THE PRESERVATION SOCIETY OF NEWPOR… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1945

Legal Domicile

Principal Officer

TRUDY COXE

Phone

4018471000

Tax Period

2024-04-01 to 2025-03-31

THE PRESERVATION SOCIETY OF NEWPORT COUNTY, founded in 1945, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $44.0M in total revenue in fiscal year 2024. Revenue surged 30% from the prior year, signaling strong growth momentum. The organization ran a surplus of $12.3M, a strong 28% operating margin.

Mission

THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S MISSION IS TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES IN ONE OF THE MOST HISTORICALLY INTACT CITIES IN AMERICA. WE HOLD IN PUBLIC TRUST THE NEWPORT MANSIONS, WHICH ARE AN INTEGRAL PART OF THE LIVING FABRIC OF NEWPORT, RHODE ISLAND. THESE SITES EXEMPLIFY THREE CENTURIES OF THE FINEST ACHIEVEMENTS IN AMERICAN ARCHITECTURE, DECORATIVE ARTS, AND LANDSCAPE DESIGN SPANNING THE COLONIAL ERA TO THE GILDED AGE. THROUGH OUR HISTORIC PROPERTIES, EDUCATIONAL PROGRAMS, AND RELATED ACTIVITIES WE ENGAGE THE PUBLIC IN THE STORY OF AMERICA'S VIBRANT CULTURAL HERITAGE. WE SEEK TO INSPIRE AND PROMOTE AN APPRECIATION OF THE VALUE OF PRESERVATION TO ENRICH THE LIVES OF PEOPLE EVERYWHERE.

Program Service Accomplishments

Program 1

Expenses: $25,986,440 Revenue: $18,761,164

THE PRESERVATION SOCIETY OF NEWPORT COUNTRY PRESERVES ELEVEN HISTORIC MANSIONS, INCLUDING SEVEN NATIONAL HISTORIC LANDMARKS AND EIGHTY ACRES OF PARKS, GARDENS AND GROUNDS, REPRESENTING MORE THAN 250 YEARS OF SOCIAL AND ARCHITECTURAL HISTORY. DURING THE YEAR, VISITORS TOOK REGULARLY-SCHEDULED TOURS OF THE SOCIETY'S PROPERTIES TO LEARN ABOUT THE BUILDINGS AND THE MEN AND WOMEN WHO GAVE RISE TO THESE SPECIAL PLACES. IN ADDITION TO GENERAL TOURS, THE PRESERVATION SOCIETY OFFERS MANY LEARNING OPPORTUNITIES, DESIGNED TO PRESENT ITS HOUSES AND COLLECTIONS TO A BROAD AND DIVERSE AUDIENCE IN AS MANY INTERESTING AND ENLIGHTENING WAYS AS POSSIBLE. THESE PROGRAMS INCLUDE INTERNATIONAL SYMPOSIA AND FORUMS, STUDY DAYS, LECTURES, WORKSHOPS, FILMS, TOURS, AND THE OPPORTUNITY FOR VISITORS TO EXPERIENCE THE TYPE OF GRAND ENTERTAINING FOR WHICH THEY WERE BUILT. EDUCATIONAL PROGRAMS ARE OFFERED YEAR-ROUND.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $19,086,387

Program Service Revenue $16,776,397

Investment Income $5,810,247

Other Revenue $2,325,844

TOTAL REVENUE $43,998,875

Expense Breakdown

Grants Paid $0

Salaries & Benefits $13,422,766

Fundraising Expenses $1,854,510

Program Expenses $25,986,440

Other Expenses $17,751,715

TOTAL EXPENSES $31,652,336

Year-over-Year Comparison

	2024	2023	Change
Revenue	$43,998,875	$33,729,080	+0.3%
Expenses	$31,652,336	$32,465,388	0.0%
Net Income	$12,346,539	$1,263,692	+8.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

