Civic Intelligence

Block Island Economic Development Foundation Inc.

990 • Fiscal year 2018 • EIN 05-0381201

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 13, 2019

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

88th percentile

0.41x

Higher debt load relative to assets than 88% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

99th percentile

4.23x

Higher debt load relative to revenue than 99% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Net Margin

11th percentile

-34%

Higher net margin than 11% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

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

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Asset Growth

36th percentile

-5.3%

Faster asset growth than 36% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

45th percentile

-2.1%

Faster revenue growth than 45% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$496,530

Down $27,659 (-5.3%) from 2017

Net Assets

Down

$295,063

Down $16,240 (-5.2%) from 2017

Liabilities

Down

$201,467

Down $11,419 (-5.4%) from 2017

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin11th percentile

Revenue

Down

$47,635

Down $1,035 (-2.1%) from 2017

Expenses

Up

$63,875

Up $11,145 (+21%) from 2017

Net Income

Down

-$16,240

Down $12,180 (-300%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth36th 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

2018

Assets$496,530
Liabilities$201,467
Net Assets$295,063
Open 2018 Filing

Operations Trend

Revenue Growth45th 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

2018

Revenue$47,635
Expenses$63,875
Net Income-$16,240
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 13, 2019
Return Version
2018v3.1
Gross Receipts
$127,413
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 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$437,305$409,244▼ $28,061
Cash and Non-Interest-Bearing Accounts$68,774$62,973▼ $5,801
Savings and Temporary Cash Investments$12,712$12,889▲ $177
Accounts Receivable$5,398$11,424▲ $6,026
Total Assets$524,189$496,530▼ $27,659
Liabilities
Mortgage Notes Payable Secured by Investment Property$198,737$190,277▼ $8,460
Accounts Payable and Accrued Expenses$14,149$11,190▼ $2,959
Total Liabilities$212,886$201,467▼ $11,419
Net Assets / Fund Balance
Unrestricted Net Assets$311,303$295,063▼ $16,240
Total Net Assets Fund Balance$311,303$295,063▼ $16,240
Total Liabilities and Net Assets / Fund Balance$524,189$496,530▼ $27,659

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$409,244$631,706$1,040,950
Equipment$0$49,871$49,871
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Gerald PiercePresident
Monica Hull-SheaVice President
Amadeus MafosiDirector
Gail PierceDirector
Heather Russo LittlefieldDirector
Linda SpakDirector
Roberta McCormickDirector
Rebecca BrownSecretary
Christine GreleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$17,346
Program Service Revenue
$2,050
Investment Income
$309
Other Revenue
$27,930
All Other Contributions
$11,945
Change in Net Assets
$-16,240
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$53,828
Salaries, Compensation, and Employee Benefits$10,047
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$28,606$3,179-$31,785
Other Salaries and Wages$10,047--$10,047
Insurance$3,536$3,536-$7,072
Interest-$3,898-$3,898
Advertising$3,358--$3,358
Other Expenses$5,470$2,245-$2,245
Total Functional Expenses$51,017$12,858$0$63,875
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
2019-11-13
Discuss with paid preparer
Yes

Organization Details

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

Preparer

Firm
Aaronson Lavoie Streitfeld Diaz & Co PC
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, 2018 and 2017.”

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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/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt019396
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt011663
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt013690
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt015965
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt06400
IRS990ScheduleA/Total509Grp/TotalAmt067114
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt019705
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt011774
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt013801
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt016037
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt06467
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt067784
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0409244
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0631706
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01040950
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt049871
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt049871
IRS990ScheduleD/FootnoteTextInd0X
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, 2018 and 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0409244
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/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0524189
IRS990/TotalAssetsEOYAmt0496530
IRS990/TotalAssetsGrp/BOYAmt0524189
IRS990/TotalAssetsGrp/EOYAmt0496530
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt017346
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt012858
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt051017
IRS990/TotalFunctionalExpensesGrp/TotalAmt063875
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0212886
IRS990/TotalLiabilitiesEOYAmt0201467
IRS990/TotalLiabilitiesGrp/BOYAmt0212886
IRS990/TotalLiabilitiesGrp/EOYAmt0201467
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0311303
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0295063
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt051017
IRS990/TotalProgramServiceRevenueAmt02050
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0309
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt029980
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt047635
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0524189
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0496530
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0311303
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0295063
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02020-04-17 16:48:07Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Gerard Pierce
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum04014870017
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-13
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/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0223B8F4790CC5F22A339DFD6541E49D8A744484C
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt072.87.113.211
ReturnHeader/FilingSecurityInformation/IPDt02019-11-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm016:50:10
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0050495839
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Aaronson Lavoie Streitfeld Diaz & Co PC
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/ReturnTs02019-11-13T16:50:13-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$496,530
Liabilities
$201,467
Net assets
$295,063
Revenue
$47,635
Expenses
$63,875
Net income
-$16,240
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