Rural Economic Development Center Inc
THE MISSION OF THE ORGANIZATION IS TO DEVELOP, IMPLEMENT AND PROMOTE SOUND ECONOMIC STRATEGIES THAT IMPROVE THE QUALITY OF LIFE OF RURAL NORTH CAROLINIANS, WITH A SPECIAL FOCUS ON INDIVIDUALS WITH LOW TO MODERATE INCOMES AND COMMUNITIES WITH LIMITED RESOURCES.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$247.4M
-5.7% YoY
Annual Giving
$2.3M
-40.7% YoY
Grant Count
21
+40.0% YoY
Avg Grant Size
$110K
-57.7% YoY
About Rural Economic Development Center Inc
Based on IRS filings
Rural Economic Development Center Inc is a nonprofit organization focused on Community Improvement & Capacity Building, based in RALEIGH, NC. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $247.4M in total assets. In 2024, it awarded 21 grants totaling $2.3M. Net investment income was $9.4M.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $247,445,307 | $262,359,551 | $223,566,149 |
| Revenue | $60,678,534 | $21,387,422 | $11,378,133 |
| Expenses | $13,096,953 | $11,713,020 | $7,400,388 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $9,374,202 | $6,801,647 | $3,621,094 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
48 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Array Community Development Corporation ($626,747), Carolina Small Business Development Fund ($400,000), Mountain Bizworks-cdfi ($250,000).
| Recipient | Purpose | Amount |
|---|---|---|
| ARRAY COMMUNITY DEVELOPMENT CORPORATION BEAUFORT, NC | SHELLFISH GROWERS PROGRAM GRANT | $626,747 |
| CAROLINA SMALL BUSINESS DEVELOPMENT FUND RALEIGH, NC | CDFI CAPACITY BUILDING PROGRAM GRANTS | $400,000 |
| MOUNTAIN BIZWORKS-CDFI ASHEVILLE, NC | CDFI CAPACITY BUILDING PROGRAM GRANTS | $250,000 |
| PARTNER COMMUNITY CAPITAL INC SHEPHERDSTOWN, WV | CDFI CAPACITY BUILDING PROGRAM GRANTS | $250,000 |
| UP COMMUNITY FUND LLC CHARLOTTE, NC | CDFI CAPACITY BUILDING PROGRAM GRANTS | $225,000 |
| CAROLINA COMMUNITY IMPACT INC RALEIGH, NC | CDFI CAPACITY BUILDING PROGRAM GRANTS | $215,150 |
| PIEDMONT BUSINESS CAPITAL GREENSBORO, NC | CDFI CAPACITY BUILDING PROGRAM GRANTS | $100,000 |
| BEFCOR CHARLOTTE, NC | CDFI CAPACITY BUILDING PROGRAM GRANTS | $50,000 |
| THE SEQUOYAH FUND INC CHEROKEE, NC | CDFI CAPACITY BUILDING PROGRAM GRANTS | $47,000 |
| FIRST UMC MURPHY, NC | FAITH IN RURAL COMMUNITIES CONNECT IMPLEMENTATION GRANT | $30,000 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| NELLE HOTCHKISS | CHAIR (TO DEC '23) | 1 | — |
| PHIL MARION | CHAIR | 1 | — |
| SARA CHESTER | VICE-CHAIR | 1 | — |
| YOLANDA TAYLOR | SECRETARY | 1 | — |
| PAULA BENSON | TREASURER | 1 | — |
| JOSE ALVAREZ | BOARD MEMBER | 1 | — |
| RYAN AMMANN | BOARD MEMBER | 1 | — |
| ANDY ANDERSON | BOARD MEMBER | 1 | — |
| DR ZACHARY BARRICKLOW | BOARD MEMBER (FROM JAN '24) | 1 | — |
| AL BASS | BOARD MEMBER | 1 | — |
| BRENDA BERG | BOARD MEMBER (TO DEC '23) | 1 | — |
| CASEY COOPER | BOARD MEMBER | 1 | — |
| ANNE FAIRCLOTH | BOARD MEMBER (FROM JAN '24) | 1 | — |
| RANDY GORE | BOARD MEMBER (FROM JAN '24) | 1 | — |
| MIKE HAWKINS | BOARD MEMBER | 1 | — |
| RANDOLPH KEATON | BOARD MEMBER | 1 | — |
| BEN KNIGHT | BOARD MEMBER | 1 | — |
| ALICE SCHENALL | BOARD MEMBER | 1 | — |
| KIM SHEPHERD | BOARD MEMBER | 1 | — |
| BRITTANY BENNETT WESTON | BOARD MEMBER | 1 | — |
| GIL WISE | BOARD MEMBER | 1 | — |
| WEYLING WHITE | BOARD MEMBER | 1 | — |
| JENNIFER TOLLE WHITESIDE | BOARD MEMBER | 1 | — |
| PATRICK WOODIE | PRESIDENT & CEO | 40 | $250,071 |
| JONATHAN BRERETON | EXEC DIR, THREAD CAPITAL (TO AUG '23) | 20 | $237,491 |
| FRANKLIN T ROBERTS | CFO/ASST TREASURER | 40 | $198,309 |
| JOY STEWART | DIR OF INTERNAL COMPLIANCE AND AUDIT | 40 | $156,770 |
| CAROLYN RHODES | COO (FROM JUL '23) | 40 | $111,617 |
| LAURA CARLSON | ASSISTANT SECRETARY | 40 | $80,218 |
| MISTY HERGET | CHIEF PROGRAMS OFFICER | 40 | $204,000 |
| ARMEER G KENCHEN | EXEC DIR, CORNERSQUARE LLC | 40 | $184,595 |
| SHANNON O'SHEA | SBC DIR OF OPERATIONS | 40 | $137,306 |
| JALISHA RICHMOND | DIR OF LENDING AND CLIENT SUPPORT | 40 | $136,548 |
| JUVON LEGARE-RIVERS | PRODUCT MANAGER | 40 | $132,529 |
| DANIEL MICHAEL | CONTROLLER | 40 | $125,591 |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is Rural Economic Development Center Inc?
Rural Economic Development Center Inc is a nonprofit organization focused on Community Improvement & Capacity Building, based in RALEIGH, NC. It holds $247.4M in total assets as of 2024.
How large is Rural Economic Development Center Inc?
As of 2024, Rural Economic Development Center Inc holds $247.4M in total assets with $60.7M in annual revenue. It awarded 21 grants totaling $2.3M in 2024.
Where does Rural Economic Development Center Inc operate?
Rural Economic Development Center Inc has awarded grants in North Carolina, West Virginia.
What size grants does Rural Economic Development Center Inc award?
In 2024, Rural Economic Development Center Inc awarded 21 grants totaling $2.3M — an average of about $110K per grant, based on its IRS Form 990 filings.
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 2020–2024.
Explore Open Grants
Browse active grant opportunities in Rural Economic Development Center Inc's focus areas in our free grants database
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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