WASHINGTON SQUARE SERVICES CORPORATION

EIN: 050457525 501(c)(3)

NEWPORT, RI

Total Revenue
$695,736
Total Expenses
$802,129
Total Assets
$263,595
Net Assets
$241,361
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1991
Legal Domicile
RI
Principal Officer
JAMIE LEHANE III
Phone
4018465114
Tax Period
2024-07-01 to 2025-06-30

WASHINGTON SQUARE SERVICES CORPORATION, founded in 1991, is a small nonprofit that reported $696K in total revenue in fiscal year 2024. Revenue decreased 10% compared to the prior year. Expenses of $802K exceeded revenue, resulting in a 15% operating deficit.

Mission

TO PROVIDE EMPLOYMENT, TRAINING AND HOUSING OPPORTUNITIES FOR LOW INCOME RESIDENTS

Program Service Accomplishments

Program 1
Expenses: $483,422 Revenue: $24,763

OPERATION OF AN EMERGENCY SHELTER TO PROVIDE HOUSING FOR HOMELESSINDIVIDUALS. APPROXIMATELY 69 PERSONS WERE PROVIDED WITH SHELTER ANDAPPROXIMATELY 6 PEOPLE WERE EMPLOYED DURING THE YEAR.

Program 2
Expenses: $216,985 Revenue: $299,583

OPERATION OF THRIFT SHOP EMPLOYING RESIDENTS OF LOW INCOME HOUSING.THE SHOP EMPLOYED 6 LOW INCOME RESIDENTS

Program 3
Expenses: $87,722 Revenue: $74,188

EMPLOYMENT OF RESIDENTS OF LOW INCOME HOUSING IN SHORT TERM CONTRACTOPPORTUNITIES WHILE PROVIDING JOB SKILLS TRAINING. APPROXIMATELY 5PEOPLE WERE EMPLOYED DURING THE YEAR.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $296,254
Program Service Revenue $398,534
Investment Income $948
Other Revenue $0
TOTAL REVENUE $695,736

Expense Breakdown

Grants Paid $0
Salaries & Benefits $592,182
Fundraising Expenses $0
Program Expenses $788,129
Other Expenses $209,947
TOTAL EXPENSES $802,129

Year-over-Year Comparison

2024 2023 Change
Revenue $695,736 $776,337 -0.1%
Expenses $802,129 $839,495 0.0%
Net Income $-106,393 $-63,158 +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

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Governance

Voting Members
10
Independent Members
N/A
Employees
20
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
3
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ROBERT SABEL Treasurer 0.00
Officer Director
$0 $0 $0
STEPHEN OSTIGUY Director 0.00
Director
$0 $0 $0
JAMIE LEHANE III President 0.00
Officer Director
$0 $0 $0
DEBORAH JOHNSTON Secretary 0.00
Officer Director
$0 $0 $0
RILWAN FEYISITAN Director 0.00
Director
$0 $0 $0
GWEN REDMOND Director 0.00
Director
$0 $0 $0
HEATHER STROUT Director 0.00
Director
$0 $0 $0
PARTAJA SPANN Director 0.00
Director
$0 $0 $0
CHRISTINE GREENIA Director 0.00
Director
$0 $0 $0
BARBARA WINKLER Director 0.00
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 $695,736 $802,129 $263,595 $-106,393
2024 $776,337 $839,495 $375,457 $-63,158
2023 $758,377 $765,109 $430,502 $-6,732
2022 $725,468 $632,639 $430,021 $92,829
2021 $764,417 $663,491 $338,610 $100,926
2020 $657,594 $618,243 $259,771 $39,351
2019 $644,228 $627,965 $195,796 $16,263
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