Rhode Island School Of Design
- Assets
- $709.0m
- Revenue
- $225.5m
- Investments
- $372.2m
- Employees
- 3,252
- Location
- Providence, RI
- Founding
- 05/1934
- Data as of
- 06/2022
- EIN
- 05-0258956
Organization Overview
Rhode Island School Of Design is located in Providence, RI. The organization was established in 1934. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2022, Rhode Island School Of Design employed 3,252 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island School Of Design 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 06/2022, Rhode Island School Of Design generated $225.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $205.7m during the year ending 06/2022. While expenses have increased by 3.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE ITS STUDENTS AND THE PUBLIC IN THE CREATION AND APPRECIATION OF ART AND DESIGN.
Describe the Organization's Program Activity:
EDUCATION - RHODE ISLAND SCHOOL OF DESIGN WAS FOUNDED IN 1877, MAKING IT ONE OF THE FIRST ART AND DESIGN SCHOOLS IN THE US. APPROXIMATELY 2,500 STUDENTS FROM AROUND THE WORLD ARE ENGAGED IN LIBERAL ART STUDIES AND RIGOROUS, STUDIO-BASED LEARNING AT RISD, WHERE THEY CHOOSE FROM 21 STUDIO MAJORS AND EARN BACHELOR'S OR MASTER'S DEGREES IN THE FINE ARTS, ARCHITECTURE OR ART EDUCATION. EACH YEAR, APPROXIMATELY THAN 4,600 CHILDREN AND ADULTS ALSO ACCESS OUR SPECIALIZED STUDIO FACILITIES THROUGH RISD CONTINUING EDUCATION COURSES.
MUSEUM - THE RISD MUSEUM WAS FOUNDED ON THE BELIEF THAT ART, ARTISTS, AND THE INSTITUTIONS THAT SUPPORT THEM PLAY PIVOTAL ROLES IN PROMOTING BROAD CIVIC ENGAGEMENT AND CREATING MORE OPEN SOCIETIES. THE RISD MUSEUM EDUCATES AND INSPIRES STUDENTS AND THE PUBLIC THROUGH EXHIBITIONS, LECTURES, TOURS, WORKSHOPS AND PUBLICATIONS AND PROVIDES FREE ACCESS TO DIGITAL IMAGES OF PUBLIC DOMAIN MATERIALS IN THE COLLECTION FOR ANY PURPOSE. WE WANT OUR COLLECTION, SCHOLARSHIP, AND INTERPRETIVE CONTENT TO BE ACCESSED, DISTRIBUTED, AND REUSED BY EVERYONE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rosanne Somerson President Emeritus | OfficerTrustee | 50 | $781,714 |
Michael H Spalter Trustee/chair Of Board | OfficerTrustee | 2 | $0 |
Ilene Chaiken Trustee | Trustee | 2 | $0 |
Karen Hammond Trustee/vice Chair Of Board | OfficerTrustee | 2 | $0 |
Jon Kamen Trustee/vice Chair Of Board | OfficerTrustee | 2 | $0 |
Tavares Strachan Trustee/vice Chair Of Board | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shawmut Woodworking And Supply Inc Construction Svcs | 6/29/22 | $11,126,178 |
Lombardi Construction Company Inc Construction Svcs | 6/29/22 | $987,094 |
Otis Elevator Co Elevator Svcs | 6/29/22 | $886,524 |
Global Endowment Management Lp Investment Mgmt | 6/29/22 | $2,253,701 |
Phalanx Engineering Inc Engineering | 6/29/22 | $755,603 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,895,140 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,784,750 |
| Noncash contributions included in lines 1a–1f | $1,494,641 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,679,890 |
| Total Program Service Revenue | $179,171,213 |
| Investment income | $2,655,238 |
| Tax Exempt Bond Proceeds | $181 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $23,867,429 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $225,470,039 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $35,507,324 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,052,927 |
| Compensation of current officers, directors, key employees. | $981,838 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $79,265,572 |
| Pension plan accruals and contributions | $4,582,577 |
| Other employee benefits | $9,960,628 |
| Payroll taxes | $5,489,523 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $225,703 |
| Fees for services: Accounting | $115,217 |
| Fees for services: Lobbying | $8,939 |
| Fees for services: Fundraising | $396,736 |
| Fees for services: Investment Management | $2,373,399 |
| Fees for services: Other | $10,101,132 |
| Advertising and promotion | $627,356 |
| Office expenses | $11,444,816 |
| Information technology | $5,245,394 |
| Royalties | $0 |
| Occupancy | $8,277,796 |
| Travel | $1,396,462 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,421,147 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,633,766 |
| Insurance | $1,453,100 |
| All other expenses | $2,674,801 |
| Total functional expenses | $205,705,909 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,741,289 |
| Savings and temporary cash investments | $30,224,510 |
| Pledges and grants receivable | $8,393,215 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $66,400 |
| Inventories for sale or use | $1,315,768 |
| Prepaid expenses and deferred charges | $1,936,977 |
| Net Land, buildings, and equipment | $273,104,807 |
| Investments—publicly traded securities | $1,626,764 |
| Investments—other securities | $372,186,379 |
| Investments—program-related | $5,200,000 |
| Intangible assets | $0 |
| Other assets | $5,251,311 |
| Total assets | $709,047,420 |
| Accounts payable and accrued expenses | $13,702,432 |
| Grants payable | $0 |
| Deferred revenue | $6,179,472 |
| Tax-exempt bond liabilities | $194,952,138 |
| 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 | $13,679,706 |
| Total liabilities | $228,513,748 |
| Net assets without donor restrictions | $361,023,805 |
| Net assets with donor restrictions | $119,509,867 |
| 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 | $709,047,420 |