Civic Intelligence

Rhode Island College Foundation

990 • Fiscal year 2021 • EIN 05-6049721

Jul 01, 2020 to Jun 30, 2021 • Filed on May 12, 2022

600 Mount Pleasant AvenueProvidence, RI 02908

(401) 456-8105

Siviq Scores

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

Liabilities / Assets

23rd percentile

0.03x

Higher debt load relative to assets than 23% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

47th percentile

0.24x

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

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

85th percentile

48%

Higher net margin than 85% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

36th percentile

$196,999

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

86th percentile

34%

Faster asset growth than 86% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

94th percentile

178%

Faster revenue growth than 94% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Assets

Up

$46,078,068

Up $11,578,520 (+34%) from 2020

Net Assets

Up

$44,471,044

Up $10,904,117 (+32%) from 2020

Liabilities

Up

$1,607,024

Up $674,403 (+72%) from 2020

Revenue

Up

$6,584,099

Up $4,215,419 (+178%) from 2020

Expenses

Down

$3,428,558

Down $841,206 (-20%) from 2020

Net Income

Up

$3,155,541

Up $5,056,625 (+266%) from 2020

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $18,784,508Liabilities 2010: $1,000,512Net Assets 2010: $17,783,9962010Assets 2011: $22,292,099Liabilities 2011: $922,540Net Assets 2011: $21,369,5592011Assets 2012: $23,234,082Liabilities 2012: $936,917Net Assets 2012: $22,297,1652012Assets 2013: $24,983,500Liabilities 2013: $723,975Net Assets 2013: $24,259,5252013Assets 2014: $28,534,282Liabilities 2014: $830,909Net Assets 2014: $27,703,3732014Assets 2015: $30,318,482Liabilities 2015: $945,251Net Assets 2015: $29,373,2312015Assets 2016: $29,097,701Liabilities 2016: $1,471,766Net Assets 2016: $27,625,9352016Assets 2017: $32,933,945Liabilities 2017: $1,268,295Net Assets 2017: $31,665,6502017Assets 2018: $36,755,602Liabilities 2018: $1,034,279Net Assets 2018: $35,721,3232018Assets 2019: $36,545,324Liabilities 2019: $955,362Net Assets 2019: $35,589,9622019Assets 2020: $34,499,548Liabilities 2020: $932,621Net Assets 2020: $33,566,9272020Assets 2021: $46,078,068Liabilities 2021: $1,607,024Net Assets 2021: $44,471,0442021Assets 2022: $38,603,483Liabilities 2022: $952,760Net Assets 2022: $37,650,7232022Assets 2023: $43,255,879Liabilities 2023: $1,292,229Net Assets 2023: $41,963,6502023Assets 2024: $48,042,629Liabilities 2024: $563,669Net Assets 2024: $47,478,9602024Assets 2025: $54,347,107Liabilities 2025: $486,821Net Assets 2025: $53,860,2862025

Highlighted filing

2021

Assets$46,078,068
Liabilities$1,607,024
Net Assets$44,471,044

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $2,050,1272010Expenses 2011: $2,173,7782011Expenses 2012: $2,116,0372012Revenue 2013: $3,448,565Expenses 2013: $1,782,337Net Income 2013: $1,666,2282013Revenue 2014: $3,808,596Expenses 2014: $1,996,791Net Income 2014: $1,811,8052014Revenue 2015: $5,184,271Expenses 2015: $2,122,651Net Income 2015: $3,061,6202015Revenue 2016: $2,772,032Expenses 2016: $3,991,719Net Income 2016: -$1,219,6872016Revenue 2017: $4,230,978Expenses 2017: $3,063,336Net Income 2017: $1,167,6422017Revenue 2018: $6,237,087Expenses 2018: $2,939,869Net Income 2018: $3,297,2182018Revenue 2019: $3,973,565Expenses 2019: $4,238,394Net Income 2019: -$264,8292019Revenue 2020: $2,368,680Expenses 2020: $4,269,764Net Income 2020: -$1,901,0842020Revenue 2021: $6,584,099Expenses 2021: $3,428,558Net Income 2021: $3,155,5412021Revenue 2022: $8,377,720Expenses 2022: $2,100,785Net Income 2022: $6,276,9352022Revenue 2023: $3,438,035Expenses 2023: $3,058,685Net Income 2023: $379,3502023Revenue 2024: $4,271,503Expenses 2024: $4,236,138Net Income 2024: $35,3652024Revenue 2025: $6,507,300Expenses 2025: $4,003,265Net Income 2025: $2,504,0352025

