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← PROVIDENCE PUBLIC LIBRARY FOUNDATION

Form 990 for tax year 2023

Filed by PROVIDENCE PUBLIC LIBRARY FOUNDATION.

Totals

Total revenue
$2,395,473
Total expenses
$4,178,292
Contributions and grants received
$2,000
Grants paid
$3,953,070
Program service revenue
$0
Investment income
$2,393,473
Other revenue
$0
Total assets, end of year
$30,962,785
Total liabilities, end of year
$131,837
Net assets or fund balances, end of year
$30,830,948
Program services expenses (Part IX)
$3,953,070
Management and general expenses
$225,222
Fundraising expenses
$0
Program service expenses (Part III)
$3,953,070

Program services were 94.6% 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

    $2,000

  • 3 · Investment income

    total $820,043 · excluded $820,043

  • 7a · Gross sales of assets other than inventory

    securities $7,130,258

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

    securities $5,556,828

  • 7c · Gain or loss

    securities $1,573,430

  • 7d · Net gain or loss

    total $1,573,430 · excluded $1,573,430

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,953,070 · program services $3,953,070

  • 11c · Fees: accounting

    total $40,176 · management and general $40,176

  • 11f · Fees: investment management

    total $185,046 · management and general $185,046

Balance sheet

Part X, book values.

  • 11 · Investments: publicly traded securities

    beginning of year $31,738,917 · end of year $29,980,925

  • 12 · Investments: other securities

    end of year $981,860

  • 17 · Accounts payable and accrued expenses

    beginning of year $70,450 · end of year $131,837

  • 25 · Other liabilities

    beginning of year $511,103 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $25,766,762 · end of year $25,002,335

  • 28 · Net assets with donor restrictions

    beginning of year $5,390,602 · end of year $5,828,613

Mission and programs · 2023

Mission

TO ENSURE CONTINUED EXCELLENCE IN LIBRARY SERVICES FOR THE PROVIDENCE PUBLIC LIBRARY COMMUNITY BY PROVIDING PRIVATE FUNDING TO ENHANCE PROGRAMS AND SERVICES.

Activities or mission (Part I)

TO NURTURE AND SUPPORT THE PROVIDENCE PUBLIC LIBRARY'S GOALS AND PRIORITIES.

  • MANAGED THE INVESTMENTS OF THE ENDOWMENT AND PROVIDED FINANCIAL SUPPORT FOR THE PROVIDENCE PUBLIC LIBRARY.

    Expenses $3,953,070 · Grants $3,953,070

As filed on the 2023 return.

Listed in Part VII

  • ELIZABETH DEBS

    CHAIR

    Total calculated
    $0
    Hours/week
    2 + 4 related

  • MICAH E SALKIND

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • CHRISTOPHER M STEVENS

    TREASURER

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • JUAN WILSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • KATHLEEN HITTNER MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • SALLY P MCDONALD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • HILLIAS J MARTIN JR

    EXECUTIVE DIRECTOR

    Total calculated
    $162,524
    From this org
    $0
    From related orgs
    $148,669
    Other
    $13,855
    Hours/week
    2.5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $148,669 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,205 related
    Nontaxable benefits
    $0 + $6,650 related
    Filer's total
    $0 + $162,524 related

  • AARON PETERMAN

    CHIEF OPERATING OFFICER

    Total calculated
    $124,617
    From this org
    $0
    From related orgs
    $112,494
    Other
    $12,123
    Hours/week
    2.5 + 35 related

  • SHIRLEY FUERTES

    CONTROLLER

    Total calculated
    $87,814
    From this org
    $0
    From related orgs
    $77,533
    Other
    $10,281
    Hours/week
    2.5 + 35 related

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
17 April 2025
IRS schema version
2023v6.0
Source object
202511089349300006

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