Block Island Economic Development Foundation Inc

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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.

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 →

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Across stored filings, Block Island Economic Development Foundation Inc shows contribution history pending. Next enrichment targets: revenue-source fields, IRS BMF classification.

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Request a concise report for Block Island Economic Development Foundation Inc with revenue, expenses, executive compensation, red flags, peer context, and IRS source links. You can also request CSV exports or watchlist updates for future filings.

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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:

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%.

IRS Tax-Exempt Classification

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

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-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.