%) from 2017

Liabilities

Up

$24,027

Up $9,061 (+61%) from 2017

Revenue

Down

$330,764

Down $41,191 (-11%) from 2017

Expenses

Down

$336,758

Down $21,122 (-5.9%) from 2017

Net Income

Down

-$5,994

Down $20,069 (-143%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800K$600K$400K$200K$0Assets 2011: $475,014Liabilities 2011: $29,387Net Assets 2011: $445,6272011Assets 2012: $449,028Liabilities 2012: $24,330Net Assets 2012: $424,6982012Assets 2013: $429,157Liabilities 2013: $20,535Net Assets 2013: $408,6222013Assets 2014: $452,544Liabilities 2014: $12,323Net Assets 2014: $440,2212014Assets 2015: $383,471Liabilities 2015: $26,130Net Assets 2015: $357,3412015Assets 2016: $346,962Liabilities 2016: $14,642Net Assets 2016: $332,3202016Assets 2017: $361,361Liabilities 2017: $14,966Net Assets 2017: $346,3952017Assets 2018: $364,428Liabilities 2018: $24,027Net Assets 2018: $340,4012018Assets 2019: $434,948Liabilities 2019: $96,902Net Assets 2019: $338,0462019Assets 2020: $483,122Liabilities 2020: $49,371Net Assets 2020: $433,7512020Assets 2021: $656,629Liabilities 2021: $173,380Net Assets 2021: $483,2492021Assets 2022: $549,871Liabilities 2022: $71,836Net Assets 2022: $478,0352022Assets 2023: $620,046Liabilities 2023: $129,745Net Assets 2023: $490,3012023Assets 2024: $613,702Liabilities 2024: $113,609Net Assets 2024: $500,0932024

Highlighted filing

2018

Assets$364,428
Liabilities$24,027
Net Assets$340,401

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2011: $287,2482011Expenses 2012: $299,6622012Expenses 2013: $306,9372013Revenue 2014: $295,518Expenses 2014: $263,919Net Income 2014: $31,5992014Revenue 2015: $236,826Expenses 2015: $319,706Net Income 2015: -$82,8802015Revenue 2016: $332,483Expenses 2016: $357,504Net Income 2016: -$25,0212016Revenue 2017: $371,955Expenses 2017: $357,880Net Income 2017: $14,0752017Revenue 2018: $330,764Expenses 2018: $336,758Net Income 2018: -$5,9942018Revenue 2019: $375,293Expenses 2019: $377,648Net Income 2019: -$2,3552019Revenue 2020: $507,587Expenses 2020: $411,882Net Income 2020: $95,7052020Revenue 2021: $608,606Expenses 2021: $559,108Net Income 2021: $49,4982021Revenue 2022: $637,675Expenses 2022: $642,889Net Income 2022: -$5,2142022Revenue 2023: $728,607Expenses 2023: $716,341Net Income 2023: $12,2662023Revenue 2024: $702,011Expenses 2024: $692,219Net Income 2024: $9,7922024

Highlighted filing

2018

Revenue$330,764
Expenses$336,758
Net Income-$5,994
Jump To
Filing Snapshot
Filing Period
Oct 1, 2017 to Sep 30, 2018
Signed
Mar 7, 2019
Return Version
2017v2.3
Gross Receipts
$330,764
Mission and Program Overview

Mission

To promote economic development and growth of the small business community within the commonwealth of virginia. To promote and increase private sector investment in long-term fixed assets, which will increase productivity, create or retain employment opportunities and increase the local tax base in the area of operations. In summary, it is the intent of the rappahannock economic development corporation to provide a positive economic impact within its community, or meet a public policy goal of the small business administration (sba).