300

Volunteers

658

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$844,012

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MR WILLIAM F LUCEY III	CHAIRMAN	5.00	Officer Director	$0	$0	$0
MR PETER W HARRIS	VICE CHAIRMAN	5.00	Officer Director	$0	$0	$0
MR PATRICK KERINS	VICE CHAIRMAN	5.00	Officer Director	$0	$0	$0
MR DAVID BAZARSKY	TREASURER	15.00	Officer Director	$0	$0	$0
MS EVELINA TABER	SECRETARY	5.00	Officer Director	$0	$0	$0
MR WILLIAM CORCORAN JR	ASST. TREASURER	5.00	Officer Director	$0	$0	$0
MR KEITH STOKES	ASST. SECRETARY	5.00	Officer Director	$0	$0	$0
MS MEG BRAFF	TRUSTEE	5.00	Director	$0	$0	$0
MR HANK BELL	TRUSTEE	15.00	Director	$0	$0	$0
MS KIM DARDEN	TRUSTEE	5.00	Director	$0	$0	$0
MS SHERRI GRACE	TRUSTEE	5.00	Director	$0	$0	$0
MR STEVEN GEWIRZ	TRUSTEE	5.00	Director	$0	$0	$0
MR ERIC HERTFELDER	TRUSTEE	5.00	Director	$0	$0	$0
MR STEPHEN HUTTLER	TRUSTEE	5.00	Director	$0	$0	$0
MS ALA ISHAM	TRUSTEE	5.00	Director	$0	$0	$0
MS BEVERLY LEDBETTER	TRUSTEE	5.00	Director	$0	$0	$0
MS BEVERLY LITTLE	OUTGOING TRUSTEE	5.00	Director	$0	$0	$0
MR LARK MASON	TRUSTEE	5.00	Director	$0	$0	$0
MR JACK MURPHY	TRUSTEE	5.00	Director	$0	$0	$0
MS SUSAN C PETROVAS	TRUSTEE	5.00	Director	$0	$0	$0
MR EARL POWELL	TRUSTEE	5.00	Director	$0	$0	$0
MS CYNTHIA STEWART REED	TRUSTEE	5.00	Director	$0	$0	$0
MS JANET L ROBINSON	OUTGOING TRUSTEE	5.00	Director	$0	$0	$0
MR TED SANDERSON	TRUSTEE	5.00	Director	$0	$0	$0
MR SNEHAL SHAH	TRUSTEE	5.00	Director	$0	$0	$0
MR DONALD STEINER	TRUSTEE	5.00	Director	$0	$0	$0
MR PATRICK WOOD PRINCE	TRUSTEE	5.00	Director	$0	$0	$0
MS DALE VENTURINI	TRUSTEE	5.00	Director	$0	$0	$0
MS TRUDY COXE	CEO & EXEC. DIR.	60.00	Officer	$555,957	$20,272	$576,229
MR JAMES BURRESS	OUTGOING DIRECTOR OF FINANCE	50.00	Officer	$259,976	$7,807	$267,783
MR CLIFFORD H RUST	CHIEF FINANCIAL AND OPERATING OFFICER	50.00	Officer	$0	$0	$0
MS LESLIE JONES	DIR OF MUS. AFF & CHIEF CURATOR	50.00	Highest	$165,611	$28,741	$194,352
MR KEVIN O'LEARY	DIR OF MARKETING	50.00	Highest	$174,846	$5,245	$180,091
MR PHILIP PELLETIER	DIR. OF SPECIAL EVENTS	50.00	Highest	$163,397	$4,907	$168,304
MR MICHAEL TABER	DIRECTOR OF PROPERTIES	50.00	Highest	$174,966	$28,778	$203,744
MR TERRY DICKINSON	CHIEF OF STAFF	50.00	Highest	$191,755	$5,764	$197,519

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$43,998,875	$31,652,336	$105,721,909	$12,346,539
2024	$33,729,080	$32,465,388	$90,927,469	$1,263,692
2023	$31,305,986	$26,937,862	$83,287,877	$4,368,124
2022	$27,874,827	$17,802,178	$83,597,126	$10,072,649
2021	$17,636,977	$14,960,824	$78,393,006	$2,676,153
2020	$25,571,191	$24,921,248	$60,327,174	$649,943
2019	$25,805,054	$23,111,778	$65,147,611	$2,693,276
2018	$22,701,301	$22,214,965	$63,449,236	$486,336

THE PRESERVATION SOCIETY OF NEWPORT COUNTY