Civic Intelligence

Thread Capital Inc

990 • Fiscal year 2022 • EIN 83-1284532

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 27, 2023

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

47th percentile

0.25x

Higher debt load relative to assets than 47% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

71st percentile

1.87x

Higher debt load relative to revenue than 71% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Source year 2022

Net Margin

5th percentile

-75%

Higher net margin than 5% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

54th percentile

$207,092

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 14.1% of source-year revenue.

2022 filings • NTEE S • $10M-$25M nonprofits • Source year 2022

Asset Growth

67th percentile

4.6%

Faster asset growth than 67% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

9th percentile

-59%

Faster revenue growth than 9% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets47th percentile

Assets

Up

$10,988,241

Up $487,249 (+4.6%) from 2021

Net Assets

Down

$8,243,644

Down $1,093,266 (-12%) from 2021

Liabilities

Up

$2,744,597

Up $1,580,515 (+136%) from 2021

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin5th percentile

Revenue

Down

$1,469,550

Down $2,093,145 (-59%) from 2021

Expenses

Up

$2,568,332

Up $499,365 (+24%) from 2021

Net Income

Down

-$1,098,782

Down $2,592,510 (-174%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth67th 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

2022

Assets$10,988,241
Liabilities$2,744,597
Net Assets$8,243,644
Open 2022 Filing

Operations Trend

Revenue Growth9th 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

2022

Revenue$1,469,550
Expenses$2,568,332
Net Income-$1,098,782
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 27, 2023
Return Version
2021v4.2
Gross Receipts
$1,469,550
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$3,376,715$5,810,888▲ $2,434,173
Other Notes and Loans Receivable, Net$3,158,728$3,378,974▲ $220,246
Pledges and Grants Receivable$3,924,984$1,501,190▼ $2,423,794
Accounts Receivable$40,565$297,189▲ $256,624
Total Assets$10,500,992$10,988,241▲ $487,249
Liabilities
Unsecured Notes Loans Payable-$2,000,000-
Accounts Payable and Accrued Expenses$1,019,354$614,960▼ $404,394
Deferred Revenue$144,728$129,637▼ $15,091
Total Liabilities$1,164,082$2,744,597▲ $1,580,515
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,517,457$4,934,599▲ $417,142
Net Assets Without Donor Restrictions$4,819,453$3,309,045▼ $1,510,408
Total Net Assets Fund Balance$9,336,910$8,243,644▼ $1,093,266
Total Liabilities and Net Assets / Fund Balance$10,500,992$10,988,241▲ $487,249
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Jonathan BreretonExecutive DirectorPT$148,829$148,829
Brandon RosasVP, FINANCE & ADMIN (TO MAR '22)-$140,515$140,515
Mary K CliffordSR. Director FINANCE & ADMIN (TO JUL '21)-$129,061$129,061

Board Members and Trustees

NameTitle
Andy AndersonChairperson
Al BassDirector
Brittany Bennett WestonDirector
Grant GodwinDirector
Henry MckoyDirector
John StokesDirector
Juvencio Roch-peraltaDirector
Patrick WoodieDirector
Kim GrahamSecretary
Joseph StanleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$505,610
Program Service Revenue
$94,034
Investment Income
$869,906
Other Revenue
$0
All Other Contributions
$505,610
Change in Net Assets
$-1,098,782

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,469,550
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,469,550
Total Revenue per Form 990
$1,469,550
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,443,362
Salaries, Compensation, and Employee Benefits$1,118,570
Grants and Similar Amounts Paid$6,400
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$992,512-$992,512
Other Salaries and Wages$834,272--$834,272
Fees for Services Other$255,505--$255,505
Current Officers, Directors, Trustees, and Key Employees$109,531--$109,531
Pension Plan Contributions$71,766--$71,766
Other Employee Benefits$56,212--$56,212
Fees for Services Legal$56,083--$56,083
Payroll Taxes$46,789--$46,789
Fees for Services Accounting$40,938--$40,938
Information Technology$37,251--$37,251
Occupancy$20,427--$20,427
Office Expenses$12,805--$12,805
Conferences and Meetings$6,773--$6,773
Interest$6,472--$6,472
Grants to Domestic Orgs$5,000--$5,000
Travel$4,991--$4,991
Other Expenses$3,913--$3,913
Advertising$2,947--$2,947
All Other Expenses$2,745--$2,745
Grants to Domestic Individuals$1,400--$1,400
Total Functional Expenses$1,575,820$992,512$0$2,568,332

