Skills for Rhode Island's Future

Nonprofit profile at a glance

EIN
812807502
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4016805960
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Job Training

Official website

Reported finances

Revenue
$11,613,299
Expenses
$11,873,817
Assets
$4,463,434
Liabilities
$3,892,312

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

Leadership & pay

21 people listed

Executive titles in this filing

  • NINA PANDE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • NINA PANDE (EXECUTIVE DIRECTOR): $238,596 total reported compensation
  • THOMAS STREICHER (VP OF CLIENT & CAREER SERV): $192,259 total reported compensation
  • MELBA DEPENA AFFIGNE (VP OF ECONOMIC DEVELOPMENT): $167,020 total reported compensation

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

Overview

Mission

Skills for Rhode Island's future mission is dedicated to transform lives through meaningful employment and economic mobility. As a trusted community-based intermediary, we empower individuals by delivering demand-driven workforce, education, and small business strategies that foster upward mobility. Through strong partnerships with employers, business owners, job seekers, and community stakeholders, we develop inclusive economic strategies that dismantle barriers to education, employment, and business success. Our commitment ensures that all rhode islandersespecially those from underserved and underrepresented communitieshave equitable access to opportunities that drive long-term economic prosperity.

What it reported doing in 2024

Ri small business hub: the small business resource hub, established and operated by skills for Rhode Island's future (skillsri), is a one-stop resource for Rhode Island small businesses to access a range of shared services across legal, human resources, finance, bookkeeping, marketing, fundraising, strategic planning and more. With the goal of empowering ri small businesses, particularly disadvantaged, women and minority-owned businesses, to stabilize, strengthen and thrive, the small business resource hub also offers professional development workshops, networking opportunities and 1:1 business counseling at no cost to the business. Through the small business resource hub, skillsri hopes to strengthen the small business landscape in Rhode Island and foster the creation of more economically vibrant communities across the state.

Operating model

Revenue model
Grant-funded. 97% 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. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 18
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.4%; rating input score 90
  • Program expense ratio: 90%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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; 66th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2.2%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 0.38; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0.87; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 9.9%; rating input score 21; 21st percentile among comparable filings

Growth

  • Program expense growth: 23.3% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 22.8% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 26.3% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 90.4% of revenue deployed · 90% of spending went to programs
  • Governance: 12 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $10.7M in reported program spending
  • Leadership: top reported pay $239K · 21 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 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.

  • High — Sustainability: Operating margin scored 23/100.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 21/100.