Overview
What is Providence Revolving Fund?
The Providence Revolving Fund is a nonprofit organization situated in Providence, Rhode Island, with an address at 372 West Fountain Street. Their primary mission is to preserve the city's architectural heritage and stimulate community revitalization. They accomplish this through various initiatives, including advocacy, lending, and development in historic areas. The organization provides financing to homeowners with homes over 50 years old, offering loans up to $50,000 for exterior repairs, preservation, and renovation. They have aided in the restoration of numerous historic properties, closing four such loans in 2022, totaling $247,682 and resulting in the rehabilitation of 15 residential units. In addition, they administer various capital pools for neighborhood loan projects and offer technical assistance to historic property owners using private funds for renovation.
Official website here: www.revolvingfund.org
What are the reviews and ratings of this charity?
Charity Navigator rating: 93%, Four-Star out of Four Star rating.
The Providence Revolving Fund has achieved a strong Four-Star rating from Charity Navigator, indicating a commendable level of accountability and financial health. The rating is based entirely on their Accountability & Finance score, which also stands at an impressive 93%. This high score reflects the organization’s commitment to maintaining transparency and strong governance practices, such as having a fully independent board and comprehensive financial oversight.
One of the notable strengths of the Providence Revolving Fund is its adherence to established best practices in nonprofit management. The organization has scored perfectly in several areas, including board independence, conflict of interest policies, and whistleblower protections. Furthermore, its program expense ratio is exceptionally high at 93.14%, suggesting that a significant portion of its funds is directed toward its mission-driven activities rather than administrative costs.
However, there are some minor limitations reflected in the liabilities to assets ratio, which stands at 54.12%. While this is a relatively moderate figure, it indicates that the organization carries some level of financial liabilities. Nonetheless, overall feedback is highly positive, highlighting the fund's robust operational integrity and dedication to its mission.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Providence Revolving Fund?
Although the Providence Revolving Fund currently has only a few reviews on Facebook and is not yet rated, the existing feedback offers a positive glimpse into their services. One reviewer highlights their exceptional support for those looking to renovate old houses, emphasizing their knowledge, flexibility, and sensitivity to budgets.
The reviewer appreciates the organization's collaborative approach, noting that they work well with other agencies and truly care about their clients. Overall, the sentiment conveyed suggests that the Providence Revolving Fund is a dedicated partner for individuals seeking guidance and support in home renovations.
This AI summary has been generated from reviews found on Facebook.
Is Providence Revolving Fund legitimate?
Providence Revolving Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Providence Revolving Fund 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:
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Official website here: www.revolvingfund.org
What is the mission statement of Providence Revolving Fund?
The Providence Revolving Fund's mission is centered around preserving the architectural heritage of a community and stimulating community revitalization. This is accomplished through advocacy, lending, and development initiatives in historic areas. The organization provides financing options, such as loans, for homeowners with properties over 50 years old, to repair and renovate their homes. These loans are designed to meet the financial capacity of the borrower with flexible terms. In addition, the Providence Revolving Fund offers technical assistance to property owners and manages various capital pools for the Neighborhood Loan Program. The fund aims to rehabilitate historic housing and assist with development projects in the community.
Official website here: www.revolvingfund.org
Who is the CEO of Providence Revolving Fund?
Carrie Zaslow is the President of Providence Revolving Fund.
Official website here: www.revolvingfund.org
What is the revenue of Providence Revolving Fund?
Providence Revolving Fund's revenue in 2022 was $2,371,893.
Official website here: www.revolvingfund.org
Who are the executives of Providence Revolving Fund and what are their salaries?
Here are 14 key members and their salaries:
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Official website here: www.revolvingfund.org
Where can I find the form 990 for Providence Revolving Fund?
Providence Revolving Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.revolvingfund.org
Learn more at the official website: www.revolvingfund.org
Mission Statement of Providence Revolving Fund
The Providence Revolving Fund, as an organization, is committed to preserving the architectural heritage of its city and stimulating community revitalization. It accomplishes this mission through advocacy, lending, and development initiatives in historic areas. By providing financing to homeowners with properties over 50 years old, the fund helps repair these properties, offering loans up to $50,000 for exterior repair, renovation, or preservation. The fund is accessible for both owner-occupied and rental properties, and its loans are designed to meet the financial capacity of the borrower with flexible terms.
In addition to its loan program, the Providence Revolving Fund offers technical assistance to historic property owners who use private funds for renovation. The organization also manages various capital pools for the Neighborhood Loan Program, including earmarked funds for specific projects and areas. Throughout its operations, the Providence Revolving Fund has closed several loans, resulting in the rehabilitation of numerous residential units, contributing to the preservation of historic housing in the city. The fund's work not only supports homeowners but also stimulates community revitalization, making historical areas more vibrant and attractive.
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Impact
July, 2024
Providence Revolving Fund's impact can be seen in the preservation of Providence's architectural heritage and the stimulation of community revitalization. Through their Neighborhood Loan Program, they have provided financing to homeowners with properties over 50 years old to repair and renovate their homes. In 2022, they closed four new loans totaling $247,682, resulting in the rehabilitation of 15 residential units of historic housing. Additionally, they completed seven neighborhood loan projects and provided technical assistance to 18 historic property owners who used private funds for renovation.
The organization has also administered various capital pools, including those in partnership with the West Broadway Neighborhood Association, to support development projects in historic areas. Overall, Providence Revolving Fund's efforts have resulted in significant investments in preserving Providence's architectural heritage and driving community revitalization.
This information is meant to be a general summary of Providence Revolving Fund. 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: $6,756
- Program Service Revenue: $296,941
- Gross Receipts: $2,371,893
Assets and Liabilities:
- Total Assets: $8,630,612
- Total Liabilities: $3,146,389
- Net Assets: $5,484,223
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$180,111
FEE FOR SERVICES
Revenue
$116,830
Organization Details
Founding Year
1980
Phone
(401) 272-2760Principal Officer
Carrie Zaslow
Main Address
372 WEST FOUNTAIN ST, PROVIDENCE, RI, 02903
Website
www.revolvingfund.orgNTEE Category
Code: A80 - Arts
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