Civic Intelligence

Block Island Economic Development Foundation Inc.

990 • Fiscal year 2021 • EIN 05-0381201

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

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.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

98th percentile

4.01x

Higher debt load relative to revenue than 98% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

15th percentile

-33%

Higher net margin than 15% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

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

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

32nd percentile

-4.9%

Faster asset growth than 32% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

45th percentile

-1.4%

Faster revenue growth than 45% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$441,384

Down $22,844 (-4.9%) from 2020

Net Assets

Down

$262,013

Down $14,798 (-5.3%) from 2020

Liabilities

Down

$179,371

Down $8,046 (-4.3%) from 2020

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin15th percentile

Revenue

Down

$44,775

Down $633 (-1.4%) from 2020

Expenses

Up

$59,573

Up $12,008 (+25%) from 2020

Net Income

Down

-$14,798

Down $12,641 (-586%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth32nd 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

2021

Assets$441,384
Liabilities$179,371
Net Assets$262,013
Open 2021 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

2021

Revenue$44,775
Expenses$59,573
Net Income-$14,798
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.2
Gross Receipts
$115,073
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$339,758$305,015▼ $34,743
Cash and Non-Interest-Bearing Accounts$94,502$111,828▲ $17,326
Savings and Temporary Cash Investments$13,261$13,062▼ $199
Accounts Receivable$16,707$11,479▼ $5,228
Total Assets$464,228$441,384▼ $22,844
Liabilities
Mortgage Notes Payable Secured by Investment Property$172,837$163,852▼ $8,985
Accounts Payable and Accrued Expenses$11,580$11,419▼ $161
Other Liabilities$3,000$4,100▲ $1,100
Total Liabilities$187,417$179,371▼ $8,046
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$276,811$262,013▼ $14,798
Total Net Assets Fund Balance$276,811$262,013▼ $14,798
Total Liabilities and Net Assets / Fund Balance$464,228$441,384▼ $22,844

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$205,015$734,016-
Other Land Buildings$0$51,790-
Land$100,000--
Compensation and Service Providers
Top Officer Pay77th percentile

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
$12,950
Program Service Revenue
$2,700
Investment Income
$8
Other Revenue
$29,117
All Other Contributions
$9,850
Change in Net Assets
$-14,798
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$53,008
Salaries, Compensation, and Employee Benefits$6,565
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$29,138$3,238-$32,376
Insurance$6,099$678-$6,777
Other Salaries and Wages$5,908$657-$6,565
Advertising$3,417--$3,417
Interest$3,037$338-$3,375
Fees for Services Accounting-$2,204-$2,204
Fees for Services Other$1,182--$1,182
Other Expenses$371$41-$412
Total Functional Expenses$52,090$7,483$0$59,573
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
2022-11-14
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
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/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0111
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0771
IRS990ScheduleA/InvestmentIncomeCYPct00.00340
IRS990ScheduleA/InvestmentIncomePYPct00.00450
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99660
IRS990ScheduleA/PublicSupportPY509Pct00.99550
IRS990ScheduleA/PublicSupportTotal509Amt0224443
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt044767
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt045296
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt036850
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt047326
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt050204
IRS990ScheduleA/Total509Grp/TotalAmt0224443
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt044775
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt045408
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt037081
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt047635
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt050315
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0225214
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0205015
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0734016
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt0939031
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0100000
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0100000
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt051790
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt051790
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, 2018 and 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0305015
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/TotalAssetsBOYAmt0464228
IRS990/TotalAssetsEOYAmt0441384
IRS990/TotalAssetsGrp/BOYAmt0464228
IRS990/TotalAssetsGrp/EOYAmt0441384
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt012950
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt07483
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt052090
IRS990/TotalFunctionalExpensesGrp/TotalAmt059573
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0187417
IRS990/TotalLiabilitiesEOYAmt0179371
IRS990/TotalLiabilitiesGrp/BOYAmt0187417
IRS990/TotalLiabilitiesGrp/EOYAmt0179371
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0276811
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0262013
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt052090
IRS990/TotalProgramServiceRevenueAmt02700
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt08
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt031817
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt044775
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0464228
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0441384
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Gerard Pierce
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum04014870017
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-14
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/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/ReturnTs02022-11-14T17:07:45-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Gerard
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Pierce
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$441,384
Liabilities
$179,371
Net assets
$262,013
Revenue
$44,775
Expenses
$59,573
Net income
-$14,798
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