RI HOSPITALITY EDUCATION FOUNDATION

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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

1994

Legal Domicile

Principal Officer

FAROUK RAJAB

Phone

4012231120

Tax Period

2023-01-01 to 2023-12-31

RI HOSPITALITY EDUCATION FOUNDATION, founded in 1994, is a small nonprofit in the Employment sector that reported $220K in total revenue in fiscal year 2023. Revenue surged 40% from the prior year, signaling strong growth momentum. Expenses of $249K exceeded revenue, resulting in a 13% operating deficit.

Mission

TO DEVELOP, SUPPORT, AND PROMOTE CAREER GROWTH OPPORTUNITIES WITHIN THE HOSPITALITY INDUSTRY TO BENEFIT STUDENTS, ORGANIZATIONS, AND THE ECONOMY. WE ACHIEVE THIS MISSION THROUGH OUR WORK WITH YOUTH, UNEMPLOYED ADULTS, AND INCUMBENT EMPLOYEES. OUR FOCUS IS ON CAREER AWARENESS PROVIDING WORK-READINESS TRAINING, AND OFFERING SKILL TRAINING.

Program Service Accomplishments

Program 1

Expenses: $207,477 Revenue: $136,883

ENCOURAGING INDIVIDUALS EMBARKING ON A CAREER IN THE FOOD SERVICE INDUSTRY IN RHODE ISLAND AND PROMOTING EDUCATION AND UNDERSTANDING OF THE INDUSTRY TO THE GENERAL PUBLIC.HOSPITATLITY CAREER...

ENCOURAGING INDIVIDUALS EMBARKING ON A CAREER IN THE FOOD SERVICE INDUSTRY IN RHODE ISLAND AND PROMOTING EDUCATION AND UNDERSTANDING OF THE INDUSTRY TO THE GENERAL PUBLIC.HOSPITATLITY CAREER CONFERENCE WITH 125 HIGH SCHOOL STUDENTS ATTENDING FROM ACROSS THE ENTIRE STATE. PARTNERHIP WITH FABNEWPORT AND VAN BEUREN CHARITABLE FOUNDATION TO PROVIDE CAREER- EXPLORATION EXPERIENCES TO MIDDLE SCHOOL STUDENTS ALLOWING THEM TO WORK IN KITCHENS ALONGSIDE CHEFS AND INDUSTRY LEADERS TO GET A REAL HANDS-ON EDUCATION. WE AWARDED FOUR LOCAL STUDENTS WITH OUR ANNUAL SCHOLARSHIP THIS YEAR. WE HELPED OVER FIFTY INDUSTRY WORKERS THIS YEAR THROUGH OUR EMPLOYEE RELIEF FUND, BRINGING OUR GRANT TOTAL TO 296 SINCE THE PANDEMIC. WE TRAINED 950 EMPLOYEES, A 37% INCREASE IN TRAINING OVER LAST 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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $78,275

Program Service Revenue $136,883

Investment Income $4,421

Other Revenue $0

TOTAL REVENUE $219,579

Expense Breakdown

Grants Paid $9,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $207,477

Other Expenses $239,761

TOTAL EXPENSES $248,761

Year-over-Year Comparison

	2023	2022	Change
Revenue	$219,579	$157,398	+0.4%
Expenses	$248,761	$138,289	+0.8%
Net Income	$-29,182	$19,109	-2.5%

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

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
ALAN CHILE	DIRECTOR	1.00	Director	$0	$0	$0
ANGELA ARMENISE	DIRECTOR	1.00	Director	$0	$0	$0
DAMIAN SANTORO	DIRECTOR	1.00	Director	$0	$0	$0
DAVID DEPETRILLO	CHAIRMAN	1.00	Officer Director	$0	$0	$0
FLOYD CRISP	DIRECTOR	1.00	Director	$0	$0	$0
FRANK MARTUCCI	TREASURER	1.00	Officer Director	$0	$0	$0
JOANNA ARRIGHIE	SECRETARY	1.00	Officer Director	$0	$0	$0
JULIA BROOME	DIRECTOR	1.00	Director	$0	$0	$0
KAITLIN O'HARA	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN O'DONNELL	DIRECTOR	1.00	Director	$0	$0	$0
KIM PAQUETTE	DIRECTOR (TO 12/23)	1.00	Director	$0	$0	$0
LEE LEWIS	DIRECTOR	1.00	Director	$0	$0	$0
MELISSA VARAO	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL SABITONI	HONORARY	1.00	Director	$0	$0	$0
RAY MCCUE	EX-OFFICIO	1.00	Director	$0	$0	$0
SAMUEL GLYNN	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
SARAH SHIBLEY	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS RIEL	DIRECTOR (TO 12/23)	1.00	Director	$0	$0	$0
VINCENT CONSTABLE	DIRECTOR (TO 12/23)	1.00	Director	$0	$0	$0
DALE VENTURINI	PRESIDENT/CEO	10.00	Officer	$0	$21,536	$362,621
HEATHER SINGLETON	CHIEF OPERATING OFFICER	10.00	Officer	$0	$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	$219,579	$248,761	$487,778	$-29,182
2022	$157,398	$138,289	$591,756	$19,109
2021	$115,560	$102,159	$364,129	$13,401
2020	$603,338	$582,919	$279,303	$20,419
2019	$106,813	$105,498	$134,402	$1,315
2018	$127,083	$112,948	$118,026	$14,135