Civic Intelligence

Block Island Economic Development

EIN 05-0381201 • 501(c)3 • Block Island, RI

Profile

The Foundation's mission is to improve economic and social conditions for residents of Block Island. BIED has built and manages a community center that provides childcare and senior activities, operates an art gallery for local residents and rents residential units to residents.

PO Box 619Block Island, RI 02807

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.40x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

1.97x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

25th percentile

-18%

Higher net margin than 25% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2024

Asset Growth

44th percentile

-6.1%

Faster asset growth than 44% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

76th percentile

27%

Faster revenue growth than 76% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Assets

Down

$372,536

Down $24,064 (-6.1%) from 2023

Liabilities

Down

$149,084

Down $10,690 (-6.7%) from 2023

Net Assets

Down

$223,452

Down $13,374 (-5.6%) from 2023

Revenue

Up

$75,555

Up $16,093 (+27%) from 2023

Expenses

Up

$88,931

Up $19,564 (+28%) from 2023

Net Income

Down

-$13,376

Down $3,471 (-35%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600K$400K$200K$0Assets 2014: $595,401Liabilities 2014: $238,992Net Assets 2014: $356,4092014Assets 2015: $570,888Liabilities 2015: $227,445Net Assets 2015: $343,4432015Assets 2016: $536,486Liabilities 2016: $221,123Net Assets 2016: $315,3632016Assets 2017: $524,189Liabilities 2017: $212,886Net Assets 2017: $311,3032017Assets 2018: $496,530Liabilities 2018: $201,467Net Assets 2018: $295,0632018Assets 2019: $472,490Liabilities 2019: $193,523Net Assets 2019: $278,9672019Assets 2020: $464,228Liabilities 2020: $187,417Net Assets 2020: $276,8112020Assets 2021: $441,384Liabilities 2021: $179,371Net Assets 2021: $262,0132021Assets 2022: $414,873Liabilities 2022: $167,689Net Assets 2022: $247,1842022Assets 2023: $396,600Liabilities 2023: $159,774Net Assets 2023: $236,8262023Assets 2024: $372,536Liabilities 2024: $149,084Net Assets 2024: $223,4522024

Highlighted filing

2024

Assets$372,536
Liabilities$149,084
Net Assets$223,452

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$100K$50K$0-$50KRevenue 2014: $11,790Expenses 2014: $28,178Net Income 2014: -$16,3882014Revenue 2015: $14,848Expenses 2015: $27,815Net Income 2015: -$12,9672015Revenue 2016: $6,234Expenses 2016: $34,314Net Income 2016: -$28,0802016Revenue 2017: $48,670Expenses 2017: $52,730Net Income 2017: -$4,0602017Revenue 2018: $47,635Expenses 2018: $63,875Net Income 2018: -$16,2402018Revenue 2019: $42,781Expenses 2019: $58,877Net Income 2019: -$16,0962019Revenue 2020: $45,408Expenses 2020: $47,565Net Income 2020: -$2,1572020Revenue 2021: $44,775Expenses 2021: $59,573Net Income 2021: -$14,7982021Revenue 2022: $51,020Expenses 2022: $65,849Net Income 2022: -$14,8292022Revenue 2023: $59,462Expenses 2023: $69,367Net Income 2023: -$9,9052023Revenue 2024: $75,555Expenses 2024: $88,931Net Income 2024: -$13,3762024

Highlighted filing

2024

Revenue$75,555
Expenses$88,931
Net Income-$13,376

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.2
Gross Receipts
$151,288
Mission and Program Overview

Mission

The Foundation's mission is to improve economic and social conditions for residents of Block Island. BIED has built and manages a community center that provides childcare and senior activities, operates an art gallery for local residents and rents residential units to residents.

The Foundation's mission is to improve economic and social conditions for residents of Block Island.BIED has built and manages a community center that provides childcare and senior activities, operates an art gallery for local residents and rents residential units to residents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$238,234$204,080▼ $34,154
Cash and Non-Interest-Bearing Accounts$132,697$142,831▲ $10,134
Savings and Temporary Cash Investments$13,977$14,476▲ $499
Accounts Receivable$11,692$11,149▼ $543
Total Assets$396,600$372,536▼ $24,064
Liabilities
Mortgage Notes Payable Secured by Investment Property$145,334$135,796▼ $9,538
Accounts Payable and Accrued Expenses$10,340$9,188▼ $1,152
Other Liabilities$4,100$4,100→ $0
Total Liabilities$159,774$149,084▼ $10,690
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$236,826$223,452▼ $13,374
Total Net Assets Fund Balance$236,826$223,452▼ $13,374
Total Liabilities and Net Assets / Fund Balance$396,600$372,536▼ $24,064

