The Preservation Society of Newport County

Nonprofit profile at a glance

EIN
050252708
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Newport, RI, USA
Phone
4018471000
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Historical Societies, Related Historical Activities

Reported finances

Revenue
$43,998,875
Expenses
$31,652,336
Assets
$105,721,909
Liabilities
$10,702,612

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

Leadership & pay

36 people listed

Executive titles in this filing

  • MS TRUDY COXE (CEO & EXEC. DIR.)

Highest reported compensation

  • MS TRUDY COXE (CEO & EXEC. DIR.): $576,229 total reported compensation
  • MR JAMES BURRESS (OUTGOING DIRECTOR OF FINANCE): $267,783 total reported compensation
  • MR MICHAEL TABER (DIRECTOR OF PROPERTIES): $203,744 total reported compensation

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

Overview

Mission

The preservation society of newport county's mission is to protect, preserve, and present an exceptional collection of house museums and landscapes in one of the most historically intact cities in america. We hold in public trust the newport mansions, which are an integral part of the living fabric of newport, Rhode Island. These sites exemplify three centuries of the finest achievements in american architecture, decorative arts, and landscape design spanning the colonial era to the gilded age. Through our historic properties, educational programs, and related activities we engage the public in the story of america's vibrant cultural heritage. We seek to inspire and promote an appreciation of the value of preservation to enrich the lives of people everywhere.

What it reported doing in 2024

The preservation society of newport country preserves eleven historic mansions, including seven national historic landmarks and eighty acres of parks, gardens and grounds, representing more than 250 years of social and architectural history. During the year, visitors took regularly-scheduled tours of the society's properties to learn about the buildings and the men and women who gave rise to these special places. In addition to general tours, the preservation society offers many learning opportunities, designed to present its houses and collections to a broad and diverse audience in as many interesting and enlightening ways as possible. These programs include international symposia and forums, study days, lectures, workshops, films, tours, and the opportunity for visitors to experience the type of grand entertaining for which they were built. Educational programs are offered year-round.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 61
  • Accountability: 91
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.4%; rating input score 71
  • Program expense ratio: 82.1%; rating input score 82
  • Fundraising efficiency: $10.29 raised per $1 spent on fundraising; rating input score 39; 39th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 95%; rating input score 95; 25th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • 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: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 28.1%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 3.34; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 5.6%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: 4.5% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: 5.2% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: 6.7% per year; rating input score 100; 47th percentile among comparable filings

Details

  • Where the money goes: 71.4% of revenue deployed · 82.1% of spending went to programs
  • Governance: 26 of 26 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $26M in reported program spending
  • Leadership: top reported pay $576K · 36 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $5M reported
  • Consistency: 40 of 41 current checks pass · 1 finding to review
  • Schedules: 10 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • 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.
  • 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.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 39/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.