The University Of Rhode Island Foundation & Alumni Engagement
- Assets
- $291.8m
- Revenue
- $33.5m
- Investments
- $0.0
- Employees
- 82
- Location
- Kingston, RI
- Founding
- 08/1959
- Data as of
- 06/2023
- EIN
- 05-6014351
Organization Overview
The University Of Rhode Island Foundation & Alumni Engagement is located in Kingston, RI. The organization was established in 1959. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2023, University Of Rhode Island Foundation & Alumni Engagement employed 82 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Of Rhode Island Foundation & Alumni Engagement 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 06/2023, University Of Rhode Island Foundation & Alumni Engagement generated $33.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $40.0m during the year ending 06/2023. While expenses have increased by 8.4% per year over the past 8 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, University Of Rhode Island Foundation & Alumni Engagement has awarded 21 individual grants totaling $95,796,386. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO INSPIRE AND STEWARD PHILANTHROPIC SUPPORT BENEFITING URI AND TO INFORM AND ENGAGE ALUMNI AS COMMITTED PARTNERS OF THE UNIVERSITY, ITS MISSION, AND TRADITIONS. IN ALL ITS ACTIVITIES, URIFAE STRIVES FOR CORE VALUES OF TRANSPARENCY, INTEGRITY, COLLABORATION, ACCOUNTABILITY, AND RESPECT.
Describe the Organization's Program Activity:
BUILDING AND EQUIPMENT, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT (URIFAE) RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO SUPPORT BUILDING AND EQUIPMENT INITIATIVES THROUGH THE UNIVERSITY CAMPUS.
OTHER PROGRAM SERVICES, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO SUPPORT NUMEROUS PROGRAMS SUCH AS OUTREACH PROGRAMS, RESEARCH, ATHLETIC, VISITING LECTURERS, FACULTY CHAIRS, LIBRARY AND ADMINISTRATIVE SUPPORT.
PROGRAM SERVICES, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO SUPPORT ACADEMIC PROGRAMS THROUGH THE UNIVERSITY. EXPENDITURES ARE PAID BY THE UNIVERSITY USING FOUNDATION FUNDS. PRIOR TO THE FOUNDATION FUNDING EXPENDITURES, THE UNIVERSITY PROVIDES DOCUMENTATION TO THE FOUNDATION TO ENSURE EXPENDITURES ALIGN WITH DONOR INTENDED PURPOSE. OCCASIONALLY THE FOUNDATION WILL PAY THE VENDOR DIRECTLY.
SCHOLARSHIPS, AWARDS AND FELLOWSHIPS, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO THE SUPPORT OF FINANCIAL AID FOR UNIVERSITY STUDENTS. TO ENSURE COMPLIANCE WITH ALL UNIVERSITY, FEDERAL AND STATE FINANCIAL AID REQUIREMENTS, THE UNIVERSITY SELECTS THE STUDENT RECIPIENT AND MAKES THE AWARDS DIRECTLY TO STUDENTS. THE FOUNDATION PROVIDES FUNDS TO THE UNIVERSITY FOR THE FINANCIAL AID EXPENDITURES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alfred J Verrecchia Chairman/board Member | OfficerTrustee | 8 | $0 |
Barry M Gertz Trustee | Trustee | 1 | $0 |
Christopher J Wolfe Trustee | Trustee | 1 | $0 |
Colleen Gouveia Moulton Board Member | Trustee | 2 | $0 |
Daniel G Lowney Board Member | Trustee | 2 | $0 |
David J Buckanavage Trustee (to 6/2023) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cambridge & Associates Investment Management | 6/29/19 | $208,419 |
Indonesia Education Partnership Business Development | 6/29/19 | $177,381 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,050,288 |
| Noncash contributions included in lines 1a–1f | $3,091,112 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,050,288 |
| Total Program Service Revenue | $7,321,087 |
| Investment income | $5,198,718 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $885,215 |
| Net Income from Fundraising Events | $12,590 |
| Net Income from Gaming Activities | $27,663 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,495,561 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,038,061 |
| 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. | $920,641 |
| Compensation of current officers, directors, key employees. | $276,192 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,457,828 |
| Pension plan accruals and contributions | $545,836 |
| Other employee benefits | $1,041,980 |
| Payroll taxes | $610,060 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $91,534 |
| Fees for services: Accounting | $100,121 |
| Fees for services: Lobbying | $104,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,657,911 |
| Fees for services: Other | $202,585 |
| Advertising and promotion | $0 |
| Office expenses | $474,948 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $227,019 |
| Travel | $190,842 |
| 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 | $116,630 |
| Insurance | $155,328 |
| All other expenses | $3,071 |
| Total functional expenses | $39,975,213 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,213,654 |
| Savings and temporary cash investments | $19,863,195 |
| Pledges and grants receivable | $11,933,301 |
| Accounts receivable, net | $517,713 |
| 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 | $293,242 |
| Net Land, buildings, and equipment | $1,694,613 |
| Investments—publicly traded securities | $255,023,694 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $101,347 |
| Other assets | $184,772 |
| Total assets | $291,825,531 |
| Accounts payable and accrued expenses | $1,111,715 |
| Grants payable | $0 |
| Deferred revenue | $1,243,621 |
| 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 | $6,276,912 |
| Total liabilities | $8,632,248 |
| Net assets without donor restrictions | $11,983,938 |
| Net assets with donor restrictions | $271,209,345 |
| 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 | $291,825,531 |
Grants Awarded
Over the last fiscal year, The University Of Rhode Island Foundation & Alumni Engagement has awarded $18,883,932 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF RHODE ISLAND ALUMNI ASSOCIATION PURPOSE: TO SERVE THE ALUMNI OF THE UNIVERSITY OF RHODE ISLAND & PROMOTE THE INTEREST OF THE UNIVERSITY BY PROVIDING OPPORTUNITIES FOR THE PROFESSIONAL, SOCIAL AND INTELLECTUAL GROWTH OF ITS MEMBERS AND STRENGTHENING THEIR ATTACHMENT TO AND FINANCIAL SUPPORT TO THEIR ALMA MATER. | $1,557,125 |
UNIVERSITY OF RHODE ISLAND PURPOSE: GENERAL SUPPORT | $15,898,122 |
UNIVERSITY OF RHODE ISLAND ALUMNI ASSOCIATION PURPOSE: TO SUPPORT THE ATHLETIC PROGRAMS AT THE UNIVERSITY OF RHODE ISLAND. | $1,428,685 |