Preservation Society Of Newport County
- Assets
- $83.6m
- Revenue
- $27.9m
- Investments
- $14.3m
- Employees
- 233
- Location
- Newport, RI
- Founding
- 04/1947
- Data as of
- 03/2022
- EIN
- 05-0252708
Organization Overview
Preservation Society Of Newport County is located in Newport, RI. The organization was established in 1947. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 03/2023, Preservation Society Of Newport County employed 233 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Preservation Society Of Newport County is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2022, Preservation Society Of Newport County generated $27.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $17.8m during the year ending 03/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRESERVATION SOCIETY OF NEWPORT COUNTRY PRESERVES ELEVEN HISTORIC MANSIONS, INCLUDING SEVEN NATIONAL HISTORIC LANDMARKS AND EIGHTY ACRES OF PARKS, GARDENS AND GROUNDS, REPRESENTING MORE THAN 250 YEARS OF SOCIAL AND ARCHITECTURAL HISTORY. DURING THE YEAR, VISITORS TOOK REGULARLY-SCHEDULED TOURS OF THE SOCIETY'S PROPERTIES TO LEARN ABOUT THE BUILDINGS AND THE MEN AND WOMEN WHO GAVE RISE TO THESE SPECIAL PLACES. IN ADDITION TO GENERAL TOURS, THE PRESERVATION SOCIETY OFFERS MANY LEARNING OPPORTUNITIES, DESIGNED TO PRESENT ITS HOUSES AND COLLECTIONS TO A BROAD AND DIVERSE AUDIENCE IN AS MANY INTERESTING AND ENLIGHTENING WAYS AS POSSIBLE. THESE PROGRAMS INCLUDE INTERNATIONAL SYMPOSIA AND FORUMS, STUDY DAYS, LECTURES, WORKSHOPS, FILMS, TOURS, AND THE OPPORTUNITY FOR VISITORS TO EXPERIENCE THE TYPE OF GRAND ENTERTAINING FOR WHICH THEY WERE BUILT. EDUCATIONAL PROGRAMS ARE OFFERED YEAR-ROUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr William N Wood Prince Outgoing Vice Chairman | OfficerTrustee | 5 | $0 |
Mr William F Lucey III Chairman | OfficerTrustee | 15 | $0 |
Mr Peter W Harris Treasurer | OfficerTrustee | 15 | $0 |
Ms Janet L Robinson Secretary | OfficerTrustee | 5 | $0 |
Ms Cynthia Stewart Reed Asst. Secretary | OfficerTrustee | 5 | $0 |
Dr Holly Bannister Trustee | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Peak Event Services Caterer | 3/30/23 | $443,363 |
Rp Marzilli & Company Inc Landscape Contractor | 3/30/23 | $589,456 |
Grande Masonry Masonry Contractor | 3/30/23 | $3,664,821 |
Nail Communications Communications | 3/30/23 | $434,467 |
Newport Window Restoration Contractor | 3/30/23 | $1,031,520 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $974,320 |
| Fundraising events | $37,779 |
| Related organizations | $0 |
| Government grants | $2,202,704 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,657,414 |
| Noncash contributions included in lines 1a–1f | $436,166 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,872,217 |
| Total Program Service Revenue | $10,361,151 |
| Investment income | $455,060 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,000 |
| Net Gain/Loss on Asset Sales | $4,675,420 |
| Net Income from Fundraising Events | $12,006 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,474,973 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,874,827 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $739,891 |
| Compensation of current officers, directors, key employees. | $191,787 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,908,383 |
| Pension plan accruals and contributions | $225,283 |
| Other employee benefits | $557,564 |
| Payroll taxes | $497,879 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $50,706 |
| Fees for services: Accounting | $206,969 |
| Fees for services: Lobbying | $45,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $153,293 |
| Fees for services: Other | $566,147 |
| Advertising and promotion | $312,384 |
| Office expenses | $904,476 |
| Information technology | $26,106 |
| Royalties | $0 |
| Occupancy | $784,988 |
| Travel | $11,203 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,457 |
| Interest | $40,431 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $873,316 |
| Insurance | $1,032,712 |
| All other expenses | $324,073 |
| Total functional expenses | $17,802,178 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,714,777 |
| Savings and temporary cash investments | $1,174,263 |
| Pledges and grants receivable | $1,140,367 |
| Accounts receivable, net | $81,919 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $654,281 |
| Prepaid expenses and deferred charges | $81,120 |
| Net Land, buildings, and equipment | $16,004,164 |
| Investments—publicly traded securities | $40,378,141 |
| Investments—other securities | $14,348,571 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,019,523 |
| Total assets | $83,597,126 |
| Accounts payable and accrued expenses | $1,376,580 |
| Grants payable | $0 |
| Deferred revenue | $2,211,938 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,019,523 |
| Total liabilities | $4,608,041 |
| Net assets without donor restrictions | $36,919,452 |
| Net assets with donor restrictions | $42,069,633 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $83,597,126 |