RIMTA 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

2018

Legal Domicile

Principal Officer

BRIAN DURSI

Phone

4013969619

Tax Period

2023-10-01 to 2024-09-30

Mission

THE RIMTA FOUNDATION SERVES AS AN ACTIVE NON-PROFIT ORGANIZATION DEDICATED TO PURSUING THE ENHANCEMENT OF THE RHODE ISLAND MARINE TRADES INDUSTRY IN A WAY THAT IS SUSTAINABLE AND EQUITABLE FOR ALL MEMBERS OF THE RHODE ISLAND MARINE TRADES ASSOCIATION. THIS INCLUDES PURSUANCE OF OPPORTUNITIES RELATED TO THE ENHANCEMENT OF ECONOMIC GROWTH, WORKFORCE DEVELOPMENT, JOB TRAINING, CAREER EDUCATION AND ENVIRONMENTAL AWARENESS. IN COLLABORATION WITH OUR NETWORK OF PUBLIC AND PRIVATE PARTNERS ACROSS THE UNITED STATES, THE RIMTA FOUNDATION INTENDS TO MAKE THE PROGRESSIVE EXPERTISE OF OUR INDUSTRY A PRIMARY EXPORT FOR THE STATE OF RHODE ISLAND.

Program Service Accomplishments

Program 1

Expenses: $24,382

THE RIMTA FOUNDATION REMAINS COMMITTED TO ADVANCING SUSTAINABILITY WITHIN RHODE ISLAND'S MARINE TRADES INDUSTRY THROUGH A SERIES OF IMPACTFUL ENVIRONMENTAL INITIATIVES. THE RHODE ISLAND FIBERGLASS...

THE RIMTA FOUNDATION REMAINS COMMITTED TO ADVANCING SUSTAINABILITY WITHIN RHODE ISLAND'S MARINE TRADES INDUSTRY THROUGH A SERIES OF IMPACTFUL ENVIRONMENTAL INITIATIVES. THE RHODE ISLAND FIBERGLASS VESSEL RECYCLING PROGRAM CONTINUES TO EXPLORE SUSTAINABLE ALTERNATIVES FOR END-OF-LIFE BOAT DISPOSAL BY DEVELOPING SCALABLE RECYCLING SOLUTIONS, INCLUDING REPURPOSING FIBERGLASS WASTE FOR INDUSTRIAL APPLICATIONS. THIS PROGRAM BUILDS ON RESEARCH AND PILOT PROJECTS TO CREATE VIABLE RECYCLING PATHWAYS THAT REDUCE LANDFILL WASTE AND PROMOTE INDUSTRY-WIDE ENVIRONMENTAL STEWARDSHIP. ADDITIONALLY, THE RHODE ISLAND CLEAN MARINA PROGRAM PROVIDES TECHNICAL ASSISTANCE AND CERTIFICATION TO MARINAS IMPLEMENTING BEST MANAGEMENT PRACTICES THAT PROTECT COASTAL WATERWAYS, ENSURING COMPLIANCE WITH ENVIRONMENTAL REGULATIONS WHILE PROMOTING ECO-FRIENDLY OPERATIONS. THE FOUNDATION ALSO SUPPORTS A BOATBUILDING INTERNSHIP PROGRAM FOR STUDENTS FROM BRISTOL, RI, OFFERING HANDS-ON TRAINING IN TRADITIONAL AND SUSTAINABLE BOATBUILDING TECHNIQUES. THESE PROGRAMS COLLECTIVELY REINFORCE THE FOUNDATION'S MISSION TO INTEGRATE ENVIRONMENTAL RESPONSIBILITY WITH WORKFORCE DEVELOPMENT, ENSURING A MORE SUSTAINABLE FUTURE FOR RHODE ISLAND'S MARINE TRADES.

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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 $0

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $0

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $24,382

Other Expenses $25,916

TOTAL EXPENSES $25,916

Year-over-Year Comparison

	2023	2022	Change
Revenue	N/A	$51,050	-1.0%
Expenses	$25,916	$34,770	-0.3%
Net Income	N/A	$16,280	N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MATT LEDUC	PRESIDENT & DIRECTOR	0.25	Officer Director	$0	$0	$0
RAY LEBLANC	VICE PRESIDENT & DIRECTOR	0.25	Officer Director	$0	$0	$0
PAUL HARDEN	TREASURER & DIRECTOR	0.25	Officer Director	$0	$0	$0
JAY FRECHETTE	SECRETARY & DIRECTOR	0.25	Officer Director	$0	$0	$0
RICHARD CROMWELL	DIRECTOR	0.25	Director	$0	$0	$0
JOHN TREGENZA	PAST PRESIDENT & DIRECTOR	0.25	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	$25,916	$12,306	No data
2023	$51,050	$34,770	$43,224	$16,280
2022	$25,000	$133,376	$52,975	$-108,376
2021	$245,269	$148,923	$140,837	$96,346
2020	$202,150	$164,539	$66,294	$37,611