Rimta Foundation

Nonprofit profile at a glance

EIN
823979153
IRS 990-EZ coverage
2017–2024
Forms available
Form 990 2023, Form 990-EZ 2024
Location
Newport, RI, USA
Phone
4013969619
Rating
94
Verdict
STRONG
Rating confidence
Moderate
Sector
Business and Industry

Official website

Reported finances

Revenue
$172,089
Expenses
$174,799
Assets
$9,596
Liabilities
$0

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

Leadership & pay

6 people listed

Executive titles in this filing

  • WHITNEY JONES (PRESIDENT & DIRECTOR)

People named in this filing

  • WHITNEY JONES (PRESIDENT & DIRECTOR)
  • PAUL HARDEN (TREASURER & DIRECTOR)
  • JAY FRECHETTE (SECRETARY & 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-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Enhancing Rhode Island marine trade industry in a sustainable and equitable way.

What it reported doing in 2024

The rimta foundation remains committed to advancing sustainability within Rhode Island's marine trades industry through a series of impactful environmental initiatives. The Rhode Island fiberglass vessel recycling program continues to explore sustainable alternatives for end-of-life boat disposal by developing scalable recycling solutions, including repurposing fiberglass waste for industrial applications. This program builds on research and pilot projects to create viable recycling pathways that reduce landfill waste and promote industry-wide environmental stewardship. Additionally, the Rhode Island clean marina program provides technical assistance and certification to marinas implementing best management practices that protect coastal waterways, ensuring compliance with environmental regulations while promoting eco-friendly operations. The foundation also supports a boatbuilding internship program for students from bristol, ri, offering hands-on training in traditional and sustainable boatbuilding techniques. These programs collectively reinforce the foundation's mission to integrate environmental responsibility with workforce development, ensuring a more sustainable future for Rhode Island's marine trades.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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. Revenue has declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 100
  • Transparency & Controls: 100
  • Sustainability: 32
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.1%; rating input score 99

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: -1.6%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 0.05; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 76; 76th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings

Growth

  • Program expense growth: 11.5% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: -6.7% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: -18.1% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.1% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $173K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 8 of 8 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • 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.

  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 29/100.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • High — Growth: Asset growth scored 0/100.