Rhode Island Boy Scouts

“There is one member of the corporation, robert dimuccio, that is a director of amica insurance co., which provides support to ribs during the year. Three board members maintain relationships with the same outside organization. Jonathan farnum, george shuster, and andy erickson, are all members of the board of directors at care new england. Board member paul j. Choquette is the uncle of board member edward t. Broderick.”

“The members of the corporation are the governing body. This includes three ex-officio members of the corporation, the scout executive of the narragansett council boy scouts of america who serves as secretary of ribs, the president of the council, and one other individual appointed by the council president.”

“The members of the corporation are the governing body. This includes three ex-officio members of the corporation, the scout executive of the narragansett council boy scouts of america who serves as secretary of ribs, the president of the council, and one other individual appointed by the council president.”

“The audit committee reviews the 990 on behalf of the corporation.”

“Ribs exists to benefit the scouting program in the area served by the narragansett council. As such, it has no employees and minimal operating expenses which are limited to audit fees, real estate taxes, and property insurance. The bulk of its activity is in contributions to the narragansett council. The council staff performs administrative functions for ribs for which it is paid.”

“The rhode island boy scouts makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“In 2017 rhode island boy scouts sold land in seekonk ma to seekonk land conservation trust, inc. (fei no. 04-6194130) a 501(c)(3) organization for $1.00. The land was marshland with no direct entry and not usable by the rhode island boy scouts in any way.”

“Rhode island boy scouts is a beneficiary of the income from two irrevocable trusts held in perpetuity by an independent trustee. Rhode island boy scouts has an irrevocable right to receive a portion of the income earned on the trusts' assets but will never receive the trusts' corpus. The beneficial interest in irrevocable perpetual trusts is reported in the statement of financial postion at the fair market value of its' interest in the trust. Ribs is the beneficiary of an irrevocable lead trust held by an independent trustee. Ribs has the irrevocable right to receive an annual payment of $25,000 from the trust's assets until 2024, at which time the remaining value of the trust will be transferred to another trust in which ribs is not the beneficiary. Payments received from the trust are permanently restricted for investment in ribs' endowment. The value of the beneficial interest in the lead trust is reported in the statement of financial position at the present value of the estimated future cash flows.”

“Change in net value of beneficial interest in irrevocable perpetual trusts 133,055.”

“The process performed by the audit committee in order to assume responsibility for the audited financial statements has not changed since the prior year.”