Rural Electric Economic Development Inc

Organization Overview

Rural Electric Economic Development Inc is located in Madison, SD. The organization was established in 1998. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Electric Economic 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 12/2021, Rural Electric Economic Development Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $796.0k during the year ending 12/2021. While expenses have increased by 5.6% per year over the past 7 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

ADMINISTRATION OF A RURAL ECONOMIC DEVELOPMENT LOAN PROGRAM TO STIMULATE ECONOMIC GROWTH.

Describe the Organization's Program Activity:

Part 3 - Line 4a

RURAL ELECTRIC ECONOMIC DEVELOPMENT (REED) PROVIDES GAP FINANCING (LOANS) TO COMMUNITY, BUSINESS AND VALUE-ADDED AGRICULTURE PROJECTS TO SUPPORT START-UP AND EXPANSION, LEAD TO JOB CREATION AND RETENTION, AND CREATE A BASIS FOR SUSTAINING AND GROWING RURAL COMMUNITIES. REED HAS MADE 374 LOANS TOTALING OVER $110 MILLION THAT RESULTED IN A TOTAL INVESTMENT OF OVER $900 MILLION SINCE 1997. IN ADDITION, OVER 9,900 JOBS HAVE BEEN CREATED AND RETAINED. 80% OF REED'S LENDING IS IN COMMUNITIES OF FEWER THAN 5,000 PEOPLE AND 98% OF LOANS ARE TO LOCALLY OWNED PROJECTS, ENSURING THAT PROFITS STAY IN THE COMMUNITY TO HELP MAINTAIN VITAL SERVICES AND ASSIST CONTINUED BUSINESS GROWTH AND SUSTAINABILITY. OUR FUTURE NEEDS HEALTHY COMMUNITIES AND BUSINESSES TO FUEL THE ECONOMY.


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Board, Officers & Key Employees

Name (title)Compensation
Dave Page
Chairperson
$0
Chris Larson
Vice Chair
$0
Deeanne Newville
Secretary
$0
Chris Studer
Treasurer
$0
Mike Jaspers
Administrator
$0
Matthew Hotzler
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $1,075,000
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,075,000
Total Program Service Revenue$1,360,044
Investment income $23,719
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 $2,458,763

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Rural Electric Economic Development Inc has recieved totaling $75,000.

Awarding OrganizationAmount
Opportunity Finance Network

Philadelphia, PA

PURPOSE: CF RELENDING

$75,000
View Grant Recipient Profile

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