Waterfire Providence
Waterfire Providence: Strong Assets, Fluctuating Revenue, and Consistent Program Spending
EIN: 222951612 · Providence, RI · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $3.8M |
| Total Expenses | $3.9M |
| Program Spending | 77% |
| CEO/Top Officer Pay | $120,000 |
| Net Assets | $7.9M |
| Transparency Score | 85/100 |
Is Waterfire Providence Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Waterfire Providence directs 77% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Waterfire Providence
Waterfire Providence (EIN: 222951612) is a nonprofit organization based in Providence, RI. The organization reported total revenue of $3.8M and total assets of $10.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Waterfire Providence's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Waterfire Providence is a mid-size nonprofit that has been operating for 37 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 5.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $3.0M |
| Total Expenses | $3.9M |
| Surplus / Deficit | $-891,018 |
| Total Assets | $9.9M |
| Total Liabilities | $1.9M |
| Net Assets | $7.9M |
| Operating Margin | -30.0% |
| Debt-to-Asset Ratio | 19.5% |
| Months of Reserves | 30.7 months |
Financial Health Grade: B
In 2023, Waterfire Providence reported a deficit of $891K with expenses exceeding revenue, holds 30.7 months of operating reserves (strong position), has a debt-to-asset ratio of 19.5% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Waterfire Providence's revenue has grown at a compound annual growth rate (CAGR) of 5.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -20.7% | +9.2% | -8.1% |
| 2022 | +45.9% | +71.0% | +0.4% |
| 2021 | +29.1% | +6.9% | +3.0% |
| 2020 | -60.8% | -27.4% | +7.1% |
| 2019 | +108.0% | +3.5% | +34.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1989 |
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 Waterfire Providence with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 13%
- programs: 77%
- fundraising: 10%
According to IRS 990 filings, Waterfire Providence allocates its expenses as follows: admin: 13%, programs: 77%, fundraising: 10%. With 77% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $891K, with expenses exceeding revenue.
- Debt-to-asset ratio: 19.5%.
Executive Compensation Analysis
Executive compensation appears reasonable given the organization's size and revenue, with the highest compensated individual receiving $120,000 in 2022, which is 3.2% of the total revenue for that year.
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 Waterfire Providence's IRS 990 filings:
- Revenue has shown significant fluctuations year-over-year, from a high of $5,064,193 in 2019 to a low of $1,986,031 in 2020, which could indicate reliance on variable funding sources.
- The organization reported a deficit of $891,018 in 2023 (revenue $2,968,528 vs. expenses $3,859,546), indicating expenses exceeded revenue for the year.
Strengths
The following positive indicators were identified for Waterfire Providence:
- Waterfire Providence maintains a strong asset base, with total assets consistently over $9 million in recent years, reaching $10,345,466 in 2023.
- A high percentage of spending is consistently allocated to program services (e.g., 77% in 2022 based on expenses of $3,533,776 with program expenses at $2,718,000), demonstrating a commitment to its mission.
- The organization has a history of community engagement through its unique artistic and cultural events, contributing significantly to the local Providence area.
Frequently Asked Questions about Waterfire Providence
Is Waterfire Providence a legitimate charity?
Based on AI analysis of IRS 990 filings, Waterfire Providence (EIN: 222951612) some concerns. Mission Score: 85/100. 2 red flags identified, 3 strengths noted.
How does Waterfire Providence spend its money?
Waterfire Providence directs 77% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Waterfire Providence tax-deductible?
Waterfire Providence is registered as a tax-exempt nonprofit (EIN: 222951612). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Waterfire Providence CEO make?
Waterfire Providence's highest-compensated officer earns $120,000 annually. The organization reported $3.8M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Waterfire Providence's spending goes to programs?
Waterfire Providence directs 77% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Waterfire Providence located?
Waterfire Providence is headquartered in Providence, Rhode Island and files with the IRS under EIN 222951612.
How many years of IRS 990 filings does Waterfire Providence have?
Waterfire Providence has 13 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 $3.8M in total revenue.
What does Waterfire Providence do?
Waterfire Providence is a nonprofit organization in the Unknown sector, located in Providence, Rhode Island. It is classified under NTEE code Unknown.
How much revenue does Waterfire Providence have?
Waterfire Providence reported total revenue of $3,761,177. Based on 13 IRS 990 filings on record.
What are Waterfire Providence's total assets?
Waterfire Providence holds total assets of $10,345,466 as reported in IRS 990 filings.
Where is Waterfire Providence located?
Waterfire Providence is based in Providence, Rhode Island.
What is Waterfire Providence's EIN?
Waterfire Providence's Employer Identification Number (EIN) is 222951612. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Waterfire Providence?
Waterfire Providence is classified under NTEE code Unknown (Unknown).
