Block Island Economic Development Foundation Inc (EIN 222956223) - Form 990 Financial Analysis & Trantor Score

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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

1977

Legal Domicile

Principal Officer

Gerard Pierce

Phone

4014870017

Tax Period

2023-01-01 to 2023-12-31

Block Island Economic Development Foundation Inc, founded in 1977, is a micro nonprofit that reported $22K in total revenue in fiscal year 2023. Revenue surged 2492% from the prior year, signaling strong growth momentum. Expenses of $69K exceeded revenue, resulting in a 208% operating deficit.

Mission

The Foundation (BIED) and its subsidiaries' mission is to improve economic and social conditions for residents of Block Island.BIED has done this by providing low and moderate housing. BIED has also built and now managesa community center that provides child care and senior activities. BIED also operates a gallery for local artists.

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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 $13,200

Program Service Revenue $2,802

Investment Income $0

Other Revenue $6,497

TOTAL REVENUE $22,499

Expense Breakdown

Grants Paid $0

Salaries & Benefits $11,472

Fundraising Expenses $0

Program Expenses $56,475

Other Expenses $57,895

TOTAL EXPENSES $69,367

Year-over-Year Comparison

	2023	2022	Change
Revenue	$22,499	$868	+24.9%
Expenses	$69,367	$65,849	+0.1%
Net Income	$-46,868	$-64,981	-0.3%

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

N/A

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
Roberta McCormick	Director	1.00	Director	$0	$0	$0
Linda Spak	Director	3.00	Director	$0	$0	$0
Gail Pierce	Director	3.00	Director	$0	$0	$0
Jennifer Taubman	Director	1.00	Director	$0	$0	$0
Amadeus Mafosi	Director	1.00	Director	$0	$0	$0
Gerald Pierce	President	3.00	Officer Director	$0	$0	$0
Rebecca Brown	Secretary/Treasurer	3.00	Officer Director	$0	$0	$0
Monica Hull Shea	Vice-President	3.00	Officer 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
2024	No data	No data	No data	No data
2023	$22,499	$69,367	$1,491,920	$-46,868
2022	$868	$65,849	$1,553,473	$-64,981
2021	$26,481	$59,573	$1,664,004	$-33,092
2020	$50,409	$47,565	$1,730,083	$2,844
2019	$29,869	$58,877	$1,759,408	$-29,008
2018	$17,125	$63,875	$1,825,913	$-46,750

Block Island Economic Development Foundation Inc