Highlighted filing

2021

Revenue$6,584,099
Expenses$3,428,558
Net Income$3,155,541
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 12, 2022
Return Version
2020v4.2
Gross Receipts
$11,819,960
Mission and Program Overview

Mission

To encourage and receive private and public support to enhance and expand rhode island college's continued tradition of educational excellence. The foundation provides support for scholarships, faculty research grants, capital improvements, lecturers and other programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$32,535,851$43,258,028▲ $10,722,177
Pledges and Grants Receivable$260,195$1,349,948▲ $1,089,753
Cash and Non-Interest-Bearing Accounts$378,530$135,117▼ $243,413
Savings and Temporary Cash Investments$167,849$131,152▼ $36,697
Accounts Receivable$15,378$15,370▼ $8
Prepaid Expenses and Deferred Charges$5,250$5,920▲ $670
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$34,499,548$46,078,068▲ $11,578,520
Other Assets Total$1,136,495$1,182,533▲ $46,038
Liabilities
Accounts Payable and Accrued Expenses$38,095$823,929▲ $785,834
Grants Payable$579,428$454,428▼ $125,000
Other Liabilities$315,098$328,667▲ $13,569
Total Liabilities$932,621$1,607,024▲ $674,403
Net Assets / Fund Balance
Net Assets With Donor Restrictions$29,328,764$39,922,684▲ $10,593,920
Net Assets Without Donor Restrictions$4,238,163$4,548,360▲ $310,197
Total Net Assets Fund Balance$33,566,927$44,471,044▲ $10,904,117
Total Liabilities and Net Assets / Fund Balance$34,499,548$46,078,068▲ $11,578,520

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$40,188$40,188
Other Land Buildings$0$1,078$1,078

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$28,591,646$3,822,094▲ $7,834,890$2,225,959$38,022,671
2019$27,860,602$986,589▼ $56,083$199,462$28,591,646
2018$27,607,970$782,058▲ $1,654,608$2,184,034$27,860,602
2017$24,683,496$1,575,437▲ $3,267,816$1,918,779$27,607,970
2016$21,433,020$1,119,854▲ $3,330,223$1,199,601$24,683,496
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ann Marie DasilvaImmediate Past President
Alan ChillePresident
Eugene SimoneVice President
Alan TenreiroBoard Member
Anne DestefanoBoard Member
Barbara SmithBoard Member
Carol MorettiBoard Member
David DepetrilloBoard Member
Gary DicenzoBoard Member
Joyce StevosBoard Member
Louis MarcianoBoard Member
Michelle JohnsonBoard Member
Robert SugliaBoard Member
Roderick E DasilvaBoard Member
Rosemary KhosrovaniBoard Member
Thomas FitzgeraldBoard Member
Travis EscobarBoard Member
Vincent CullenBoard Member
William FazioliBoard Member
William Hurry JrBoard Member
David HannaBoard Member (resigned)
Kimberly Conway DumpsonExecutive Director
Kyla PecchiaSecretary
Gary MohamedTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,512,569
Program Service Revenue
$0
Investment Income
$923,475
Other Revenue
$148,055
All Other Contributions
$5,344,639
Change in Net Assets
$3,155,541

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,430,425
Revenue Not Reported on Financial Statements
$153,674
Revenue Not Reported on Form 990
$7,748,576
Total Revenue per Audited Statements
$14,179,001
Total Revenue per Form 990
$6,584,099
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,553,643
Salaries, Compensation, and Employee Benefits$974,323
Other Expenses$900,592
Total Fundraising Expense$337,145
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,553,643--$1,553,643
Other Salaries and Wages$312,860$269,604$261,460$843,924
Fees for Services Other$215,084$45,210$6,243$266,537
Fees for Service Investment Mgmnt Fees-$153,674-$153,674
All Other Expenses$37,860$10,130$2,192$50,182
Payroll Taxes$17,055$16,081$15,594$48,730
Other Employee Benefits$17,246$14,916$14,449$46,611
Pension Plan Contributions$12,971$11,219$10,868$35,058
Other Expenses$19,146$5,558$3,048$24,704
Travel$163--$163
Total Functional Expenses$2,356,842$734,571$337,145$3,428,558

