Economic Development Foundation Of Rhode Island Inc
- Assets
- $5.1m
- Revenue
- $245.8k
- Investments
- $2.0m
- Employees
- 2
- Location
- Cumberland, RI
- Founding
- 03/1973
- Data as of
- 06/2022
- EIN
- 05-0319515
Organization Overview
Economic Development Foundation Of Rhode Island Inc is located in Cumberland, RI. The organization was established in 1973. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Economic Development Foundation Of Rhode Island Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Foundation Of Rhode Island Inc 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.
For the year ending 06/2022, Economic Development Foundation Of Rhode Island Inc generated $245.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.0%) each year. All expenses for the organization totaled $524.1k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (2.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP AND SELL REAL ESTATE TO FACILITATE LOCAL TAX BASE EXPANSION AND QUALITY JOB OPPORTUNITIES IN THE STATE OF RI
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION WAS INITIATED TO DEVELOP AND SELL REAL ESTATE TO FACILITATE LOCAL TAX BASE EXPANSION AND QUALITY JOB OPPORTUNITIES IN THE STATE OF RI
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Gibbs President | Officer | 40 | $211,808 |
John F Mcjennett III Chairman | OfficerTrustee | 0 | $0 |
Laurel L Bowerman Secretary | OfficerTrustee | 0 | $0 |
Anthony W Caner Treasurer | OfficerTrustee | 0 | $0 |
Robert E Nault Vice Chairman | OfficerTrustee | 0 | $0 |
Lloyd R Gariepy Director | Trustee | 0 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $31,000 |
| Investment income | $5,140 |
| 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 | $245,832 |
| 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 | $313,532 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,457 |
| Payroll taxes | $19,818 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $98 |
| Fees for services: Accounting | $18,006 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,249 |
| Advertising and promotion | $6,287 |
| Office expenses | $4,903 |
| Information technology | $6,670 |
| 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 | $570 |
| Interest | $22 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,715 |
| Insurance | $12,465 |
| All other expenses | $14,937 |
| Total functional expenses | $524,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,306 |
| Savings and temporary cash investments | $1,588,751 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,026 |
| 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 | $7,164 |
| Net Land, buildings, and equipment | $198,321 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,983,498 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,236,817 |
| Total assets | $5,078,883 |
| Accounts payable and accrued expenses | $92,768 |
| Grants payable | $0 |
| Deferred revenue | $26,494 |
| 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 | $119,262 |
| Net assets without donor restrictions | $4,959,621 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $5,078,883 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Connecticut Institute For Communities Inc Danbury, CT | $23,773,882 | $36,794,150 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |
Hedco Inc Hartford, CT | $31,561,156 | $3,183,026 |
The Resource Inc For Community And Economic Development North Eastham, MA | $2,064,773 | $3,152,233 |
New England Council Inc Boston, MA | $13,389,867 | $3,995,081 |
Economic Development Corporation Of New Haven New Haven, CT | $1,820,406 | $2,800,912 |
Windham Regional Community Council Inc Willimantic, CT | $1,698,672 | $3,029,839 |
Main South Community Development Corporation Worcester, MA | $15,010,122 | $3,407,145 |
Center For Economic Democracy Boston, MA | $11,558,653 | $3,979,312 |
Waterbury Development Corporation Waterbury, CT | $8,604,069 | $2,421,027 |