Rural Development Inc
- Assets
- $6.0m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Turners Falls, MA
- Founding
- 04/1992
- Data as of
- 06/2021
- EIN
- 22-3139262
Organization Overview
Rural Development Inc is located in Turners Falls, MA. The organization was established in 1992. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Development Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Rural Development Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 24.4% each year . All expenses for the organization totaled $782.5k during the year ending 06/2021. While expenses have increased by 7.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
IT IS THE MISSION OF RURAL DEVELOPMENT, INC. (RDI) TO ADVANCE THE RIGHT OF ALL PEOPLE IN FRANKLIN COUNTY AND THE NORTH QUABBIN REGION TO OCCUPY ENVIRONMENTALLY RESPONSIBLE, ENERGY EFFICIENT, AFFORDABLE HOUSING AND TO IMPROVE ECONOMIC INDEPENDENCE. RDI STRIVES TO PROMOTE ENVIRONMENTAL AWARENESS AND TO OPERATE IN A MANNER THAT IS RESPECTFUL OF THE RURAL CHARACTER OF OUR REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE HOUSING - THIS PROGRAM OFFERS TWENTY-FIVE UNITS OF AFFORDABLE HOUSING TO LOW TO MODERATE INCOME PERSONS IN ASHFIELD AND ORANGE MASSACHUSETTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Dunlavy President | OfficerTrustee | 1 | $0 |
Christopher Sikes Vice President | OfficerTrustee | 1 | $0 |
Clare Higgins Treasurer | OfficerTrustee | 1 | $0 |
Regina Curtis Secretary | OfficerTrustee | 1 | $0 |
Gina Govoni Executive Director | Officer | 20 | $0 |
Leslie Brown Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fcrhra Management | 6/29/21 | $415,196 |
Austin Design Architectual Engineering | 6/29/21 | $286,056 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $600,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $654,267 |
| Noncash contributions included in lines 1a–1f | $545,100 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,254,267 |
| Total Program Service Revenue | $350,222 |
| Investment income | $70 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,607,553 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $154,739 |
| Fees for services: Legal | $21,142 |
| Fees for services: Accounting | $25,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $313,641 |
| Advertising and promotion | $0 |
| Office expenses | $7,211 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $194,104 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,046 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,678 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $782,529 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $530,693 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,131 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,016 |
| Net Land, buildings, and equipment | $3,908,346 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,408,754 |
| Intangible assets | $0 |
| Other assets | $129,930 |
| Total assets | $6,024,870 |
| Accounts payable and accrued expenses | $342,941 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $13,175 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,465,257 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,821,373 |
| Net assets without donor restrictions | $1,203,497 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,024,870 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Rural Development Inc has recieved totaling $150,000.
| Awarding Organization | Amount |
|---|---|
Charlesbank Homes Framingham, MA PURPOSE: CONSTRUCTION | $50,000 |
Community Foundation Of Western Massachusetts Springfield, MA PURPOSE: COVID-19 RESPONSE FUND AWARD | $50,000 |
Community Foundation Of Western Massachusetts Springfield, MA PURPOSE: COVID-19 RESPONSE FUND AWARD | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nhp Foundation New York, NY | $288,555,579 | $98,614,983 |
Nycha Ii Housing Development Fund Corporation New York, NY | $21,607,256 | $75,418,815 |
Housing Assistance Corporation Hyannis, MA | $20,544,372 | $36,246,807 |
Eihab Human Services New Jersey Inc Springfield Gardens, NY | $6,084,233 | $34,447,037 |
West Side Federation For Senior Housing Inc New York, NY | $138,485,239 | $41,412,403 |
East Harlem Pilot Block Housing Development Fund Co Inc New York, NY | $76,192,730 | $32,420,395 |
Orange Affordable Housing Inc New York, NY | $0 | $0 |
Housing Visions Unlimited Inc Syracuse, NY | $54,882,329 | $24,284,268 |
Phipps Houses New York, NY | $754,776,508 | $88,001,578 |
C-Hp Cove Inc New York, NY | $8,025,727 | $5,367,385 |
Diego Beekman Mutual Housing Assoc Housing Developmnt Fund Corp Bronx, NY | $60,873,005 | $24,267,142 |
Champlain Housing Tr Burlington, VT | $156,492,954 | $31,041,858 |