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$99,089$774,087$873,176
Leasehold Improvements$4,991$113,058$118,049
Land$100,000-$100,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
Gerald PiercePresident
Monica Hull-SheaVice President
Amadeus MafosiDirector
Gail PierceDirector
Jennifer TaubmanDirector
Linda SpakDirector
Roberta McCormickDirector
Rebecca BrownSecretary/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$18,196
Program Service Revenue
$6,614
Investment Income
$520
Other Revenue
$50,225
All Other Contributions
$18,196
Change in Net Assets
$-13,376
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$75,632
Salaries, Compensation, and Employee Benefits$13,299
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$46,413$5,157-$51,570
Other Salaries and Wages$11,969$1,330-$13,299
Insurance$7,529$837-$8,366
Interest-$2,821-$2,821
Office Expenses$2,490$277-$2,767
Fees for Services Accounting-$2,558-$2,558
Advertising$1,449--$1,449
Fees for Services Other-$1,200-$1,200
Other Expenses$818$91-$909
Total Functional Expenses$74,261$14,670$0$88,931
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security deposit$2,100
PPP Loan Payable$2,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

990 is reviewed by board members prior to filing

Form 990, Part VI, Section C, line 19

The organization's 990 is made public through Guidestar's website. The organization believes the 990 provides sufficient information to the publlc.

Filing and Contact Details

Filer

Filer Name
Block Island Economic Development
EIN
05-0381201
Phone
4014870017
Address
PO Box 619, Block Island, RI 02807

Signing Officer

Name
Gerard Pierce
Title
President
Phone
4014870017
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gerard Pierce
Formed
1977
Legal Domicile
Ri
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Firm
Alsd Ltd
Address
1604 Broad Street, Cranston, RI 02905
Preparer
Richard Streitfeld
Phone
4012230205
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

The organization is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the agency and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for years ending June 30, 2022 and 2023

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0520
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0578
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt08
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0112
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt01218
IRS990ScheduleA/InvestmentIncomeCYPct00.00430
IRS990ScheduleA/InvestmentIncomePYPct00.00380
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99570
IRS990ScheduleA/PublicSupportPY509Pct00.99620
IRS990ScheduleA/PublicSupportTotal509Amt0282205
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt075035
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt058884
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt058223
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt044767
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt045296
IRS990ScheduleA/Total509Grp/TotalAmt0282205
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt075555
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt059462
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt058223
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt044775
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt045408
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0283423
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt099089
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0774087
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0873176
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0100000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0100000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt04991
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0113058
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0118049
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02100
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt12000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Security deposit
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PPP Loan Payable
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The organization is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the agency and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for years ending June 30, 2022 and 2023
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0204080
IRS990ScheduleD/TotalLiabilityAmt04100
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0990 is reviewed by board members prior to filing
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The organization's 990 is made public through Guidestar's website. The organization believes the 990 provides sufficient information to the publlc.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0396600
IRS990/TotalAssetsEOYAmt0372536
IRS990/TotalAssetsGrp/BOYAmt0396600
IRS990/TotalAssetsGrp/EOYAmt0372536
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt018196
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt014670
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt074261
IRS990/TotalFunctionalExpensesGrp/TotalAmt088931
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0159774
IRS990/TotalLiabilitiesEOYAmt0149084
IRS990/TotalLiabilitiesGrp/BOYAmt0159774
IRS990/TotalLiabilitiesGrp/EOYAmt0149084
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0236826
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0223452
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt074261
IRS990/TotalProgramServiceRevenueAmt06614
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0520
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt056839
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt075555
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0396600
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0372536
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Gerard Pierce
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum04014870017
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Block Island Economic Development
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Foundation Inc
ReturnHeader/Filer/BusinessNameControlTxt0BLOC
ReturnHeader/Filer/EIN0050381201
ReturnHeader/Filer/PhoneNum04014870017
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO Box 619
ReturnHeader/Filer/USAddress/CityNm0Block Island
ReturnHeader/Filer/USAddress/StateAbbreviationCd0RI
ReturnHeader/Filer/USAddress/ZIPCd002807
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0050495839
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ALSD LTD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01604 Broad Street
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Cranston
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0RI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002905
ReturnHeader/PreparerPersonGrp/PhoneNum04012230205
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Richard Streitfeld
ReturnHeader/ReturnTs02025-11-12T09:11:24-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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