Waterfire Providence
- Assets
- $10.7m
- Revenue
- $2.6m
- Investments
- $2.7m
- Employees
- 51
- Location
- Providence, RI
- Founding
- 02/1989
- Data as of
- 12/2021
- EIN
- 22-2951612
Organization Overview
Waterfire Providence is located in Providence, RI. The organization was established in 1989. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Waterfire Providence employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Waterfire Providence 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 12/2021, Waterfire Providence generated $2.6m 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 (5.7%) each year. All expenses for the organization totaled $2.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE OWATERFIRE PROVIDENCE (R) MISSION IS TO INSPIRE PROVIDENCE AND ITS VISITORS BY REVITALIZING THE URBAN EXPERIENCE, FOSTERING COMMUNITY ENGAGEMENT AND CREATIVELY TRANSFORMING THE CITY BY PRESENTING WATERFIRE FOR ALL TO ENJOY.
Describe the Organization's Program Activity:
WATERFIRE PROVIDENCE MANAGES AND ORGANIZES WATERFIRE, A LARGE PUBLIC ART INSTALLATION/EVENT. IN 2020 THERE WERE NO EVENTS DUE TO THE COVID-19 PANDEMIC. THE 2021 SEASON WAS A TRANSITION SEASON AFTER COVID IN 2020. WATERFIRE DRAWS BETWEEN 10,000 AND 100,000 SPECTATORS INTO DOWNTOWN PROVIDENCE, RI EACH EVENING AND APPROX 1,000,000 OVER THE COURSE OF THE SEASON FROM MAY TO DECEMBER. MORE THAN 50% OF ATTENDEES TRAVEL FROM OUT OF STATE SPECIFICALLY TO EXPERIENCE WATERFIRE AND CREATE A SIGNIFICANT ECONOMIC IMPACT IN THEIR WAKE. WATERFIRE PROVIDENCE GENERATES $114 MILLION OF ECONOMIC IMPACT FOR LOCAL BUSINESSES AND $9 MILLION OF DIRECT TAX REVENUE FOR THE STATE OF RI AND SUPPORTS 1,294 ADDITIONAL JOBS FOR RESIDENTS. WATERFIRE SECURES MILLIONS OF DOLLARS OF TRADITIONAL AND NEW MEDIA VALUE PAINTING PROVIDENCE IN A POSITIVE LIGHT EACH YEAR MAKING RI A TOP INTERNATIONAL CULTURAL TOURISM DESTINATION. IN 2018, WATERFIRE MOVED INTO THE WATERFIRE ARTS CENTER, THE ORGANIZATION'S FIRST PERMANENT VISIBLE HOME IN THE COMMUNITY AND A MULTI-USE ARTS VENUE THAT HOSTS EXHIBITIONS, PERFORMANCES, EVENTS AND EDUCATIONAL PROGRAMS OPEN TO THE PUBLIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter A Mello Director, Ex Officio | Trustee | 40 | $104,457 |
Barnaby M Evans Director, Ex Officio | Trustee | 40 | $104,457 |
Paul Kochanek Director Events & Operations | 40 | $103,648 | |
James Prescott Chair | OfficerTrustee | 1 | $0 |
Charles Newton Vice Chair | OfficerTrustee | 1 | $0 |
Barbara Mullen Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Durkee Brown Viveiros & Werenfels Archtect | 12/30/15 | $159,560 |
Trac Builders Inc Construction | 12/30/15 | $333,470 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $48,976 |
| Related organizations | $183,000 |
| Government grants | $1,203,920 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,202,463 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,638,359 |
| Total Program Service Revenue | $5,227 |
| Investment income | $88,137 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$210,689 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$6,312 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $31,978 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,564,695 |
| 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. | $335,898 |
| Compensation of current officers, directors, key employees. | $121,303 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $742,173 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,783 |
| Payroll taxes | $88,772 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $340 |
| Fees for services: Accounting | $43,977 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $49,780 |
| Advertising and promotion | $0 |
| Office expenses | $29,151 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $188,393 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,678 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,535 |
| Insurance | $132,959 |
| All other expenses | $81,290 |
| Total functional expenses | $2,066,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $850,480 |
| Savings and temporary cash investments | $38,957 |
| Pledges and grants receivable | $200 |
| Accounts receivable, net | $933,731 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,454,394 |
| Inventories for sale or use | $10,502 |
| Prepaid expenses and deferred charges | $20,638 |
| Net Land, buildings, and equipment | $654,317 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,735,338 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,698,557 |
| Accounts payable and accrued expenses | $381,565 |
| Grants payable | $0 |
| Deferred revenue | $74,542 |
| 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 | $1,342,636 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $198,671 |
| Total liabilities | $1,997,414 |
| Net assets without donor restrictions | $8,395,495 |
| Net assets with donor restrictions | $305,648 |
| 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 | $10,698,557 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Waterfire Providence has recieved totaling $250.
| Awarding Organization | Amount |
|---|---|
The Robertston Foundation Providence, RI PURPOSE: GENERAL SUPPORT | $250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Williamstown Art Conservation Center Inc Williamstown, MA | $5,527,048 | $2,431,960 |
Waterfire Providence Providence, RI | $10,698,557 | $2,564,695 |
Mahaiwe Performing Arts Center Inc Great Barrington, MA | $10,112,279 | $3,283,746 |
Architectural Heritage Foundation Inc Brighton, MA | $30,137,143 | -$46,073 |
The Guilford Art Center Inc Guilford, CT | $2,451,386 | $1,170,235 |
Design Museum Foundation Inc Boston, MA | $348,197 | $567,255 |
Worcester Center For Crafts Inc Worcester, MA | $2,418,623 | $994,127 |
Spoke Art Inc Boston, MA | $249,161 | $827,516 |
Tri-State Center For The Arts Inc Sharon, CT | $2,560,245 | $2,275,778 |
Farmington Valley Arts Center Inc Avon, CT | $433,299 | $528,463 |
Concord Art Association Concord, MA | $2,607,234 | $664,341 |
The Society Of Arts And Crafts Dorchester, MA | $877,949 | $943,805 |