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,428,558
Expenses per Audited Statements$3,274,884
Total Expenses per Audited Statements$3,274,884
Expenses Not Reported on Financial Statements$153,674
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Rhode Island CollegeProvidence, RI501(c)(3)Financial Support to Rhode Island College for Capital Improvements, Purchase of Equipment and Need and Merit Based Scholarships to Students and Assistance With Faculty Programming. Scholarships Were Awarded During the Reporting Period to 641 Rhode Island College Students.$1,553,643
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$43,662
Fundraising Direct Expenses$19,626
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Day$65,292$43,662$4,445$39,217
Total Events$65,292$43,662$19,626$24,036
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deposits Held in Custody for Others$307,286
Annuities Payable$21,381
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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

Form 990, Part VI, Section B, Line 11B

The audit and investment committees for the rhode island college foundation board of directors are charged with reviewing the form 990 and reporting its findings to the full board at the next scheduled board meeting.

Form 990, Part VI, Section B, Line 12C

Each board member is required to complete and sign an agreement acknowledging that in the event that any and all conflict(s) of interest exist, board members must declare the conflict of interest and abstain from any vote where a conflict exists.

Form 990, Part VI, Section B, Line 15A

The compensation process for the executive director was recommended by the rhode island college foundation executive committee and approved by the board. The foundation board of directors followed the rhode island college personnel policy; it also involved the evaluation of the individual and a review of compensation of comparable positions obtained from similar organizations. The board's deliberation and decision is noted in the minutes of the meetings.

Form 990, Part VI, Section C, Line 19

The foundation's governance structure, audited financial statements, form 990s and annual reports are available for viewing via the foundation's website.

Filing and Contact Details

Filer

Filer Name
Rhode Island College Foundation
EIN
05-6049721
Phone
4014568105
Address
600 MOUNT PLEASANT AVENUE, PROVIDENCE, RI 02908

Signing Officer

Name
Kimberly Conway Dumpson
Title
Executive Director
Phone
4014568105
Signed
2022-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Allen Chille
Formed
1965
Legal Domicile
Ri
Voting Board Members
22
Independent Board Members
22
Employees
13
Volunteers
48

Preparer

Firm
Cliftonlarsonallen
Address
100 FRONT STREET 7TH FLOOR, WORCESTER, MA 01608
Preparer
LYNN O'MARRA
Phone
5087136900
Supplemental Narrative

Additional Explanations

PART XII, LINE 2C:

The audit committee of the board of directors is responsible for the hiring of auditors and oversight of the annual audit of financial statements.

Financial Statement Notes

PART III, LINE 4:

The organization holds a collection of various pieces of artwork which, based on the foundation's mission statement to solicit, encourage and receive gifts from private sources for the benefit of rhode island college, serves as a means of enhancing the beauty of the college's academic buildings.

PART V, LINE 4:

The foundation's endowment funds exist in perpetuity as a means to provide support for scholarships, awards and programs based on donor intent. Its endowment includes both donor-restricted endowment funds and $1,392,302 in funds designated by the board to function as endowments.

PART X, LINE 2:

Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the foundation and recognize a tax liability if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by the internal revenue service. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The foundation reports tax-related interest and penalties, if any, as a component of interest expense.

