Overview
What is Rihub?
Rihub, located at 225 Dyer Street 2nd Floor, Providence, RI 02903, is a nonprofit organization dedicated to stimulating economic growth by empowering entrepreneurs and startups. They offer various services, including venture mentoring, customer discovery, incubation, and pitch scrub, aiming to help these businesses more effectively channel their creativity and innovation towards achieving their objectives. Rihub organizes events such as RI-Pitch and Rhode Island Startup Week, and monitors over 300 startups, with more than half utilizing their resources. Their primary mission is to drive economic transformation by assisting entrepreneurs in focusing and applying their ingenuity to attain their goals.
Official website here: www.rihub.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (66%, Two-Star out of Four Star rating)
Rihub has received a two-star rating from Charity Navigator, indicating that the organization requires improvement in certain areas. The overall score of 66% reflects its strengths in program expense ratio, with an impressive 98.02%, suggesting that the majority of its funds are directed towards its programs. Additionally, it has scored full points in maintaining a conflict of interest policy and a whistleblower policy, which are positive indicators of governance practices.
However, the organization faces significant challenges in accountability and financial management. Notably, Rihub lacks independent board members, which is a critical factor in ensuring oversight and transparency. Furthermore, it received no points for the financial statements and has not posted its tax form on its website, raising concerns about the visibility and accessibility of its financial information to stakeholders.
Despite the limitations in governance and financial transparency, Rihub has demonstrated a commitment to its programs and has effectively managed its assets relative to liabilities. Future improvement in board independence and financial reporting could enhance its overall rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Rihub legitimate?
Rihub is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rihub 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: $161,586
Professional Fundraising Fees: $0
Other Salaries and Wages: $96,033
For more financial information, click here
Official website here: www.rihub.org
What is the mission statement of Rihub?
Rihub's mission is centered around fostering economic transformation. They achieve this by assisting entrepreneurs and startups in effectively channeling their ingenuity and innovation, thereby enabling them to reach their set objectives. The organization's primary focus is on providing services that help startups in Rhode Island, which include venture mentoring, customer discovery, incubation, and pitch scrubbing. Rihub additionally organizes events such as RI-Pitch and Rhode Island Startup Week, and tracks over 300 startups. A significant number of these startups have benefited from Rihub's services.
Official website here: www.rihub.org
Who is the CEO of Rihub?
Annette Tonti is the Chairman of Rihub.
Official website here: www.rihub.org
What is the revenue of Rihub?
Rihub's revenue in 2022 was $610,305.
Official website here: www.rihub.org
Who are the executives of Rihub and what are their salaries?
The average compensation at Rihub during 2022 was $85,873. There are 3 employees and 76 volunteers at Rihub.
Here are 7 key members and their salaries:
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- Compensation: $143,753
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- Other: $12,000
Official website here: www.rihub.org
Where can I find the form 990 for Rihub?
Rihub's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.rihub.org
Learn more at the official website: www.rihub.org
Mission Statement of Rihub
RIHub, a nonprofit organization, is committed to driving economic transformation by assisting entrepreneurs and startups in Rhode Island to more effectively focus and apply their ingenuity and innovation to achieve their objectives. The mission of Rihub is centered around empowering these businesses to reach their goals more efficiently.
To accomplish this, Rihub offers a variety of services tailored to Rhode Island startup businesses. These services include the Rihub Venture Mentoring Service, Customer Discovery, Incubation, and Pitch Scrub. Moreover, Rihub hosts a series of events such as RI-Pitch and Rhode Island Startup Week to further support these businesses. By tracking over 300 startups, Rihub has become an invaluable resource for many of these companies, with well over half of them utilizing its services.
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Impact
July, 2024
Rihub's impact can be seen in its significant contribution to driving economic transformation by supporting entrepreneurs and startups in Rhode Island. Through services such as venture mentoring, customer discovery, incubation, and pitch scrub, Rihub empowers startups to effectively focus and apply their ingenuity and innovation to achieve their goals. Additionally, the organization hosts events like RI-Pitch and Rhode Island Startup Week, fostering a vibrant entrepreneurial ecosystem in Providence. With over 300 startups tracked and a high utilization rate of its services, Rihub plays a crucial role in nurturing and growing the startup community, ultimately leading to community improvement and economic growth in the region.
This information is meant to be a general summary of Rihub. 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.
- Gross Receipts: $610,305
Assets and Liabilities:
- Total Assets: $352,565
- Total Liabilities: $167,620
- Net Assets: $184,945
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Organization Details
Founding Year
2018
Phone
(401) 829-1051Principal Officer
Annette Tonti
Main Address
225 DYER STREET 2ND FLOOR, PROVIDENCE, RI, 02903
Website
www.rihub.orgNTEE Category
Code: S43 - Community improvement
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