Civic Intelligence

Block Island Economic Development Foundation Inc.

990 • Fiscal year 2016 • EIN 05-0381201

Jan 01, 2016 to Dec 31, 2016 • Filed on May 08, 2017

Organization ProfileN/A
PO Box 619Block Island, RI 02807

(401) 487-0017

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

81st percentile

0.41x

Higher debt load relative to assets than 81% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Liabilities / Revenue

100th percentile

35.47x

Higher debt load relative to revenue than 100% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Net Margin

1st percentile

-450%

Higher net margin than 1% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

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

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Asset Growth

23rd percentile

-6.0%

Faster asset growth than 23% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Revenue Growth

4th percentile

-58%

Faster revenue growth than 4% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets81st percentile

Assets

Down

$536,486

Down $34,402 (-6.0%) from 2015

Net Assets

Down

$315,363

Down $28,080 (-8.2%) from 2015

Liabilities

Down

$221,123

Down $6,322 (-2.8%) from 2015

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Down

$6,234

Down $8,614 (-58%) from 2015

Expenses

Up

$34,314

Up $6,499 (+23%) from 2015

Net Income

Down

-$28,080

Down $15,113 (-117%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2016

Assets$536,486
Liabilities$221,123
Net Assets$315,363
Open 2016 Filing

Operations Trend

Revenue Growth4th percentile

Revenue, expenses, and net income across loaded years, with this 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

2016

Revenue$6,234
Expenses$34,314
Net Income-$28,080
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 8, 2017
Return Version
2016v3.0
Gross Receipts
$112,489
Mission and Program Overview

Mission

The Foundation's 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 child care 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$512,586$474,991▼ $37,595
Cash and Non-Interest-Bearing Accounts$41,658$45,864▲ $4,206
Savings and Temporary Cash Investments$12,505$12,608▲ $103
Accounts Receivable$4,139$3,023▼ $1,116
Total Assets$570,888$536,486▼ $34,402
Liabilities
Mortgage Notes Payable Secured by Investment Property$215,164$207,033▼ $8,131
Accounts Payable and Accrued Expenses$11,281$12,090▲ $809
Other Liabilities$1,000$2,000▲ $1,000
Total Liabilities$227,445$221,123▼ $6,322
Net Assets / Fund Balance
Unrestricted Net Assets$343,443$315,363▼ $28,080
Total Net Assets Fund Balance$343,443$315,363▼ $28,080
Total Liabilities and Net Assets / Fund Balance$570,888$536,486▼ $34,402

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$474,991$557,246$1,032,237
Equipment-$49,871$49,871
Compensation and Service Providers
Top Officer Pay49th percentile

Board Members and Trustees

NameTitle
Peter SaxonPresident
Monica Hull SheaVice-President
Amadeus MafosiDirector
Gail PierceDirector
Heather Russo LittlefieldDirector
Kathleen SaxonDirector
Laurel NelsonDirector
Linda SpakDirector
Rebecca BrownSecretary
Diane LambTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$11,075
Program Service Revenue
$2,615
Investment Income
$111
Other Revenue
$-7,567
All Other Contributions
$4,000
Change in Net Assets
$-28,080
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$29,102
Salaries, Compensation, and Employee Benefits$5,212
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$7,000$1,265$0$8,265
Other Salaries and Wages$4,000$1,212$0$5,212
Advertising$4,729$0$0$4,729
Other Expenses$3,000$495$0$3,495
Total Functional Expenses$30,534$3,780$0$34,314
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 deposits$2,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
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
Filing and Contact Details

Filer

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

Signing Officer

Name
Gerard Pierce
Title
President
Phone
4014870017
Signed
2017-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gerald Pierce
Formed
1977
Legal Domicile
Ri
Voting Board Members
10
Independent Board Members
10
Employees
1
Volunteers
20

Preparer

Firm
Aaronson Lavoie Streitfeld Diaz & Co Pc
Address
1604 BROAD ST, CRANSTON, RI 02905-4130
Preparer
Rich Streitfeld
Phone
4012230205
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Board members review the return”

