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
| Metric | Value |
|---|---|
| Total Revenue | $445K |
| Total Expenses | $60K |
| Program Spending | 70% |
| Net Assets | $-315,289 |
| Transparency Score | 45/100 |
Search Intent Cockpit
Block Island Economic Development Foundation Inc Form 990, Revenue, CEO Pay, and IRS Filing Signals
Block Island Economic Development Foundation Inc is surfaced here as a decision-ready nonprofit financial profile, not just a charity listing. The page consolidates IRS Form 990 revenue, expenses, assets, tax-exempt classification, executive compensation, mission score, red flags, and year-by-year filing history so donors, researchers, journalists, and grant teams can answer the common search questions around Block Island Economic Development Foundation Inc in one place.
Form 990 Filing Summary
12 filing years are available, with latest revenue of $26K and expenses of $60K.
Revenue and Expenses
Block Island Economic Development Foundation Inc reported $26K in revenue and $60K in expenses, a deficit of $33K.
Executive Compensation
Officer, director, trustee, and key employee pay is reviewed from IRS 990 compensation disclosures when present.
Charity Score and Red Flags
45/100 mission score, 4 red flags, and 2 strengths are shown from structured and AI review.
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 →
IRS 990 Data Cockpit
Where the Money Comes From and Where It Goes
Revenue Source Mix
Revenue-source line items are not available on the stored filing yet. Future ingestion now preserves contribution, program-revenue, and investment-income fields when ProPublica provides them.
Expense Deployment
| Program services | $42K (70%) |
Across stored filings, Block Island Economic Development Foundation Inc shows contribution history pending. Next enrichment targets: revenue-source fields, IRS BMF classification.
Decision Cockpit
One-Stop Donor, Research, and Peer Context Hub
| Decision Lens | Signal | What to Inspect Next |
|---|---|---|
| Legitimacy | Significant Concerns | Good filing record; 4 red flags identified |
| Mission spend | 70% to programs | Good |
| Financial durability | Grade C | 12 stored filing years |
| Peer context | Compare with Lord Of Glory Ministries Inc | Rhode Island and category context |
Trust Check
Review legitimacy, deductibility, red flags, and filing consistency.
Open charity check →Peer Benchmark
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Compare with Lord Of Glory Ministries Inc →All Rhode Island nonprofits
Local and Sector Spokes
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Block Island, RI nonprofitsFollow the Money
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Keep the Investigation Moving
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.
Organization Overview
Block Island Economic Development Foundation Inc is a small nonprofit that has been operating for 41 years, with 12 years of IRS 990 filings on record (2010–2021). Revenue has grown at a compound annual rate of -16.5%.
Key Financial Metrics (2021)
From the most recent IRS 990 filing on record:
| Total Revenue | $26K |
| Total Expenses | $60K |
| Surplus / Deficit | $-33,092 |
| Total Assets | $1.7M |
| Total Liabilities | $2.0M |
| Net Assets | $-315,289 |
| Operating Margin | -125.0% |
| Debt-to-Asset Ratio | 118.9% |
| Months of Reserves | 335.2 months |
Financial Health Grade: C
In 2021, Block Island Economic Development Foundation Inc reported a deficit of $33K with expenses exceeding revenue, holds 335.2 months of operating reserves (strong position), has a debt-to-asset ratio of 118.9% (high leverage).
Financial Trends
Over 12 years of filings (2010–2021), Block Island Economic Development Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -16.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2021 | -47.5% | +25.2% | -3.8% |
| 2020 | +68.8% | -19.2% | -1.7% |
| 2019 | +74.4% | -7.8% | -3.6% |
| 2018 | -68.4% | -27.0% | -4.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1985 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
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.
Key Financial Metrics (2021)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $33K, with expenses exceeding revenue.
- Debt-to-asset ratio: 118.9%.
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?
Block Island Economic Development Foundation Inc (EIN: 222956223) is a registered tax-exempt nonprofit based in Rhode Island. Our AI analysis gives it a Mission Score of 45/100. It has 12 years of IRS 990 filings on record. Total revenue: $445K. 4 red flags identified. 2 strengths noted. Financial health grade: C.
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. Fundraising costs 10%. This meets the 65% industry benchmark.
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 percentage of Block Island Economic Development Foundation Inc's spending goes to programs?
Block Island Economic Development Foundation Inc directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
Where is Block Island Economic Development Foundation Inc located?
Block Island Economic Development Foundation Inc is headquartered in Block Island, Rhode Island and files with the IRS under EIN 222956223.
How many years of IRS 990 filings does Block Island Economic Development Foundation Inc have?
Block Island Economic Development Foundation Inc has 12 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $445K in total revenue.
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.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Block Island Economic Development Foundation Inc:
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.