Woonasquatucket Valley Community Build Inc

Nonprofit profile at a glance

EIN
320015513
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4012737101
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$1,189,024
Expenses
$1,518,983
Assets
$4,009,294
Liabilities
$821,046

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

Leadership & pay

12 people listed

People named in this filing

  • JAY COOGAN (CHAIR)
  • KAREN HARRIS (VICE-CHAIR)
  • HARRY PHILBRICK (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The steel yard's historic campus is a platform for professional artists, makers and the community to practice and learn the industrial arts. The organization fosters creative and economic opportunities, by providing workspace, tools, training and education, while forging lasting links to a local tradition of craftsmanship.

What it reported doing in 2024

The steel yard is an award-winning a community-based industrial arts center, a manufacturer of custom and functional public-art, a craft school and shared studio, and a unique outdoor venue. The yard's 3.8 acre campus, located in providence's industrial valley, is a cultural asset that serves as a sponsor and catalyst for innovative approaches to urban revitalization, arts promotion, workforce development, and community growth. The organization is committed to providing excellent educational and professional programs in the industrial arts so that everyone can access the knowledge, skills and equipment needed to improve their community. Shared workspaces have equipment for welding, blacksmithing, jewelry, ceramics and the foundry arts, and open spaces are used as a neighborhood gathering place, for community events and cultural programming.

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 - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 92
  • Accountability: 82
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.1%; rating input score 83
  • Program expense ratio: 64.6%; rating input score 65
  • Fundraising efficiency: $2.8 raised per $1 spent on fundraising; rating input score 8; 8th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -27.8%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 2.64; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 8.5% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 6.3% per year; rating input score 100; 51st percentile among comparable filings
  • Asset growth: 8.4% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 83.1% of revenue deployed · 64.6% of spending went to programs
  • Governance: 12 of 12 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $982K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 35 of 35 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Financial Efficiency: Fundraising efficiency scored 8/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 6/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.