WATERFIRE PROVIDENCE

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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

1988

Legal Domicile

Principal Officer

BARNABY EVANS

Phone

4012731155

Tax Period

2023-01-01 to 2023-12-31

WATERFIRE PROVIDENCE, founded in 1988, is a community nonprofit that reported $3.0M in total revenue in fiscal year 2023. Revenue fell 21% from the prior year — a significant decline worth monitoring. Expenses of $3.9M exceeded revenue, resulting in a 30% operating deficit.

Mission

AN ARTS ORGANIZATION THAT INSPIRES PROVIDENCE AND ITS VISITORS BY REVITALIZING THE URBAN EXPERIENCE, FOSTERING COMMUNITY ENGAGEMENT AND CREATIVELY TRANSFORMING THE CITY BY PRESENTING WATERFIRE.

Program Service Accomplishments

Program 1

Expenses: $2,748,647

WATERFIRE PROVIDENCE MANAGES AND ORGANIZES WATERFIRE, A LARGE PUBLIC ART INSTALLATION/EVENT. IN CALENDAR 2023, WATERFIRE PRODUCED 12 LIGHTINGS EVENTS, 5 PARTIALS AND 7 FULL FIRES. ALSO, PRODUCED FOUR OF ITS NEWEST ACTIVATIONS ON THE PEDESTRIAN BRIDGE TITLED " STARTS AT SUNSET" WATERFIRE DRAWS BETWEEN 10,000 AND 100,000 SPECTATORS INTO DOWNTOWN PROVIDENCE, RI EACH EVENING AND APPROX 1,000,000 OVER THE COURSE OF THE SEASON FROM MAY TO DECEMBER. MORE THAN 50% OF ATTENDEES TRAVEL FROM OUT OF STATE SPECIFICALLY TO EXPERIENCE WATERFIRE AND CREATE A SIGNIFICANT ECONOMIC IMPACT IN THEIR WAKE. WATERFIRE PROVIDENCE GENERATES $114 MILLION OF ECONOMIC IMPACT FOR LOCAL BUSINESSES AND $9 MILLION OF DIRECT TAX REVENUE FOR THE STATE OF RI AND SUPPORTS 1,294 ADDITIONAL JOBS FOR RESIDENTS. WATERFIRE SECURES MILLIONS OF DOLLARS OF TRADITIONAL AND NEW MEDIA VALUE PAINTING PROVIDENCE IN A POSITIVE LIGHT EACH YEAR MAKING RI A TOP INTERNATIONAL CULTURAL TOURISM DESTINATION. IN 2018, WATERFIRE MOVED INTO THE WATERFIRE ARTS CENTER, THE ORGANIZATION'S FIRST PERMANENT VISIBLE HOME IN THE COMMUNITY AND A MULTI-USE ARTS VENUE THAT HOSTS EXHIBITIONS, PERFORMANCES, EVENTS AND EDUCATIONAL PROGRAMS OPEN TO THE PUBLIC.

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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 $2,300,460

Program Service Revenue $83,203

Investment Income $101,861

Other Revenue $483,004

TOTAL REVENUE $2,968,528

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,223,736

Fundraising Expenses $492,341

Program Expenses $2,748,647

Other Expenses $1,635,810

TOTAL EXPENSES $3,859,546

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,968,528	$3,741,484	-0.2%
Expenses	$3,859,546	$3,533,776	+0.1%
Net Income	$-891,018	$207,708	-5.3%

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

367

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

$482,336

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUDITH BENTKOVER	DIRECTOR	1.00	Director	$0	$0	$0
BARRY FAIN	DIRECTOR	1.00	Director	$0	$0	$0
RICK SIMONE	DIRECTOR	1.00	Director	$0	$0	$0
BARNABY M EVANS	EXECUTIVE ARTISTIC DIRECTOR AND CO-CEO	40.00	Director	$306,707	$0	$306,707
SEAN HOLLEY	DIRECTOR	1.00	Director	$0	$0	$0
ERICA GUATIERI	CHAIR	1.00	Officer Director	$0	$0	$0
CHARLES MEYERS	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT A WALSH JR	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES NEWTON	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ANN SCOTT	DIRECTOR	1.00	Director	$0	$0	$0
PETER A MELLO	CEO	40.00	Director	$160,093	$15,536	$175,629
LIU WANG	TREASURER	1.00	Director	$0	$0	$0
JAMES PRESCOTT	VICE CHAIR	1.00	Officer Director	$0	$0	$0
KATE BRAMSON	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MICHAEL BROSTEK	SECRETARY	1.00	Officer Director	$0	$0	$0
KRISTEN ADAMO	DIRECTOR	1.00	Director	$0	$0	$0
JOE WILSON JR	DIRECTOR	1.00	Director	$0	$0	$0
PAUL KOCHANEK	DIRECTOR EVENTS & OPERATIO	40.00	Highest	$121,421	$3,941	$125,362

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	$2,968,528	$3,859,546	$9,867,256	$-891,018
2022	$3,741,484	$3,533,776	$10,736,189	$207,708
2021	$2,564,695	$2,066,813	$10,698,557	$497,882
2020	$1,986,031	$1,933,631	$10,382,035	$52,400
2019	$5,064,193	$2,664,586	$9,692,559	$2,399,607
2018	$2,434,952	$2,574,801	$7,231,263	$-139,849