Provport Inc

Nonprofit profile at a glance

EIN
050479488
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4017814717
Rating
57
Verdict
MIXED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$17,605,670
Expenses
$18,265,631
Assets
$61,974,302
Liabilities
$42,076,696

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

Leadership & pay

8 people listed

Highest reported compensation

  • WILLIAM BRODY ESQ (SECRETARY/GENERAL COUNSEL): $239,000 total reported compensation

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

Overview

Mission

Development of the port of providence

Operating model

Revenue model
Other-operating. 93% 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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 38
  • Transparency & Controls: 65
  • Accountability: 84
  • Sustainability: 44
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 43.8%; rating input score 44
  • Program expense ratio: 40.6%; rating input score 41
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 10th 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: 78.9%; rating input score 79; 16th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.7%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 3.39; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.68; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 1.3%; rating input score 83; 83rd percentile among comparable filings

Growth

  • Program expense growth: -0.1% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: 4.5% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: 3.6% per year; rating input score 100; 26th percentile among comparable filings

Details

  • Where the money goes: 43.8% of revenue deployed · 40.6% of spending went to programs
  • Governance: 7 of 7 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $7.4M in reported program spending
  • Leadership: top reported pay $239K · 8 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $10.7M reported
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 44/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 41/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.