Rutland Economic Development Corp

What it reported doing in 2024

Rutland economic development corporation does business as the chamber & economic development of the rutland region(cedrr). The primary goal of cedrr is to facilitate the expansion, relocation and retention of business and industry in the area. A core function of cedrr is to expand and create partnerships and strategic alliances to provide technical assistance for starting and growing small businesses. To help fulfill this function, cedrr provides fixed-rate loans through its revolving loan fund. The revolving loan fund provides businesses with loans between 5,000 - 250,000. As loans are repaid, they are reinvested by cedrr in the form of new loans to other businesses. Cedrr also works with other partners such as Vermont economic development authority (veda) and the u.s. Small business administration (sba) as well as private and alternative lenders. Cedrr also provides technical support, workforce training and development programs and business planning support to businesses throughout the region by providing resources for business financing, assisting with job postings and internship opportunities, creating workforce training programs, and providing a makerspace for people who get new businesses up and running. The services noted above are intended to create a bridge between business and community to promote healthy and vibrant neighborhoods and enhance the quality of life in rutland county. Cedrr fulfills this part of their mission but hosting events and activities throughout the year and by being a hub of resources for those living and working in the region. To further its work in creating vibrant communities, cedrr launched real rutland after identifying the need to increase our workforce and overall population in rutland county to support the necessary business growth. Real rutland is made up of real people who live, work, and play in rutland county, Vermont. Cedrr staff and its dedicated volunteers are passionate about this region, and all are proud to call rutland county home. Since the birth of real rutland, cedrr have seen over 100 individuals relocate, specifically through the real rutland concierge program. Start-up rutland was launched in 2023. Start-up rutland is an eda funded program to help small businesses and entrepreneurs to start and maintain business development skills. The program offers educational classes to the local community members to help increase the knowledge of the local workforce. The program was funded by an earmark in 2025 as well. Cedrr's regional marketing program has been doing wonders with helping families that are interested in moving to the area through concierge and weekend getaway programs. Cedrr's community events program has exceeded expectations with the success of bringing people out into the community with the rutland region. While bringing new and returning individuals into the area, it has highlighted sales and service of downtown rutland and has shown support of local businesses.

Financial Efficiency

• Mission deployment rate: 96.8%; rating input score 97
• Program expense ratio: 85.6%; rating input score 86
• Fundraising efficiency: $14.18 raised per $1 spent on fundraising; rating input score 49; 49th percentile among comparable filings

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: 100%; rating input score 100; 76th percentile among comparable filings
• 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: 7 of 8 controls in place; rating input score 88
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -12.9%; rating input score 14; 14th percentile among comparable filings
• Total-asset coverage ratio: 1.78; rating input score 61; 61st percentile among comparable filings
• Liabilities to assets ratio: 0.28; rating input score 26; 26th percentile among comparable filings
• Officer compensation ratio: 6.1%; rating input score 50; 50th percentile among comparable filings

Growth

• Program expense growth: 18.7% per year; rating input score 100; 81st percentile among comparable filings
• Revenue growth: 12% per year; rating input score 100; 72nd percentile among comparable filings
• Asset growth: 3.3% per year; rating input score 100; 31st percentile among comparable filings