Civic Intelligence

The Providence Foundation

990 • Fiscal year 2020 • EIN 23-7423032

Oct 01, 2019 to Sep 30, 2020 • Filed on May 11, 2021

Organization ProfileWWW.PROVFOUNDATION.COM

View Organization Page

30 Exchange TerraceProvidence, RI 02903

(401) 521-3248

Siviq Scores

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

Liabilities / Assets

46th percentile

0.03x

Higher debt load relative to assets than 46% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

45th percentile

0.04x

Higher debt load relative to revenue than 45% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

20th percentile

-14%

Higher net margin than 20% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

95th percentile

$161,855

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 28.9% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

13th percentile

-8.9%

Faster asset growth than 13% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

18th percentile

-32%

Faster revenue growth than 18% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$680,918

Down $66,802 (-8.9%) from 2019

Net Assets

Down

$660,820

Down $76,981 (-10%) from 2019

Liabilities

Up

$20,098

Up $10,179 (+103%) from 2019

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin20th percentile

Revenue

Down

$559,333

Down $264,376 (-32%) from 2019

Expenses

Down

$636,314

Down $167,886 (-21%) from 2019

Net Income

Down

-$76,981

Down $96,490 (-495%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$1.0M$500K$0Assets 2012: $407,123Liabilities 2012: $6,112Net Assets 2012: $401,0112012Assets 2013: $472,970Liabilities 2013: $13,495Net Assets 2013: $459,4752013Assets 2014: $917,839Liabilities 2014: $22,298Net Assets 2014: $895,5412014Assets 2015: $755,028Liabilities 2015: $62,750Net Assets 2015: $692,2782015Assets 2016: $629,951Liabilities 2016: $12,770Net Assets 2016: $617,1812016Assets 2017: $573,892Liabilities 2017: $34,579Net Assets 2017: $539,3132017Assets 2018: $748,908Liabilities 2018: $30,616Net Assets 2018: $718,2922018Assets 2019: $747,720Liabilities 2019: $9,919Net Assets 2019: $737,8012019Assets 2020: $680,918Liabilities 2020: $20,098Net Assets 2020: $660,8202020Assets 2021: $636,495Liabilities 2021: $11,608Net Assets 2021: $624,8872021Assets 2022: $626,108Liabilities 2022: $21,147Net Assets 2022: $604,9612022Assets 2023: $456,216Liabilities 2023: $27,120Net Assets 2023: $429,0962023Assets 2024: $242,413Liabilities 2024: $13,966Net Assets 2024: $228,4472024

Highlighted filing

2020

Assets$680,918
Liabilities$20,098
Net Assets$660,820
Open 2020 Filing

Operations Trend

Revenue Growth18th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2012: $571,1402012Expenses 2013: $795,4342013Revenue 2014: $1,317,075Expenses 2014: $881,009Net Income 2014: $436,0662014Revenue 2015: $959,132Expenses 2015: $1,162,395Net Income 2015: -$203,2632015Revenue 2016: $1,062,444Expenses 2016: $1,137,541Net Income 2016: -$75,0972016Revenue 2017: $1,662,205Expenses 2017: $1,740,074Net Income 2017: -$77,8692017Revenue 2018: $1,045,256Expenses 2018: $866,277Net Income 2018: $178,9792018Revenue 2019: $823,709Expenses 2019: $804,200Net Income 2019: $19,5092019Revenue 2020: $559,333Expenses 2020: $636,314Net Income 2020: -$76,9812020Revenue 2021: $715,090Expenses 2021: $751,023Net Income 2021: -$35,9332021Revenue 2022: $1,003,262Expenses 2022: $1,023,188Net Income 2022: -$19,9262022Revenue 2023: $824,379Expenses 2023: $1,000,244Net Income 2023: -$175,8652023Revenue 2024: $528,174Expenses 2024: $728,823Net Income 2024: -$200,6492024

Highlighted filing

2020

Revenue$559,333
Expenses$636,314
Net Income-$76,981
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
May 11, 2021
Return Version
2019v5.2
Gross Receipts
$559,333
Mission and Program Overview

