Rural Economic Development Center Inc
Rural Economic Development Center Inc is a public charity based in Raleigh, North Carolina. Formed in 1987, it works to improve quality of life in rural North Carolina and supports rural people and communities through economic development, small-business resources, leadership development, and advocacy.
Rural Economic Development Center Inc at a glance
In short: Rural Economic Development Center Inc gave $2.5M across 26 grants in 2025 (avg $96K), mostly in North Carolina. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $2,483,460
- +7.8% vs 2024
- Grants made (2025)
- 26
- +23.8% vs 2024
- Average grant
- $95,518
- -12.9% vs 2024
- Median grant
- $10,000
- Total assets
- $309,058,828
- +24.9% vs 2024
- Primary geography
- North Carolina (96% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026.
How to apply to Rural Economic Development Center Inc
- Contact
Mailing address: 4021 Carya Drive, Raleigh, NC 27610
Phone: (919) 250-4314
Website: https://ncruralcenter.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Rural Economic Development Center Inc funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was North Carolina State University Small Business and Technology Development C ($1.8M). Together the top 10 received $2.3M.
Grant Size Distribution
74 grants across all recorded years
The most common grant size was under $50K: 54 grants of 74 (73%).
Geographic Focus
Where this funder awards grants
The organization’s stated mission and programs focus on rural North Carolina. Its website says its Loan Participation Program can make loans in every county in North Carolina. In 2025, 96% of reported grant dollars went to recipients in North Carolina and 4% to recipients in Tennessee.
Grant Distribution by State
Share of 2025 grant dollars across all 26 itemized grants.
Cities
How Rural Economic Development Center Inc gives
Estimate from itemized grant lists in IRS Form 990 filings (2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2025, annual grant giving ranged from $32K (2020) to $3.9M (2023). In 2025 it made 26 grants totaling $2.5M.
Hatched bars: grants paid as reported on the IRS filing, which lists no individual grants for that year.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| North Carolina State University Small Business and Technology Development C Raleigh, NC | SSBCI Ta Grant | $1,826,647 |
| MDC Inc Durham, NC | CDFI Capacity Building Program Grants | $218,412 |
| Cooperative Baptist Fellowship Knoxville, TN | Faith in Rural Communities Connect Implementation Grant | $95,000 |
| Blackburns Chapel UMC Todd, NC | Faith in Rural Communities Connect Implementation Grant | $50,000 |
| Bethesda UMC Fairmont, NC | Faith in Rural Communities Connect Implementation Grant | $30,000 |
| Calvary Presbyterian Church Wilson, NC | Faith in Rural Communities Connect Implementation Grant | $30,000 |
| First UMC (Franklin) Franklin, NC | Faith in Rural Communities Connect Implementation Grant | $30,000 |
| First UMC (Murphy) Murphy, NC | Faith in Rural Communities Connect Implementation Grant | $20,000 |
| First United Methodist Church Elizabeth City, NC | Faith in Rural Communities Connect Implementation Grant | $13,401 |
| Abernethy Memorial UMC Connelly Springs, NC | Faith in Rural Communities Connect Implementation Grant | $10,000 |
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Financial History
Multi-year comparison from IRS filings
Reported filing-year financials:
The grant totals shown are separate from total expenses.
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $309,058,828 | $69,981,334 | $11,635,108 | $2,483,460 | 26 | $12,981,246 |
| 2024 | $247,445,307 | $60,678,534 | $13,096,953 | $2,303,897 | 21 | $9,374,202 |
| 2023 | $262,359,551 | $21,387,422 | $11,713,020 | $3,886,000 | 15 | $6,801,647 |
| 2022 | $223,566,149 | $11,378,133 | $7,400,388 | $115,000 | 8 | $3,621,094 |
| 2021 | $231,001,114 | $47,793,767 | $6,129,181 | $63,750 | 4 | $3,612,792 |
| 2020 | $91,820,049 | $5,989,172 | $4,667,786 | $32,160 | Total only | $2,622,840 |
"Total only": grants paid as reported on the IRS filing, which lists no individual grants for that year.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The organization’s mission, as stated in its 2023 filing, is to develop, implement, and promote economic strategies that improve quality of life for rural North Carolinians, with special focus on people with low to moderate incomes and communities with limited resources.
