PROVIDENCE REVOLVING FUND

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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

1980

Legal Domicile

Principal Officer

CARRIE ZASLOW

Phone

4012722760

Tax Period

2024-03-01 to 2025-02-28

PROVIDENCE REVOLVING FUND, founded in 1980, is a community nonprofit in the Arts, Culture & Humanities sector that reported $4.8M in total revenue in fiscal year 2024. Revenue surged 52% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.1M, a strong 65% operating margin.

Mission

TO PRESERVE THE ARCHITECTURAL HERITAGE OF PROVIDENCE AND STIMULATE COMMUNITY REVITALIZATION THROUGH ADVOCACY, LENDING AND DEVELOPMENT IN HISTORIC AREAS.

Program Service Accomplishments

Program 1

Expenses: $1,553,764 Revenue: $1,006,573

NEIGHBORHOOD LOAN PROGRAM - THE NEIGHBORHOOD LOAN FUND IS COMPRISED OF RESTRICTED FUNDS FROM SUCH CONTRIBUTORS AS THE RHODE ISLAND HISTORICAL PRESERVATION AND COMMISSION, CITY HOME FUNDING, THE...

NEIGHBORHOOD LOAN PROGRAM - THE NEIGHBORHOOD LOAN FUND IS COMPRISED OF RESTRICTED FUNDS FROM SUCH CONTRIBUTORS AS THE RHODE ISLAND HISTORICAL PRESERVATION AND COMMISSION, CITY HOME FUNDING, THE UNITARIAN UNIVERSALIST ASSOCIATION, AND PRF ASSETS. THE FUND PROVIDES FINANCING TO HOMEOWNERS WITH HOMES THAT ARE OVER 50 YEARS OLD TO REPAIR THEIR PROPERTIES. THE PROGRAM OFFERS LOANS UP TO $50,000 FOR EXTERIOR REPAIR/RENOVATION/PRESERVATION. LOANS ARE AVAILABLE FOR BOTH OWNER OCCUPIED AND RENTAL PROPERTIES. OUR LOANS ARE DESIGNED TO MEET THE FINANCIAL CAPACITY OF THE BORROWER WITH FLEXIBLE TERMS. TWELVE NEW LOANS TO OWNER-OCCUPIED RESIDENTIAL HOMES WERE CLOSED FOR HOUSE RESTORATIONS IN PROVIDENCE, TOTALING $562,573 OF INVESTMENT.

Program 2

OPPORTUNITY INVESTMENT FUND:PRF LAUNCHED THE OPPORTUNITY INVESTMENT FUND IN 2019 TO ATTRACT AND POOL PRIVATE AND PUBLIC CAPITAL FOR AFFORDABLE HOMEOWNERSHIP AND RENTAL HOUSING PROJECTS UNDERTAKEN BY INDIVIDUAL OWNERS, NON-PROFIT CDCS, AND LARGER FOR-PROFIT DEVELOPERS. QUALIFIED PROJECTS MAY INCLUDE BUT ARE NOT LIMITED TO NEW CONSTRUCTION OR REHAB OF MULTIFAMILY PROJECTS WITH OR WITHOUT LOW-INCOME HOUSING TAX CREDITS (LIHTC); INFILL HOUSING, REDEVELOPMENT, OR OTHER CDC-SPONSORED PROJECTS THAT ARE RESPONSIVE TO NEIGHBORHOOD NEEDS. OUR LENDING GOALS FOR THIS PROGRAM ARE TO STIMULATE PROPERTY REDEVELOPMENT IN UNDERINVESTED NEIGHBORHOODS, TO FACILITATE OPPORTUNITIES FOR LMI HOUSEHOLDS TO LIVE IN AREAS OF HIGH OPPORTUNITY AND TO INCENTIVIZE FORPROFIT DEVELOPERS TO PARTICIPATE IN FILLING THE NEED FOR AFFORDABLE UNITS, ESPECIALLY FOR THOSE SERVING HOUSEHOLDS BETWEEN 60%-140% OF AMI.

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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 $3,773,320

Program Service Revenue $957,417

Investment Income $55,660

Other Revenue $49,156

TOTAL REVENUE $4,835,553

Expense Breakdown

Grants Paid $0

Salaries & Benefits $893,123

Fundraising Expenses $0

Program Expenses $1,553,764

Other Expenses $802,576

TOTAL EXPENSES $1,695,699

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,835,553	$3,179,393	+0.5%
Expenses	$1,695,699	$1,133,486	+0.5%
Net Income	$3,139,854	$2,045,907	+0.5%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARY VALES	PRESIDENT	1.00	Officer Director	$0	$0	$0
DOREEN CONLON	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
BRET JEDELE	SECRETARY	1.00	Officer Director	$0	$0	$0
DORIS DE LOS SANTOS	BOARD MEMBER	1.00	Director	$0	$0	$0
ROSA PASTOR	BOARD MEMBER	1.00	Director	$0	$0	$0
DWAYNE KEYS	BOARD MEMBER	1.00	Director	$0	$0	$0
KYLE MACDONALD	BOARD MEMBER	1.00	Director	$0	$0	$0
MIGUEL QUEZADA	BOARD MEMBER	1.00	Director	$0	$0	$0
KYLE BENNETT	BOARD MEMBER	1.00	Director	$0	$0	$0
TINA REGAN	BOARD MEMBER	1.00	Director	$0	$0	$0
JACK RYAN	BOARD MEMBER	1.00	Director	$0	$0	$0
ROCHELLE LEE	BOARD MEMBER	1.00	Director	$0	$0	$0
MARISA ANGELL BROWN	BOARD MEMBER	1.00	Director	$0	$0	$0

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	$4,835,553	$1,695,699	$22,149,359	$3,139,854
2024	$3,179,393	$1,133,486	$16,723,902	$2,045,907
2023	$938,619	$1,061,388	$11,687,520	$-122,769
2022	$2,371,893	$683,887	$8,630,612	$1,688,006
2021	$729,218	$725,015	$6,552,989	$4,203
2019	$794,113	$646,387	$5,709,437	$147,726
2018	$926,838	$787,566	$13,233,265	$139,272