← THE UNIVERSITY OF RHODE ISLAND FOUNDATION & ALUMNI ENGAGEMENT

Form 990 for tax year 2023

Filed by THE UNIVERSITY OF RHODE ISLAND FOUNDATION & ALUMNI ENGAGEMENT.

Totals

Total revenue: $39,148,726
Total expenses: $32,846,138
Contributions and grants received: $25,396,933
Grants paid: $17,758,493
Program service revenue: $7,085,813
Investment income: $6,598,720
Other revenue: $67,260
Total assets, end of year: $320,009,256
Total liabilities, end of year: $6,753,794
Net assets or fund balances, end of year: $313,255,462
Program services expenses (Part IX): $17,758,493
Management and general expenses: $7,041,889
Fundraising expenses: $8,045,756
Program service expenses (Part III): $17,758,493

Program services were 54.1% 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.

1f · All other contributions, gifts and grants

$25,396,933
1g · Noncash contributions included above

$1,436,556
2a · Program service revenue: SERVICES FOR URI

total $7,085,813 · related or exempt $7,085,813
3 · Investment income

total $4,918,161 · unrelated business -$7,191 · excluded $4,925,352
7a · Gross sales of assets other than inventory

securities $25,711,086
7b · Less cost or other basis and sales expenses

securities $24,030,527
7c · Gain or loss

securities $1,680,559
7d · Net gain or loss

total $1,680,559 · excluded $1,680,559
8a · Fundraising events: gross income

$89,172
8b · Fundraising events: direct expenses

$47,382
8c · Net income from fundraising events

total $41,790 · excluded $41,790
9a · Gaming: gross income

$44,382
9b · Gaming: direct expenses

$18,912
9c · Net income from gaming

total $25,470 · excluded $25,470

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $17,758,493 · program services $17,758,493
5 · Compensation of officers, directors and key employees

total $953,504 · management and general $286,051 · fundraising $667,453
7 · Other salaries and wages

total $6,404,989 · management and general $1,886,126 · fundraising $4,518,863
8 · Pension plan contributions

total $550,462 · management and general $165,626 · fundraising $384,836
9 · Other employee benefits

total $1,086,165 · management and general $326,746 · fundraising $759,419
10 · Payroll taxes

total $593,917 · management and general $178,641 · fundraising $415,276
11b · Fees: legal

total $343,041 · management and general $343,041
11c · Fees: accounting

total $92,255 · management and general $92,255
11d · Fees: lobbying

total $120,000 · fundraising $120,000
11f · Fees: investment management

total $2,258,397 · management and general $2,258,397
11g · Fees: other

total $158,148 · management and general $19,890 · fundraising $138,258
13 · Office expenses

total $592,220 · management and general $187,232 · fundraising $404,988
16 · Occupancy

total $295,134 · management and general $257,999 · fundraising $37,135
17 · Travel

total $167,734 · management and general $49,807 · fundraising $117,927
22 · Depreciation, depletion and amortization

total $138,678 · management and general $138,678
23 · Insurance

total $167,479 · management and general $167,479
24a · Other expenses: DONOR CULTIVATION

total $512,669 · management and general $400,882 · fundraising $111,787
24b · Other expenses: DUES & SUBSCRIPTIONS

total $398,487 · management and general $51,252 · fundraising $347,235
24c · Other expenses: SPONSORSHIP & AWARDS

total $161,611 · management and general $150,276 · fundraising $11,335
24d · Other expenses: TEMP & STUDENT HELP

total $67,541 · management and general $56,297 · fundraising $11,244
24e · All other expenses

total $25,214 · management and general $25,214

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,213,654 · end of year $2,316,977
2 · Savings and temporary cash investments

beginning of year $19,863,195 · end of year $21,839,880
3 · Pledges and grants receivable

beginning of year $11,933,301 · end of year $10,765,865
4 · Accounts receivable

beginning of year $517,713 · end of year $488,185
9 · Prepaid expenses and deferred charges

beginning of year $293,242 · end of year $268,370
10a · Land, buildings and equipment: cost or other basis

