Newport Restoration Foundation
- Assets
- $40.4m
- Revenue
- $6.6m
- Investments
- $9.7m
- Employees
- 65
- Location
- Newport, RI
- Founding
- 06/1969
- Data as of
- 12/2023
- EIN
- 05-0317816
Organization Overview
Newport Restoration Foundation is located in Newport, RI. The organization was established in 1969. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Newport Restoration Foundation employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newport Restoration Foundation 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 12/2023, Newport Restoration Foundation generated $6.6m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $6.6m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
NRF PROMOTES AND INVESTS IN THE HERITAGE OF THE NEWPORT COMMUNITY, THE TRADITIONAL BUILDING TRADES, AND DORIS DUKE'S FINE AND DECORATIVE ARTS AND COLLECTIONS, FOR THE ENJOYMENT, EDUCATION AND INSPIRATION TO ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROUGH POINT IS A MUSEUM, OPEN TO THE PUBLIC, SHARING THE LIFE AND LEGACY OF DORIS DUKE THROUGH STORYTELLING ABOUT THE PEOPLE CONNECTED TO THE HOUSE'S HISTORY, CLIMATE CHANGE RESILIENCY AND HOW IT IMPACTS THE BUILT ENVIRONMENT, AND CULTURAL HERITAGE THROUGH THE FINE AND DECORATIVE ARTS HER FAMILY COLLECTED. THE MUSEUM ALSO INCLUDES AN EXHIBITION ON 18TH CENTURY NEWPORT FURNITURE.
PRESCOTT FARM FEATURES A COLLECTION OF HISTORIC BUILDINGS AND A WALKING TRAIL. IT FUNCTIONS AS A PUBLIC PARK AND IS OPEN DAILY FROM DAWN TO DUSK FOR PUBLIC ENJOYMENT.
THE FOUNDATION OWNS, PRESERVES, AND MAINTAINS APPROXIMATELY 70 18TH AND 19TH CENTURY BUILDINGS, PREDOMINANTLY IN NEWPORT. ALL BUT ONE OF THE HOUSES ARE RENTED TO RESIDENTIAL AND COMMERCIAL TENANT STEWARDS. THE VERNON HOUSE IS ONE OF THE MOST SIGNIFICANT BUILDINGS IN NEWPORT, CURRENTLY HOSTING CONTEMPORARY DIALOGUE, COMMUNITY ENGAGEMENT, AND A PRESERVATION LEARNING LAB FOR THE HISTORIC TRADES INITIATIVE.
WHITEHORNE HOUSE WAS A MUSEUM, DISPLAYING 18TH CENTURY NEWPORT FURNITURE AND RELATED DECORATIVE ARTS. THIS COLLECTION IS NOW HOUSED AS AN EXHIBITION IN ROUGH POINT. THE BUILDING IS OPEN BY APPOINTMENT ONLY, AS THE FOUNDATION RESEARCHES THE HISTORY OF THE HOUSE TO BETTER INFORM THE PROPERTIES FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Franklin Vagnone President/ Executive Director | OfficerTrustee | 0.4 | $362,273 |
James Ross Board Chair/president | OfficerTrustee | 0.4 | $0 |
Dr M Therese Antone Treasurer | OfficerTrustee | 0.2 | $0 |
Mikel Folcarelli Secretary | OfficerTrustee | 0.2 | $0 |
C Hugh Hildesley Member At Large (as Of 9/23) | Trustee | 0.2 | $0 |
Edith Mcbean Member At Large | Trustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Consigli Contruction Co Inc Construction | 12/30/23 | $462,152 |
The Hills Group Of New England Llc Insurance | 12/30/23 | $242,938 |
Usentra Security Services Security | 12/30/23 | $200,371 |
Aquidneck Services Hvac | 12/30/23 | $129,540 |
Lighthouse Remodeling Roof | 12/30/23 | $111,483 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $181,120 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,957,698 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,138,818 |
| Total Program Service Revenue | $3,056,689 |
| Investment income | $321,694 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,478 |
| Net Income from Fundraising Events | -$29,572 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $28,300 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,618,402 |
| 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. | $555,202 |
| Compensation of current officers, directors, key employees. | $77,728 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,781,653 |
| Pension plan accruals and contributions | $74,134 |
| Other employee benefits | $212,593 |
| Payroll taxes | $199,757 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,540 |
| Fees for services: Accounting | $41,651 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $430,268 |
| Advertising and promotion | $55,431 |
| Office expenses | $389,103 |
| Information technology | $65,557 |
| Royalties | $0 |
| Occupancy | $1,175,499 |
| Travel | $13,264 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,097,460 |
| Insurance | $390,424 |
| All other expenses | $0 |
| Total functional expenses | $6,575,465 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,621,065 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $17,381 |
| Accounts receivable, net | $2,929,290 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $62,663 |
| Prepaid expenses and deferred charges | $280,167 |
| Net Land, buildings, and equipment | $24,498,769 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $9,734,945 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $246,641 |
| Total assets | $40,390,921 |
| Accounts payable and accrued expenses | $717,719 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $779,145 |
| Total liabilities | $1,496,864 |
| Net assets without donor restrictions | $31,859,333 |
| Net assets with donor restrictions | $7,034,724 |
| 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 | $40,390,921 |