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← OCEAN STATE CHARITIES TRUST

Form 990 for tax year 2024

Filed by OCEAN STATE CHARITIES TRUST.

Totals

Total revenue
$330,537
Total expenses
$512,439
Contributions and grants received
$0
Grants paid
$253,220
Program service revenue
$0
Investment income
$308,539
Other revenue
$21,998
Total assets, end of year
$5,304,666
Total liabilities, end of year
$45,828
Net assets or fund balances, end of year
$5,258,838
Program services expenses (Part IX)
$437,377
Management and general expenses
$75,062
Fundraising expenses
$0
Program service expenses (Part III)
$253,220

Program services were 85.4% 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.

  • 3 · Investment income

    total $193,096 · excluded $193,096

  • 7a · Gross sales of assets other than inventory

    securities $1,404,087

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

    securities $1,288,644

  • 7c · Gain or loss

    securities $115,443

  • 7d · Net gain or loss

    total $115,443 · excluded $115,443

  • 11a · Other revenue: OTHER INCOME

    total $21,998 · excluded $21,998

  • 11e · Other revenue, total

    $21,998

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $253,220 · program services $253,220

  • 5 · Compensation of officers, directors and key employees

    total $101,214 · program services $101,214

  • 7 · Other salaries and wages

    total $50,760 · program services $38,784 · management and general $11,976

  • 10 · Payroll taxes

    total $11,862 · management and general $11,862

  • 11c · Fees: accounting

    total $30,840 · program services $19,559 · management and general $11,281

  • 11f · Fees: investment management

    total $26,994 · management and general $26,994

  • 13 · Office expenses

    total $4,394 · program services $4,394 · management and general $0

  • 14 · Information technology

    total $5,455 · program services $3,923 · management and general $1,532

  • 16 · Occupancy

    total $18,298 · program services $15,463 · management and general $2,835

  • 22 · Depreciation, depletion and amortization

    total $971 · program services $820 · management and general $151

  • 23 · Insurance

    total $2,467 · management and general $2,467

  • 24a · Other expenses: PAYROLL PROCESSING

    total $1,953 · management and general $1,953

  • 24b · Other expenses: RI AG FEE

    total $50 · management and general $50

  • 24c · Other expenses: MISC EXPENSES

    total $3,961 · management and general $3,961

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,858 · end of year $7,644

  • 4 · Accounts receivable

    beginning of year $10,125 · end of year $16,644

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

    $3,541

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

    $971

  • 10c · Land, buildings and equipment, net

    beginning of year $3,541 · end of year $2,570

  • 11 · Investments: publicly traded securities

    beginning of year $5,253,304 · end of year $5,243,214

  • 15 · Other assets

    beginning of year $50,613 · end of year $34,594

  • 25 · Other liabilities

    beginning of year $51,033 · end of year $45,828

  • 27 · Net assets without donor restrictions

    beginning of year $4,906,003 · end of year $4,866,453

  • 28 · Net assets with donor restrictions

    beginning of year $363,405 · end of year $392,385

Mission and programs · 2024

Mission

PROMOTION OF SOCIAL WELFARE WITHIN THE STATE OF RHODE ISLAND.

  • AS A CHARITABLE TRUST, OCEAN STATE CHARITIES TRUST PROMOTES SOCIAL WELFARE WITHIN THE STATE OF RHODE ISLAND THROUGH GRANTS TO PUBLIC CHARITIES THAT PROVIDE ASSISTANCE TO CITIZENS WITHIN THE STATE OF RHODE ISLAND, PARTICULARLY THOSE CHARITIES WHOSE PURPOSES IS TO PROMOTE OR SUPPORT HOUSING, HEALTH, EDUCATION AND WELFARE.

    Expenses $253,220 · Grants $253,220

As filed on the 2024 return.

Listed in Part VII

  • SCOTT AVEDISIAN

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    10

  • MARK RUSSELL

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • AMY VITALE

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • VICTOR CAPELLAN

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • JANE LYNCH

    EXECUTIVE DIRECTOR(END 12/24)

    Total calculated
    $0
    Hours/week
    40

  • MARISA ALBANESE

    INTERIM EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    40

  • JOHN J PARTRIDGE ESQ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

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.

Grants on this return

Provenance

Return type
form_990
Tax year
2024
Filed
5 January 2026
IRS schema version
2024v5.2
Source object
202630139349303358

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