Block Island Economic Development Foundation Inc
- Assets
- $1.6m
- Revenue
- $868.0
- Investments
- $0.0
- Employees
- 0
- Location
- Block Island, RI
- Founding
- 06/1985
- Data as of
- 12/2022
- EIN
- 22-2956223
Organization Overview
Block Island Economic Development Foundation Inc is located in Block Island, RI. The organization was established in 1985. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Block Island Economic Development Foundation Inc 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 12/2022, Block Island Economic Development Foundation Inc generated $868.0 in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (49.8%) each year. All expenses for the organization totaled $65.8k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION (BIED) AND ITS SUBSIDIARIES' MISSION IS TO IMPROVE ECONOMIC AND SOCIAL CONDITIONS FOR RESIDENTS OF BLOCK ISLAND.BIED HAS DONE THIS BY PROVIDING LOW AND MODERATE HOUSING. BIED HAS ALSO BUILT AND NOW MANAGESA COMMUNITY CENTER THAT PROVIDES CHILD CARE AND SENIOR ACTIVITIES. BIED ALSO OPERATES A GALLERY FOR LOCAL ARTISTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPRING STREET GALLERY IS A COOPERATIVE OF BLOCK ISLAND ARTISTS WHO LEARN FROM EACH OTHER, DEVELOP THEIR WORK , PROVIDE ART RELATED PROGRAMS AND SELL THEIR WORK AT A SMALL SUMMER GALLERY ON THE ISLAND. THE COMMUNITY CENTER SERVES ALL BI RESIDENTS
BIED HOUSING SUBSIDIARY OWNS AND OPERATES 16 LOW INCOME RENTAL APARTMENTS ON BLOCK ISLAND CALLED "E. SEARLES BALL MEMORIAL HOUSING." THE PROJECT IS A SUBSIDIZED RENTAL HOUSING PROJECT UNDER THE AUSPICES OF USDA -- RURAL DEVELOPMENT. HOWEVER ALL INCOME AND EXPENSE IS REPORTED AS RENTAL REVENUE AND RENTAL EXPENSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roberta Mccormick Director | Trustee | 1 | $0 |
Linda Spak Director | Trustee | 3 | $0 |
Gail Pierce Director | Trustee | 3 | $0 |
Jennifer Taubman Director | Trustee | 1 | $0 |
Amadeus Mafosi Director | Trustee | 1 | $0 |
Gerald Pierce President | OfficerTrustee | 3 | $0 |
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 | $7,709 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,709 |
| Total Program Service Revenue | $6,549 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$41,512 |
| 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 | $28,122 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $868 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,493 |
| 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 | $2,486 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,250 |
| Advertising and promotion | $2,117 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $37,854 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,193 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,375 |
| All other expenses | $0 |
| Total functional expenses | $65,849 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $145,389 |
| Savings and temporary cash investments | $78,041 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,556 |
| 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 | $1,290,570 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,917 |
| Total assets | $1,553,473 |
| Accounts payable and accrued expenses | $32,846 |
| 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 | $1,729,708 |
| Unsecured mortgages and notes payable | $154,686 |
| Other liabilities | $16,503 |
| Total liabilities | $1,933,743 |
| Net assets without donor restrictions | -$380,270 |
| 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 | $1,553,473 |