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$358,201$355,590▼ $2,611
Accounts Receivable$25$5,640▲ $5,615
Land, Buildings, and Equipment, Net$3,135$3,198▲ $63
Total Assets$361,361$364,428▲ $3,067
Liabilities
Accounts Payable and Accrued Expenses$14,966$24,027▲ $9,061
Total Liabilities$14,966$24,027▲ $9,061
Net Assets / Fund Balance
Unrestricted Net Assets$346,395$340,401▼ $5,994
Total Net Assets Fund Balance$346,395$340,401▼ $5,994
Total Liabilities and Net Assets / Fund Balance$361,361$364,428▲ $3,067

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,198$24,550$27,748
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Joe DistefanoPresidentFT$144,846$144,846

Board Members and Trustees

NameTitle
Mike KennisonChair
Jeff RouseVice Chairma
Ben KeddieDirector
Blanton Massey JdDirector
Brian BakerDirector
Curry RobertsDirector
Don NewlinDirector
Jim HowardDirector
Matt KellyDirector
Steven ApicellaDirector
Bill OetersAssistant Se
Brenda HisghmanSecretary
Ralph SuttonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$311,172
Investment Income
$19,592
Other Revenue
$0
Change in Net Assets
$-5,994

Audited Revenue Reconciliation

Revenue per Audited Statements
$330,764
Total Revenue per Audited Statements
$330,764
Total Revenue per Form 990
$330,764
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$260,921
Other Expenses$75,837
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$137,604$7,242-$144,846
Other Salaries and Wages$61,172$3,220-$64,392
Other Employee Benefits$34,187$1,799-$35,986
Payroll Taxes$14,912$785-$15,697
Occupancy$11,761$619-$12,380
Fees for Services Accounting$11,300--$11,300
All Other Expenses$6,166--$6,166
Insurance-$5,905-$5,905
Conferences and Meetings$4,658--$4,658
Travel$4,608--$4,608
Other Expenses$4,356--$4,356
Office Expenses$4,199--$4,199
Depreciation Depletion$1,080$57-$1,137
Advertising$486--$486
Fees for Services Legal$236--$236
Total Functional Expenses$317,131$19,627$0$336,758

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$336,758
Total Expenses per Audited Statements$336,758
Total Expenses per Form 990$336,758
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

The organization has general members.

Form 990, Page 6, Part VI, Line 7A

The general members elect the board members.

Form 990, Page 6, Part VI, Line 11B

Rfca submits the draft 990 to the treasurer for review. Copies are kept for the board to review if they please.

Form 990, Page 6, Part VI, Line 12C

There is a written conflict of interest policy for employees in the employee handbook and a form that employees must complete yearly.

Form 990, Page 6, Part VI, Line 19

The organization makes documents available upon request.

Filing and Contact Details

Filer

Filer Name
Rappahannock Economic Development
EIN
54-1389463
Phone
5403732897
Address
1125 JEFFERSON DAVIS HIGHWAY 420, FREDERICKSBURG, VA 22401

Signing Officer

Name
Joe Distefano
Title
President
Phone
5403732897
Signed
2019-03-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ralph Sutton
Formed
1983
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
13
Employees
3

Preparer

Firm
Robinson Farmer Cox Associates
Address
530 WESTFIELD RD, CHARLOTTESVILLE, VA 22901-1726
Preparer
Andrew P Grossnickle
Phone
4349738314
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To promote economic development and growth of the small business community within the commonwealth of virginia. To promote and increase private sector investment in long-term fixed assets, which will increase productivity, create or retain employment opportunities and increase the local tax base in the area of operations. In summary, it is the intent of the rappahannock economic development corporation to provide a positive economic impact within its community, or meet a public policy goal of the small business administration (sba).

Financial Statement Notes

Schedule D, Page 3, Part X

Redco is a not-for-profit organization that is exempt from income taxes under section 501(c)(4) of the internal revenue code. Management evaluated the organization's tax positions and determined that the organization has no uncertain tax positions that require adjustment to, or disclosure in, the financial statements. The organization files information returns in the u.s. Federal jurisdiction.

