Civic Intelligence

Thread Capital Inc

990 • Fiscal year 2020 • EIN 83-1284532

Jul 01, 2019 to Jun 30, 2020 • Filed on May 10, 2021

Organization ProfileTHREADCAP.ORG
4021 Carya DriveRaleigh, NC 27610

(919) 212-4950

Siviq Scores

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

Liabilities / Assets

55th percentile

0.28x

Higher debt load relative to assets than 55% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

74th percentile

0.79x

Higher debt load relative to revenue than 74% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

92nd percentile

54%

Higher net margin than 92% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

57th percentile

$194,132

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 5.1% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

89th percentile

45%

Faster asset growth than 89% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

6th percentile

-52%

Faster revenue growth than 6% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$10,857,847

Up $3,387,338 (+45%) from 2019

Net Assets

Up

$7,843,182

Up $1,037,680 (+15%) from 2019

Liabilities

Up

$3,014,665

Up $2,349,658 (+353%) from 2019

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin92nd percentile

Revenue

Down

$3,838,887

Down $4,239,641 (-52%) from 2019

Expenses

Up

$1,776,207

Up $1,090,501 (+159%) from 2019

Net Income

Down

$2,062,680

Down $5,330,142 (-72%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

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

$20M$15M$10M$5.0M$0Assets 2019: $7,470,509Liabilities 2019: $665,007Net Assets 2019: $6,805,5022019Assets 2020: $10,857,847Liabilities 2020: $3,014,665Net Assets 2020: $7,843,1822020Assets 2021: $10,500,992Liabilities 2021: $1,164,082Net Assets 2021: $9,336,9102021Assets 2022: $10,988,241Liabilities 2022: $2,744,597Net Assets 2022: $8,243,6442022Assets 2023: $11,368,374Liabilities 2023: $3,035,125Net Assets 2023: $8,333,2492023Assets 2024: $15,959,507Liabilities 2024: $3,852,211Net Assets 2024: $12,107,2962024Assets 2025: $11,672,551Liabilities 2025: $2,952,788Net Assets 2025: $8,719,7632025

Highlighted filing

2020

Assets$10,857,847
Liabilities$3,014,665
Net Assets$7,843,182
Open 2020 Filing

Operations Trend

Revenue Growth6th percentile

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

$10M$5.0M$0-$5.0MRevenue 2019: $8,078,528Expenses 2019: $685,706Net Income 2019: $7,392,8222019Revenue 2020: $3,838,887Expenses 2020: $1,776,207Net Income 2020: $2,062,6802020Revenue 2021: $3,562,695Expenses 2021: $2,068,967Net Income 2021: $1,493,7282021Revenue 2022: $1,469,550Expenses 2022: $2,568,332Net Income 2022: -$1,098,7822022Revenue 2023: $3,034,496Expenses 2023: $2,494,891Net Income 2023: $539,6052023Revenue 2024: $7,228,789Expenses 2024: $3,021,846Net Income 2024: $4,206,9432024Revenue 2025: $1,612,726Expenses 2025: $4,458,425Net Income 2025: -$2,845,6992025

Highlighted filing

2020

Revenue$3,838,887
Expenses$1,776,207
Net Income$2,062,680
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 10, 2021
Return Version
2019v5.2
Gross Receipts
$3,838,887
Mission and Program Overview

Mission

Thread capital believes everyone deserves the chance to be successful. We give people the tools they need to pursue their small-business dreams, and create a better tomorrow for themselves, their families, and their communities.

Ensuring nc's small businesses and entrepreneurs have access to the resources they need to thrive.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,402,148$4,547,253▲ $3,145,105
Other Notes and Loans Receivable, Net$2,552,188$3,951,312▲ $1,399,124
Pledges and Grants Receivable$3,494,293$2,172,453▼ $1,321,840
Accounts Receivable$17,327$186,143▲ $168,816
Prepaid Expenses and Deferred Charges$4,553$686▼ $3,867
Total Assets$7,470,509$10,857,847▲ $3,387,338
Liabilities
Accounts Payable and Accrued Expenses$112,738$1,514,665▲ $1,401,927
Other Liabilities$552,269$1,500,000▲ $947,731
Total Liabilities$665,007$3,014,665▲ $2,349,658
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,444,885$4,398,656▲ $1,953,771
Net Assets Without Donor Restrictions$4,360,617$3,444,526▼ $916,091
Total Net Assets Fund Balance$6,805,502$7,843,182▲ $1,037,680
Total Liabilities and Net Assets / Fund Balance$7,470,509$10,857,847▲ $3,387,338
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mary K CliffordSenior Director, Finance &--$120,319$120,319
Jonathan BreretonExecutive DirectorFT$88,389$21,139$109,528

