Rural Development Fund
Nonprofit profile at a glance
- EIN
- 844161380
- IRS 990 coverage
- 2022–2024
- Forms available
- Form 990 2024
- Location
- Cheyenne, WY, USA
- Phone
- 4058486059
- Rating
- 64
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Urban, Community Economic Development
Reported finances
- Revenue
- $671,298
- Expenses
- $189,088
- Assets
- $5,030,102
- Liabilities
- $365,444
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
3 people listed
People named in this filing
- CHRISTI HASWELL (DIRECTOR)
- JILL KLINE (DIRECTOR)
- ROCKY S CASE (DIRECTOR)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The mission of the u.s. Economic development administration (eda) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the u.s. Department of commerce, eda makes investments in economically distressed communities in order to create jobs for u.s. Workers, promote american innovation, and accelerate long-term sustainable economic growth.this program is funded under the coronavirus aid, relief, and economic security (cares) act (public law 116-136), which provided eda with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. Eda cares act recovery assistance, which is being administered under the authority of the bureau's flexible economic adjustment assistance (eaa) (pdf) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from
What it reported doing in 2024
The rural development fund's (rdf) current and future plans are to fulfill the obligations set forth in the work plan submitted to the economic development administration (eda) for a $5 million revolving loan fund (rlf) program. Rdf plans to continue to grow its network of commercial lenders throughout Wyoming. Rdf's growth capital program purchases subordinated participations in partnership with commercial lenders into eligible projects. Deploying the eda rlf is rdf's primary objective.a united states department of agriculture (usda) rural business enterprise grant (rbeg) is also available for the rdf to deploy.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 36
- Transparency & Controls: 92
- Accountability: 70
- Sustainability: 90
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 20%; rating input score 20
- Program expense ratio: 73.6%; rating input score 74
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 2 of 7 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 71.8%; rating input score 97; 97th percentile among comparable filings
- Total-asset coverage ratio: 26.6; rating input score 98; 98th percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 47; 47th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: -2.6% per year; rating input score 0; 11th percentile among comparable filings
- Revenue growth: 28.4% per year; rating input score 100; 91st percentile among comparable filings
- Asset growth: 22.2% per year; rating input score 100; 84th percentile among comparable filings
Details
- Where the money goes: 20% of revenue deployed · 73.6% of spending went to programs
- Governance: 3 of 3 board members independent · 2 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $139K in reported program spending
- Leadership: top reported pay $0 · 3 people listed
- Consistency: 21 of 21 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 3 filing years from 2022 to 2024
- Contacts: How to reach this organization
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 20/100.
- High — Accountability: Governance controls: 4 of 6 not reported.
- High — Growth: Program expense growth scored 0/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 47/100.