Rhode Island Fishermen's Future Viability Trust 2 (South Fork Project)
- Assets
- $4.2m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 0
- Location
- North Kingstown, RI
- Founding
- Data as of
- 12/2023
- EIN
- 92-2761416
Organization Overview
Rhode Island Fishermen's Future Viability Trust 2 (South Fork Project) is located in North Kingstown, RI. Rhode Island Fishermen's Future Viability Trust 2 (South Fork Project) is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RHODE ISLAND FISHERMEN'S FUTURE VIABILITY TRUST 2 (SOUTH FORK PROJECT), INC. IS ORGANIZED TO PROVIDE FOR COMPENSATORY MITIGATION AND THE ESTABLISHMENT OF A DIRECT COMPENSATION PROGRAM AS REQUIRED IN THE AGREEMENT REGARDING THE ESTABLISHMENT AND FUNDING OF THE RHODE ISLAND FISHERIES DIRECT COMPENSATION PROGRAM AND COASTAL COMMUNITY FUND DATED JUNE 30, 2021, BETWEEN SOUTH FORK WIND, LLC AND THE RHODE ISLAND COASTAL RESOURCES MANAGEMENT COUNCIL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SECURED $4,250,000 OF GRANTS FOR THE PURPOSE OF THE DIRECT COMPENSATION PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Lee Director | Trustee | 1 | $0 |
Michael Marchetti Director | Trustee | 1 | $0 |
Richard Bellavance Jr Director | Trustee | 1 | $0 |
Anne Hawkins Director | Trustee | 1 | $0 |
Spencer Seitz Director | Trustee | 1 | $0 |
Katie Almeida Director | Trustee | 1 | $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 | $4,250,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,250,000 |
| Total Program Service Revenue | $0 |
| Investment income | $21,869 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,271,869 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $74,964 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Total functional expenses | $74,964 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $130,035 |
| Savings and temporary cash investments | $2,479,238 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,596,871 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,206,144 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $4,206,144 |
| Total liabilities and net assets/fund balances | $4,206,144 |