Board Members and Trustees

NameTitle
Sarah ThompsonChairperson
Grant GodwinDirector
John StokesDirector
Juvencio Roch-peraltaDirector
Kim GrahamDirector
Lige DaughtridgeDirector
Patrick WoodieDirector
Andy AndersonSecretary
Joseph StanleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,065,576
Program Service Revenue
$490,354
Investment Income
$282,789
Other Revenue
$168
All Other Contributions
$182,966
Change in Net Assets
$2,062,680

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,838,887
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,838,887
Total Revenue per Form 990
$3,838,887
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,182,228
Salaries, Compensation, and Employee Benefits$593,979
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$286,435$344,725-$631,160
Fees for Services Management-$373,532-$373,532
Other Salaries and Wages$361,213--$361,213
Current Officers, Directors, Trustees, and Key Employees$129,086--$129,086
Information Technology$102,156--$102,156
Pension Plan Contributions$38,262--$38,262
Payroll Taxes$32,900--$32,900
Other Employee Benefits$32,518--$32,518
Fees for Services Legal$24,446--$24,446
Other Expenses$15,329--$15,329
Fees for Services Accounting$12,950--$12,950
Travel$6,851--$6,851
Advertising$5,428--$5,428
Conferences and Meetings$3,493--$3,493
Office Expenses$3,332--$3,332
All Other Expenses$2,646--$2,646
Occupancy$2,500--$2,500
Interest$-1,595--$-1,595
Total Functional Expenses$1,057,950$718,257$0$1,776,207

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,801,207
Expenses per Audited Statements$1,776,207
Total Expenses per Form 990$1,776,207
Expenses Not Reported on Form 990$1,025,000
Expenses Not Reported on Financial Statements$0
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advance Loan Fund$1,500,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The rural economic development center provides management services for the organization pursuant to a management services agreement.”

Form 990, Part VI, Section A, Line 6

“The organization's sole member is the rural economic development center.”

Form 990, Part VI, Section A, Line 7A

“The initial board of directors shall be appointed by the member to serve one (1) year, two (2) year, or three (3) year terms. Subsequently, the board of directors shall be elected by the incumbent board of directors at its annual meeting. All directors must be approved by the member.”

Form 990, Part VI, Section B, Line 11B

“The organization will make the form 990 available for review by the entire board of directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“The conflicts of interest policy is reviewed at every board meeting and members are asked if there are any conflicts. Should any conflicts exist, that person will recuse himself/herself from all discussions or vote and such information will be noted in the organization's board minutes.”

Form 990, Part VI, Section B, Line 15

“The president of the rural development handles the salary review process and uses market comparable from other form 990's of similar organizations to determine appropriate compensation. A management and personnel service was hired to perform a classification and pay study.”

Form 990, Part VI, Section C, Line 19

“The organization's financial statements, conflicts of interest policy and governing documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Thread Capital Inc
EIN
83-1284532
Phone
9192124950
Address
4021 CARYA DRIVE, RALEIGH, NC 27610

Signing Officer

Name
Andy Anderson
Title
Board Chair
Phone
9192124950
Signed
2021-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jonathan Brereton
Formed
2018
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Johnson Lambert Llp
Address
4242 SIX FORKS ROAD SUITE 1500, RALEIGH, NC 27609
Preparer
J Calvin Marks
Phone
9197196400
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Temporary help: program service expenses 165,164. Management and general expenses 0. Fundraising expenses 0. Total expenses 165,164. Other professional services: program service expenses 121,271. Management and general expenses 344,725. Fundraising expenses 0. Total expenses 465,996.”

FORM 990, PART XI, LINE 9:

“Provision for loan losses -1,025,000.”

Financial Statement Notes

PART X, LINE 2:

“Management has evaluated thread's tax positions and concluded that thread had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of gaap.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Provision for loan losses 1,025,000.”

