Civic Intelligence

Ocean State Charities Trust

EIN 05-0390916 • 501(c)3 • Johnston, RI

Profile

Promotion of social welfare within the state of rhode island.

One Citizens Bank WayJohnston, RI 02919

www.osct.org

Siviq Scores

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

Liabilities / Assets

19th percentile

0.01x

Higher debt load relative to assets than 19% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

47th percentile

0.14x

Higher debt load relative to revenue than 47% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

6th percentile

-55%

Higher net margin than 6% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

37th percentile

0.8%

Faster asset growth than 37% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2025

Revenue Growth

12th percentile

-22%

Faster revenue growth than 12% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2025

Balance Sheet
Liabilities / Assets19th percentile

Assets

Down

$5,304,666

Down $15,775 (-0.3%) from 2024

Liabilities

Down

$45,828

Down $5,205 (-10%) from 2024

Net Assets

Down

$5,258,838

Down $10,570 (-0.2%) from 2024

Operations
Liabilities / Revenue47th percentileNet Margin6th percentile

Revenue

Down

$330,537

Down $63,759 (-16%) from 2024

Expenses

Down

$512,439

Down $68,962 (-12%) from 2024

Net Income

Up

-$181,902

Up $5,203 (+2.8%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth37th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $5,647,100Liabilities 2011: $0Net Assets 2011: $5,647,1002011Assets 2012: $5,558,910Liabilities 2012: $0Net Assets 2012: $5,558,9102012Assets 2013: $5,746,626Liabilities 2013: $0Net Assets 2013: $5,746,6262013Assets 2014: $6,232,349Liabilities 2014: $0Net Assets 2014: $6,232,3492014Assets 2015: $6,137,108Liabilities 2015: $0Net Assets 2015: $6,137,1082015Assets 2016: $5,990,925Liabilities 2016: $0Net Assets 2016: $5,990,9252016Assets 2017: $6,015,577Liabilities 2017: $0Net Assets 2017: $6,015,5772017Assets 2018: $5,910,145Liabilities 2018: $0Net Assets 2018: $5,910,1452018Assets 2019: $5,900,645Liabilities 2019: $0Net Assets 2019: $5,900,6452019Assets 2020: $5,835,874Liabilities 2020: $0Net Assets 2020: $5,835,8742020Assets 2021: $6,455,606Liabilities 2021: $0Net Assets 2021: $6,455,6062021Assets 2022: $5,244,206Liabilities 2022: $0Net Assets 2022: $5,244,2062022Assets 2023: $5,220,158Liabilities 2023: $66,090Net Assets 2023: $5,154,0682023Assets 2024: $5,320,441Liabilities 2024: $51,033Net Assets 2024: $5,269,4082024Assets 2025: $5,304,666Liabilities 2025: $45,828Net Assets 2025: $5,258,8382025

Highlighted filing

2025

Assets$5,304,666
Liabilities$45,828
Net Assets$5,258,838
Open 2025 Filing

Operations Trend

Revenue Growth12th percentile

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

$1.0M$500K$0-$500KRevenue 2011: $220,568Expenses 2011: $396,237Net Income 2011: -$175,6692011Revenue 2012: $949,309Expenses 2012: $441,699Net Income 2012: $507,6102012Revenue 2013: $577,255Expenses 2013: $422,457Net Income 2013: $154,7982013Revenue 2014: $555,987Expenses 2014: $387,282Net Income 2014: $168,7052014Revenue 2015: $478,933Expenses 2015: $433,285Net Income 2015: $45,6482015Revenue 2016: $396,456Expenses 2016: $453,114Net Income 2016: -$56,6582016Revenue 2017: $475,351Expenses 2017: $483,326Net Income 2017: -$7,9752017Revenue 2018: $353,235Expenses 2018: $479,083Net Income 2018: -$125,8482018Revenue 2019: $300,653Expenses 2019: $482,025Net Income 2019: -$181,3722019Revenue 2020: $239,397Expenses 2020: $514,200Net Income 2020: -$274,8032020Revenue 2021: $623,064Expenses 2021: $546,455Net Income 2021: $76,6092021Revenue 2022: $495,993Expenses 2022: $533,825Net Income 2022: -$37,8322022Revenue 2023: $539,797Expenses 2023: $617,801Net Income 2023: -$78,0042023Revenue 2024: $394,296Expenses 2024: $581,401Net Income 2024: -$187,1052024Revenue 2025: $330,537Expenses 2025: $512,439Net Income 2025: -$181,9022025

