Civic Intelligence

The Providence Foundation

990 • Fiscal year 2022 • EIN 23-7423032

Oct 01, 2021 to Sep 30, 2022 • Filed on Jul 28, 2023

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

42nd percentile

0.03x

Higher debt load relative to assets than 42% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.02x

Higher debt load relative to revenue than 31% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

31st percentile

-2.0%

Higher net margin than 31% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

87th percentile

$168,626

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 16.8% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

41st percentile

-1.6%

Faster asset growth than 41% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

78th percentile

40%

Faster revenue growth than 78% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Down

$626,108

Down $10,387 (-1.6%) from 2021

Net Assets

Down

$604,961

Down $19,926 (-3.2%) from 2021

Liabilities

Up

$21,147

Up $9,539 (+82%) from 2021

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin31st percentile

Revenue

Up

$1,003,262

Up $288,172 (+40%) from 2021

Expenses

Up

$1,023,188

Up $272,165 (+36%) from 2021

Net Income

Up

-$19,926

Up $16,007 (+45%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth41st 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

2022

Assets$626,108
Liabilities$21,147
Net Assets$604,961
Open 2022 Filing

Operations Trend

Revenue Growth78th 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

2022

Revenue$1,003,262
Expenses$1,023,188
Net Income-$19,926
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Jul 28, 2023
Return Version
2021v4.2
Gross Receipts
$1,003,262
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.

To advance visionary initiatives in downtown providence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$582,153$605,055▲ $22,902
Cash and Non-Interest-Bearing Accounts$51,325$18,036▼ $33,289
Prepaid Expenses and Deferred Charges-$2,617-
Accounts Receivable$400$400→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$636,495$626,108▼ $10,387
Other Assets Total$2,617$0▼ $2,617
Liabilities
Accounts Payable and Accrued Expenses$11,608$21,147▲ $9,539
Total Liabilities$11,608$21,147▲ $9,539
Net Assets / Fund Balance
Net Assets With Donor Restrictions$278,912$329,028▲ $50,116
Net Assets Without Donor Restrictions$345,975$275,933▼ $70,042
Total Net Assets Fund Balance$624,887$604,961▼ $19,926
Total Liabilities and Net Assets / Fund Balance$636,495$626,108▼ $10,387

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$23,440$23,440
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cliff WoodExecutive DirectorFT$145,627$22,999$168,626

Board Members and Trustees

NameTitle
Christopher J MarsellaChair
Bethany CostelloVice-chair
Arnold Chace JrDirector
Bradford DimeoDirector
Carrie ZaslowDirector
Charles MeyersDirector
Christine Malecki WestDirector
Courtney MccarthyDirector
David OrtizDirector
Donald ZambaranoDirector
Jennifer BramleyDirector
Joseph R Paolino JrDirector
Karen SantilliDirector
Matthew MarcelloDirector
Michael VoccolaDirector
Michele LederbergDirector
Peter CrumpDirector
Richard LappinDirector
Robert I Stolzman EsqDirector
Russell CareyDirector
Stephen DurkeeDirector
Tony SimonDirector
Greg AlmeidaSecretary
Joseph GreeneTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$997,850
Program Service Revenue
$0
Investment Income
$646
Other Revenue
$4,766
All Other Contributions
$847,850
Change in Net Assets
$-19,926

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,003,262
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,003,262
Total Revenue per Form 990
$1,003,262
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$574,832
Other Expenses$448,356
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$251,487$40,583-$292,070
Current Officers, Directors, Trustees, and Key Employees$113,513$75,676-$189,189
Fees for Services Other$97,048$18,920-$115,968
Fees for Services Lobbying-$60,000-$60,000
Other Employee Benefits$31,551$6,212-$37,763
Payroll Taxes$28,584$7,326-$35,910
Pension Plan Contributions$16,395$3,505-$19,900
Occupancy$9,428$6,745-$16,173
Fees for Services Accounting$6,833$6,833-$13,666
Office Expenses$5,742$6,477-$12,219
Insurance$3,867$3,837-$7,704
All Other Expenses$582$2,876-$3,458
Other Expenses$15,943$2,614-$2,614
Conferences and Meetings$765$389-$1,154
Advertising$265--$265
Travel-$21-$21
Total Functional Expenses$781,174$242,014$0$1,023,188

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,023,188
Total Expenses per Audited Statements$1,023,188
Total Expenses per Form 990$1,023,188
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
2023-07-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cliff Wood
Formed
1974
Legal Domicile
Ri
Voting Board Members
25
Independent Board Members
24
Employees
5
Volunteers
0

Preparer

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

Additional Explanations

Form 990, Part IX, Line 11G

“Consultant expense: program service expenses 97,048. Management and general expenses 18,920. Fundraising expenses 0. Total expenses 115,968.”

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 foundation 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/TitleTxt2VICE-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4EXECUTIVE DIRECTOR
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/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
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IRS990/MinutesOfCommitteesInd01
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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.
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IRS990/OccupancyGrp/ProgramServicesAmt09428
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IRS990/OfficeExpensesGrp/ProgramServicesAmt05742
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Filings

Displayed year

2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$626,108
Liabilities
$21,147
Net assets
$604,961
Revenue
$1,003,262
Expenses
$1,023,188
Net income
-$19,926
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