Rhode Island College Foundation
- Assets
- $46.1m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 13
- Location
- Providence, RI
- Founding
- 03/1978
- Data as of
- 06/2021
- EIN
- 05-6049721
Organization Overview
Rhode Island College Foundation is located in Providence, RI. The organization was established in 1978. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Rhode Island College Foundation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island College Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Rhode Island College Foundation generated $6.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $3.4m during the year ending 06/2021. While expenses have increased by 8.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE AND RECEIVE PRIVATE AND PUBLIC SUPPORT TO ENHANCE AND EXPAND RHODE ISLAND COLLEGE'S CONTINUED TRADITION OF EDUCATIONAL EXCELLENCE. THE FOUNDATION PROVIDES SUPPORT FOR SCHOLARSHIPS, FACULTY RESEARCH GRANTS, CAPITAL IMPROVEMENTS, LECTURERS AND OTHER PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SUPPORT TO RHODE ISLAND COLLEGE BY PROVIDING NEED AND MERIT-BASED SCHOLARSHIPS AND AWARDS TO 641 STUDENTS AND ASSISTANCE WITH FACULTY PROGRAMMING.
FINANCIAL SUPPORT TO RHODE ISLAND COLLEGE FOR TECHNOLOGY FOR REMOTE LEARNING AS A RESULT OF THE COVID-19 PANDEMIC. THE TECHNOLOGY SUPPORTED CLASSROOM ACTIVITIES, CONFERENCES, LIBRARY MATERIALS, GRANT WORK, STUDENT ENROLLMENT ACTIVITIES, LECTURES, MEETINGS, EVENTS AND OTHER COLLEGE ACTIVITIES.
FINANCIAL SUPPORT TO RHODE ISLAND COLLEGE DEPARTMENT OF INTERCOLLEGIATE ATHLETIC SERVICES WITH ATHLETE FACILITY IMPROVEMENTS/MAINTENANCE, UNIFORMS AND EQUIPMENT FOR VARIOUS TEAMS, AND THE PURCHASE OF TROPHIES/AWARDS FOR ATHLETES.
SUPPORT FOR VARIOUS PROGRAMS OPERATED BY RI COLLEGE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Mohamed Treasurer | OfficerTrustee | 0.5 | $0 |
Eugene Simone Vice President | OfficerTrustee | 0.5 | $0 |
Alan Chille President | OfficerTrustee | 0.5 | $0 |
Kyla Pecchia Secretary | OfficerTrustee | 0.5 | $0 |
Ann Marie Dasilva Immediate Past President | OfficerTrustee | 0.5 | $0 |
Kimberly Conway Dumpson Executive Director | Officer | 35 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rhode Island College Accounting Office Various Services Including Catering, Pos | 6/29/17 | $1,225,324 |
Blackbaud Subscriptions To New Software And Consul | 6/29/17 | $130,334 |
Merrill Lynch Investment Management | 6/29/17 | $126,758 |
Highlander Institute Teacher Workshops | 6/29/17 | $110,711 |
Greenwoodasher & Associates Inc Executive Staff Searches | 6/29/17 | $159,800 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $21,630 |
| Related organizations | $0 |
| Government grants | $146,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,344,639 |
| Noncash contributions included in lines 1a–1f | $4,165 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,512,569 |
| Total Program Service Revenue | $0 |
| Investment income | $551,978 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $371,497 |
| Net Income from Fundraising Events | $24,036 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,584,099 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,553,643 |
| 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 | $843,924 |
| Pension plan accruals and contributions | $35,058 |
| Other employee benefits | $46,611 |
| Payroll taxes | $48,730 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $153,674 |
| Fees for services: Other | $266,537 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $163 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $50,182 |
| Total functional expenses | $3,428,558 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $135,117 |
| Savings and temporary cash investments | $131,152 |
| Pledges and grants receivable | $1,349,948 |
| Accounts receivable, net | $15,370 |
| 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 | $5,920 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $43,258,028 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,182,533 |
| Total assets | $46,078,068 |
| Accounts payable and accrued expenses | $823,929 |
| Grants payable | $454,428 |
| Deferred revenue | $0 |
| 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 | $328,667 |
| Total liabilities | $1,607,024 |
| Net assets without donor restrictions | $4,548,360 |
| Net assets with donor restrictions | $39,922,684 |
| 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 | $46,078,068 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Rhode Island College Foundation has recieved totaling $282,176.
| Awarding Organization | Amount |
|---|---|
Tufts Health Plan Foundation Inc Canton, MA PURPOSE: Age-Friendly RI: 2020, 2021 | $110,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $70,060 |
The Rhode Island Community Foundation Providence, RI PURPOSE: FUNDRAISING APPRENTICESHIP PROGRAM; SCHOOL OF NURSING; GENERAL SUPPORT; GENERAL OPERATING; PROGRAM SUPPORT | $67,371 |
The Rhode Island Community Foundation Providence, RI PURPOSE: SUPPORT FOR ESL CERTIFICATION FOR PPSD TEACHERS; RIC/PPSD ESL CERTIFICATION | $16,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $9,666 |
Verizon Foundation Basking Ridge, NJ PURPOSE: PROGRAM SUPPORT FOR AGE-FRIENDLY RHODE ISLANDS VIRTUAL COMMUNITY CENTER | $3,000 |
Endowment Analysis
| Beg. Balance | $28,591,646 |
| Earnings | $7,834,890 |
| Net Contributions | $3,822,094 |
| Other Expense | $2,225,959 |
| Ending Balance | $38,022,671 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marlboro College Foxborough, MA | $37,753,712 | $8,202,208 |
Sattler College Inc Boston, MA | $4,505,835 | $11,233,247 |
Hebrew College Newton, MA | $18,470,927 | $14,279,250 |
Naval War College Foundation Inc Newport, RI | $47,645,265 | $3,900,088 |
Rhode Island College Foundation Providence, RI | $46,078,068 | $6,584,099 |
Ma Maritime Academy Foundation Inc Buzzards Bay, MA | $42,100,464 | $7,083,053 |
Fitchburg State University Foundation Inc Fitchburg, MA | $26,762,004 | $3,824,038 |
American Friends Of St Hildas College Inc Cambridge, MA | $145,597 | $1,157,203 |
Green Mountain College Foxborough, MA | $232,434 | -$12,605,117 |
The Westfield State Foundation Inc Westfield, MA | $18,215,222 | $4,228,113 |
Connecticut Conference Of Independent Colleges Inc West Hartford, CT | $872,993 | $587,054 |
College Year In Athens Inc Cambridge, MA | $129,120 | $84,666 |