Its stated activities include supporting existing small businesses and new entrepreneurs through capital, coaching, and connections; operating the State Small Business Credit Initiative and CornerSquare Community Capital; training rural leaders; convening community leaders and advocates; and conducting research and advocacy on issues including broadband access, health care, housing, agriculture, education, energy, workforce development, and infrastructure.
The 2025 grants show support for small-business technical assistance, CDFI capacity building, and faith-community implementation work. One recipient, MDC Inc., describes its own mission as advancing equitable change in the South by strengthening capacity, fostering collaboration, and building influence to address systemic inequities.
Grantmaking
In filing year 2025, the organization reported 26 grants totaling $2,483,460. Grant amounts ranged from $10,000 to $1,826,647, with a median of $10,000. Among the largest awards were $1,826,647 to North Carolina State University Small Business and Technology Development Center for an SSBCI technical assistance grant, $218,412 to MDC Inc. for CDFI capacity building, and $95,000 to Cooperative Baptist Fellowship for a Faith in Rural Communities Connect implementation grant. Multiple North Carolina churches also received grants for that implementation purpose.
The organization’s website describes an application process for its Loan Participation Program, which is a lending program rather than a grant program. That process calls for a completed application and bank credit memo, followed by file submission and review; the Credit Committee meets weekly to make approval or denial decisions.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Phil Marion as chair, Sara Chester as vice-chair, Yolanda Taylor as secretary, and Paula Benson as treasurer. Directors listed include Jose Alvarez, Ryan Ammann, Andy Anderson, Dr. Zachary Barricklow, Al Bass, and Casey Cooper.
Rural Economic Development Center Inc is led by Patrick Woodie, President & CEO since 2023 (on filings since 2020); 11 of 33 officers listed in 2025 are compensated.
Officers on the 2025 filing
Patrick Woodie
President & CEO
President → President & CEO, 2023
On filings since 2020
40 hrs/week
$166K (2020) → $384K (2025)
Armeer G. Kenchen
Executive Director & Cornersquare Llc
Executive Director, Cornersquare & Small Bus Cap → Executive Director, Cornersquare & Llc, 2023
Executive Director, Cornersquare & Llc → Executive Director & Cornersquare Llc, 2024
On filings since 2022
40 hrs/week
$118K (2022) → $215K (2025)
Jonathan Brereton
Executive Director & Thread Capital
Executive Director & Thread Capital → Executive Director, Thread Capital & Inc., 2023
Executive Director, Thread Capital & Inc. → Executive Director & Thread Capital, 2024
On filings since 2022
20 hrs/week
$120K (2022) → $238K (2025)
Phil Marion
Chair
Treasurer → Vice Chair, 2023
Vice Chair → Chair, 2024
On filings since 2020
1 hr/week
No compensation reported
Joy Stewart
Director of Internal Compliance & Audit
Director of Internal Compliance & Audit From Ap → Director of Internal Compliance & Audit, 2024
On filings since 2023
40 hrs/week
$106K (2023) → $166K (2025)
Andrea Breazeale
Director of Hr
New on the 2025 filing
40 hrs/week
$125K (2025)
William Holmes
Senior Director of Communications
New on the 2025 filing
40 hrs/week
$122K (2025)
Misty Herget
Chief Programs Officer
Senior Director & Programs → Vice President, Programs & Strategic Partnerships, 2022
Vice President, Programs & Strategic Partnerships → Chief Programs Officer, 2023
On filings since 2021
40 hrs/week
$113K (2021) → $214K (2025)
Franklin T. Roberts
CFO & Assistant Treasurer
CFO & COO → CFO, COO & Assistant Treasurer, 2023
CFO, COO & Assistant Treasurer → CFO & Assistant Treasurer, 2024
On filings since 2022
40 hrs/week
$143K (2023) → $236K (2025)
Carolyn Rhodes
COO
On filings since 2024
40 hrs/week
