Block Island Economic Development Foundation Inc

Nonprofit profile at a glance

EIN
222956223
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Block Island, RI, USA
Phone
4014870017
Rating confidence
Limited

Reported finances

Revenue
$-1,603
Expenses
$88,931
Assets
$1,360,969
Liabilities
$1,878,514

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

  • Roberta McCormick (Director)
  • Linda Spak (Director)
  • Gail Pierce (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 child care and senior activities, operates an art gallery for local residents and rents residential units to residents.

What it reported doing in 2024

BIED housing subsidiary owns and operates 16 low income rental apartments on Block Island called "E. Searles Ball Memorial Housing." The project is a subsidized rental housing project under the auspices of USDA -- Rural Development. However all income and expense is reported as rental revenue and rental expense.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
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

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 83
  • Accountability: 70
  • Sustainability: 30
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 86.4%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 24th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -5,647.8%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 15.3; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 1.38; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 0.1% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: -23% per year; rating input score 0; 17th percentile among comparable filings
  • Asset growth: -4.5% per year; rating input score 0; 22nd percentile among comparable filings

Details

  • Where the money goes: 86.4% of spending went to programs
  • Governance: 9 of 9 board members independent · 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $77K in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 22 of 23 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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: 4 of 6 not reported.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.