Overview
What is Waterfire Providence?
Waterfire Providence is a distinguished nonprofit organization situated in Providence, Rhode Island. Their primary mission is to revitalize the urban experience and foster community engagement by presenting the captivating Waterfire event. This large-scale public art installation attracts a significant number of spectators, with between 10,000 and 100,000 people visiting each evening during the season, which spans from May to December. Approximately half of these attendees come from out of state, contributing to a substantial economic impact on local businesses and generating $9 million in direct tax revenue for the state of Rhode Island. Waterfire Providence further supports 1,294 additional jobs for residents. The organization's impact extends beyond finance, as it also secures millions of dollars in traditional and new media value, painting Providence in a positive light and making it a top international cultural tourism destination. In 2018, Waterfire Providence moved into its first permanent visible home in the community: the Waterfire Arts Center. This multi-use arts venue hosts exhibitions, performances, events, and educational programs open to the public. With a team of 97 dedicated employees, Waterfire Providence continues to inspire and transform the city of Providence.
Official website here: www.waterfire.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 98% (Four-Star out of Four Stars)
Waterfire Providence has received an impressive Four-Star rating from Charity Navigator, reflecting its high level of accountability and transparency. The organization scored exceptionally well in various categories, including Impact & Measurement and Leadership & Adaptability, both receiving perfect scores of 100. This suggests that Waterfire Providence effectively evaluates its programs and demonstrates strong leadership, as well as a commitment to adapting to changing needs within the community.
The nonprofit's financial health is also notable, with a program expense ratio of 70.31%, indicating that a significant portion of its funding is directed towards its programs rather than administrative costs. Additionally, it maintains a low liabilities to assets ratio of 18.66%, which speaks to its financial stability and effective resource management. With an independent board comprising 88% members, the organization demonstrates a commitment to governance that prioritizes accountability.
While the ratings reflect strong performance in many areas, the data does not highlight any specific limitations or challenges faced by Waterfire Providence. Overall, the organization appears well-managed and highly effective in fulfilling its mission, making it a compelling choice for potential donors and supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Waterfire Providence legitimate?
Waterfire Providence is a legitimate nonprofit organization registered as a 501(c)(3) entity. Waterfire Providence 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: $248,575
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,352,970
For more financial information, click here
Official website here: www.waterfire.org
What is the mission statement of Waterfire Providence?
Waterfire Providence, an arts organization, aims to inspire and engage communities by revitalizing urban experiences and creatively transforming cities. They achieve this by presenting the large-scale public art installation known as Waterfire, which attracts a significant number of visitors each year, contributing to the local economy and generating positive media coverage. Despite the challenges posed by the COVID-19 pandemic, Waterfire continues to revitalize urban spaces and foster community engagement.
Official website here: www.waterfire.org
Who is the CEO of Waterfire Providence?
Peter Mello is the Director of Waterfire Providence.
Official website here: www.waterfire.org
What is the revenue of Waterfire Providence?
Waterfire Providence's revenue in 2022 was $3,741,484.
Official website here: www.waterfire.org
Who are the executives of Waterfire Providence and what are their salaries?
The average compensation at Waterfire Providence during 2022 was $16,511. There are 97 employees and 320 volunteers at Waterfire Providence.
Here are 17 key members and their salaries:
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- Compensation: $125,000
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- Other: $5,493
Official website here: www.waterfire.org
Where can I find the form 990 for Waterfire Providence?
Waterfire Providence's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.waterfire.org
Learn more at the official website: www.waterfire.org
Mission Statement of Waterfire Providence
Waterfire Providence, as an arts organization, aims to inspire its local community and visitors by revitalizing the urban experience and fostering community engagement. It accomplishes this by presenting the large public art installation known as Waterfire, which creatively transforms the city and provides a unique experience for all to enjoy. The organization draws significant crowds, with between 10,000 and 100,000 spectators attending each evening during the season, which lasts from May to December. Waterfire not only attracts a large number of visitors but also creates a significant economic impact, generating $114 million of economic impact for local businesses and $9 million of direct tax revenue for the state. The organization secures millions of dollars of traditional and new media value each year, painting Providence in a positive light and making it a top international cultural tourism destination. Waterfire Providence's permanent home, the Waterfire Arts Center, serves as a multi-use arts venue that hosts exhibitions, performances, events, and educational programs open to the public.
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Impact
October, 2024
WaterFire Providence has a profound impact on the city of Providence and its visitors, serving as a catalyst for urban revitalization and community engagement. The large-scale public art installation draws between 10,000 and 100,000 spectators each evening from May to December, culminating in around one million visitors throughout the season. Over 50% of these attendees travel from out of state specifically to experience WaterFire, significantly contributing to the local economy.
The event generates approximately $114 million in economic impact for local businesses and $9 million in direct tax revenue for the state of Rhode Island. In addition to economic benefits, WaterFire supports 1,294 jobs for local residents, showcasing its role as a vital engine for employment in the community.
WaterFire also plays a crucial role in shaping the cultural landscape of Providence, securing millions of dollars in media value that promotes the city as a top international cultural tourism destination. The 2018 establishment of the WaterFire Arts Center further solidified its commitment to the arts, providing a permanent venue for exhibitions, performances, and educational programs. Through its initiatives, WaterFire Providence creatively transforms the urban experience, fostering a sense of community and inspiring both residents and visitors.
This information is meant to be a general summary of Waterfire Providence. 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: $90,361
- Program Service Revenue: $63,092
- Gross Receipts: $4,111,474
Assets and Liabilities:
- Total Assets: $10,736,189
- Total Liabilities: $1,827,338
- Net Assets: $8,908,851
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
VENDING INCOME
Revenue
$63,092
Organization Details
Founding Year
1988
Phone
(401) 273-1155Principal Officer
Peter Mello
Main Address
475 VALLEY STREET, PROVIDENCE, RI, 02908
Website
www.waterfire.orgNTEE Category
Code: A40 - Arts
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