OCEAN STATE CHARITIES TRUST

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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

1981

Legal Domicile

Principal Officer

MARISA A ALBANESE

Phone

4017289008

Tax Period

2024-07-01 to 2025-06-30

OCEAN STATE CHARITIES TRUST, founded in 1981, is a small nonprofit in the Philanthropy & Grantmaking sector that reported $331K in total revenue in fiscal year 2024. Revenue decreased 16% compared to the prior year. Expenses of $512K exceeded revenue, resulting in a 55% operating deficit.

Mission

PROMOTION OF SOCIAL WELFARE WITHIN THE STATE OF RHODE ISLAND.

Program Service Accomplishments

Program 1

Expenses: $253,220

AS A CHARITABLE TRUST, OCEAN STATE CHARITIES TRUST PROMOTES SOCIAL WELFARE WITHIN THE STATE OF RHODE ISLAND THROUGH GRANTS TO PUBLIC CHARITIES THAT PROVIDE ASSISTANCE TO CITIZENS WITHIN THE STATE OF RHODE ISLAND, PARTICULARLY THOSE CHARITIES WHOSE PURPOSES IS TO PROMOTE OR SUPPORT HOUSING, HEALTH, EDUCATION AND WELFARE.

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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 $0

Program Service Revenue $0

Investment Income $308,539

Other Revenue $21,998

TOTAL REVENUE $330,537

Expense Breakdown

Grants Paid $253,220

Salaries & Benefits $163,836

Fundraising Expenses $0

Program Expenses $253,220

Other Expenses $95,383

TOTAL EXPENSES $512,439

Year-over-Year Comparison

	2024	2023	Change
Revenue	$330,537	$394,296	-0.2%
Expenses	$512,439	$581,401	-0.1%
Net Income	$-181,902	$-187,105	0.0%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT AVEDISIAN	CHAIRMAN OF THE BOARD	10.0	Officer Director	$0	$0	$0
MARK RUSSELL	VICE CHAIRMAN	2.0	Officer Director	$0	$0	$0
AMY VITALE	TREASURER	2.0	Officer Director	$0	$0	$0
VICTOR CAPELLAN	SECRETARY	2.0	Officer Director	$0	$0	$0
JANE LYNCH	EXECUTIVE DIRECTOR(END 12/24)	40.0	Director Key Emp	$0	$0	$0
MARISA ALBANESE	INTERIM EXECUTIVE DIRECTOR	40.0	Director Key Emp	$0	$0	$0
JOHN J PARTRIDGE ESQ	TRUSTEE	2.0	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	$330,537	$512,439	$5,304,666	$-181,902
2024	$394,296	$581,401	$5,320,441	$-187,105
2023	$539,797	$617,801	$5,220,158	$-78,004
2022	$495,993	$533,825	$5,244,206	$-37,832
2021	$623,064	$546,455	$6,455,606	$76,609