Overview
What is Block Island Economic Development Foundation Inc?
Block Island Economic Development Foundation Inc, based in Block Island, Rhode Island, is a nonprofit organization dedicated to enhancing the economic and social well-being of the local community. They have constructed and manage a community center that caters to various age groups, offering childcare services and activities for seniors. The foundation also operates an art gallery, showcasing and promoting the works of local artists. Furthermore, they provide residential units for residents, contributing to the housing needs of the community. The Block Island Economic Development Foundation Inc plays a vital role in fostering a thriving and sustainable local environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%
The Block Island Economic Development Foundation Inc has received a Two-Star out of Four Star rating from Charity Navigator, signifying that while it maintains some positive financial practices, there is room for improvement in overall accountability and transparency. The organization scores 73% in the Accountability & Finance category, indicating a solid, though not exceptional, performance in managing its financial obligations.
Strengths of the organization include a fully independent board of directors, with all ten members meeting independence criteria. Additionally, the foundation demonstrates good practices by documenting board meeting minutes and maintaining a low liabilities-to-assets ratio. The program expense ratio is also commendable at 83.03%, suggesting a significant portion of funds are directed towards its programs rather than administrative costs.
However, the overall rating reveals that there may be concerns regarding broader aspects of the foundation's governance, which are not fully captured by the financial metrics alone. Stakeholders may want to consider these factors when evaluating the foundation's impact and effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Block Island Economic Development Foundation Inc legitimate?
Block Island Economic Development Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Block Island Economic Development Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $9,493
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What is the mission statement of Block Island Economic Development Foundation Inc?
The Block Island Economic Development Foundation Inc's mission is centered around enhancing the economic and social well-being of its community members. To achieve this, the foundation has constructed and manages a community center that offers childcare and senior activities. Additionally, it operates an art gallery for local artists and provides residential units for residents. The foundation's activities are geared towards uplifting the local community, fostering artistic growth, and catering to the needs of different age groups.
Who is the CEO of Block Island Economic Development Foundation Inc?
Gerard Pierce is the President of Block Island Economic Development Foundation Inc.
What is the revenue of Block Island Economic Development Foundation Inc?
Block Island Economic Development Foundation Inc's revenue in 2022 was $51,020.
Who are the executives of Block Island Economic Development Foundation Inc and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Block Island Economic Development Foundation Inc?
Block Island Economic Development Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Block Island Economic Development Foundation Inc
The Block Island Economic Development Foundation Inc, or BIED, is a nonprofit organization dedicated to enhancing the economic and social well-being of Block Island's residents. Central to its mission is the operation and management of a community center that caters to both children and seniors, offering a variety of activities. Additionally, BIED operates an art gallery, showcasing the work of local artists and providing a platform for them to learn, grow, and sell their creations. Moreover, the foundation rents out residential units to local residents, contributing to the island's housing needs. By providing these services, BIED plays a significant role in enriching the lives of Block Island's residents, fostering a sense of community and promoting cultural growth.
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Impact
August, 2024
The Block Island Economic Development Foundation Inc has made a significant impact on the community of Block Island. Through initiatives such as a community center that offers childcare and senior activities, an art gallery for local artists to showcase and sell their work, and rental housing units for residents, the foundation has played a crucial role in improving economic and social conditions on the island. The Spring Street Gallery, which serves as a hub for local artists to connect, learn, and sell their artwork, contributes to the vibrant cultural scene of the island. Additionally, the Foundation's focus on providing housing options for residents addresses a pressing need in the community. Overall, the Foundation's efforts have helped foster community engagement, support local businesses, and enhance the quality of life for those living on Block Island.
This information is meant to be a general summary of Block Island Economic Development Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $136
- Program Service Revenue: $1,844
- Gross Receipts: $126,765
Assets and Liabilities:
- Total Assets: $414,873
- Total Liabilities: $167,689
- Net Assets: $247,184
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Other Comm Service Rev
Revenue
$1,844
Organization Details
Founding Year
1977
Phone
(401) 487-0017Principal Officer
Gerard Pierce
Main Address
PO Box 619, Block Island, RI, 02807
NTEE Category
Code: L80 - Housing
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