$112K (2024) → $304K (2025)
Daniel Michael
Controller
On filings since 2024
40 hrs/week
$126K (2024) → $147K (2025)
William Mitchell Stallings
Chief Revenue Officer
New on the 2025 filing
40 hrs/week
$217K (2025)
Alice Schenall
Board Member
Board Member → Secretary, 2021
Secretary → Board Member, 2024
On filings since 2020
1 hr/week
No compensation reported
Andy Anderson
Board Member
Vice Chair → Board Member From, 2023
Board Member From → Board Member, 2024
On filings since 2020
1 hr/week
No compensation reported
Ben Knight
Board Member
On filings since 2020
1 hr/week
No compensation reported
Jennifer Tolle Whiteside
Board Member
On filings since 2020
1 hr/week
No compensation reported
Jose Alvarez
Board Member
On filings since 2021
1 hr/week
No compensation reported
Sara Chester
Vice Chair
Board Member → Vice Chair, 2024
On filings since 2021
1 hr/week
No compensation reported
Casey Cooper
Board Member
On filings since 2022
1 hr/week
No compensation reported
Gil Wise
Board Member
On filings since 2022
1 hr/week
No compensation reported
Mike Hawkins
Board Member
On filings since 2022
1 hr/week
No compensation reported
Paula Benson
Treasurer
Board Member → Treasurer, 2023
On filings since 2022
1 hr/week
No compensation reported
Randolph Keaton
Board Member
On filings since 2022
1 hr/week
No compensation reported
Yolanda Taylor
Secretary
Board Member → Secretary, 2024
On filings since 2022
1 hr/week
No compensation reported
Al Bass
Board Member
On filings since 2023
1 hr/week
No compensation reported
Brittany Bennett Weston
Board Member
On filings since 2023
1 hr/week
No compensation reported
Kim Shepherd
Board Member
On filings since 2023
1 hr/week
No compensation reported
Ryan Ammann
Board Member
On filings since 2023
1 hr/week
No compensation reported
Weyling White
Board Member
On filings since 2023
1 hr/week
No compensation reported
Anne Faircloth
Board Member
On filings since 2024
1 hr/week
No compensation reported
Randy Gore
Board Member
On filings since 2024
1 hr/week
No compensation reported
Zachary Barricklow
Board Member
On filings since 2024
1 hr/week
No compensation reported
Lariza Garzon
Board Member
New on the 2025 filing
1 hr/week
No compensation reported
Former officers (28)
- Former: Brenda Berg (2020–2024) — Board Member
- Former: Nelle Hotchkiss (2020–2024) — Chair
- Former: Jalisha Richmond (2023–2024) — Director of Lending & Client Support
- Former: Laura Carlson (2023–2024) — Assistant Secretary
- Former: Shannon O'Shea (2023–2024) — Sbc Director of Operations
- Former: Juvon Legare-Rivers (2024) — Product Manager
- Former: Debbie Hamrick (2020–2023) — Vice Chair
- Former: Dennis Tracz (2020–2023) — Board Member
- Former: Todd Brantley (2020–2023) — Vice President of Public Affairs
- Former: Brandon Rosas (2021–2023) — Director of Finance
- Former: Ray Jeffers (2021–2023) — Board Member
- Former: Julia Malinowski (2022–2023) — Senior Director & Intermediary Lending
- Former: Alan Rice (2020–2022) — Board Member
- Former: Barry Ryan (2020–2022) — Senior Vice President, Strat & Small Bus Cap
- Former: Cece Hipps (2020–2022) — Board Member
- Former: Grant Godwin (2020–2022) — Board Member
- Former: John Nelms (2020–2022) — Board Member
- Former: Joseph Stanley (2020–2022) — Board Member
- Former: Juvencio Rocha-Peralta (2020–2022) — Board Member
- Former: Lenora Jarvis-Mackey (2020–2022) — Board Member
- Former: Mary K. Clifford (2020–2022) — Senior Director Finance & Administrator
- Former: Sarah Thompson (2020–2022) — Chair
- Former: Angela Judge (2021–2022) — Board Member
- Former: Cheryl Cherry (2022) — Managing Director & Cornersquare
- Former: Jim Rose (2020–2021) — Board Member
- Former: Lige Daughtridge (2020–2021) — Secretary
- Former: Leslie Boney (2020) — Board Member
- Former: Patricia Ferguson (2020) — Board Member
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $384K, to Patrick Woodie (President & CEO). 11 officers or directors reported compensation on that filing.
