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Nonprofiteer
← THE RHODE ISLAND COMMUNITY FOUNDATION

Form 990 for tax year 2023

Filed by THE RHODE ISLAND COMMUNITY FOUNDATION.

Totals

Total revenue
$87,701,485
Total expenses
$102,860,359
Contributions and grants received
$42,810,300
Grants paid
$84,716,173
Program service revenue
$0
Investment income
$44,374,465
Other revenue
$516,720
Total assets, end of year
$1,257,515,540
Total liabilities, end of year
$8,763,231
Net assets or fund balances, end of year
$1,248,752,309
Program services expenses (Part IX)
$89,868,138
Management and general expenses
$10,787,959
Fundraising expenses
$2,204,262
Program service expenses (Part III)
$89,868,138

Program services were 87.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $12,502,500

  • 1f · All other contributions, gifts and grants

    $30,307,800

  • 1g · Noncash contributions included above

    $6,185,489

  • 3 · Investment income

    total $14,919,758 · unrelated business -$515,484 · excluded $15,435,242

  • 6a · Gross rents

    real property $179,166

  • 6b · Less rental expenses

    real property $76,520

  • 6c · Rental income or loss

    real property $102,646

  • 6d · Net rental income or loss

    total $102,646 · excluded $102,646

  • 7a · Gross sales of assets other than inventory

    securities $136,547,656 · other assets $20,000

  • 7b · Less cost or other basis and sales expenses

    securities $107,110,720 · other assets $2,229

  • 7c · Gain or loss

    securities $29,436,936 · other assets $17,771

  • 7d · Net gain or loss

    total $29,454,707 · unrelated business $1,083,708 · excluded $28,370,999

  • 11a · Other revenue: MANAGEMENT FEE INCOME

    total $414,074 · excluded $414,074

  • 11e · Other revenue, total

    $414,074

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $82,305,210 · program services $82,305,210

  • 2 · Grants to domestic individuals

    total $2,410,963 · program services $2,410,963

  • 5 · Compensation of officers, directors and key employees

    total $2,191,750 · program services $374,332 · management and general $1,326,917 · fundraising $490,501

  • 7 · Other salaries and wages

    total $4,865,709 · program services $1,436,406 · management and general $2,554,000 · fundraising $875,303

  • 8 · Pension plan contributions

    total $387,572 · program services $118,593 · management and general $194,872 · fundraising $74,107

  • 9 · Other employee benefits

    total $857,814 · program services $182,780 · management and general $552,022 · fundraising $123,012

  • 10 · Payroll taxes

    total $473,389 · program services $120,111 · management and general $276,741 · fundraising $76,537

  • 11b · Fees: legal

    total $105,768 · program services $16,032 · management and general $49,130 · fundraising $40,606

  • 11c · Fees: accounting

    total $125,400 · management and general $125,400

  • 11d · Fees: lobbying

    total $24,300 · management and general $24,300

  • 11f · Fees: investment management

    total $2,884,535 · management and general $2,884,535

  • 12 · Advertising and promotion

    total $630,585 · program services $41,117 · management and general $355,870 · fundraising $233,598

  • 13 · Office expenses

    total $480,911 · program services $251,703 · management and general $222,065 · fundraising $7,143

  • 14 · Information technology

    total $740,268 · management and general $740,268

  • 16 · Occupancy

    total $593,007 · management and general $593,007

  • 17 · Travel

    total $79,929 · program services $11,468 · management and general $39,556 · fundraising $28,905

  • 19 · Conferences, conventions and meetings

    total $228,445 · program services $211,194 · management and general $16,979 · fundraising $272

  • 22 · Depreciation, depletion and amortization

    total $188,376 · management and general $188,376

  • 23 · Insurance

    total $86,993 · management and general $86,993

  • 24a · Other expenses: FISCAL AGENT PROGRAMS

    total $1,395,500 · program services $1,395,500

  • 24b · Other expenses: CONSULTANTS

    total $1,201,587 · program services $934,223 · management and general $237,864 · fundraising $29,500

  • 24c · Other expenses: PURCHASED SERVICES

    total $372,444 · management and general $152,267 · fundraising $220,177

  • 24d · Other expenses: MEMBERSHIPS

    total $229,904 · program services $58,506 · management and general $166,797 · fundraising $4,601

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $374,766 · end of year $296,991

  • 2 · Savings and temporary cash investments

    beginning of year $53,849,929 · end of year $38,954,271

  • 3 · Pledges and grants receivable

    beginning of year $1,019,682 · end of year $659,294

  • 4 · Accounts receivable

    beginning of year $40,317 · end of year $10,011

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $210,994 · end of year $163,196

