ECONOMIC DEVELOPMENT FOUNDATION OF… - 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

1968

Legal Domicile

Principal Officer

SCOTT GIBBS

Phone

4016581050

Tax Period

2023-07-01 to 2024-06-30

ECONOMIC DEVELOPMENT FOUNDATION OF RHODE ISLAND INC, founded in 1968, is a small nonprofit that reported $298K in total revenue in fiscal year 2023. Revenue fell 43% from the prior year — a significant decline worth monitoring. Expenses of $543K exceeded revenue, resulting in a 82% operating deficit.

Mission

TO DEVELOP AND SELL REAL ESTATE TO FACILITATE LOCAL TAX BASE EXPANSION AND QUALITY JOB OPPORTUNITES IN THE STATE OF RHODE ISLAND.

Program Service Accomplishments

Program 1

Expenses: $228,615 Revenue: $294,074

THE CORPORATION WAS INITIATED TO DEVELOP AND SELL REAL ESTATE TO FACILITATE LOCAL TAX BASE EXPANSION AND QUALITY JOB OPPORTUNITIES IN THE STATE OF RI

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $43,000

Investment Income $3,810

Other Revenue $251,074

TOTAL REVENUE $297,884

Expense Breakdown

Grants Paid $0

Salaries & Benefits $366,529

Fundraising Expenses $0

Program Expenses $228,615

Other Expenses $176,229

TOTAL EXPENSES $542,758

Year-over-Year Comparison

	2023	2022	Change
Revenue	$297,884	$522,042	-0.4%
Expenses	$542,758	$888,178	-0.4%
Net Income	$-244,874	$-366,136	-0.3%

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

Volunteers

N/A

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

$234,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN F MCJENNETT III	CHAIRMAN	0.00	Officer Director	$0	$0	$0
ROBERT E NAULT	VICE CHAIRMAN	0.00	Officer Director	$0	$0	$0
LAUREL L BOWERMAN	SECRETARY	0.00	Officer Director	$0	$0	$0
LLOYD R GARIEPY	TREASURER	0.00	Officer Director	$0	$0	$0
JAMES J BELLIVEAU	DIRECTOR	0.00	Director	$0	$0	$0
ANTHONY W CANER	DIRECTOR	0.00	Director	$0	$0	$0
DANA M NEWBROOK	DIRECTOR	0.00	Director	$0	$0	$0
LARRY D RIGGS	DIRECTOR	0.00	Director	$0	$0	$0
JOHN J VERNANCIO	DIRECTOR	0.00	Director	$0	$0	$0
COLIN P KANE	DIRECTOR	0.00	Director	$0	$0	$0
ALAN J DOYLE	DIRECTOR	0.00	Director	$0	$0	$0
STEPHEN M DYLAG	DIRECTOR	0.00	Director	$0	$0	$0
GARY S SASSE	DIRECTOR	0.00	Director	$0	$0	$0
SCOTT GIBBS	PRESIDENT	40.00	Officer	$234,000	$0	$234,000

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	No data	No data	No data	No data
2024	$297,884	$542,758	$4,476,347	$-244,874
2023	$522,042	$888,178	$4,740,774	$-366,136
2022	$245,832	$524,138	$5,078,883	$-278,306
2021	$363,981	$503,663	$5,351,051	$-139,682
2020	$417,669	$661,859	$5,551,780	$-244,190
2019	$345,531	$536,684	$5,744,595	$-191,153

ECONOMIC DEVELOPMENT FOUNDATION OF RHODE ISLAND INC