Rhode Island College Foundation
- Assets
- $43.3m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 10
- Location
- Providence, RI
- Founding
- 03/1978
- Data as of
- 06/2023
- EIN
- 05-6049721
Organization Overview
Rhode Island College Foundation is located in Providence, RI. The organization was established in 1978. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2023, Rhode Island College Foundation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island College 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 06/2023, Rhode Island College Foundation generated $3.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $3.1m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by 0.0% per year over the past 7 years. 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
TO RECEIVE SUPPORT RHODE ISLAND COLLEGE'S CONTINUED TRADITION OF EDUCATIONAL EXCELLENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SUPPORT TO RHODE ISLAND COLLEGE BY PROVIDING NEED AND MERIT-BASED SCHOLARSHIPS AND AWARDS TO 507 STUDENTS AND ASSISTANCE WITH FACULTY PROGRAMMING.
SUPPORT TO RIC TO SUPPORT EVENTS/ACTIVITIES, NON-CAPITALIZED EQUIPMENT AND PROFESSIONAL DEVELOPMENT.
FINANCIAL SUPPORT TO RHODE ISLAND COLLEGE DEPARTMENT OF INTERCOLLEGIATE ATHLETIC SERVICES WITH ATHLETE FACILITY IMPROVEMENTS/MAINTENANCE, UNIFORMS AND EQUIPMENT FOR VARIOUS TEAMS, AND THE PURCHASE OF TROPHIES/AWARDS FOR ATHLETES.
FINANCIAL SUPPORT TO RIC TO SUPPORT STUDENT ENGAGEMENT, LECTURES, FACULTY GRANTS AND SUPPLEMENTAL COMPENSATION AND CONFERENCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Chille Past President | OfficerTrustee | 0.5 | $0 |
Gary Dicenzo Vice President | OfficerTrustee | 0.5 | $0 |
Gary Mohamed Treasurer | OfficerTrustee | 0.5 | $0 |
Kyla Pecchia Secretary | OfficerTrustee | 0.5 | $0 |
Eugene Simone Board Member | Trustee | 0.5 | $0 |
Ann Marie Dasilva Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rhode Island College Accounting Office Various Services Including Catering, Pos | 6/29/17 | $1,225,324 |
Greenwoodasher & Associates Inc Executive Staff Searches | 6/29/17 | $159,800 |
Blackbaud Subscriptions To New Software And Consul | 6/29/17 | $130,334 |
Merrill Lynch Investment Management | 6/29/17 | $126,758 |
Highlander Institute Teacher Workshops | 6/29/17 | $110,711 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $135,830 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,607,396 |
| Noncash contributions included in lines 1a–1f | $17,279 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,743,226 |
| Total Program Service Revenue | $0 |
| Investment income | $803,696 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$241,446 |
| Net Income from Fundraising Events | -$14,953 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,438,035 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,510,788 |
| 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 | $656,828 |
| Pension plan accruals and contributions | $21,332 |
| Other employee benefits | $43,037 |
| Payroll taxes | $31,903 |
| 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 | $136,935 |
| Fees for services: Other | $170,604 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $45,143 |
| 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 | $75,350 |
| Total functional expenses | $3,058,685 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $877,790 |
| Pledges and grants receivable | $1,145,561 |
| 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 | $40,153,112 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,079,416 |
| Total assets | $43,255,879 |
| Accounts payable and accrued expenses | $735,497 |
| Grants payable | $204,428 |
| 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 | $352,304 |
| Total liabilities | $1,292,229 |
| Net assets without donor restrictions | $4,514,130 |
| Net assets with donor restrictions | $37,449,520 |
| 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 | $43,255,879 |