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,568,332
Expenses per Audited Statements$2,562,816
Total Expenses per Audited Statements$2,562,816
Expenses Not Reported on Financial Statements$5,516
Other Expense Adjustments$5,516
Expenses Not Reported on Form 990$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
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 economic development center handles the salary review process and uses market comparables from other form 990's of similar organizations to determine appropriate compensation. In addition, a human resources consultant was hired to perform a classification and pay study. Compensation is approved by the thread board of directors.”

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
2023-01-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jonathan Brereton
Formed
2018
Legal Domicile
Nc
Voting Board Members
10
Independent Board Members
9
Employees
0
Volunteers
9

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 XI, LINE 9:

“Provision for loan losses 5,516.”

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 4B - OTHER ADJUSTMENTS:

“Provision for loan losses 5,516.”

Raw XML AppendixShowing 400 of 513 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/TitleTxt1VP, FINANCE & ADMIN (TO MAR '22)
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IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt09336910
IRS990/NetAssetsOrFundBalancesEOYAmt08243644
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt04819453
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt03309045
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt020427
IRS990/OccupancyGrp/TotalAmt020427
IRS990/OfficeExpensesGrp/ProgramServicesAmt012805
IRS990/OfficeExpensesGrp/TotalAmt012805
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt05516
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt056212
IRS990/OtherEmployeeBenefitsGrp/TotalAmt056212
IRS990/OtherExpensesGrp/Desc0LOAN ORIGINATION EXPENS
IRS990/OtherExpensesGrp/ProgramServicesAmt03913
IRS990/OtherExpensesGrp/TotalAmt03913
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0834272
IRS990/OtherSalariesAndWagesGrp/TotalAmt0834272
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt03158728
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt03378974
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt046789
IRS990/PayrollTaxesGrp/TotalAmt046789
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt071766
IRS990/PensionPlanContributionsGrp/TotalAmt071766
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt03924984
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt01501190
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0JONATHAN BRERETON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/Desc0ADMINISTRATIVE FEES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt094034
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt094034
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01992863
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0403309
IRS990/PYOtherExpensesAmt01434520
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt01166523
IRS990/PYRevenuesLessExpensesAmt01493728
IRS990/PYSalariesCompEmpBnftPaidAmt0634447
IRS990/PYTotalExpensesAmt02068967
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03562695
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-1098782
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0963940
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
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/OtherSupportSumAmt02568332
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0561552375
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd07
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt02568332
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/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt05516
IRS990ScheduleD/ExpensesSubtotalAmt02562816
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherExpensesNotIncludedAmt05516
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01469550
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 5,516.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt02568332
IRS990ScheduleD/TotalRevenuePerForm990Amt01469550
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01469550
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02562816
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/CompensationBasedOnRltdOrgsAmt0178690
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt018991
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt09411
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK WOODIE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0207092
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 ECONOMIC DEVELOPMENT CENTER HANDLES THE SALARY REVIEW PROCESS AND USES MARKET COMPARABLES FROM OTHER FORM 990'S OF SIMILAR ORGANIZATIONS TO DETERMINE APPROPRIATE COMPENSATION. IN ADDITION, A HUMAN RESOURCES CONSULTANT WAS HIRED TO PERFORM A CLASSIFICATION AND PAY STUDY. COMPENSATION IS APPROVED BY THE THREAD BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICTS OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7PROVISION FOR LOAN LOSSES 5,516.
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 XI, LINE 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,988,241
Liabilities
$2,744,597
Net assets
$8,243,644
Revenue
$1,469,550
Expenses
$2,568,332
Net income
-$1,098,782
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