Highlighted filing

2025

Revenue$330,537
Expenses$512,439
Net Income-$181,902
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,304,666
Liabilities
$45,828
Net assets
$5,258,838
Revenue
$330,537
Expenses
$512,439
Net income
-$181,902
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$5.30$0.05$5.26$0.33$0.51$0.18
2024Detailed filing. Detailed filing data is available for this year.$5.32$0.05$5.27$0.39$0.58$0.19
2023Detailed filing. Detailed filing data is available for this year.$5.22$0.07$5.15$0.54$0.62$0.08
2022Detailed filing. Detailed filing data is available for this year.$5.24$0.00$5.24$0.50$0.53$0.04
2021Detailed filing. Detailed filing data is available for this year.$6.46$0.00$6.46$0.62$0.55$0.08
2020Summary only. Only limited summary data is available for this year.$5.84$0.00$5.84$0.24$0.51$0.27
2019Summary only. Only limited summary data is available for this year.$5.90$0.00$5.90$0.30$0.48$0.18
2018Summary only. Only limited summary data is available for this year.$5.91$0.00$5.91$0.35$0.48$0.13
2017Summary only. Only limited summary data is available for this year.$6.02$0.00$6.02$0.48$0.48$0.01
2016Summary only. Only limited summary data is available for this year.$5.99$0.00$5.99$0.40$0.45$0.06
2015Summary only. Only limited summary data is available for this year.$6.14$0.00$6.14$0.48$0.43$0.05
2014Summary only. Only limited summary data is available for this year.$6.23$0.00$6.23$0.56$0.39$0.17
2013Summary only. Only limited summary data is available for this year.$5.75$0.00$5.75$0.58$0.42$0.15
2012Summary only. Only limited summary data is available for this year.$5.56$0.00$5.56$0.95$0.44$0.51
2011Summary only. Only limited summary data is available for this year.$5.65$0.00$5.65$0.22$0.40$0.18
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 5, 2026
Return Version
2024v5.2
Gross Receipts
$1,619,181
Mission and Program Overview

Mission

Promotion of social welfare within the state of rhode island.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,253,304$5,243,214▼ $10,090
Accounts Receivable$10,125$16,644▲ $6,519
Cash and Non-Interest-Bearing Accounts$2,858$7,644▲ $4,786
Land, Buildings, and Equipment, Net$3,541$2,570▼ $971
Total Assets$5,320,441$5,304,666▼ $15,775
Other Assets Total$50,613$34,594▼ $16,019
Liabilities
Other Liabilities$51,033$45,828▼ $5,205
Total Liabilities$51,033$45,828▼ $5,205
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,906,003$4,866,453▼ $39,550
Net Assets With Donor Restrictions$363,405$392,385▲ $28,980
Total Net Assets Fund Balance$5,269,408$5,258,838▼ $10,570
Total Liabilities and Net Assets / Fund Balance$5,320,441$5,304,666▼ $15,775

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,570$971$3,541
Other Assets Org$33,494--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$5,708,546-▲ $330,537-$5,526,644
2023$5,895,651$100,000▲ $294,296-$5,708,546
2022$5,973,655$100,000▲ $439,797-$5,895,651
2021$6,455,606$50,000---
2020$5,835,874$28,000▲ $1,137,347--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Scott AvedisianChairman of the Board
Mark RussellVice Chairman
Jane LynchExecutive Director(end 12/24)
Marisa AlbaneseInterim Executive Director
John J Partridge EsqTrustee
Victor CapellanSecretary
Amy VitaleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$308,539
Other Revenue
$21,998
Change in Net Assets
$-181,902

Audited Revenue Reconciliation

Revenue per Audited Statements
$330,537
Revenue Not Reported on Form 990
$174,933
Total Revenue per Audited Statements
$505,470
Total Revenue per Form 990
$330,537
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$253,220
Salaries, Compensation, and Employee Benefits$163,836
Other Expenses$95,383
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$253,220--$253,220
Current Officers, Directors, Trustees, and Key Employees$101,214--$101,214
Other Salaries and Wages$38,784$11,976-$50,760
Fees for Services Accounting$19,559$11,281-$30,840
Fees for Service Investment Mgmnt Fees-$26,994-$26,994
Occupancy$15,463$2,835-$18,298
Payroll Taxes-$11,862-$11,862
Information Technology$3,923$1,532-$5,455
Office Expenses$4,394$0-$4,394
Other Expenses-$3,961-$3,961
Insurance-$2,467-$2,467
Depreciation Depletion$820$151-$971
Total Functional Expenses$437,377$75,062$0$512,439

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$516,040
Expenses per Audited Statements$512,439
Total Expenses per Form 990$512,439
Expenses Not Reported on Form 990$3,601
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
State of Rhode IslandProvidence, RI--$253,220
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
Operating Lease Liability-long-term$18,032
Operating Lease Liability-current P$16,996
Accrued Liabilities$10,800
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7A

“The trustees are appointed by the governor of the state of ri.”

Form 990, Page 6, Part VI, Line 11-description of Process for Review

“The trustees reviewed a draft of form 990 prior to filing.”