Pt VI, Line 2

“Peter and Kathleen Saxon are husband and wife”

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IRS990ScheduleA/PublicSupportPY509Pct00.99590
IRS990ScheduleA/PublicSupportTotal170Amt00
IRS990ScheduleA/PublicSupportTotal509Amt034201
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt013690
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt015965
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt06400
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt06752
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0-8606
IRS990ScheduleA/Total509Grp/TotalAmt034201
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt034542
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0474991
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0557246
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01032237
IRS990ScheduleD/EquipmentGrp/DepreciationAmt049871
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt049871
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Security deposits
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0474991
IRS990ScheduleD/TotalLiabilityAmt02000
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board members review the return
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Peter and Kathleen Saxon are husband and wife
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 2
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0570888
IRS990/TotalAssetsEOYAmt0536486
IRS990/TotalAssetsGrp/BOYAmt0570888
IRS990/TotalAssetsGrp/EOYAmt0536486
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt011075
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt03780
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt030534
IRS990/TotalFunctionalExpensesGrp/TotalAmt034314
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0227445
IRS990/TotalLiabilitiesEOYAmt0221123
IRS990/TotalLiabilitiesGrp/BOYAmt0227445
IRS990/TotalLiabilitiesGrp/EOYAmt0221123
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0343443
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0315363
IRS990/TotalProgramServiceExpensesAmt030534
IRS990/TotalProgramServiceRevenueAmt02615
IRS990/TotalRevenueGrp/ExclusionAmt0111
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0-4952
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt06234
IRS990/TotalVolunteersCnt020
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0570888
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0536486
IRS990/TransactionWithControlEntInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0343443
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0315363
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO Box 619
IRS990/USAddress/CityNm0Block Island
IRS990/USAddress/StateAbbreviationCd0RI
IRS990/USAddress/ZIPCd002807
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-03-14 21:41:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0GERARD PIERCE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04014870017
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Block Island Economic Development Foundation 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/FilingSecurityInformation/AtSubmissionCreationDeviceId09863E43C64226BA8C3A0651916F7711A0D10725A
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId09863E43C64226BA8C3A0651916F7711A0D10725A
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt072.87.113.211
ReturnHeader/FilingSecurityInformation/IPDt02017-11-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0PS
ReturnHeader/FilingSecurityInformation/IPTm006:53:43
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0AARONSON LAVOIE STREITFELD DIAZ & CO PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01604 BROAD ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CRANSTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0RI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0029054130
ReturnHeader/PreparerPersonGrp/PhoneNum04012230205
ReturnHeader/PreparerPersonGrp/PreparationDt02017-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICH STREITFELD
ReturnHeader/ReturnTs02017-11-13T06:54:00-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$536,486
Liabilities
$221,123
Net assets
$315,363
Revenue
$6,234
Expenses
$34,314
Net income
-$28,080
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.73$1.49$2.23$0.76$0.89$0.13
2023Detailed filing. Detailed filing data is available for this year.$3.97$1.60$2.37$0.59$0.69$0.10
2022Detailed filing. Detailed filing data is available for this year.$4.15$1.68$2.47$0.51$0.66$0.15
2021Detailed filing. Detailed filing data is available for this year.$4.41$1.79$2.62$0.45$0.60$0.15
2020Detailed filing. Detailed filing data is available for this year.$4.64$1.87$2.77$0.45$0.48$0.02
2019Detailed filing. Detailed filing data is available for this year.$4.72$1.94$2.79$0.43$0.59$0.16
2018Detailed filing. Detailed filing data is available for this year.$4.97$2.01$2.95$0.48$0.64$0.16
2017Detailed filing. Detailed filing data is available for this year.$5.24$2.13$3.11$0.49$0.53$0.04
2016Detailed filing. Detailed filing data is available for this year.$5.36$2.21$3.15$0.06$0.34$0.28
2015Detailed filing. Detailed filing data is available for this year.$5.71$2.27$3.43$0.15$0.28$0.13
2014Summary only. Only limited summary data is available for this year.$5.95$2.39$3.56$0.12$0.28$0.16