NC Electric Cooperatives Support New Rural Economic Development Foundation
Co-ops have pledged $10,000 in seed capitalBy Lisa Crawley
North Carolina’s Electric Cooperatives have pledged $10,000 in seed capital to help support a new nonprofit foundation established by the NC Economic Development Association (NCEDA). The foundation will provide North Carolina’s economic development community with high-quality research, professional development scholarships and other programs with a focus on underserved, distressed and rural communities and economic developers across the state.
“This new foundation aligns closely with our vision for building a brighter future for rural North Carolina, and we are pleased to support this new effort to further promote economic development and improved quality of life in rural communities,” said Ryan Nance, director of economic development for North Carolina’s Electric Cooperatives.
NCEDA incorporated the foundation earlier this year under the laws of North Carolina and is now filing an application with the IRS for federal tax-exempt status.
“We are grateful to North Carolina’s Electric Cooperatives for stepping forward with this voluntary support,” said Randall Johnson, NCEDA president. “This pledge serves as a reminder of the crucial work we have ahead with the foundation, which we can only achieve with the type of strong partners that North Carolina’s Electric Cooperatives have proven to be.”
The state’s electric co-ops maintain a comprehensive economic development strategy that centers on creating new opportunities for rural North Carolina, and recruiting new businesses and industries to cooperative communities.