Rhode Island Fishermen's Future Viability Trust 2 (South Fork Project)

Nonprofit profile at a glance

EIN
922761416
IRS 990 coverage
2023–2025
Forms available
Form 990 2025
Location
North Kingstown, RI, USA
Phone
4019964894
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$168,790
Expenses
$161,172
Assets
$4,330,004
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • Christopher Lee (President)
  • Michael Marchetti (Vice President)
  • Richard Bellavance Jr (Vice President)
  • Anne Hawkins (Vice President)

People named in this filing

  • Christopher Lee (Director)
  • Michael Marchetti (Director)
  • Richard Bellavance Jr (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 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Rhode Island Fishermen's Future Viability Trust 2 (South Fork Project), Inc. is organized to provide for compensatory mitigation and the establishment of a direct compensation program as required in the agreement regarding the establishment and funding of the Rhode Island Fisheries direct compensation program and coastal community fund dated June 30, 2021, between South Fork Wind, LLC and the Rhode Island Coastal Resources Management Council.

What it reported doing in 2025

Managed and disbursed grant income for the purpose of the direct compensation program.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Hybrid. The nonprofit split its reported program spending across 61% for direct work, and 39% for grants.

The verdict

STRONG - 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 67
  • Growth: 60

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; 64th 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: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • 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: 4.5%; rating input score 46; 46th percentile among comparable filings
  • Total-asset coverage ratio: 26.87; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 32% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: -132.4% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: 1.5% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 7 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $161K in reported program spending
  • Leadership: top reported pay $0 · 13 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2023 to 2025
  • Contacts: How to reach this organization
  • Related organizations: 4 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 — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 46/100.