Raw XML AppendixShowing 400 of 503 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1SENIOR DIRECTOR, FINANCE &
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IRS990/MissionDesc0THREAD CAPITAL BELIEVES EVERYONE DESERVES THE CHANCE TO BE SUCCESSFUL. WE GIVE PEOPLE THE TOOLS THEY NEED TO PURSUE THEIR SMALL-BUSINESS DREAMS, AND CREATE A BETTER TOMORROW FOR THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES.
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt0-1025000
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt032518
IRS990/OtherEmployeeBenefitsGrp/TotalAmt032518
IRS990/OtherExpensesGrp/Desc0LOAN ORIGINATION FEES
IRS990/OtherExpensesGrp/ProgramServicesAmt015329
IRS990/OtherExpensesGrp/TotalAmt015329
IRS990/OtherLiabilitiesGrp/BOYAmt0552269
IRS990/OtherLiabilitiesGrp/EOYAmt01500000
IRS990/OtherRevenueTotalAmt0168
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0361213
IRS990/OtherSalariesAndWagesGrp/TotalAmt0361213
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt02552188
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt03951312
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt032900
IRS990/PayrollTaxesGrp/TotalAmt032900
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt038262
IRS990/PensionPlanContributionsGrp/TotalAmt038262
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt03494293
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt02172453
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt04553
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0686
IRS990/PrincipalOfficerNm0JONATHAN BRERETON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0LOAN FEES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0490354
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0490354
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt07848768
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt063437
IRS990/PYOtherExpensesAmt0367037
IRS990/PYOtherRevenueAmt0192
IRS990/PYProgramServiceRevenueAmt0166131
IRS990/PYRevenuesLessExpensesAmt07392822
IRS990/PYSalariesCompEmpBnftPaidAmt0318669
IRS990/PYTotalExpensesAmt0685706
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt08078528
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt02062680
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt0128962
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0773143
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE ORGANIZATION RECEIVED A CONTRIBUTION FROM THE RURAL ECONOMIC DEVELOPMENT CENTER, ITS SOLE MEMBER.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION A, LINE 11:
IRS990ScheduleA/OtherSupportSumAmt02801207
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0561552375
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd07
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt02801207
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0RURAL ECONOMIC DEVELOPMENT CENTER INC
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt01025000
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01776207
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherExpensesIncludedAmt01025000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01500000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADVANCE LOAN FUND
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03838887
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS EVALUATED THREAD'S TAX POSITIONS AND CONCLUDED THAT THREAD HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF GAAP.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1PROVISION FOR LOAN LOSSES 1,025,000.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt01776207
IRS990ScheduleD/TotalLiabilityAmt01500000
IRS990ScheduleD/TotalRevenuePerForm990Amt03838887
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03838887
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02801207
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0165917
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt019367
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt08848
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK WOODIE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0194132
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE RURAL ECONOMIC DEVELOPMENT CENTER PROVIDES MANAGEMENT SERVICES FOR THE ORGANIZATION PURSUANT TO A MANAGEMENT SERVICES AGREEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S SOLE MEMBER IS THE RURAL ECONOMIC DEVELOPMENT CENTER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE INITIAL BOARD OF DIRECTORS SHALL BE APPOINTED BY THE MEMBER TO SERVE ONE (1) YEAR, TWO (2) YEAR, OR THREE (3) YEAR TERMS. SUBSEQUENTLY, THE BOARD OF DIRECTORS SHALL BE ELECTED BY THE INCUMBENT BOARD OF DIRECTORS AT ITS ANNUAL MEETING. ALL DIRECTORS MUST BE APPROVED BY THE MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION WILL MAKE THE FORM 990 AVAILABLE FOR REVIEW BY THE ENTIRE BOARD OF DIRECTORS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CONFLICTS OF INTEREST POLICY IS REVIEWED AT EVERY BOARD MEETING AND MEMBERS ARE ASKED IF THERE ARE ANY CONFLICTS. SHOULD ANY CONFLICTS EXIST, THAT PERSON WILL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS OR VOTE AND SUCH INFORMATION WILL BE NOTED IN THE ORGANIZATION'S BOARD MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PRESIDENT OF THE RURAL DEVELOPMENT HANDLES THE SALARY REVIEW PROCESS AND USES MARKET COMPARABLE FROM OTHER FORM 990'S OF SIMILAR ORGANIZATIONS TO DETERMINE APPROPRIATE COMPENSATION. A MANAGEMENT AND PERSONNEL SERVICE WAS HIRED TO PERFORM A CLASSIFICATION AND PAY STUDY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICTS OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7TEMPORARY HELP: PROGRAM SERVICE EXPENSES 165,164. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 165,164. OTHER PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 121,271. MANAGEMENT AND GENERAL EXPENSES 344,725. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 465,996.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8PROVISION FOR LOAN LOSSES -1,025,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI, LINE 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd01
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,857,847
Liabilities
$3,014,665
Net assets
$7,843,182
Revenue
$3,838,887
Expenses
$1,776,207
Net income
$2,062,680
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$11.7$2.95$8.72$1.61$4.46$2.85
2024Detailed filing. Detailed filing data is available for this year.$16.0$3.85$12.1$7.23$3.02$4.21
2023Detailed filing. Detailed filing data is available for this year.$11.4$3.04$8.33$3.03$2.49$0.54
2022Detailed filing. Detailed filing data is available for this year.$11.0$2.74$8.24$1.47$2.57$1.10
2021Detailed filing. Detailed filing data is available for this year.$10.5$1.16$9.34$3.56$2.07$1.49
2020Detailed filing. Detailed filing data is available for this year.$10.9$3.01$7.84$3.84$1.78$2.06
2019Detailed filing. Detailed filing data is available for this year.$7.47$0.67$6.81$8.08$0.69$7.39