The Rhode Island Community Foundation
- Assets
- $1.3b
- Revenue
- $194.7m
- Investments
- $503.0m
- Employees
- 53
- Location
- Providence, RI
- Founding
- 06/1985
- Data as of
- 12/2021
- EIN
- 22-2604963
Organization Overview
The Rhode Island Community Foundation, operating under the name The Rhode Island Foundation, is located in Providence, RI. The organization was established in 1985. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Rhode Island Foundation employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island 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 12/2021, Rhode Island Foundation generated $194.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.1% each year . All expenses for the organization totaled $86.3m during the year ending 12/2021. While expenses have increased by 7.9% per year over the past 7 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 2019, Rhode Island Foundation has awarded 9,477 individual grants totaling $246,597,963. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE A COMMUNITY FOUNDATION DEDICATED TO MEETING THE NEEDS OF THE PEOPLE OF RHODE ISLAND.
Describe the Organization's Program Activity:
STRATEGIC GRANTMAKING PROGRAMS: GRANTMAKING FOCUSED PRIMARILY ON ADDRESSING SPECIFIC PRIORITIES WITHIN THREE STRATEGIC INITIATIVE AREAS: ECONOMIC SECURITY, EDUCATION, AND HEALTH. GRANTMAKING ALSO SUPPORTS ORGANIZATIONS AND PROJECTS THAT ARE RESPONSIVE TO COMMUNITY NEEDS IN OTHER AREAS INCLUDING ARTS & CULTURE, ENVIRONMENT, CHILDREN & FAMILIES, AND HOUSING. GRANTS SUPPORT DIFFERENT APPROACHES INCLUDING 1) POLICY, ADVOCACY AND SYSTEMS REFORM: FUNDING PROJECTS THAT INVOLVE RESEARCH AND ANALYSIS ON PRESSING ISSUES; ADVOCACY AND ORGANIZING THAT GIVES VOICE TO UNDERREPRESENTED GROUPS AND PROMOTES INSTITUTIONAL CHANGE 2) ORGANIZATIONAL AND LEADERSHIP CAPACITY: FUNDING PROJECTS TO INCREASE NONPROFIT CAPACITY AND 3) INNOVATIVE MODELS AND PROVEN PROGRAMS: FUNDING PROJECTS BASED ON UNIQUE RESEARCH OR EXPERIENCE IN A FIELD. WE ALSO SEEK TO EXPAND AND SUSTAIN PROGRAMS THAT ARE HIGHLY EFFECTIVE AND PRODUCE RESULTS. WE ALSO OPERATE MULTIPLE SPECIAL GRANT PROGRAMS THAT FUND PROJECTS THAT BEST MATCH DONOR INTENT.
DONOR DESIGNATED FUNDS: PROVIDING VEHICLES FOR DONORS TO MAKE GRANTS TO QUALIFIED CHARITIES BY DESIGNATING A QUALIFIED CHARITY.
