SCHOLARSHIP FOUNDATION OF EAST PROVIDENCE INC

EIN: 237007104 501(c)(3) Education

EAST PROVIDENCE, RI

Total Revenue
$370,755
Total Expenses
$435,510
Total Assets
$2,069,964
Net Assets
$2,069,964
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1984
Legal Domicile
RI
Principal Officer
JOSEPH DURAND
Phone
4015734233
Tax Period
2024-01-01 to 2024-12-31

SCHOLARSHIP FOUNDATION OF EAST PROVIDENCE INC, founded in 1984, is a small nonprofit in the Education sector that reported $371K in total revenue in fiscal year 2024. Revenue surged 56% from the prior year, signaling strong growth momentum. Expenses of $436K exceeded revenue, resulting in a 17% operating deficit.

Mission

THE MISSION OF SCHOLARSHIP FOUNDATION OF EAST PROVIDENCE IS TO RAISE, DISTRIBUTE AND ADMINISTER FUNDS FOR THE PURPOSE OF AWARDING SCHOLARSHIPS TO ASSIST STUDENTS RESIDING IN THE CITY OF EAST PROVIDENCE TO OBTAIN EDUCATION BEYOND THE SECONDARY OR HIGH SCHOOL LEVEL.

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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 $172,771
Program Service Revenue $0
Investment Income $197,984
Other Revenue $0
TOTAL REVENUE $370,755

Expense Breakdown

Grants Paid $402,523
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $423,843
Other Expenses $32,987
TOTAL EXPENSES $435,510

Year-over-Year Comparison

2024 2023 Change
Revenue $370,755 $237,555 +0.6%
Expenses $435,510 $222,247 +1.0%
Net Income $-64,755 $15,308 -5.2%
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

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Liquidity & Cash Position

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Governance

Voting Members
8
Independent Members
8
Employees
N/A
Volunteers
8

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
5
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SUSAN ALLIENELLO DIRECTOR N/A
Director
$0 $0 $0
STEPHEN BENTZ DIRECTOR N/A
Director
$0 $0 $0
ELIZABETH DURAND DIRECTOR N/A
Director
$0 $0 $0
PATSY HAWKSLEY DIRECTOR N/A
Director
$0 $0 $0
LOUISE PAIVA DIRECTOR N/A
Director
$0 $0 $0
JOSEPH DURAND PRESIDENT N/A
Officer
$0 $0 $0
SUSAN JORDAN SECRETARY N/A
Officer
$0 $0 $0
TONI-MARIA SPENCER TREASURER N/A
Officer
$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 No data No data No data No data
2024 $370,755 $435,510 $2,069,964 $-64,755
2023 $237,555 $222,247 $2,111,402 $15,308
2022 $224,811 $202,157 $1,896,689 $22,654
2021 $191,718 $189,698 $2,095,002 $2,020
2020 $405,007 $201,109 $1,953,576 $203,898
2019 $239,126 $191,058 $1,764,636 $48,068
2018 $272,233 $198,586 $1,510,192 $73,647
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