  • 10a · Land, buildings and equipment: cost or other basis

    $6,804,436

  • 10b · Land, buildings and equipment: accumulated depreciation

    $4,080,821

  • 10c · Land, buildings and equipment, net

    beginning of year $2,676,685 · end of year $2,723,615

  • 11 · Investments: publicly traded securities

    beginning of year $610,970,306 · end of year $681,856,969

  • 12 · Investments: other securities

    beginning of year $480,815,102 · end of year $521,825,089

  • 13 · Investments: program-related

    beginning of year $326,012 · end of year $326,012

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $14,606,781 · end of year $10,700,092

  • 17 · Accounts payable and accrued expenses

    beginning of year $702,024 · end of year $1,767,508

  • 18 · Grants payable

    beginning of year $3,893,982 · end of year $6,995,723

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $9,252,500

  • 27 · Net assets without donor restrictions

    beginning of year $1,134,685,076 · end of year $1,240,474,372

  • 28 · Net assets with donor restrictions

    beginning of year $16,356,992 · end of year $8,277,937

Mission and programs · 2023

Mission

THE RHODE ISLAND FOUNDATION IS A PROACTIVE COMMUNITY AND PHILANTHROPIC LEADER DEDICATED TO MEETING THE NEEDS OF THE PEOPLE OF RHODE ISLAND.

Activities or mission (Part I)

A COMMUNITY FOUNDATION DEDICATED TO MEETING THE NEEDS OF THE PEOPLE OF RHODE ISLAND.

  • DONOR DESIGNATED FUNDS: PROVIDING VEHICLES FOR DONORS TO MAKE GRANTS TO QUALIFIED CHARITIES BY DESIGNATING A QUALIFIED CHARITY.

    Expenses $40,237,506 · Grants $37,930,768

  • DONOR ADVISED FUNDS: PROVIDING GRANTS TO QUALIFIED 501C(3) ORGANIZATIONS THROUGH FUNDS OVER WHICH DONORS HAVE ADVISORY PRIVILEGES.

    Expenses $28,317,296 · Grants $26,693,921

  • STRATEGIC GRANTMAKING PROGRAMS: GRANTMAKING FOCUSED PRIMARILY ON ADDRESSING SPECIFIC PRIORITIES WITHIN THREE STRATEGIC 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 THAT GIVES VOICE TO UNDERREPRESENTED GROUPS AND PROMOTES INSTITUTIONAL CHANGE 2)ORGANIZATIONAL AND LEADERSHIP CAPACITY: FUNDING PROJECTS TO INCREASE NON PROFIT CAPACITY, AND 3) INNOVATIVE MODELS AND PROVEN PROGRAMS: FUNDING PROJECTS BASED ON UNIQUE RESEARCH OR EXPERIENCE IN A FIELD. WE 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.

    Expenses $21,313,336 · Grants $20,091,484

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • G Alan Kurose MD MBA Facp

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2 + 0.6 related

  • Janet Robinson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Michael K Allio

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Carrie Bridges Feliz MPH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Melissa R Dubose

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Jonathan D Fain

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Edward O Handy III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Ann-Marie Harrington

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Meghan Hughes PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Tony Mendez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Theresa Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Peter R Phillips

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • James Wright

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.6 related

  • Neil Steinberg

    PRESIDENT/CEO (THRU 5/31)

    Total calculated
    $466,576
    From this org
    $425,004
    From related orgs
    $0
    Other
    $41,572
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $54,541
    Bonus
    $149,402
    Other
    $221,061
    Deferred
    $29,700
    Nontaxable benefits
    $11,872
    Filer's total
    $466,576

  • David Cicilline

    PRESIDENT/CEO (AS OF 6/1)

    Total calculated
    $398,955
    From this org
    $387,540
    From related orgs
    $0
    Other
    $11,415
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $371,718
    Bonus
    $15,000
    Other
    $822
    Deferred
    $4,500
    Nontaxable benefits
    $6,915
    Filer's total
    $398,955

  • Jennifer Reid

    CFO/TREASURER

    Total calculated
    $299,082
    From this org
    $297,370
    From related orgs
    $0
    Other
    $1,712
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $253,553
    Bonus
    $18,500
    Other
    $25,317
    Deferred
    $0
    Nontaxable benefits
    $1,712
    Filer's total
    $299,082

  • Bridget Baratta

    VP OF DEVELOPMENT

    Total calculated
    $274,118
    From this org
    $238,911
    From related orgs
    $0
    Other
    $35,207
    Hours/week
    40 + 0.9 related

    Schedule J breakdown matched by us

    Base
    $199,604
    Bonus
    $17,500
    Other
    $21,807
    Deferred
    $21,749
    Nontaxable benefits
    $13,458
    Filer's total
    $274,118