DONOR ADVISED FUNDS: PROVIDING VEHICLES FOR DONORS TO MAKE GRANTS TO QUALIFIED CHARITIES BY ACTIVELY PARTICIPATING IN GRANT RECOMMENDATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neil Steinberg President | Officer | 40 | $565,698 |
Jennifer Reid Cfo/treasurer | Officer | 40 | $254,901 |
Kathleen Malin Cto/vp Of Operations | 40 | $189,911 | |
James Sanzi Former SVP Of Dev. (to 9/21) | 40 | $177,074 | |
Arianne Corrente VP Of Communications & Marketing | 40 | $154,679 | |
Daniel Kertzner Senior Philanthropic Advisor | 40 | $153,915 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Charlesbank Equity Fund Asset Management | 12/30/21 | $700,000 |
Msa Management Consulting | 12/30/21 | $620,000 |
Silchester International Investors Asset Management | 12/30/21 | $517,970 |
Providence Equity Asset Management | 12/30/21 | $631,200 |
Adage Capital Partners Asset Management | 12/30/21 | $674,321 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,616,882 |
| All other contributions, gifts, grants, and similar amounts not included above | $90,954,167 |
| Noncash contributions included in lines 1a–1f | $35,293,416 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $96,571,049 |
| Total Program Service Revenue | $0 |
| Investment income | $13,926,792 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $35,200 |
| Net Gain/Loss on Asset Sales | $83,805,701 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $194,702,159 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $66,182,919 |
| Grants and other assistance to domestic individuals. | $3,957,150 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,086,874 |
| Compensation of current officers, directors, key employees. | $794,321 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,878,321 |
| Pension plan accruals and contributions | $278,045 |
| Other employee benefits | $833,690 |
| Payroll taxes | $378,287 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $133,485 |
| Fees for services: Accounting | $117,830 |
| Fees for services: Lobbying | $18,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,088,653 |
| Fees for services: Other | $1,297,610 |
| Advertising and promotion | $572,542 |
| Office expenses | $265,355 |
| Information technology | $147,285 |
| Royalties | $0 |
| Occupancy | $575,747 |
| Travel | $26,390 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,018 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $209,013 |
| Insurance | $74,427 |
| All other expenses | $0 |
| Total functional expenses | $86,255,256 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $923,839 |
| Savings and temporary cash investments | $85,097,067 |
| Pledges and grants receivable | $1,442,455 |
| Accounts receivable, net | $93,061 |
| 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 | $16,702 |
| Net Land, buildings, and equipment | $3,564,307 |
| Investments—publicly traded securities | $734,492,348 |
| Investments—other securities | $503,011,428 |
| Investments—program-related | $326,012 |
| Intangible assets | $0 |
| Other assets | $17,714,839 |
| Total assets | $1,346,682,058 |
| Accounts payable and accrued expenses | $1,301,065 |
| Grants payable | $3,625,118 |
| 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 | $0 |
| Total liabilities | $4,926,183 |
| Net assets without donor restrictions | $1,315,689,145 |
| Net assets with donor restrictions | $26,066,730 |
| 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 | $1,346,682,058 |
Grants Awarded
Over the last fiscal year, The Rhode Island Community Foundation has awarded $64,676,756 in support to 823 organizations.
| Grant Recipient | Amount |
|---|---|
