Block Island Economic Development Foundation Inc
Block Island Economic Development Foundation: Declining Revenue and Asset Base Raise Concerns
EIN: 222956223 · Block Island, RI · Updated: 2026-04-04
Is Block Island Economic Development Foundation Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Block Island Economic Development Foundation Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Block Island Economic Development Foundation Inc
Block Island Economic Development Foundation Inc (EIN: 222956223) is a nonprofit organization based in Block Island, RI. The organization reported total revenue of $445K and total assets of $1.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Block Island Economic Development Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Block Island Economic Development Foundation Inc with a Mission Score of 45 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Block Island Economic Development Foundation Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Executive Compensation Analysis
The organization consistently reports 0% compensation across all available filings, which suggests an all-volunteer structure or that executive compensation is not being reported in a transparent manner.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Block Island Economic Development Foundation Inc's IRS 990 filings:
- Consistent decline in total assets over the past eight years, from $2,104,081 in 2014 to $1,360,969 in 2021.
- Highly inconsistent revenue, including negative revenue years, indicating potential financial instability.
- Lack of reported compensation (0%) across all filings raises questions about operational structure and potential hidden costs or unreported benefits.
- Expenses frequently exceed revenue, leading to a reduction in net assets over time.
Strengths
The following positive indicators were identified for Block Island Economic Development Foundation Inc:
- The organization has maintained operations despite financial challenges over several years.
- Consistent reporting of 0% compensation could indicate a strong volunteer base, minimizing overhead costs.
Frequently Asked Questions about Block Island Economic Development Foundation Inc
Is Block Island Economic Development Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Block Island Economic Development Foundation Inc (EIN: 222956223) significant concerns. Mission Score: 45/100. 4 red flags identified, 2 strengths noted.
How does Block Island Economic Development Foundation Inc spend its money?
Block Island Economic Development Foundation Inc directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Block Island Economic Development Foundation Inc tax-deductible?
Block Island Economic Development Foundation Inc is registered as a tax-exempt nonprofit (EIN: 222956223). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Block Island Economic Development Foundation Inc do?
Block Island Economic Development Foundation Inc is a nonprofit organization in the Unknown sector, located in Block Island, Rhode Island. It is classified under NTEE code Unknown.
How much revenue does Block Island Economic Development Foundation Inc have?
Block Island Economic Development Foundation Inc reported total revenue of $444,731. Based on 12 IRS 990 filings on record.
What are Block Island Economic Development Foundation Inc's total assets?
Block Island Economic Development Foundation Inc holds total assets of $1,360,969 as reported in IRS 990 filings.
Where is Block Island Economic Development Foundation Inc located?
Block Island Economic Development Foundation Inc is based in Block Island, Rhode Island.
What is Block Island Economic Development Foundation Inc's EIN?
Block Island Economic Development Foundation Inc's Employer Identification Number (EIN) is 222956223. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Block Island Economic Development Foundation Inc?
Block Island Economic Development Foundation Inc is classified under NTEE code Unknown (Unknown).
Is Block Island Economic Development Foundation Inc a registered 501(c)(3)?
Block Island Economic Development Foundation Inc appears in IRS records (EIN: 222956223). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Block Island Economic Development Foundation Inc file IRS Form 990?
Yes, Block Island Economic Development Foundation Inc has 12 IRS Form 990 filings on record. The most recent covers tax period 202112.
What was Block Island Economic Development Foundation Inc's revenue in 2021?
In the 202112 filing period, Block Island Economic Development Foundation Inc reported total revenue of $26,481, total expenses of $59,573, and net assets of $1,664,004.
Is Block Island Economic Development Foundation Inc's revenue growing or declining?
Block Island Economic Development Foundation Inc's revenue is declining. Revenue went from $50,409 (202012) to $26,481 (202112), a -47.5% change. Based on 12 filings on record.
What is Block Island Economic Development Foundation Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Block Island Economic Development Foundation Inc covers tax period 202112. It shows revenue of $26,481, expenses of $59,573, total assets of $1,664,004, and liabilities of $1,979,293.
How much does Block Island Economic Development Foundation Inc spend on programs vs administration?
Based on IRS 990 analysis, Block Island Economic Development Foundation Inc allocates approximately 70% of expenses to program services, 20% to administrative costs, and 10% to fundraising. Program spending is moderate relative to overhead.
Is Block Island Economic Development Foundation Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Block Island Economic Development Foundation Inc shows mixed signals. Mission Score: 45/100 (Fair). 4 red flags identified. 2 strengths noted.
