A Letter From Our VP of Finance & Administration
A Letter From Our Vice President of Finance & Administration
This year marks an inflection point in the financial standing of the NC Rural Center. The last 12 months have brought unprecedented development successes including: $95 million for the NC COVID-19 Rapid Recovery Loan program; $1.4 million in funding to support the Center’s leadership development, engagement, and advocacy programs; and a $40 million commitment from Truist to launch CornerSquare Community Capital. The Center stands on strong financial footing, and we project strong, continued growth over the coming year.
Because of our strong balance sheet, we often are asked why the Center needs new and continued donors who align with our mission. Charitable support allows us to continue to focus and augment the important work we currently perform in our state, and expand it for the future. It is true that many of our vital programs are funded through grants, however those grants are restricted to those particular programs, or facets of the programs. Unrestricted dollars allow us to ensure organizational sustainability as well as development and maintenance of new and existing programs that are not self-sustainable or fully funded by outside grants. Since 2013 we have been fully funded through the aforementioned grants, program partnerships, and individual donors, and we rely on these relationships to successfully live into our mission.
Below you will find our audited financials for the FY2020 (July 2019 – June 2020), illustrating our financial standing largely before several of the notable aforementioned successes were realized. We continue to work hard to align the timing of our Impact Report and our audited financials, and are thankful for your patience as we continue this process.
Vice President of Finance and Administration
NC Rural Center