Lifespan Foundation
- Assets
- $16.9m
- Revenue
- $10.7m
- Investments
- $2.4m
- Employees
- 0
- Location
- Providence, RI
- Founding
- 06/1998
- Data as of
- 09/2021
- EIN
- 05-0493219
Organization Overview
Lifespan Foundation is located in Providence, RI. The organization was established in 1998. According to its NTEE Classification (E20) the organization is classified as: Hospitals, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lifespan 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 09/2021, Lifespan Foundation generated $10.7m in total revenue. All expenses for the organization totaled $344.8k during the year ending 09/2021. While expenses have increased by 6.7% per year over the past 6 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.
Since 2015, Lifespan Foundation has awarded 21 individual grants totaling $2,040,642. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THROUGH THE DEVELOPMENT AND ADMINISTRATION OF PHILANTHROPIC ACTIVITIES, LIFESPAN FOUNDATION (THE FOUNDATION) IS ABLE TO MAKE GRANTS THAT HELP SUPPORT THE MISSION AND PURPOSES OF LIFESPAN, ITS AFFILIATES, AND THE RHODE ISLAND COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN FISCAL YEAR 2021, THE FOUNDATION TRANSFERRED $120,953 TO RHODE ISLAND HOSPITAL (RIH), MOST NOTABLY $119,605 TO SUPPORT VARIOUS PATIENT CARE ENHANCEMENT PROJECTS AND RESEARCH IN THE LIFESPAN CANCER INSTITUTE.
IN FISCAL YEAR 2021, THE FOUNDATION TRANSFERRED $91,404 TO RIH IN SUPPORT OF ITS 50% SHARE OF THE SPENDING FROM THE INTERVENTIONAL CARDIOLOGY JOINT PROGRAM FELLOWSHIP ENDOWMENT WITH THE WARREN ALPERT MEDICAL SCHOOL OF BROWN UNIVERSITY (BROWN). THIS RECURRING ONE-YEAR PROGRAM ALLOWS FOUR FELLOWS TO BE TRAINED TO ACHIEVE COMPETENCY IN PERFORMING A VARIETY OF CORONARY ARTERY INTERVENTIONAL PROCEDURES, INCLUDING, BUT NOT LIMITED TO, BALLOON ANGIOPLASTY, ATHERECTOMY, INTRACORONARY ULTRASOUND, AND DEVELOPMENT OF INTRACORONARY STENTS. TRAINEES ALSO WORK TOWARD GAINING EXPERIENCE IN NON-CORONARY CARDIAC AND PERIPHERAL INTERVENTIONS.
THE FOUNDATION AND BROWN HAVE AN AGREEMENT PURSUANT TO WHICH EACH ENTITY MAINTAINS AN ENDOWMENT FUND REPRESENTING 50% OF AN ENDOWMENT GIFT, THE INCOME FROM WHICH SUPPORTS A DIAGNOSTIC IMAGING SHARED CHAIR. THE AGREEMENT SPECIFIES A SPENDING RATE WHICH IS APPLIED TO THE TRAILING THREE-YEAR AVERAGE FAIR VALUE OF THE ENDOWMENT FUND TO ARRIVE AT AN AMOUNT USED TO SUPPORT THE NAMED PROFESSORSHIP. PAYMENTS DISTRIBUTING THIS AMOUNT, WHICH ARE MADE BY THE FOUNDATION TO BROWN ON A QUARTERLY BASIS, TOTALED $87,679 IN FISCAL YEAR 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy J Babineau MD President-11/20 | OfficerTrustee | 1 | $0 |
Mary A Wakefield Treasurer- 6/20 | OfficerTrustee | 0.25 | $0 |
Paul J Adler Secretary | OfficerTrustee | 0.25 | $0 |
Lawrence A Aubin Sr Chair | OfficerTrustee | 0.5 | $0 |
Nicholas J Dominck Jr President | OfficerTrustee | 0.1 | $0 |
David A Kirshner Treasurer | OfficerTrustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $50,155 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,063,897 |
| Noncash contributions included in lines 1a–1f | $24,849 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,114,052 |
| Total Program Service Revenue | $0 |
| Investment income | $110,621 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $502,566 |
| Net Income from Fundraising Events | -$5,985 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,721,254 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $344,776 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $344,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,027 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $8,336,173 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,953,843 |
| Investments—other securities | $2,438,029 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $171,474 |
| Total assets | $16,900,546 |
| Accounts payable and accrued expenses | $22,440 |
| 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 | $17,696 |
| Total liabilities | $40,136 |
| Net assets without donor restrictions | $24,915 |
| Net assets with donor restrictions | $16,835,495 |
| 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 | $16,900,546 |
Grants Awarded
Over the last fiscal year, Lifespan Foundation has awarded $344,776 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Providence, RI PURPOSE: See Form 990, Part III, Lines 4a/b | $212,357 |
Providence, RI PURPOSE: Shared Chair | $87,679 |
Providence, RI PURPOSE: Philanthropy Support | $44,740 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Lifespan Foundation has recieved totaling $357,204.
| Awarding Organization | Amount |
|---|---|
United Way Of Rhode Island Inc Providence, RI PURPOSE: DESIGNATED DONATION/GRANT | $346,204 |
American Cancer Society Inc Kennesaw, GA PURPOSE: Patient Support | $10,000 |
Fleetwood Foundation St Paul, MN PURPOSE: ANNUAL | $1,000 |
Endowment Analysis
| Beg. Balance | $5,754,164 |
| Earnings | $1,335,776 |
| Net Contributions | $1,836,030 |
| Other Expense | $362,624 |
| Ending Balance | $8,563,346 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Riverside Community Care Inc Dedham, MA | $58,699,955 | $95,150,404 |
Vassar Health Connecticut Inc Sharon, CT | $42,119,488 | $49,443,431 |
Dimock Community Foundation Inc Group Return Roxbury, MA | $54,875,455 | $46,609,150 |
Community Health Connections Inc Fitchburg, MA | $38,406,305 | $38,479,971 |
Brown Urology Inc Rumford, RI | $7,762,326 | $22,266,151 |
Community Health Services Inc Hartford, CT | $18,052,778 | $22,284,451 |
Tufts Veterinary Emergency Treatment And Specialties Inc North Grafton, MA | $9,188,214 | $15,319,353 |
Planetree International Inc Derby, CT | $5,662,696 | $4,312,648 |
Melrosewakefield Healthcare Parent Corporation Medford, MA | $8,250,817 | $2,158,034 |
Vaccinate Your Family Inc Mystic, CT | $2,903,587 | $3,309,052 |
Institute For Community Research Inc Hartford, CT | $1,015,931 | $1,584,193 |
Heywood Realty Corporation Gardner, MA | $4,906,271 | $2,662,734 |