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IRS990/PrincipalOfficerNm0RALPH SUTTON
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IRS990/ProgramServiceRevenueGrp/BusinessCd3541100
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IRS990/ProgramServiceRevenueGrp/Desc3LATE FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt198914
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt210000
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IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt010239
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IRS990/PYTotalRevenueAmt0371955
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0REDCO IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND DETERMINED THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO, OR DISCLOSURE IN, THE FINANCIAL STATEMENTS. THE ORGANIZATION FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO PROMOTE ECONOMIC DEVELOPMENT AND GROWTH OF THE SMALL BUSINESS COMMUNITY WITHIN THE COMMONWEALTH OF VIRGINIA. TO PROMOTE AND INCREASE PRIVATE SECTOR INVESTMENT IN LONG-TERM FIXED ASSETS, WHICH WILL INCREASE PRODUCTIVITY, CREATE OR RETAIN EMPLOYMENT OPPORTUNITIES AND INCREASE THE LOCAL TAX BASE IN THE AREA OF OPERATIONS. IN SUMMARY, IT IS THE INTENT OF THE RAPPAHANNOCK ECONOMIC DEVELOPMENT CORPORATION TO PROVIDE A POSITIVE ECONOMIC IMPACT WITHIN ITS COMMUNITY, OR MEET A PUBLIC POLICY GOAL OF THE SMALL BUSINESS ADMINISTRATION (SBA).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS GENERAL MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GENERAL MEMBERS ELECT THE BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3RFCA SUBMITS THE DRAFT 990 TO THE TREASURER FOR REVIEW. COPIES ARE KEPT FOR THE BOARD TO REVIEW IF THEY PLEASE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THERE IS A WRITTEN CONFLICT OF INTEREST POLICY FOR EMPLOYEES IN THE EMPLOYEE HANDBOOK AND A FORM THAT EMPLOYEES MUST COMPLETE YEARLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES DOCUMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalEmployeeCnt03
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0317131
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt024027
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IRS990/TotalLiabilitiesGrp/EOYAmt024027
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0340401
IRS990/TotalProgramServiceExpensesAmt0317131
IRS990/TotalProgramServiceRevenueAmt0311172
IRS990/TotalReportableCompFromOrgAmt0144846
IRS990/TotalRevenueGrp/ExclusionAmt019592
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0311172
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0330764
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0361361
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0364428
IRS990/TravelGrp/ProgramServicesAmt04608
IRS990/TravelGrp/TotalAmt04608
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0346395
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0340401
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt013
IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0WWW.REDCO504.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02019-02-21 02:37:17Z
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ReturnHeader/BusinessOfficerGrp/SignatureDt02019-03-07
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ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0RAPP
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ReturnHeader/Filer/PhoneNum05403732897
ReturnHeader/Filer/USAddress/AddressLine1Txt01125 JEFFERSON DAVIS HIGHWAY 420
ReturnHeader/Filer/USAddress/CityNm0FREDERICKSBURG
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId09ABF4A4CD9073D44961EDDFBB9D4FC555C086CE7
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt050.77.77.25
ReturnHeader/FilingSecurityInformation/IPDt02019-03-18
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm022:04:31
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0541896113
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ROBINSON FARMER COX ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0530 WESTFIELD RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHARLOTTESVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0VA
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ReturnHeader/PreparerPersonGrp/PhoneNum04349738314
ReturnHeader/PreparerPersonGrp/PreparationDt02019-03-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANDREW P GROSSNICKLE
ReturnHeader/ReturnTs02019-03-18T22:04:31-05:00
ReturnHeader/ReturnTypeCd0990

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.14$1.14$5.00$7.02$6.92$0.10
2023Detailed filing. Detailed filing data is available for this year.$6.20$1.30$4.90$7.29$7.16$0.12
2022Detailed filing. Detailed filing data is available for this year.$5.50$0.72$4.78$6.38$6.43$0.05
2021Detailed filing. Detailed filing data is available for this year.$6.57$1.73$4.83$6.09$5.59$0.49
2020Detailed filing. Detailed filing data is available for this year.$4.83$0.49$4.34$5.08$4.12$0.96
2019Detailed filing. Detailed filing data is available for this year.$4.35$0.97$3.38$3.75$3.78$0.02
2018Detailed filing. Detailed filing data is available for this year.$3.64$0.24$3.40$3.31$3.37$0.06
2017Detailed filing. Detailed filing data is available for this year.$3.61$0.15$3.46$3.72$3.58$0.14
2016Detailed filing. Detailed filing data is available for this year.$3.47$0.15$3.32$3.32$3.58$0.25
2015Detailed filing. Detailed filing data is available for this year.$3.83$0.26$3.57$2.37$3.20$0.83
2014Detailed filing. Detailed filing data is available for this year.$4.53$0.12$4.40$2.96$2.64$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.29$0.21$4.09$3.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.49$0.24$4.25$3.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.75$0.29$4.46$2.87