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Rai Development Corporation FY2021 filing

Not tax-deductible

Carrboro, NCMutual-benefit / member-servingSince 1996Community DevelopmentEIN 56-2097995

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

FY2021 · 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
8 mo
of spending, in cash
Looks good: 8.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$373K
48% of total assets
Looks good: liabilities are 48% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 4 voting members
Looks good: 3 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$324K
+132% vs prior year
Spent
$256K
Net assets
$402K
By yearFY2020–FY2024
Revenue
$324K
FY2021▲ +132%
Revenue by fiscal year
FY2020$139K
FY2021$324K
FY2022$303K
FY2023$111K
FY2024$84K
FY2024$196K
Expenses
$256K
FY2021▲ +244%
Expenses by fiscal year
FY2020$75K
FY2021$256K
FY2022$248K
FY2023$124K
FY2024$122K
FY2024$69K
Net assets
$402K
FY2021▲ +20%
Net assets by fiscal year
FY2020$334K
FY2021$402K
FY2022$456K
FY2023$444K
FY2024$406K
FY2024$533K

From the FY2021 Form 990 (year ending June 2021) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2021 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

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Andra Davis
Board Member
$0Pt VII · Sec A
Jack Simonds
Chairman
$0Pt VII · Sec A
Martha Bollinger
Secretary/Treasurer
$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

This section is blank until Rai Development Corporation claims this page.

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1 program service, described in the organization's own filed words · FY2020.
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

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Funders

Who pays for it.

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

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$324K
Ln 12
Fees for servicesLn 2g$324K
Money outPt IX
$256K
Ln 25
Owns and owesPt X
$402K
net assets · Ln 32
Cash and savingsLn 1–2$182K
Total assetsLn 16$774K
LiabilitiesLn 26$373K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$324K
Total revenueLn 12$324K
Assets in detailPt X, end of year
CashLn 1$182K
Cash and savings togetherLn 1–2$182K
Land, buildings, equipmentLn 10c$590K
Other assetsLn 15$523
Total assetsLn 16$774K
LiabilitiesLn 26$373K
Net assetsLn 32$402K
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 FY21End FY21
Cash and savingsLn 1–2$145K$182K
Land, buildings, equipmentLn 10c$612K$590K
Total assetsLn 16$759K$774K
LiabilitiesLn 26$425K$373K
Net assetsLn 32$334K$402K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$3K
Office expensesLn 13$25
OccupancyLn 16$71K
InterestLn 20$21K
Payments to affiliatesLn 21$112K
Depreciation, depletion and amortizationLn 22$29K
Other expenses (24a–d)Ln 24$21K
Total functional expensesLn 25$256K

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 Viewing $324K$256K$68K$402K 990 PDF
FY2020 $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 FY2021 990 (4 parts)
Part VIII · Statement of revenue $323,660 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $323,660$323,660
VIII-12 Total revenueRelated to mission $323,660 · Unrelated business $0 · Excluded from tax $0$323,660
Part IX · Statement of functional expenses $256,138 across 7 lines filed
IX-11c Accounting fees$2,655
IX-13 Office expenses$25
IX-16 Occupancy$70,838
IX-20 Interest$20,910
IX-21 Payments to affiliates$112,000
IX-22 Depreciation, depletion and amortization$28,686
IX-24 Other expenses (24a–d)$21,024
IX-25 Total functional expenses$256,138
Part X · Balance sheet $774,384 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $144,888$182,111
X-10c Land, buildings and equipment, netStart of year $611,698$590,220
X-14 Intangible assetsStart of year $1,798$1,530
X-15 Other assetsStart of year $133$523
X-16 Total assetsStart of year $758,517$774,384
X-26 Total liabilitiesStart of year $424,524$372,869
X-27 Net assets without donor restrictionsStart of year $333,993$401,515
X-32 Total net assets or fund balancesStart of year $333,993$401,515
X-33 Total liabilities and net assetsStart of year $758,517$774,384
Part XI · Reconciliation of net assets $401,515 net assets at year end
XI-1 Total revenue$323,660
XI-2 Total expenses$256,138
XI-3 Revenue less expenses$67,522
XI-4 Net assets at start of year$333,993
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$401,515

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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