Rhode Island Manufacturing Institute
- Assets
- $689.5k
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 15
- Location
- Cranston, RI
- Founding
- 09/2005
- Data as of
- 07/2023
- EIN
- 20-0167052
Organization Overview
Rhode Island Manufacturing Institute, operating under the name We Make Ri, is located in Cranston, RI. The organization was established in 2005. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 07/2023, We Make RI employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. We Make RI 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 07/2023, We Make RI generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.2% each year . All expenses for the organization totaled $904.2k during the year ending 07/2023. While expenses have increased by 5.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BUSINESS AND EDUCATIONAL SERVICES TO BUSINESS ENTITIES AND INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES MANUFACTURING BUSINESSES WITH EDUCATIONAL RESOURCES FOR THEIR EMPLOYEES AT THE LOWEST POSSIBLE COST. RESOURCES PROVIDED INCLUDED: JOB PLACEMENT; TRAINING; SKILL CERTIFICATIONS; AND CUSTOMIZED CURRICULUM DEVELOPMENT.THE WE MAKE RI MANUFACTURING ACCELERATOR PROGRAM IS GEARED TOWARDS SMALL PRODUCT DEVELOPERS WHO ARE LOOKING TO TAKE THEIR IDEA TO THE NEXT LEVEL AND BECOME FULL-TIME ENTREPRENEURS. ACCELERATOR PARTNERS ARE PAIRED WITH MENTORS FROM THE RHODE ISLAND MANUFACTURERS ASSOCIATION, RI SOCIETY OF CPA'S, THE BUSINESS DEVELOPMENT COMPANY, AND WE MAKE RI. MENTORS GUIDE THE ACCELERATOR PARTNERS THROUGH THE STEPS AND REQUIREMENTS TO GROW THEIR BUSINESS WITH THE GOAL OF BEING FULLY SELF-EMPLOYED WITHIN 36 MONTHS WITH ANOTHER FULL-TIME EMPLOYEE. MANUFACTURERS IN THE ACCELERATOR PROGRAM ALSO GET PREMIER ACCESS TO WE MAKE RL'S MANUFACTURING SERVICES LIKE ASSEMBLY, WAREHOUSING, SHIPPING, AND PACKING FOR A REDUCED FEE. SPONSORED BY THE RI DEPARTMENT OF COMMERCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Chenevert Director | OfficerTrustee | 1 | $0 |
Andrew Prescott Secretary | Trustee | 1 | $0 |
Dylan Zelazo Director | Trustee | 1 | $0 |
Anthony Mangiarelli Treasurer | OfficerTrustee | 1 | $0 |
Steven Burch President | Trustee | 1 | $0 |
John Caito III Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $924,371 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $924,371 |
| Total Program Service Revenue | $0 |
| Investment income | $4,717 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $58,421 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,013,281 |
| 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. | $117,603 |
| Compensation of current officers, directors, key employees. | $105,843 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $441,961 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,029 |
| Payroll taxes | $51,448 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,765 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,719 |
| Advertising and promotion | $0 |
| Office expenses | $27,878 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $110,921 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,363 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,021 |
| Insurance | $7,159 |
| All other expenses | $0 |
| Total functional expenses | $904,150 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $149,694 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $152,117 |
| 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 | $2,510 |
| Net Land, buildings, and equipment | $110,221 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $268,591 |
| Other assets | $6,367 |
| Total assets | $689,500 |
| Accounts payable and accrued expenses | $2,750 |
| 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 | $11,876 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $305,478 |
| Total liabilities | $320,104 |
| Net assets without donor restrictions | $369,396 |
| Net assets with donor restrictions | $0 |
| 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 | $689,500 |