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Organizations Community Improvement & Capacity Building Rural Economic Development Center Inc.

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 No related comp$35,644
Jonathan Brereton
EXEC Director, Thread Capital (TO AUG '23)
$283,857
$237,491 No related comp$46,366
Franklin T Roberts
Chief Financial Officer and Assistant Treasurer
$234,305
$198,309 No related comp$35,996
Misty Herget
Chief Program Officer
$232,238
$204,000 No related comp$28,238
Armeer G Kenchen
EXEC Director, Cornersquare LLC
$219,490
$184,595 No related comp$34,895
Joy Stewart
Director of Internal Compliance and Audit
$176,132
$156,770 No related comp$19,362
Jalisha Richmond
Director of Lending and Client Support
$160,935
$136,548 No related comp$24,387
Juvon Legare-Rivers
Product Manager
$154,799
$132,529 No related comp$22,270
Daniel Michael
Controller
$152,924
$125,591 No related comp$27,333
Shannon O'Shea
SBC Director of Operations
$150,536
$137,306 No related comp$13,230
Carolyn Rhodes
COO (From JUL '23)
$124,579
$111,617 No related comp$12,962
Laura Carlson
Assistant Secretary
$97,244
$80,218 No related comp$17,026

Benchmark Employee Compensation

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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