Frequently asked questions about Rural Economic Development Center Inc
How much does Rural Economic Development Center Inc give each year?
Rural Economic Development Center Inc gave $2.5M across 26 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $2.3M across 21 grants.
What is Rural Economic Development Center Inc's typical grant size?
Rural Economic Development Center Inc's median grant in 2025 was $10,000, and its average grant was $95,518, across 26 grants on its 2025 IRS Form 990.
Where does Rural Economic Development Center Inc give grants?
Rural Economic Development Center Inc gives mostly in North Carolina: 96% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there.
Does Rural Economic Development Center Inc give general operating support?
Not in 2025: none of the 26 grants with a stated purpose on Rural Economic Development Center Inc's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Faith in Rural Communities Connect Implementation Grant" (24 grants).
Who are Rural Economic Development Center Inc's largest grantees?
Rural Economic Development Center Inc's largest 2025 grantees include North Carolina State University Small Business and Technology Development C ($1,826,647), MDC Inc ($218,412) and Cooperative Baptist Fellowship ($95,000), according to its 2025 IRS Form 990. Together they received 86% of its itemized 2025 grant dollars.
How large is Rural Economic Development Center Inc?
Rural Economic Development Center Inc reported $309.1M in total assets on its 2025 IRS Form 990. Its revenue that year was $70.0M.
What does Rural Economic Development Center Inc fund?
The organization’s mission, as stated in its 2023 filing, is to develop, implement, and promote economic strategies that improve quality of life for rural North Carolinians, with special focus on people with low to moderate incomes and communities with limited resources. See mission & focus areas ↑
How do I apply for a grant from Rural Economic Development Center Inc?
Rural Economic Development Center Inc has no public application process in the sources Grantable reviewed. Check ncruralcenter.org for current guidelines, or contact the foundation directly before submitting a request.
What is Rural Economic Development Center Inc's EIN?
Rural Economic Development Center Inc's EIN (Employer Identification Number) is 56-1552375. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Data update history
(7)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS May 12, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS May 5, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS January 27, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS April 15, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS January 16, 2025)
- Updated Form 990 for fiscal year 2025 (received by the IRS February 13, 2026)
- IRS filings on file for fiscal years 2020–2025
Live grants for the work Rural Economic Development Center Inc funds
Community Improvement & Capacity Building Open opportunities, soonest deadline first.
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Browse active grant opportunities in Rural Economic Development Center Inc's focus areas in our free grants database
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Cite this profile
Grantable. (2026). Rural Economic Development Center Inc funder profile. GrantGraph. Retrieved October 16, 2026, from https://grantable.co/funders/rural-economic-development-center-inc-morg_252f399928f0417e8d3949ae1e7545ed
BibTeX
@misc{grantable_561552375_2026,
author = {{Grantable}},
title = {{Rural Economic Development Center Inc funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/rural-economic-development-center-inc-morg_252f399928f0417e8d3949ae1e7545ed},
note = {Accessed 2026-10-16. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Rural Economic Development Center Inc's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Rural Economic Development Center Inc down — hundreds of funders to go?