Providence Business Loan Fund

Nonprofit profile at a glance

EIN
050483965
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4016808429
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$219,482
Expenses
$324,355
Assets
$11,176,881
Liabilities
$2,508,583

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

Leadership & pay

9 people listed

Highest reported compensation

  • Lawrence J Mancini (Director): $191,298 total reported compensation
  • Courtney Hawkins (Chairman): $185,210 total reported compensation
  • Edwin 'Ted' Carr (Director): $176,866 total reported compensation

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

Overview

Mission

PBLF assists in retaining and creating jobs by providing technical assistance to businesses located in the City of Providence. PBLF makes low interest loans to businesses that will retain and create low/moderate income jobs over the next two years.

What it reported doing in 2024

During the fiscal year ended June 30, 2024, PBLF provided technical assistance and low interest loans to businesses located in the City of Providence. Such businesses will retain and create low/moderate income jobs over the next two years.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating 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 most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 60
  • Accountability: 100
  • Sustainability: 34
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 67.7%; rating input score 68
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -47.8%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 34.46; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.22; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -14.6% per year; rating input score 0; 8th percentile among comparable filings
  • Revenue growth: -6.4% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: -4.7% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 67.7% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $220K in reported program spending
  • Leadership: top reported pay $191K · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2012 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.