What are the red flags for Block Island Economic Development Foundation Inc?
The following concerns were identified: Consistent decline in total assets over the past eight years, from $2,104,081 in 2014 to $1,360,969 in 2021.. Highly inconsistent revenue, including negative revenue years, indicating potential financial instability.. Lack of reported compensation (0%) across all filings raises questions about operational structure and potential hidden costs or unreported benefits.. Expenses frequently exceed revenue, leading to a reduction in net assets over time.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Block Island Economic Development Foundation Inc's strengths?
Positive indicators for Block Island Economic Development Foundation Inc include: The organization has maintained operations despite financial challenges over several years.. Consistent reporting of 0% compensation could indicate a strong volunteer base, minimizing overhead costs.. These findings are derived from AI analysis of the organization's financial filings.
How does Block Island Economic Development Foundation Inc compensate executives?
The organization consistently reports 0% compensation across all available filings, which suggests an all-volunteer structure or that executive compensation is not being reported in a transparent manner. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent decline in assets and volatile revenue, what is the long-term sustainability plan for the Block Island Economic Development Foundation?
The financial data suggests a need for a robust strategic plan to address asset depletion and revenue generation. Without a clear shift in financial trends, the organization's ability to sustain its mission in the long term is questionable.
How does the organization manage its operations and achieve its mission with consistently reported 0% compensation?
The 0% compensation figure implies either an entirely volunteer-run operation or that compensation is being reported under different categories or not at all. Understanding the operational model without paid staff is crucial for assessing efficiency and capacity.
Filing History
IRS 990 filing history for Block Island Economic Development Foundation Inc showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2010–2021), Block Island Economic Development Foundation Inc's revenue has declined by 86.2%, moving from $192K to $26K. Total assets decreased by 30.4% over the same period, from $2.4M to $1.7M. Total functional expenses fell by 75.4%, from $243K to $60K. In its most recent filing year (2021), Block Island Economic Development Foundation Inc reported a deficit of $33K, with expenses exceeding revenue. The organization holds $2.0M in liabilities against $1.7M in assets (debt-to-asset ratio: 118.9%), resulting in net assets of $-315,289.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2021 | $26K | $60K | $1.7M | $2.0M | — | — |
| 2020 | $50K | $48K | $1.7M | $2.0M | — | — |
| 2019 | $30K | $59K | $1.8M | $2.0M | — | View 990 |
| 2018 | $17K | $64K | $1.8M | $2.1M | — | View 990 |
| 2017 | $54K | $87K | $1.9M | $2.1M | — | View 990 |
| 2016 | $-4,449 | $34K | $2.0M | $2.1M | — | View 990 |
| 2015 | $-6,849 | $28K | $2.0M | $2.2M | — | View 990 |
| 2014 | $-13,942 | $28K | $2.1M | $2.2M | — | View 990 |
| 2013 | $-13,178 | $22K | $2.2M | $2.2M | — | View 990 |
| 2012 | $216K | $272K | $2.2M | $2.3M | — | View 990 |
| 2011 | $295K | $355K | $2.3M | $2.3M | — | — |
| 2010 | $192K | $243K | $2.4M | $2.3M | — | View 990 |
Year-by-Year Financial Summary
- 2021: Revenue of $26K, expenses of $60K, and assets of $1.7M (revenue -47.5% year-over-year).
- 2020: Revenue of $50K, expenses of $48K, and assets of $1.7M (revenue +68.8% year-over-year).
- 2019: Revenue of $30K, expenses of $59K, and assets of $1.8M (revenue +74.4% year-over-year).
- 2018: Revenue of $17K, expenses of $64K, and assets of $1.8M (revenue -68.4% year-over-year).
- 2017: Revenue of $54K, expenses of $87K, and assets of $1.9M.
- 2016: Revenue of $-4,449, expenses of $34K, and assets of $2.0M.
- 2015: Revenue of $-6,849, expenses of $28K, and assets of $2.0M.
- 2014: Revenue of $-13,942, expenses of $28K, and assets of $2.1M.
- 2013: Revenue of $-13,178, expenses of $22K, and assets of $2.2M (revenue -106.1% year-over-year).
- 2012: Revenue of $216K, expenses of $272K, and assets of $2.2M (revenue -26.8% year-over-year).
- 2011: Revenue of $295K, expenses of $355K, and assets of $2.3M (revenue +53.8% year-over-year).
- 2010: Revenue of $192K, expenses of $243K, and assets of $2.4M.
Data Sources and Methodology
This transparency report for Block Island Economic Development Foundation Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.