Rhode Island Marine Trade Association
Nonprofit profile at a glance
- EIN
- 050309513
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Newport, RI, USA
- Phone
- 4013969619
- Rating confidence
- Limited
Reported finances
- Revenue
- $735,695
- Expenses
- $793,205
- Assets
- $302,677
- Liabilities
- $187,853
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
21 people listed
Executive titles in this filing
- BRIAN DURSI (EXECUTIVE DIRECTOR (UNTIL 8/9/25))
- FORREST WILLIAMS (EXECUTIVE DIRECTOR (AS OF 8/9/25))
- WHITNEY JONES (PRESIDENT)
- JOSEPH MARIANI (VICE PRESIDENT)
Highest reported compensation
- BRIAN DURSI (EXECUTIVE DIRECTOR (UNTIL 8/9/25)): $114,346 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Rimta's mission is to champion the Rhode Island marine industry through advocacy, education, environmental stewardship, innovation and promotion.
What it reported doing in 2024
Member services member services includes member events that are hosted during the year, including an annual meeting and special events, such as an environmental conference. Events are used as member engagement opportunities for business-to-business networking, education, and celebration. Member services also includes shrink wrap recycling, which is a statewide shrink wrap recycling program to provide an environmentally friendly alternative for plastic waste for its members that is coordinated by the association. The association also provides fee for service consulting to the industry related to workforce development, project management, and fiberglass boat recycling.see continuation on schedule otraining and education the association coordinates training and industry exposure programs for youth and new workers. The association also coordinates and awards incumbent worker training funds to its membership via a grant from the state of Rhode Island. Rimta future is a young leaders group supported by rimta. Other programs the association also provides other programs in support of its mission. Included in other programs is costs incurred by the association for a lobbyist for instate representation at the state house.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
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: NotEnoughData
- Transparency & Controls: 93
- Accountability: 87
- Sustainability: 19
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 95%; rating input score 95; 25th percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- 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: -7.8%; rating input score 20; 20th percentile among comparable filings
- Total-asset coverage ratio: 0.38; rating input score 18; 18th percentile among comparable filings
- Liabilities to assets ratio: 0.62; rating input score 12; 12th percentile among comparable filings
- Officer compensation ratio: 14.4%; rating input score 24; 24th percentile among comparable filings
Growth
- Program expense growth: -12.9% per year; rating input score 0; 4th percentile among comparable filings
- Revenue growth: 2.3% per year; rating input score 100; 26th percentile among comparable filings
- Asset growth: -0.2% per year; rating input score 0; 17th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 19 of 20 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $114K · 21 people listed
- Consistency: 10 of 11 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes major donors
- Filing history: 13 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- High — Growth: Program expense growth scored 0/100.
- High — Sustainability: Operating margin scored 20/100.
- High — Sustainability: Total-asset coverage ratio scored 18/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 12/100.
- High — Sustainability: Officer compensation ratio scored 24/100.