Mission

The foundation originates and advocates policies and projects for the development of downtown and the city of providence. It plays a leadership role in planning for downtown. Its primary focus is to create an environment that is conducive to economic development and sustained investment in downtown and the creation of a vibrant neighborhood. The foundation identifies and acts upon opportunities and targets projects and policies that have a catalytic effect; and coordinates projects and groups involved in the downtown. The foundation brings private sector expertise to the development of policies, plans and projects. The foundation, working with the city, is a generator and keeper of the vision for downtown.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$716,168$655,870▼ $60,298
Cash and Non-Interest-Bearing Accounts$19,030$22,031▲ $3,001
Land, Buildings, and Equipment, Net$1,505$0▼ $1,505
Accounts Receivable$8,400$400▼ $8,000
Pledges and Grants Receivable-$0-
Total Assets$747,720$680,918▼ $66,802
Other Assets Total$2,617$2,617→ $0
Liabilities
Accounts Payable and Accrued Expenses$9,919$20,098▲ $10,179
Total Liabilities$9,919$20,098▲ $10,179
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$407,071$377,839▼ $29,232
Net Assets With Donor Restrictions$330,730$282,981▼ $47,749
Total Net Assets Fund Balance$737,801$660,820▼ $76,981
Total Liabilities and Net Assets / Fund Balance$747,720$680,918▼ $66,802

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$23,440$23,440
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cliff WoodExecutive DirectorFT$140,662$21,193$161,855

Board Members and Trustees

NameTitle
Russell C CareyChairman of Board
Kristin FraserVice Chair
Arnold Chace JrDirector
Bethany CostelloDirector
Bradford DimeoDirector
Charles MeyersDirector
Frank SanchezDirector
Greg AlmeidaDirector
John D SinnottDirector
Joseph GreeneDirector
Joseph R Paolino JrDirector
Karen SantilliDirector
Matthew MarcelloDirector
Michael VoccolaDirector
Michele LederbergDirector
Peter CrumpDirector
Richard LappinDirector
Robert I Stolzman EsqDirector
Stephen DurkeeDirector
Tony SimonDirector
William F HatfieldDirector
Jennifer BramleySecretary
Christopher J MarsellaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$544,689
Program Service Revenue
$0
Investment Income
$2,844
Other Revenue
$11,800
All Other Contributions
$464,489
Change in Net Assets
$-76,981

Audited Revenue Reconciliation

Revenue per Audited Statements
$559,333
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$559,333
Total Revenue per Form 990
$559,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$435,357
Other Expenses$200,957
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$152,776$40,373-$193,149
Current Officers, Directors, Trustees, and Key Employees$108,187$72,124-$180,311
Fees for Services Other$23,363$19,935-$43,298
Payroll Taxes$18,831$6,685-$25,516
Other Employee Benefits$19,012$2,221-$21,233
Occupancy$8,131$8,149-$16,280
Pension Plan Contributions$12,956$2,192-$15,148
Office Expenses$3,305$10,112-$13,417
Fees for Services Accounting$6,625$6,625-$13,250
Other Expenses$9,800$1,835-$9,800
Insurance$3,445$2,672-$6,117
All Other Expenses-$4,978-$4,978
Fees for Services Lobbying-$4,195-$4,195
Travel-$2,158-$2,158
Depreciation Depletion$1,505--$1,505
Conferences and Meetings-$1,270-$1,270
Advertising$810--$810
Total Functional Expenses$450,790$185,524$0$636,314

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$636,314
Total Expenses per Audited Statements$636,314
Total Expenses per Form 990$636,314
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Yes
Subject to proxy tax
No
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 A, Line 6

“The members of the organization are known as trustees. The board of directors advises the trustees upon such matters as may be referred to them by the board of trustees from time to time.”

Form 990, Part VI, Section A, Line 7A

“Pursuant to the by-laws, the board of directors of the foundation shall be elected by the board of trustees of the foundation.”

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

“Prior to filing the form 990, the form is submitted to the officers and the audit committee of the foundation. It is available upon request to the trustees of the foundation.”

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

“The foundation has a conflict of interest policy that is contained in the by-laws. In summary, trustees must disclose any financial interest, ownership interest or employment interest in any contract or transaction being considered by the board of trustees or a committee thereof, and said trustees shall not participate in any decision with respect to such contract or other transactions. This conflict is recorded in the minutes.”

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

“The performance and compensation of the executive director is reviewed, annually, by the board of directors, including the chair and other officers.”

Form 990, Part VI, Section C, Line 19

“The public can obtain documentation upon request.”

Filing and Contact Details

Filer

Filer Name
The Providence Foundation
EIN
23-7423032
Phone
4015213248
Address
30 EXCHANGE TERRACE, PROVIDENCE, RI 02903

Signing Officer

Name
Cliff Wood
Title
Executive Director
Phone
4015213248
Signed
2021-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cliff Wood
Formed
1974
Legal Domicile
Ri
Voting Board Members
24
Independent Board Members
23
Employees
4
Volunteers
0

Preparer

Firm
Citrin Cooperman & Company Llp
Address
500 EXCHANGE STREET SUITE 9-100, PROVIDENCE, RI 02903
Preparer
Michael E Criscione
Phone
4014214800
Supplemental Narrative

Additional Explanations

Part XII, Line 2C

“The foundation has an audit committee that assumes responsibility for oversight of the audit, and selection of an independent accountant.”

