Block Island Economic Development Foundation Inc

Nonprofit profile at a glance

EIN
050381201
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Block Island, RI, USA
Phone
4014870017
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Support

Reported finances

Revenue
$75,555
Expenses
$88,931
Assets
$372,536
Liabilities
$149,084

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • Gerald Pierce (President)
  • Monica Hull-Shea (Vice President)

People named in this filing

  • Gerald Pierce (President)
  • Rebecca Brown (Secretary/Treasurer)
  • Roberta McCormick (Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Foundation's mission is to improve economic and social conditions for residents of Block Island. BIED has built and manages a community center that provides childcare and senior activities, operates an art gallery for local residents and rents residential units to residents.

What it reported doing in 2024

Spring Street Gallery is a cooperative of Block Island artists who learn from each other, develop their work, provide art related programs and sell their work at a small summer Gallery on the island. The Community Center provides programs to BI residents.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 90
  • Accountability: 64
  • Sustainability: 41
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 83.5%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -17.7%; rating input score 41; 41st percentile among comparable filings
  • Total-asset coverage ratio: 4.19; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0.4; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 8.2% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 13.2% per year; rating input score 100; 90th percentile among comparable filings
  • Asset growth: -4.5% per year; rating input score 0; 22nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 83.5% of spending went to programs
  • Governance: 9 of 9 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $74K in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Accountability: Governance controls: 5 of 6 not reported.
  • Moderate — Sustainability: Operating margin scored 41/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.