RI HOSPITALITY ASSOCIATION

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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

1963

Legal Domicile

Principal Officer

FAROUK RAJAB

Phone

4012231120

Tax Period

2023-01-01 to 2023-12-31

RI HOSPITALITY ASSOCIATION, founded in 1963, is a community nonprofit that reported $1.9M in total revenue in fiscal year 2023. Revenue decreased 16% compared to the prior year. Expenses of $1.9M left a modest 4% surplus.

Mission

TO BUILD AND OPERATE AN ASSOCIATION TOTALLY & COMPLETELY DEVOTED TO THE INTERESTS OF THE HOSPITALITY AND TOURISM INDUSTRIES.

Program Service Accomplishments

Program 1

RIHA REPRESENTS OVER 700 FOODSERVICE, HOTELS, VENDORS AND HOSPITALITY MEMBERS IN THE STATE OF RHODE ISLAND AND HAS BEEN THE VOICE OF THE HOSPITALITY AND FOODSERVICE INDUSTRIES IN THE STATE SINCE...

RIHA REPRESENTS OVER 700 FOODSERVICE, HOTELS, VENDORS AND HOSPITALITY MEMBERS IN THE STATE OF RHODE ISLAND AND HAS BEEN THE VOICE OF THE HOSPITALITY AND FOODSERVICE INDUSTRIES IN THE STATE SINCE 1963. EACH YEAR, RIHA HOSTS AN IMPRESSIVE LIST OF EVENTS, MEETINGS, SEMINARS, TRAINING & EDUCATION CLASSES, AND WEBSITE COMMUNICATIONS TARGETING THE HOSPITALITY INDUSTRY.

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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 $52,972

Program Service Revenue $1,794,031

Investment Income $79,441

Other Revenue $8,990

TOTAL REVENUE $1,935,434

Expense Breakdown

Grants Paid $461,520

Salaries & Benefits $845,884

Fundraising Expenses $0

Other Expenses $557,641

TOTAL EXPENSES $1,865,045

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,935,434	$2,299,917	-0.2%
Expenses	$1,865,045	$2,050,637	-0.1%
Net Income	$70,389	$249,280	-0.7%

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

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

$526,429

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM KITSILIS	CHAIRMAN	1.00	Officer Director	$0	$0	$0
DAVID SMILEY	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
COLIN GEOFFROY	TREASURER	1.00	Officer Director	$0	$0	$0
ANTHONY PELLEGRINO	SECRETARY	1.00	Officer Director	$0	$0	$0
MICHAEL VUOLO	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN CASEY	DIRECTOR	1.00	Director	$0	$0	$0
DAVID DEPETRILLO	DIRECTOR	1.00	Director	$0	$0	$0
TR MCGRATH	DIRECTOR	1.00	Director	$0	$0	$0
WALTER ANDREWS	DIRECTOR	1.00	Director	$0	$0	$0
CHARLIE HOLDER	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM DESSELL	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER LUXMOORE	DIRECTOR	1.00	Director	$0	$0	$0
KEITH MORRIS	DIRECTOR	1.00	Director	$0	$0	$0
RANDY NASON	DIRECTOR	1.00	Director	$0	$0	$0
ADONIRAM SIDES	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN GAUDREAU	DIRECTOR	1.00	Director	$0	$0	$0
KERRI BATTISTA	DIRECTOR	1.00	Director	$0	$0	$0
JANE BRETT	DIRECTOR	1.00	Director	$0	$0	$0
FRANK DIBIASE III	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN HURLEY	DIRECTOR	1.00	Director	$0	$0	$0
AARON MESSINA	DIRECTOR	1.00	Director	$0	$0	$0
H ROBERT BACON	PAST CHAIRMAN OF THE BOARD	1.00	Director	$0	$0	$0
CRAIG SCULOS	PAST CHAIRMAN OF THE BOARD	1.00	Director	$0	$0	$0
KEN CUSSON	PAST CHAIRMAN OF THE BOARD	1.00	Director	$0	$0	$0
FAROUK RAJAB	PAST CHAIRMAN OF THE BOARD (TO 8/23)	1.00	Director	$0	$0	$0
LEN PANAGGIO	HONORARY	1.00	Director	$0	$0	$0
PETER CAFARO	HONORARY	1.00	Director	$0	$0	$0
LISA M DOUCET-ALBERT	EX-OFFICIO	1.00	Director	$0	$0	$0
NORMAN LEBLANC	EX-OFFICIO	1.00	Director	$0	$0	$0
THOMAS J REGAN	EX-OFFICIO	1.00	Director	$0	$0	$0
WILLIAM MURPHY	EX-OFFICIO	1.00	Director	$0	$0	$0
DALE VENTURINI	PRESIDENT/CEO	40.00	Officer	$341,085	$21,536	$362,621
HEATHER SINGLETON	CHIEF OPERATING OFFICER	40.00	Officer	$147,885	$15,923	$163,808

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
2024	No data	No data	No data	No data
2023	$1,935,434	$1,865,045	$2,901,112	$70,389
2022	$2,299,917	$2,050,637	$2,829,584	$249,280
2021	$1,244,024	$1,317,562	$1,943,418	$-73,538
2020	$1,492,990	$1,356,385	$1,389,005	$136,605
2019	$1,336,790	$1,220,298	$1,074,068	$116,492
2018	$1,309,277	$1,232,341	$918,922	$76,936