THE PROVIDENCE FOUNDATION (EIN 237423032) - 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

1974

Legal Domicile

Principal Officer

CHRISTOPHER MARSELLA

Phone

4015213248

Tax Period

2023-10-01 to 2024-09-30

THE PROVIDENCE FOUNDATION, founded in 1974, is a small nonprofit that reported $528K in total revenue in fiscal year 2023. Revenue fell 36% from the prior year — a significant decline worth monitoring. Expenses of $729K exceeded revenue, resulting in a 38% operating deficit.

Mission

TO ADVISE VISIONARY INITIATIVES IN DOWNTOWN PROVIDENCE.

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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 $524,956

Program Service Revenue $0

Investment Income $2,068

Other Revenue $1,150

TOTAL REVENUE $528,174

Expense Breakdown

Grants Paid $0

Salaries & Benefits $292,795

Fundraising Expenses $0

Program Expenses $488,267

Other Expenses $436,028

TOTAL EXPENSES $728,823

Year-over-Year Comparison

	2023	2022	Change
Revenue	$528,174	$824,379	-0.4%
Expenses	$728,823	$1,000,244	-0.3%
Net Income	$-200,649	$-175,865	+0.1%

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

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

$252,327

Total Directors

$70,387

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTOPHER MARSELLA	CHAIR	1.00	Officer Director	$0	$0	$0
BETHANY COSTELLO	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ROBERT STOLZMAN	TREASURER	1.00	Officer Director	$0	$0	$0
GREG ALMIEDA	SECRETARY	1.00	Officer Director	$0	$0	$0
RUSSEL CAREY	BOARD MEMBER	1.00	Director	$0	$0	$0
ARNOLD CHASE	BOARD MEMBER	1.00	Director	$0	$0	$0
DAVID CICILLINE	BOARD MEMBER	1.00	Director	$0	$0	$0
MARC CRISAFULLI	BOARD MEMBER	1.00	Director	$0	$0	$0
PETER CRUMP	BOARD MEMBER	1.00	Director	$0	$0	$0
BRAD DIMEO	BOARD MEMBER	1.00	Director	$0	$0	$0
STEPHEN DURKEE	BOARD MEMBER	1.00	Director	$0	$0	$0
JOSEPH GREENE	BOARD MEMBER	1.00	Director	$0	$0	$0
RICHARD LAPPIN	BOARD MEMBER	1.00	Director	$0	$0	$0
ROBIN MAIN	BOARD MEMBER	1.00	Director	$0	$0	$0
CHARLES MEYERS	BOARD MEMBER	1.00	Director	$0	$0	$0
DAVID ORTIZ	BOARD MEMBER	1.00	Director	$0	$0	$0
JOSEPH R PAOLINO JR	BOARD MEMBER	1.00	Director	$0	$0	$0
TIMOTHY QUIRK	BOARD MEMBER	1.00	Director	$0	$0	$0
TONY SIMON	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL VOCOLLA	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHELLE WILCOX	BOARD MEMBER	1.00	Director	$0	$0	$0
DONALD ZAMBARANO	BOARD MEMBER	1.00	Director	$0	$0	$0
CARRIE ZASLOW	BOARD MEMBER	1.00	Director	$0	$0	$0
NICK FREEMON	DEPUTY DIRECTOR	1.00	Officer Director	$57,430	$12,957	$70,387
DAVID SALVATORE	EXECUTIVE DIRECTOR (AFTER 6/30/24)	40.00	Officer	$0	$0	$0
CLIFFORD WOOD	EXECUTIVE DIRECTOR (UNTIL 6/30/24)	40.00	Officer	$159,092	$22,848	$181,940

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	$528,174	$728,823	$242,413	$-200,649
2023	$824,379	$1,000,244	$456,216	$-175,865
2022	$1,003,262	$1,023,188	$626,108	$-19,926
2021	$715,090	$751,023	$636,495	$-35,933
2020	$559,333	$636,314	$680,918	$-76,981
2019	$823,709	$804,200	$747,720	$19,509
2018	$1,045,256	$866,277	$748,908	$178,979

THE PROVIDENCE FOUNDATION