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Rai Development Corporation FY2020 filing

Not tax-deductible

Carrboro, NCMutual-benefit / member-servingSince 1996Community DevelopmentEIN 56-2097995Revenue $139K in FY2020

On file with the IRS550 Smith Level Rd, 27510-2555 · Carrboro, NCTax-exempt since Aug 2002

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Rai is a Development Corporation whose purpose is to hold title for real property for another tax-exempt organization.

Mission: Form 990 Part I, line 1

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $27K a year · 14% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
23 mo
of spending, in cash
Looks good: 23.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$425K
56% of total assets
Fine: liabilities are 56% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
2
of 3 voting members
Looks good: 2 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$139K
Spent
$75K
Net assets
$334K
By yearFY2020–FY2024
Revenue
$139K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$139K
FY2021$324K
FY2022$303K
FY2023$111K
FY2024$84K
FY2024$196K
Expenses
$75K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$75K
FY2021$256K
FY2022$248K
FY2023$124K
FY2024$122K
FY2024$69K
Net assets
$334K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$334K
FY2021$402K
FY2022$456K
FY2023$444K
FY2024$406K
FY2024$533K

From the FY2020 Form 990 (year ending June 2020) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2002.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
David Chapman
Chairman/CEO
$0Pt VII · Sec A
Andra Davis
Secretary/Treasurer
$0Pt VII · Sec A
Jack Simonds
Board Member
$0Pt VII · Sec A
See Rai Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Holds title to real property for other tax-exempt organizations.

Provided by the organization

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1 program · in their own filed words · FY2019
01

Rai is a development corporation whose purpose is to hold title for real property for another tax-exempt organization. Thus, rai development corporation does not have any program revenue or expenses.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$139K
Ln 12
Fees for servicesLn 2g$139K
Money outPt IX
$75K
Ln 25
Owns and owesPt X
$334K
net assets · Ln 32
Cash and savingsLn 1–2$145K
Total assetsLn 16$759K
LiabilitiesLn 26$425K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$139K
Total revenueLn 12$139K
Assets in detailPt X, end of year
CashLn 1$145K
Cash and savings togetherLn 1–2$145K
Land, buildings, equipmentLn 10c$612K
Other assetsLn 15$133
Total assetsLn 16$759K
LiabilitiesLn 26$425K
Net assetsLn 32$334K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$99K$145K
Land, buildings, equipmentLn 10c$642K$612K
Total assetsLn 16$751K$759K
LiabilitiesLn 26$474K$425K
Net assetsLn 32$277K$334K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$700
Other fees for servicesLn 11g$102
Office expensesLn 13$30
OccupancyLn 16$13K
InterestLn 20$24K
Depreciation, depletion and amortizationLn 22$30K
Other expenses (24a–d)Ln 24$7K
Total functional expensesLn 25$75K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $84K$122K−$38K$406K 990 PDF
FY2023 $111K$124K−$12K$444K 990 PDF
FY2022 $303K$248K$55K$456K 990 PDF
FY2021 $324K$256K$68K$402K 990 PDF
FY2020 Viewing $139K$75K$65K$334K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $139,415 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $107,860$139,415
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $107,860$139,415
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $92,372$74,527
I-18 Total expensesPrior year $92,372$74,527
I-19 Revenue less expensesPrior year $15,488$64,888
Part VI · Governance 2 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members2
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $139,415 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $139,415$139,415
VIII-12 Total revenueRelated to mission $139,415 · Unrelated business $0 · Excluded from tax $0$139,415
Part IX · Statement of functional expenses $74,527 across 7 lines filed
IX-11c Accounting fees$700
IX-11g Other fees for services$102
IX-13 Office expenses$30
IX-16 Occupancy$12,900
IX-20 Interest$23,546
IX-22 Depreciation, depletion and amortization$30,407
IX-24 Other expenses (24a–d)$6,842
IX-25 Total functional expenses$74,527
Part X · Balance sheet $758,517 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $98,744$144,888
X-4 Accounts receivableStart of year $8,355$0
X-10c Land, buildings and equipment, netStart of year $641,838$611,698
X-14 Intangible assetsStart of year $2,065$1,798
X-15 Other assetsStart of year $0$133
X-16 Total assetsStart of year $751,002$758,517
X-26 Total liabilitiesStart of year $473,542$424,524
X-27 Net assets without donor restrictionsStart of year $277,460$333,993
X-32 Total net assets or fund balancesStart of year $277,460$333,993
X-33 Total liabilities and net assetsStart of year $751,002$758,517
Part XI · Reconciliation of net assets $333,993 net assets at year end
XI-1 Total revenue$139,415
XI-2 Total expenses$74,527
XI-3 Revenue less expenses$64,888
XI-4 Net assets at start of year$277,460
XI-8 Prior period adjustments−$8,355
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$333,993

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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