Financial Statement Notes

PART X, LINE 2:

“The foundation qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code ("irc"). As a not-for-profit entity, the organization is subject to unrelated business income tax ("ubit"), if applicable. In accordance with fasb asc 740, income taxes, the foundation applies the "more likely than not" threshold to the recognition and derecognition of tax positions for its financial statements. Management has evaluated the foundation's tax positions and has concluded that there were no uncertain tax positions that qualified for either recognition or disclosure in the financial statements.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23EXECUTIVE DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01974
IRS990/FormerOfcrEmployeesListedInd00
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt024
IRS990/GovernmentGrantsAmt080200
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0559333
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt023
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt02844
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IRS990/LandBldgEquipCostOrOtherBssAmt023440
IRS990/LegalDomicileStateCd0RI
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd01
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE FOUNDATION ORIGINATES AND ADVOCATES POLICIES AND PROJECTS FOR THE DEVELOPMENT OF DOWNTOWN AND THE CITY OF PROVIDENCE. IT PLAYS A LEADERSHIP ROLE IN PLANNING FOR DOWNTOWN. ITS PRIMARY FOCUS IS TO CREATE AN ENVIRONMENT THAT IS CONDUCIVE TO ECONOMIC DEVELOPMENT AND SUSTAINED INVESTMENT IN DOWNTOWN AND THE CREATION OF A VIBRANT NEIGHBORHOOD. THE FOUNDATION IDENTIFIES AND ACTS UPON OPPORTUNITIES AND TARGETS PROJECTS AND POLICIES THAT HAVE A CATALYTIC EFFECT; AND COORDINATES PROJECTS AND GROUPS INVOLVED IN THE DOWNTOWN. THE FOUNDATION BRINGS PRIVATE SECTOR EXPERTISE TO THE DEVELOPMENT OF POLICIES, PLANS AND PROJECTS. THE FOUNDATION, WORKING WITH THE CITY, IS A GENERATOR AND KEEPER OF THE VISION FOR DOWNTOWN.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt08149
IRS990/OccupancyGrp/ProgramServicesAmt08131
IRS990/OccupancyGrp/TotalAmt016280
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt010112
IRS990/OfficeExpensesGrp/ProgramServicesAmt03305
IRS990/OfficeExpensesGrp/TotalAmt013417
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt02617
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt019012
IRS990/OtherEmployeeBenefitsGrp/TotalAmt021233
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IRS990/OtherExpensesGrp/Desc1BURNSIDE PARK FUNCTIONS
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc3PLAYGROUND MAINTAINANCE
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IRS990/OtherExpensesGrp/ProgramServicesAmt118979
IRS990/OtherExpensesGrp/ProgramServicesAmt28740
IRS990/OtherExpensesGrp/ProgramServicesAmt39800
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IRS990/OtherExpensesGrp/TotalAmt118979
IRS990/OtherExpensesGrp/TotalAmt210575
IRS990/OtherExpensesGrp/TotalAmt39800
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0823709
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-76981
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt011800
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0716168
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0655870
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0544689
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0784340
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01009800
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01171859
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01109045
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt04619733
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt02844
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt04528

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$680,918
Liabilities
$20,098
Net assets
$660,820
Revenue
$559,333
Expenses
$636,314
Net income
-$76,981
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.24$0.01$0.23$0.53$0.73$0.20
2023Detailed filing. Detailed filing data is available for this year.$0.46$0.03$0.43$0.82$1.00$0.18
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.63$0.02$0.60$1.00$1.02$0.02
2021Detailed filing. Detailed filing data is available for this year.$0.64$0.01$0.62$0.72$0.75$0.04
2020Detailed filing. Detailed filing data is available for this year.$0.68$0.02$0.66$0.56$0.64$0.08
2019Detailed filing. Detailed filing data is available for this year.$0.75$0.01$0.74$0.82$0.80$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.75$0.03$0.72$1.05$0.87$0.18
2017Detailed filing. Detailed filing data is available for this year.$0.57$0.03$0.54$1.66$1.74$0.08
2016Detailed filing. Detailed filing data is available for this year.$0.63$0.01$0.62$1.06$1.14$0.08
2015Detailed filing. Detailed filing data is available for this year.$0.76$0.06$0.69$0.96$1.16$0.20
2014Detailed filing. Detailed filing data is available for this year.$0.92$0.02$0.90$1.32$0.88$0.44
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.47$0.01$0.46$0.80
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.01$0.40$0.57