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12C

“The conflict of interest policy requires annual reporting and the information is provided to the trustees.”

FORM 990, PAGE 6, PART VI, LINE 15A

“The process for determining the salary of the executive director includes a review and approval during the budgeting process by the trustees who are independent persons familiar with comparable compensation information.”

Form 990, Page 6, Part VI, Line 19

“Documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Ocean State Charities Trust
EIN
05-0390916
Phone
4017289008
Address
ONE CITIZENS BANK WAY, JOHNSTON, RI 02919

Signing Officer

Name
Scott Avedisian
Title
Chairman
Phone
4017289008
Signed
2026-01-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marisa a Albanese
Formed
1981
Legal Domicile
Ri
Voting Board Members
5
Independent Board Members
5
Employees
3

Preparer

Firm
Kpmg Llp
Address
ONE FINANCIAL PLAZA SUITE 2300, PROVIDENCE, RI 02903
Preparer
Lyle J Mohler
Phone
6892065200
Supplemental Narrative

Additional Explanations

Explanation for Form 990, Part XI, Line 9

“Grant recovery $4,000 and grants reversed in following year ($7,600)”

Financial Statement Notes

Explanation for Schedule D, Part V, Line 4

“The endowment funds support the mission and program of the organization.”

EXPLANATION FOR SCHEDULE D, PART XII, LINE 2D

“Grant recovery $4,000 and two grants reversed in the following year totaling ($7,600)”

Raw XML AppendixShowing 400 of 452 raw XML fields

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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IRS990/PrincipalOfficerNm0MARISA A ALBANESE
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IRS990ScheduleA/DistributableAmountGrp/CYDistributableAsAdjustedAmt00
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IRS990ScheduleA/DistributableAmountGrp/CYIncomeTaxImposedPYAmt00
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IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0253220
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0STATE OF RHODE ISLAND
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IRS990ScheduleD/BoardDesignatedBalanceEOYPct00.92539
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IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt05526644
IRS990ScheduleD/CYEndwmtFundGrp/GrantsOrScholarshipsAmt0253220
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt0330537
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/AdministrativeExpensesAmt0215728
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt0100000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt05708546
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/GrantsOrScholarshipsAmt0365673
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/AdministrativeExpensesAmt0207190
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0971
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IRS990ScheduleD/ExpensesSubtotalAmt0512439
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt133494
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSIT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1OPERATING LEASE RIGHT-OF-USE ASSET
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OPERATING LEASE LIABILITY-LONG-TERM
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED LIABILITIES
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ENDOWMENT FUNDS SUPPORT THE MISSION AND PROGRAM OF THE ORGANIZATION.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1GRANT RECOVERY $4,000 AND TWO GRANTS REVERSED IN THE FOLLOWING YEAR TOTALING ($7,600)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0EXPLANATION FOR SCHEDULE D, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1EXPLANATION FOR SCHEDULE D, PART XII, LINE 2d
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0STATE OF RHODE ISLAND
IRS990ScheduleI/RecipientTable/RecipientEIN0056000522
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt086 WEYBOSSET STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0PROVIDENCE
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0RI
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd0029032800
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0GRANTS ARE MADE ONLY TO ORGANIZATIONS THAT QUALIFY AS PUBLIC CHARITIES UNDER SECTIONS 501(C)(3) AND 509(A) AND APPLY FOR ASSISTANCE TO CARRY OUT A DESIGNATED PROGRAM OR ACTIVITY. THE PUBLIC CHARITY TO WHICH A GRANT IS MADE IS REQUIRED TO ACKNOWLEDGE THE RECEIPT OF THE GRANT AND TO REPORT UPON THE USE OF THE FUNDS. IN THE EVENT AN ORGANIZATION DOES NOT USE A GRANT FOR THE STATED PURPOSE, THE CHARITY IS REQUESTED TO RETURN THE FUNDS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0EXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TRUSTEES ARE APPOINTED BY THE GOVERNOR OF THE STATE OF RI.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE TRUSTEES REVIEWED A DRAFT OF FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT OF INTEREST POLICY REQUIRES ANNUAL REPORTING AND THE INFORMATION IS PROVIDED TO THE TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PROCESS FOR DETERMINING THE SALARY OF THE EXECUTIVE DIRECTOR INCLUDES A REVIEW AND APPROVAL DURING THE BUDGETING PROCESS BY THE TRUSTEES WHO ARE INDEPENDENT PERSONS FAMILIAR WITH COMPARABLE COMPENSATION INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GRANT RECOVERY $4,000 AND GRANTS REVERSED IN FOLLOWING YEAR ($7,600)
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5EXPLANATION FOR FORM 990, PART XI, LINE 9
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/BOYAmt051033

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