RURAL ECONOMIC DEVELOPMENT CENTER INC Charity Report

Public IRS 990 nonprofit record

RURAL ECONOMIC DEVELOPMENT CENTER INC

EIN 56-1552375 · Community Improvement & Capacity Building (S320)

What they do

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.

Before you give

Are they doing good?

Easy charity check

Good signs so far

The public paperwork has several good signs. Now check whether the charity can show who it helped.

Here is the honest answer: A tax form shows money and paperwork. It cannot prove that people, animals, or the community were truly helped.

Good signs we looked for

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders33 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

$16.63spent for every $100 of revenueRevenue covered expenses this year.

$21.70of every $100 spent went to management and office costsThis number alone does not tell us how much good they did.

$26.56in assets for every $1 spent this yearSome assets cannot be spent right away.

80.4%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $435,546 for PATRICK WOODIE (PRESIDENT & CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Good paperwork is a good sign—not proof. The best answer comes when the charity can show what it changed, who it helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

Money in and money out

Revenue$69,981,334

Expenses$11,635,108

Annual surplus $58,346,226 Revenue was higher than expenses for this filing year.

Selected spending reported on the 990

Each amount is compared with total expenses separately. These categories can overlap, so they should not be added together as a pie chart.

Management and general$2,526,836 · 21.7% of expenses

Grants paid$9,064,965 · 77.9% of expenses

Reported executive compensation (total)$510,293 · 4.4% of expenses

See all reported dollar amounts

Revenue$69,981,334

Expenses$11,635,108

Assets$309,058,828

Income$72,147,772

Contributions$56,236,894

Grants given$9,064,965

Average grant$97,473

Management and general$2,526,836

Executive compensation (total)$510,293

Stocks and bonds$9,421,898

Accounting fees$139,599

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

PATRICK WOODIEPRESIDENT & CEO · 40 hrs/week $435,546Base $384,462 · Other $51,084

CAROLYN RHODESCOO · 40 hrs/week $340,237Base $303,879 · Other $36,358

FRANKLIN T ROBERTSCFO/ASST TREASURER · 40 hrs/week $275,309Base $235,999 · Other $39,310

ARMEER G KENCHENEXEC DIR, CORNERSQUARE LLC · 40 hrs/week $255,970Base $215,112 · Other $40,858

WILLIAM MITCHELL STALLINGSCHIEF REVENUE OFFICER · 40 hrs/week $249,354Base $216,529 · Other $32,825

MISTY HERGETCHIEF PROGRAMS OFFICER · 40 hrs/week $246,541Base $213,762 · Other $32,779

JONATHAN BRERETONEXEC DIR, THREAD CAPITAL (TO AUG 23) · 20 hrs/week $237,735

JOY STEWARTDIR OF INTERNAL COMPLIANCE AND AUDIT · 40 hrs/week $191,062Base $166,252 · Other $24,810

DANIEL MICHAELCONTROLLER · 40 hrs/week $181,465Base $146,600 · Other $34,865

ANDREA BREAZEALEDIR OF HR · 40 hrs/week $149,013Base $124,800 · Other $24,213

WILLIAM HOLMESSR DIR OF COMMUNICATIONS · 40 hrs/week $144,815Base $121,693 · Other $23,122

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (33)

PATRICK WOODIEPRESIDENT & CEO

CAROLYN RHODESCOO

FRANKLIN T ROBERTSCFO/ASST TREASURER

ARMEER G KENCHENEXEC DIR, CORNERSQUARE LLC

WILLIAM MITCHELL STALLINGSCHIEF REVENUE OFFICER

MISTY HERGETCHIEF PROGRAMS OFFICER

JONATHAN BRERETONEXEC DIR, THREAD CAPITAL (TO AUG 23)

JOY STEWARTDIR OF INTERNAL COMPLIANCE AND AUDIT

DANIEL MICHAELCONTROLLER

ANDREA BREAZEALEDIR OF HR

WILLIAM HOLMESSR DIR OF COMMUNICATIONS

RYAN AMMANNBOARD MEMBER

JOSE ALVAREZBOARD MEMBER

RANDY GOREBOARD MEMBER

SARA CHESTERVICE-CHAIR

RANDOLPH KEATONBOARD MEMBER

PHIL MARIONCHAIR

WEYLING WHITEBOARD MEMBER

PAULA BENSONTREASURER

YOLANDA TAYLORSECRETARY

MIKE HAWKINSBOARD MEMBER

LARIZA GARZONBOARD MEMBER (FROM DEC 24)

KIM SHEPHERDBOARD MEMBER

AL BASSBOARD MEMBER

JENNIFER TOLLE WHITESIDEBOARD MEMBER

GIL WISEBOARD MEMBER

DR ZACHARY BARRICKLOWBOARD MEMBER

CASEY COOPERBOARD MEMBER

BRITTANY BENNETT WESTONBOARD MEMBER

BEN KNIGHTBOARD MEMBER

ANNE FAIRCLOTHBOARD MEMBER

ANDY ANDERSONBOARD MEMBER

ALICE SCHENALLBOARD MEMBER (TO DEC 24)

About this charity

Recognized since: January 1987
Location: 4021 CARYA DRIVE, RALEIGH, NC 27610
County: Wake
In care of: PAULA BENSON
Primary officer: PAULA BENSON, BOARD CHAIR

How to reach them

WebsiteVisit the charity’s website Emailconnect@threadcap.org Phone(919) 250-4314

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: JOHNSON LAMBERT LLP
NTEE classification: Community Improvement & Capacity Building (S320)
IRS tax category: Civic and Social Organizations
Grant-giving organization: Yes