$3,412,623
10b · Land, buildings and equipment: accumulated depreciation

$1,783,827
10c · Land, buildings and equipment, net

beginning of year $1,694,613 · end of year $1,628,796
11 · Investments: publicly traded securities

beginning of year $255,023,694 · end of year $124,414,545
12 · Investments: other securities

end of year $158,208,237
14 · Intangible assets

beginning of year $101,347 · end of year $78,401
15 · Other assets

beginning of year $184,772 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $1,111,715 · end of year $1,478,965
19 · Deferred revenue

beginning of year $1,243,621 · end of year $1,489,352
25 · Other liabilities

beginning of year $6,276,912 · end of year $3,785,477
27 · Net assets without donor restrictions

beginning of year $11,983,938 · end of year $13,567,552
28 · Net assets with donor restrictions

beginning of year $271,209,345 · end of year $299,687,910

Mission and programs · 2023

Mission

TO INSPIRE AND STEWARD PHILANTHROPIC SUPPORT BENEFITING URI AND TO INFORM AND ENGAGE ALUMNI AS COMMITTED PARTNERS OF THE UNIVERSITY, ITS MISSION, AND TRADITIONS. IN ALL ITS ACTIVITIES, URIFAE STRIVES FOR CORE VALUES OF TRANSPARENCY, INTEGRITY, COLLABORATION, ACCOUNTABILITY, AND RESPECT.

BUILDING AND EQUIPMENT, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT (URIFAE) RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO SUPPORT BUILDING AND EQUIPMENT INITIATIVES THROUGH THE UNIVERSITY CAMPUS.

Expenses $2,142,836 · Grants $2,142,836 · Revenue $855,012
PROGRAM SERVICES, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO SUPPORT ACADEMIC PROGRAMS THROUGH THE UNIVERSITY. EXPENDITURES ARE PAID BY THE UNIVERSITY USING FOUNDATION FUNDS. PRIOR TO THE FOUNDATION FUNDING EXPENDITURES, THE UNIVERSITY PROVIDES DOCUMENTATION TO THE FOUNDATION TO ENSURE EXPENDITURES ALIGN WITH DONOR INTENDED PURPOSE. OCCASIONALLY THE FOUNDATION WILL PAY THE VENDOR DIRECTLY.

Expenses $5,861,749 · Grants $5,861,749 · Revenue $2,338,895
SCHOLARSHIPS, AWARDS AND FELLOWSHIPS, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO THE SUPPORT OF FINANCIAL AID FOR UNIVERSITY STUDENTS. TO ENSURE COMPLIANCE WITH ALL UNIVERSITY, FEDERAL AND STATE FINANCIAL AID REQUIREMENTS, THE UNIVERSITY SELECTS THE STUDENT RECIPIENT AND MAKES THE AWARDS DIRECTLY TO STUDENTS. THE FOUNDATION PROVIDES FUNDS TO THE UNIVERSITY FOR THE FINANCIAL AID EXPENDITURES.

Expenses $3,319,116 · Grants $3,319,116 · Revenue $1,324,360
OTHER PROGRAM SERVICES, THE UNIVERSITY OF RHODE ISLAND FOUNDATION AND ALUMNI ENGAGEMENT RECEIVES GIFTS ON BEHALF OF DONORS THAT ARE RESTRICTED TO SUPPORT NUMEROUS PROGRAMS SUCH AS OUTREACH PROGRAMS, RESEARCH, ATHLETIC, VISITING LECTURERS, FACULTY CHAIRS, LIBRARY AND ADMINISTRATIVE SUPPORT.

