Rainbow Fund
- Assets
- $781.9k
- Revenue
- $7.3k
- Investments
- $647.0k
- Employees
- 0
- Location
- Providence, RI
- Founding
- 10/1957
- Data as of
- 12/2022
- EIN
- 58-6043659
Organization Overview
Rainbow Fund is located in Providence, RI. The organization was established in 1957. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rainbow Fund 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, Rainbow Fund generated $7.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (50.7%) each year. All expenses for the organization totaled $26.8k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Rainbow Fund has awarded 12 individual grants totaling $148,000. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bank Of America Trustee | 1 | $8,714 | |
Stephen Luce Co-Trustee | 1 | $0 | |
Mathew D Luce C0-Trustee | 1 | $0 | |
Sara E Luce Sides Co-Trustee | 1 | $0 | |
Mary C Luce Giles Co-Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $31,578 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$24,278 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $7,300 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $8,714 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $560 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $9,274 |
| Contributions, gifts, grants paid | $17,500 |
| Total expenses and disbursements | $26,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $134,968 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $781,938 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Rainbow Fund has awarded $17,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
INDIAN SPRINGS HOLINESS CAMP PURPOSE: UNRESTRICTED GENERAL | $12,500 |
ASBURY UNIVERSITY PURPOSE: UNRESTRICTED GENERAL | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rainbow Fund has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Marasco & Nesselbush Foundation Providence, RI PURPOSE: CHARITABLE | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Richard K Lubin Family Foundation Boston, MA | $152,996,918 | $13,537,947 |
William J & Lia G Poorvu Family Foundation Cambridge, MA | $120,261,343 | $11,453,242 |
Shapiro Foundation Needham, MA | $157,349,001 | $11,545,549 |
New Balance Foundation Boston, MA | $152,561,164 | $17,219,252 |
Dorot Foundation Providence, RI | $152,678,758 | $11,417,261 |
Linde Family Foundation Boston, MA | $189,813,343 | $18,266,253 |
Nancy Lurie Marks Family Foundation Wellesley, MA | $0 | $8,374,794 |
Abrams Foundation Inc Boston, MA | $0 | $18,931,017 |
James S Mcdonnell Family Foundation Inc Lincoln, MA | $112,136,511 | $18,539,492 |
The Childrens Investment Fund Foundation West Hartford, CT | $147,469,388 | $4,068,315 |
Highland Street Connection Newton, MA | $74,050,006 | $4,748,542 |
Leir Foundation Inc Ridgefield, CT | $108,810,861 | $16,743,415 |