Ocean State Business Development Authority Inc

Nonprofit profile at a glance

EIN
050389516
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Warwick, RI, USA
Phone
4012911504
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,480,658
Expenses
$1,484,857
Assets
$616,957
Liabilities
$276,330

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

Leadership & pay

12 people listed

Executive titles in this filing

  • RUSSELL A GASTON (PRESIDENT)

Highest reported compensation

  • RUSSELL A GASTON (PRESIDENT): $449,725 total reported compensation
  • JAMES TIERNEY (VP COMMERCIA): $205,979 total reported compensation
  • SHARYN HARRINGTON (DIRECTOR): $800 total reported compensation

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

Overview

Mission

To efficiently provide unique capital and services to small businesses located in ri, ma and ct; helping them acquire equipment and commercial real estate to grow their businesses.

What it reported doing in 2024

Making section 504 sba loans to businesses in accordance with the rules and regulations promulgated by the us small business administration.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
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: 89
  • Transparency & Controls: 66
  • Accountability: 76
  • Sustainability: 24
  • Growth: 100

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90.9%; rating input score 91; 23rd percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.3%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 0.42; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 0.45; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 44.6%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 8.7% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 7% per year; rating input score 100; 54th percentile among comparable filings
  • Asset growth: 12% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 10 of 11 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.5M in reported program spending
  • Leadership: top reported pay $450K · 12 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.