Providence, RI PURPOSE: UNITED WAY PHILANTHROPIC FUND; GENERAL OPERATING; JEWISH FAMILY SERVICE; GOOD NEIGHBOR ENERGY FUND; GENERAL SUPPORT; COMMIT TO EQUITY; MAKE IT HAPPEN VISIONING SESSIONS; GOOD NEIGHBOR ENERGY FUND; DR. JAMES YASHAR PHILANTHROPY ACCOUNT; DONOR ADVISED FUND/COMMUNITY FUND; COVID-19 VACCINATION ACCESS GRANT; FEDERATED GIVING; COMMUNITY IMPROVEMENT; PROGRAM SUPPORT; 401 GIVES MATCHING GRANT; 401 GIVES GIFT; 401 GIVES; PHILANTHROPY FUND AT THE UNITED WAY OF RHODE ISLAND | $4,191,398 |
Providence, RI PURPOSE: YOUTH EMPOWERMENT AND INSTITUTIONAL EQUITY INITIATIVE; BUILDING ACQUISITION; SPECIAL BUILDING PROJECT; RWS SELECTION PANEL AWARD; GENERAL OPERATING; MUSIC EDUCATION; PROGRAM SUPPORT; GENERAL SUPPORT; EMPLOYEE MATCHING PROGRAM; CAPITAL CAMPAIGN; KEEP THE MUSIC PLAYING! | $2,156,625 |
Providence, RI PURPOSE: AS MOST NEEDED; STAFF TIME DEDICATED TO COVID-19 RESPONSE; GENERAL SUPPORT; OPTION TO PURCHASE 434 ATWELLS; OLNEYVILLE HEALTH EQUITY NETWORK; CENTRAL PROVIDENCE HEZ; RE-ENTRY & SUPPORTIVE HOUSING | $2,133,873 |
Boston, MA PURPOSE: HAXTON FAMILY FUND | $2,000,000 |
Boston, MA PURPOSE: STAR RIVER FUND; STAR RIVER FUND; WHERE IT'S NEEDED MOST; STAR RIVER FUND; STAR RIVER FUND | $1,379,892 |
Providence, RI PURPOSE: AFGHAN REFUGEE RESETTLEMENT; AFGHAN RESETTLEMENT; AFGHANIS ASSISTANCE; AFGAN REFUGEE SETTLEMENT IN RI; ASSISTANCE FOR NEWLY ARRIVED IMMIGRANTS; AFGHAN REFUGEES; PURCHASE ESSENTIAL ITEMS; FY2021-22 SAFETY AND COVID UPGRADES; HOUSING ASSISTANCE FOR NEWCOMERS; PROGRAMS FOR RI IMMIGRANTS; REFUGEE RELIEF FUND; THE IMMIGRANT COALITION OF RI; WORK IN RESETTLEMENT; GENERAL SUPPORT; PROGRAM SUPPORT; GENERAL OPERATING; WHEREVER MOST NEEDED; COVID-19 ASSISTANCE TO NARRAGANSETT TRIBAL MEMBERS; REFUGEE RELIEF FUND | $924,414 |
Grants Recieved
Over the last fiscal year, we have identified 23 grants that The Rhode Island Community Foundation has recieved totaling $9,790,423.
| Awarding Organization | Amount |
|---|---|
Delta Dental Of Rhode Island Providence, RI PURPOSE: PROGRAM SUPPORT | $7,520,000 |
Xq Institute Oakland, CA PURPOSE: SUPPORT THE STATE IN THEIR WORK TO RE-IMAGINE AND RE-DESIGN THEIR SCHOOLS. | $529,650 |
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $392,161 |
Partnership For Rhode Island Providence, RI PURPOSE: PUBLIC EDUCATION SMART CLINIC & TEACHERS OF COLOR IN PROV. PUBLIC SCHOOL | $360,000 |
Feibelman Foundation Providence, RI PURPOSE: CHARITABLE | $300,000 |
Partnership For Rhode Island Providence, RI PURPOSE: SMART CLINICS | $217,000 |
Endowment Analysis
| Beg. Balance | $1,079,138,902 |
| Earnings | $216,644,119 |
| Admin Expense | $13,796,476 |
| Net Contributions | $89,031,191 |
| Grants | $64,152,874 |
| Ending Balance | $1,306,864,862 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Boston Foundation Inc Boston, MA | $1,683,793,346 | $325,590,260 |
The Rhode Island Community Foundation Providence, RI | $1,346,682,058 | $194,702,159 |
Hartford Foundation For Public Giving Hartford, CT | $1,125,106,021 | $82,935,365 |
Community Foundation For Greater New Haven New Haven, CT | $745,279,119 | $58,670,540 |
Fairfield Countys Community Foundation Inc Norwalk, CT | $264,164,706 | $42,534,303 |
Community Foundation Of Western Massachusetts Springfield, MA | $263,677,089 | $50,890,910 |
Essex County Community Foundation Incorporated Danvers, MA | $116,029,343 | $28,414,247 |
The Berkshire Taconic Community Foundation Inc Sheffield, MA | $235,546,714 | $26,961,716 |
Greater Worcester Community Foundation Inc Worcester, MA | $200,476,252 | $22,847,423 |
Community Foundation Of Eastern Connecticut New London, CT | $123,416,332 | $10,480,728 |
Southcoast Community Foundation Inc New Bedford, MA | $53,147,669 | $13,725,688 |
Connecticut Community Foundation Inc Waterbury, CT | $154,014,275 | $11,174,882 |