Expenses $6,434,792 · Grants $6,434,793 · Revenue $2,567,546

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

Listed in Part VII

ALFRED J VERRECCHIA

CHAIRMAN (TO 6/24) /BOARD MEMBER

Total calculated

$0

Hours/week

8
ALLISON LADD

BOARD MEMBER

Total calculated

$0

Hours/week

2
ANDREA TARBOX

BOARD MEMBER

Total calculated

$0

Hours/week

2
BARRY M GERTZ

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
CHRISTOPHER J WOLFE

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
COLLEEN GOUVEIA MOULTON

BOARD MEMBER

Total calculated

$0

Hours/week

2
DANIEL G LOWNEY

BOARD MEMBER

Total calculated

$0

Hours/week

2
DAVID J MARTIRANO

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
DEA T BELAZI

BOARD MEMBER

Total calculated

$0

Hours/week

2
DEBORAH A IMONDI

BOARD MEMBER/INVEST. COMM

Total calculated

$0

Hours/week

2
DIANE CHACE FANNON

BOARD MEMBER/MARKETING & COMMUNICATIONS CHAIR

Total calculated

$0

Hours/week

2
DIANE SULLIVAN

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
EDWARD B DEUTSCH

BOARD MEMBER

Total calculated

$0

Hours/week

2
ESTHER EMARD

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
HAROLD HORVAT

BOARD MEMBER

Total calculated

$0

Hours/week

2
JAY HART

BOARD MEMBER

Total calculated

$0

Hours/week

2
JESSE BAKER

BOARD MEMBER

Total calculated

$0

Hours/week

2
JOHN J BROUGH JR

BOARD MEMBER/AUDIT COMMITTEE

Total calculated

$0

Hours/week

2
JOHN PRIORE

BOARD MEMBER

Total calculated

$0

Hours/week

2
KENNETH HYLANDER

BOARD MEMBER

Total calculated

$0

Hours/week

2
KEVIN M LOPES

BOARD MEMBER

Total calculated

$0

Hours/week

2
LISA A AHART

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
LOUIS R GIANCOLA

BOARD MEMBER

Total calculated

$0

Hours/week

2
LOUISE M MOWINCKEL

BOARD MEMBER/SECRETARY

Total calculated

$0

Hours/week

2
MARC B PARLANGE

BOARD MEMBER

Total calculated

$0

Hours/week

2
MARCIA A COSTELLO

BOARD MEMBER

Total calculated

$0

Hours/week

2
MARIANNE GATTINELLA

BOARD MEMBER

Total calculated

$0

Hours/week

2
MARIBETH Q WILLIAMSON

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
MICHAEL ANDREOZZI

BOARD MEMBER

Total calculated

$0

Hours/week

2
MICHAEL F BRANDMEIER

BOARD MEMBER (TO 06/24)

Total calculated

$0

Hours/week

2
MICHAEL ICE

BOARD MEMBER

Total calculated

$0

Hours/week

2
MOLLY D MAGEE

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
NICOLE NOYA

BOARD MEMBER

Total calculated

$0

Hours/week

2
RAYMOND M WILLIAMS

VICE CHAIR/BOARD MEMBER

Total calculated

$0

Hours/week

4
RICHARD J HARRINGTON

BOARD MEMBER

Total calculated

$0

Hours/week

2
RUSSELL RUEFF

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
S KENT FANNON

BOARD MEMBER

Total calculated

$0

Hours/week

2
SANDRA PARRILLO

BOARD MEMBER

Total calculated

$0

Hours/week

2
STEVEN R FRAZIER

BOARD MEMBER

Total calculated

$0

Hours/week

2
SULINA M MOHANTY

BOARD MEMBER

Total calculated

$0

Hours/week

2
SUSAN FORMAN

BOARD MEMBER

Total calculated

$0

Hours/week

2
THOMAS D CERIO III

TRUSTEE (TO 06/24)

Total calculated

$0

Hours/week

1
TRUDY C COLEMAN

BOARD MEMBER/FINANCE COMMITTEE CHAIR

Total calculated

$0

Hours/week

2
WENDY FIELD

BOARD MEMBER (TO 06/24)

