Compensation 990

Rural Economic Development Center Inc.

Fiscal year ending 2024. Filed on January 16, 2025.

4021 Carya Drive
Raleigh, North Carolina 27610

Rural Economic Development Center Inc. (EIN: 56-1552375) has filed an IRS Form 990 since at least fiscal year 2016. In its fiscal year 2024 IRS Form 990 filing, Rural Economic Development Center Inc., a 501(c)(3) charitable organization, reported compensation for 12 out of 68 total employees. Among the employees shown here, the average compensation is $189,396. The highest compensated employee at Rural Economic Development Center Inc. is Patrick Woodie with fiscal year 2024 compensation of $285,715.

Revenue, expenses, and employee compensation

Revenue

$60,678,534

Expenses

$13,096,953

Employee compensation

$5,423,721
Revenue, expenses, and employee compensation over time

Reported Compensated Employees

Patrick Woodie
President and Chief Executive Officer
$285,715
$250,071 from orgNo related comp$35,644 other
Jonathan Brereton
EXEC Director, Thread Capital (TO AUG '23)
$283,857
$237,491 from orgNo related comp$46,366 other
Franklin T Roberts
Chief Financial Officer and Assistant Treasurer
$234,305
$198,309 from orgNo related comp$35,996 other
Misty Herget
Chief Program Officer
$232,238
$204,000 from orgNo related comp$28,238 other
Armeer G Kenchen
EXEC Director, Cornersquare LLC
$219,490
$184,595 from orgNo related comp$34,895 other
Joy Stewart
Director of Internal Compliance and Audit
$176,132
$156,770 from orgNo related comp$19,362 other
Jalisha Richmond
Director of Lending and Client Support
$160,935
$136,548 from orgNo related comp$24,387 other
Juvon Legare-Rivers
Product Manager
$154,799
$132,529 from orgNo related comp$22,270 other
Daniel Michael
Controller
$152,924
$125,591 from orgNo related comp$27,333 other
Shannon O'Shea
SBC Director of Operations
$150,536
$137,306 from orgNo related comp$13,230 other
Carolyn Rhodes
COO (From JUL '23)
$124,579
$111,617 from orgNo related comp$12,962 other
Laura Carlson
Assistant Secretary
$97,244
$80,218 from orgNo related comp$17,026 other

Non-Employee Board Members

Al Bass
Board Member
Alice Schenall
Board Member
Andy Anderson
Board Member
Anne Faircloth
Board Member (From JAN '24)
Ben Knight
Board Member
Brenda Berg
Board Member (TO DEC '23)
Brittany Bennett Weston
Board Member
Casey Cooper
Board Member
Dr Zachary Barricklow
Board Member (From JAN '24)
Gil Wise
Board Member
Jennifer Tolle Whiteside
Board Member
Jose Alvarez
Board Member

Contractors

Intellectual Currency LLC
Program Consulting and Management
$709,753
Orion First
Loan Servicing
$226,927
Wyrick Robbins Yates and Ponton LLP
Legal
$184,885
Brooks Pierce Mclendon Humphrey and Leon
Legal
$165,799
Johnson Lambert
Audit and Tax
$163,858

Mission Statement

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.

Revisions to this organization profile

January 16, 2025:
2024 Rural Economic Development Center Inc. 990 filed
April 15, 2024:
2023 Rural Economic Development Center Inc. 990 filed
January 27, 2023:
2022 Rural Economic Development Center Inc. 990 filed

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