  • Kathleen Malin

    CTO/VP OF OPERATIONS

    Total calculated
    $269,554
    From this org
    $222,431
    From related orgs
    $0
    Other
    $47,123
    Hours/week
    40 + 0.9 related

    Schedule J breakdown matched by us

    Base
    $200,359
    Bonus
    $17,500
    Other
    $4,572
    Deferred
    $20,477
    Nontaxable benefits
    $26,646
    Filer's total
    $269,554

  • Jennifer Pereira

    VP OF GRANTS & COMMUNITY INVESTMENT

    Total calculated
    $244,503
    From this org
    $192,251
    From related orgs
    $0
    Other
    $52,252
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,203
    Bonus
    $17,500
    Other
    $1,548
    Deferred
    $18,125
    Nontaxable benefits
    $34,127
    Filer's total
    $244,503

  • Arianne Corrente

    VP OF COMMUNICATIONS & MARKETING

    Total calculated
    $238,962
    From this org
    $183,248
    From related orgs
    $0
    Other
    $55,714
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,391
    Bonus
    $20,500
    Other
    $357
    Deferred
    $17,759
    Nontaxable benefits
    $37,955
    Filer's total
    $238,962

  • Angela Ankoma

    VP & ED EQUITY LEADERSHIP INITIATIVE

    Total calculated
    $233,955
    From this org
    $177,169
    From related orgs
    $0
    Other
    $56,786
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,133
    Bonus
    $17,500
    Other
    $536
    Deferred
    $17,331
    Nontaxable benefits
    $39,455
    Filer's total
    $233,955

  • Sharon Collier

    VICE PRESIDENT OF HUMAN RESOURCES

    Total calculated
    $220,889
    From this org
    $188,018
    From related orgs
    $0
    Other
    $32,871
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,160
    Bonus
    $17,500
    Other
    $2,358
    Deferred
    $17,281
    Nontaxable benefits
    $15,590
    Filer's total
    $220,889

  • Daniel Kertzner

    SENIOR PHILANTHROPIC ADVISOR

    Total calculated
    $207,489
    From this org
    $176,739
    From related orgs
    $0
    Other
    $30,750
    Hours/week
    40 + 0.6 related

    Schedule J breakdown matched by us

    Base
    $162,474
    Bonus
    $12,000
    Other
    $2,265
    Deferred
    $16,189
    Nontaxable benefits
    $14,561
    Filer's total
    $207,489

  • Jill Pfitzenmayer

    VP OF CAPACITY BUILDING

    Total calculated
    $198,823
    From this org
    $160,169
    From related orgs
    $0
    Other
    $38,654
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,621
    Bonus
    $2,500
    Other
    $4,048
    Deferred
    $14,691
    Nontaxable benefits
    $23,963
    Filer's total
    $198,823

  • Christine Pellegri

    SENIOR PHILANTHROPIC ADVISOR

    Total calculated
    $183,473
    From this org
    $148,353
    From related orgs
    $0
    Other
    $35,120
    Hours/week
    40 + 0.6 related

    Schedule J breakdown matched by us

    Base
    $135,114
    Bonus
    $12,000
    Other
    $1,239
    Deferred
    $14,110
    Nontaxable benefits
    $21,010
    Filer's total
    $183,473

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
SOCIAL CLUB MEMBERSHIP DUES ARE PAID ON BEHALF OF THE FORMER AND CURRENT PRESIDENT/CEO AND VP OF DEVELOPMENT. THESE MEMBERSHIPS ARE USED FOR BUSINESS PURPOSES AND THEREFORE NOT TREATED AS TAXABLE COMPENSATION.
PART I, LINE 4B
THE FORMER PRESIDENT/CEO PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION PLAN.
PART I, LINE 7
THE ORGANIZATION'S EMPLOYEES ARE ELIGIBLE FOR MERIT-BASED BONUSES AND OTHER AWARDS AT THE DISCRETION OF THE PRESIDENT/CEO AND BOARD OF DIRECTORS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER UNITRUSTS (4)

    T · INVESTMENTS · RI

  • CHARITABLE REMAINDER ANNUITY TRUSTS (1)

    T · INVESTMENTS · RI

  • POOLED INCOME FUNDS (14)

    T · INVESTMENTS · RI

  • CHARITABLE REMAINDER UNITRUSTS (5)

    T · INVESTMENTS · RI

  • CHARITABLE LEAD UNITRUST (1)

    T · INVESTMENTS · RI

  • CHARITABLE LEAD ANNUITY TRUST (1)

    T · INVESTMENTS · RI

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202443209349309244

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