Rhode Island Urban Business Incubator Inc

Nonprofit profile at a glance

EIN
050506858
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Providence, RI, USA
Phone
4017808866
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$238,270
Expenses
$239,223
Assets
$89,069
Liabilities
$57,424

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

Leadership & pay

9 people listed

Executive titles in this filing

  • Solange Lopes (President)
  • Julious Kolawole (Vice President)
  • Ron Crosson (Executive Director)

Highest reported compensation

  • Ron Crosson (Executive Director): $77,419 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 provide the general public and small businesses, with less than 50 employees, with business development assistance, through education, training and consultation.

What it reported doing in 2024

Urban Ventures Inc. provided micro-businesses with technical assistance and mentorship. Advocacy, and information to help them start up and or grow.Assists entrepreneurs and microbusinesses in developing their businesses through consultation, training and education, helping them through the different stages: to think deeply about their business ideas, to implement/ launch them, to achieve profitability, and to grow.We have provided technical assistance to 63 ventures, comprised of a diverse group. 73.8% of our clients were Women. (See Schedule O).36.5% of the ventures we have been working with are in the IDEA (Development) stage, 22.2% are in the LAUNCH stage. 11.1% are in the PROFITABILITY stage, where we are working with them on generating increased revenues and attaining & maintaining sustainable profit levels. 30.2% of the ventures we are continuing to assist are now in the GROWTH stage.The demographics of the clients that we have assisted during this period are as follows:51.2% of our clients were Hispanic; 37.5% African; 3.8% African American;3.8% Cape Verdean; 2.5% Caribbean (Not Hispanic); 1.3% Caucasian.61.9% of the businesses were Startups and 38.1% were Existing businesses representing a wide-range of industries which included: Child Day Care, Adult Day Care, Food Manufacturing, Mobile Food Services, Farming, Construction, Handyman Services, Pest Control, Independent Artist, Fashion Design, Life Coaching, Book Publishing, Public Relations, Accounting Services, Home Health Care, Group Home Services, Behavioral Health Services, Health Clinic Services, Non-medical Transportation, Residential & Commercial Cleaning Services, AI SaaS Venture.During this period: Job Growth: Businesses that we have assisted have reported new jobs created during this period. Revenue Growth: $16.7 Million in revenue growth was reported for this period.

Operating model

Revenue model
Grant-funded. 98% of the money available for current operations came from government grants.
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

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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 26
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.4%; rating input score 90
  • Program expense ratio: 90%; rating input score 90
  • Fundraising efficiency: $33.19 raised per $1 spent on fundraising; rating input score 69; 69th percentile among comparable filings

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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: -0.4%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 0.37; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 0.64; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 32.4%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 6.8% per year; rating input score 100; 61st percentile among comparable filings
  • Asset growth: 5.9% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: 90.4% of revenue deployed · 90% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $215K in reported program spending
  • Leadership: top reported pay $77K · 9 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 38/100.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.