The Company of the Redwood Library and Athenaeum

Nonprofit profile at a glance

EIN
050260678
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Newport, RI, USA
Phone
4018470292
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$2,194,530
Expenses
$2,248,744
Assets
$30,018,473
Liabilities
$486,577

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

Leadership & pay

23 people listed

Executive titles in this filing

  • JANET ALEXANDER PELL (PRESIDENT)
  • DANIEL BENSON (VICE PRESIDENT)
  • BENEDICT LECA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • BENEDICT LECA (EXECUTIVE DIRECTOR): $145,597 total reported compensation

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

Overview

Mission

Founded in 1747 on the enlightenment ideals of intellectual pursuit and civic engagement, the redwood library and athenaeum generates knowledge in the humanities for the benefit of the widest possible audience with nothing in view but the good of mankind".

What it reported doing in 2024

Museum operations: the athenaeum emphasizes programs and collections important to the study of newport and its history, as well as 18th century america and its sources. It sponsors entertaining and informative adult and children's programs, displays educational and cultural exhibits drawn primarily from the redwood's collections, publishes educational catalogs, newsletters, and finding AIDS, and provides special tours focusing on Rhode Island's colonial commitment to freedom of religion and liberty of conscience to school children each year.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of total spending goes to programs and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 49
  • Transparency & Controls: 86
  • Accountability: 84
  • Sustainability: 54
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 60.9%; rating input score 61
  • Program expense ratio: 42.3%; rating input score 42
  • Fundraising efficiency: $2.6 raised per $1 spent on fundraising; rating input score 7; 7th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th 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: 5 of 8 controls in place; rating input score 62
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -2.5%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 13.35; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 82; 82nd percentile among comparable filings
  • Officer compensation ratio: 6.5%; rating input score 44; 44th percentile among comparable filings

Growth

  • Program expense growth: -4.3% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -0.1% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: 0.7% per year; rating input score 100; 14th percentile among comparable filings

Details

  • Where the money goes: 60.9% of revenue deployed · 42.3% of spending went to programs
  • Governance: 19 of 19 board members independent · 5 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $951K in reported program spending
  • Leadership: top reported pay $146K · 23 people listed
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Program expense ratio scored 42/100.
  • High — Financial Efficiency: Fundraising efficiency scored 7/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 25/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 44/100.