Total calculated

$0

Hours/week

2
WILLIAM FLYN

BOARD MEMBER

Total calculated

$0

Hours/week

2
ADAM QUINLAN

CFO AND VP OF ERM

Total calculated

$258,153

From this org

$216,480

From related orgs

$0

Other

$41,673

Hours/week

40

Schedule J breakdown matched by us

Base

$208,200

Bonus

$8,280

Other

$0

Deferred

$19,123

Nontaxable benefits

$22,550

Filer's total

$258,153
ELIZABETH O'ROURKE

PRESIDENT

Total calculated

$455,900

From this org

$404,615

From related orgs

$0

Other

$51,285

Hours/week

40

Schedule J breakdown matched by us

Base

$383,577

Bonus

$15,038

Other

$6,000

Deferred

$34,485

Nontaxable benefits

$16,800

Filer's total

$455,900
WENDY BUCCI

CHIEF OPERATIONS OFFICER

Total calculated

$205,410

From this org

$174,408

From related orgs

$0

Other

$31,002

Hours/week

40

Schedule J breakdown matched by us

Base

$167,586

Bonus

$6,822

Other

$0

Deferred

$15,571

Nontaxable benefits

$15,431

Filer's total

$205,410
G ERIC SCHONEWALD

AVP DEVELOPMENT, HEALTH

Total calculated

$204,168

From this org

$166,683

From related orgs

$0

Other

$37,485

Hours/week

40

Schedule J breakdown matched by us

Base

$162,683

Bonus

$4,000

Other

$0

Deferred

$15,124

Nontaxable benefits

$22,361

Filer's total

$204,168
JEFFREY CABRAL

VICE PRESIDENT FOR DEVELOPMENT

Total calculated

$260,799

From this org

$231,736

From related orgs

$0

Other

$29,063

Hours/week

40

Schedule J breakdown matched by us

Base

$217,684

Bonus

$8,652

Other

$5,400

Deferred

$19,748

Nontaxable benefits

$9,315

Filer's total

$260,799
JOAO GARCIA

SENIOR EXECUTIVE DIRECTOR

Total calculated

$192,040

From this org

$162,190

From related orgs

$0

Other

$29,850

Hours/week

40

Schedule J breakdown matched by us

Base

$157,190

Bonus

$5,000

Other

$0

Deferred

$14,457

Nontaxable benefits

$15,393

Filer's total

$192,040
KATHARINE FLYNN

EXEC. DIR. OF CORP. & FOUN

Total calculated

$200,085

From this org

$169,392

From related orgs

$0

Other

$30,693

Hours/week

40

Schedule J breakdown matched by us

Base

$164,392

Bonus

$5,000

Other

$0

Deferred

$15,260

Nontaxable benefits

$15,433

Filer's total

$200,085
SARAH LOBDELL

VP FOR DEVELOPMENT

Total calculated

$240,726

From this org

$200,391

From related orgs

$0

Other

$40,335

Hours/week

40

Schedule J breakdown matched by us

Base

$192,570

Bonus

$7,821

Other

$0

Deferred

$17,808

Nontaxable benefits

$22,527

Filer's total

$240,726

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

3 · Form 990 of other organizations
3 · Written employment contract
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan
5a · Pay contingent on this organization's revenues

Answered no

4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement
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
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B: ELIZABETH O'ROURKE 457B NON QUALIFIED RETIREMENT PLAN
PART I, LINE 5: FOR ALL PARTICIPANTS, THE TARGET BONUS UNDER THE LONG-TERM INCENTIVE BONUS PLAN FOR EACH YEAR OF THE PERFORMANCE PERIOD IS TYPICALLY 4% OF SALARY, WITH A THRESHOLD BONUS OF 2% OF SALARY. THESE AMOUNTS MAY BE ADJUSTED UP OR DOWN BY THE EXECUTIVE COMMITTEE. THIS PLAN REWARDS FOR PROGRESS ON ACHIEVING ANNUAL GOALS TOWARDS THE LARGER SIX-YEAR CAPITAL CAMPAIGN GOAL, WHICH IS CURRENTLY SET AT $300 MILLION. BONUS AMOUNTS ARE EARNED ANNUALLY, SET ASIDE, AND PAID OUT AT THE END OF THREE YEARS.

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

UNIVERSITY OF RHODE ISLAND

$17,758,493

GENERAL PROGRAM EXPENDITURES FROM DONOR RESTRICTED FUNDS

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.

UNIVERSITY OF RHODE ISLAND

GOVERNMENT · EDUCATIONAL FACILITY · RI
UNIVERSITY OF RHODE ISLAND RESEARCH FOUNDATION

501(C)(3) · RESEARCH FACILITY · RI

Provenance

Return type: form_990
Tax year: 2023
Filed: 29 April 2025
IRS schema version: 2023v6.0
Source object: 202501199349302350

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