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IRS990/Form990PartVIISectionAGrp/PersonNm12THOMAS FITZGERALD
IRS990/Form990PartVIISectionAGrp/PersonNm13WILLIAM HURRY JR
IRS990/Form990PartVIISectionAGrp/PersonNm14MICHELLE JOHNSON
IRS990/Form990PartVIISectionAGrp/PersonNm15ROSEMARY KHOSROVANI
IRS990/Form990PartVIISectionAGrp/PersonNm16LOUIS MARCIANO
IRS990/Form990PartVIISectionAGrp/PersonNm17CAROL MORETTI
IRS990/Form990PartVIISectionAGrp/PersonNm18BARBARA SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm19JOYCE STEVOS
IRS990/Form990PartVIISectionAGrp/PersonNm20ROBERT SUGLIA
IRS990/Form990PartVIISectionAGrp/PersonNm21ALAN TENREIRO
IRS990/Form990PartVIISectionAGrp/PersonNm22DAVID HANNA
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4IMMEDIATE PAST PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER (RESIGNED)
IRS990/Form990PartVIISectionAGrp/TitleTxt23EXECUTIVE DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01965
IRS990/FormerOfcrEmployeesListedInd00
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IRS990/FSAuditedInd01
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IRS990/FundraisingDirectExpensesAmt019626
IRS990/FundraisingGrossIncomeAmt043662
IRS990/GainOrLossGrp/SecuritiesAmt0371497
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IRS990/IndependentAuditFinclStmtInd01
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IRS990/IndoorTanningServicesInd00
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO ENCOURAGE AND RECEIVE PRIVATE AND PUBLIC SUPPORT TO ENHANCE AND EXPAND RHODE ISLAND COLLEGE'S CONTINUED TRADITION OF EDUCATIONAL EXCELLENCE. THE FOUNDATION PROVIDES SUPPORT FOR SCHOLARSHIPS, FACULTY RESEARCH GRANTS, CAPITAL IMPROVEMENTS, LECTURERS AND OTHER PROGRAMS.
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IRS990/PrincipalOfficerNm0ALLEN CHILLE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgSrvcAccomActy2Grp/Desc0FINANCIAL SUPPORT TO RHODE ISLAND COLLEGE FOR TECHNOLOGY FOR REMOTE LEARNING AS A RESULT OF THE COVID-19 PANDEMIC. THE TECHNOLOGY SUPPORTED CLASSROOM ACTIVITIES, CONFERENCES, LIBRARY MATERIALS, GRANT WORK, STUDENT ENROLLMENT ACTIVITIES, LECTURES, MEETINGS, EVENTS AND OTHER COLLEGE ACTIVITIES.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0458203
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0458203
IRS990/ProgSrvcAccomActy3Grp/Desc0FINANCIAL SUPPORT TO RHODE ISLAND COLLEGE DEPARTMENT OF INTERCOLLEGIATE ATHLETIC SERVICES WITH ATHLETE FACILITY IMPROVEMENTS/MAINTENANCE, UNIFORMS AND EQUIPMENT FOR VARIOUS TEAMS, AND THE PURCHASE OF TROPHIES/AWARDS FOR ATHLETES.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0185864
IRS990/ProgSrvcAccomActy3Grp/GrantAmt0185864
IRS990/ProgSrvcAccomActyOtherGrp/Desc0SUPPORT FOR VARIOUS PROGRAMS OPERATED BY RI COLLEGE
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IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01913047
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt01709436
IRS990/PYInvestmentIncomeAmt071553
IRS990/PYOtherExpensesAmt01590722
IRS990/PYOtherRevenueAmt0384080
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-1901084
IRS990/PYSalariesCompEmpBnftPaidAmt0969606
IRS990/PYTotalExpensesAmt04269764
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02368680
IRS990/QuidProQuoContributionsInd01
IRS990/QuidProQuoContriDisclInd01

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$54.3$0.49$53.9$6.51$4.00$2.50
2024Detailed filing. Detailed filing data is available for this year.$48.0$0.56$47.5$4.27$4.24$0.04
2023Detailed filing. Detailed filing data is available for this year.$43.3$1.29$42.0$3.44$3.06$0.38
2022Detailed filing. Detailed filing data is available for this year.$38.6$0.95$37.7$8.38$2.10$6.28
2021Detailed filing. Detailed filing data is available for this year.$46.1$1.61$44.5$6.58$3.43$3.16
2020Detailed filing. Detailed filing data is available for this year.$34.5$0.93$33.6$2.37$4.27$1.90
2019Detailed filing. Detailed filing data is available for this year.$36.5$0.96$35.6$3.97$4.24$0.26
2018Detailed filing. Detailed filing data is available for this year.$36.8$1.03$35.7$6.24$2.94$3.30
2017Detailed filing. Detailed filing data is available for this year.$32.9$1.27$31.7$4.23$3.06$1.17
2016Detailed filing. Detailed filing data is available for this year.$29.1$1.47$27.6$2.77$3.99$1.22
2015Detailed filing. Detailed filing data is available for this year.$30.3$0.95$29.4$5.18$2.12$3.06
2014Detailed filing. Detailed filing data is available for this year.$28.5$0.83$27.7$3.81$2.00$1.81
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.0$0.72$24.3$3.45$1.78$1.67
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.2$0.94$22.3$2.12
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.3$0.92$21.4$2.17
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.8$1.00$17.8$2.05
Peer Organizations

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