Is Waterfire Providence a registered 501(c)(3)?
Waterfire Providence appears in IRS records (EIN: 222951612). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Waterfire Providence file IRS Form 990?
Yes, Waterfire Providence has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Waterfire Providence's revenue in 2023?
In the 202312 filing period, Waterfire Providence reported total revenue of $2,968,528, total expenses of $3,859,546, and net assets of $9,867,256.
Is Waterfire Providence's revenue growing or declining?
Waterfire Providence's revenue is declining. Revenue went from $3,741,484 (202212) to $2,968,528 (202312), a -20.7% change. Based on 13 filings on record.
What is Waterfire Providence's most recent 990 filing?
The most recent IRS Form 990 filing for Waterfire Providence covers tax period 202312. It shows revenue of $2,968,528, expenses of $3,859,546, total assets of $9,867,256, and liabilities of $1,920,469.
How much does Waterfire Providence spend on programs vs administration?
Based on IRS 990 analysis, Waterfire Providence allocates approximately 77% of expenses to program services, 13% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is Waterfire Providence a trustworthy charity?
Based on AI analysis of IRS 990 data, Waterfire Providence appears trustworthy. Mission Score: 85/100 (Excellent). 2 red flags identified. 3 strengths noted.
What are the red flags for Waterfire Providence?
The following concerns were identified: Revenue has shown significant fluctuations year-over-year, from a high of $5,064,193 in 2019 to a low of $1,986,031 in 2020, which could indicate reliance on variable funding sources.. The organization reported a deficit of $891,018 in 2023 (revenue $2,968,528 vs. expenses $3,859,546), indicating expenses exceeded revenue for the year.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Waterfire Providence's strengths?
Positive indicators for Waterfire Providence include: Waterfire Providence maintains a strong asset base, with total assets consistently over $9 million in recent years, reaching $10,345,466 in 2023.. A high percentage of spending is consistently allocated to program services (e.g., 77% in 2022 based on expenses of $3,533,776 with program expenses at $2,718,000), demonstrating a commitment to its mission.. The organization has a history of community engagement through its unique artistic and cultural events, contributing significantly to the local Providence area.. These findings are derived from AI analysis of the organization's financial filings.
How does Waterfire Providence compensate executives?
Executive compensation appears reasonable given the organization's size and revenue, with the highest compensated individual receiving $120,000 in 2022, which is 3.2% of the total revenue for that year. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Waterfire Providence?
• The organization consistently files Form 990s, providing a transparent view of its financial activities. • Detailed breakdowns of program service accomplishments are provided, offering insight into their impact. • Compensation for key employees and officers is disclosed, allowing for public scrutiny. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
How does Waterfire Providence manage its significant asset base, and what portion is liquid versus fixed assets, given the nature of its events?
While the filings show a robust total asset figure, a deeper dive into the balance sheet would be needed to determine the liquidity of these assets. Given the nature of large-scale public art installations, a significant portion might be tied up in fixed assets or specialized equipment, which could impact operational flexibility.
What strategies does Waterfire Providence employ to mitigate the impact of its highly variable revenue streams, as evidenced by the significant swings between years?
The substantial fluctuations in revenue suggest a reliance on event-specific funding, grants, or donations that can vary. The organization likely employs a mix of strategies such as cultivating diverse donor bases, securing multi-year grants, or building reserves to buffer against lean years, though the 2023 deficit suggests challenges in this area.
Filing History
IRS 990 filing history for Waterfire Providence showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Waterfire Providence's revenue has grown by 80.5%, moving from $1.6M to $3.0M. Total assets increased by 1608.4% over the same period, from $578K to $9.9M. Total functional expenses rose by 124.2%, from $1.7M to $3.9M. In its most recent filing year (2023), Waterfire Providence reported a deficit of $891K, with expenses exceeding revenue. The organization holds $1.9M in liabilities against $9.9M in assets (debt-to-asset ratio: 19.5%), resulting in net assets of $7.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $3.0M | $3.9M | $9.9M | $1.9M | — | View 990 |
| 2022 | $3.7M | $3.5M | $10.7M | $1.8M | — | View 990 |
| 2021 | $2.6M | $2.1M | $10.7M | $2.0M | — | View 990 |
| 2020 | $2.0M | $1.9M | $10.4M | $2.2M | — | View 990 |
| 2019 | $5.1M | $2.7M | $9.7M | $1.5M | — | View 990 |
| 2018 | $2.4M | $2.6M | $7.2M | $1.5M | — | View 990 |
| 2017 | $2.6M | $2.5M | $7.3M | $1.4M | — | View 990 |
| 2016 | $5.6M | $2.4M | $7.7M | $1.9M | — | View 990 |
| 2015 | $3.9M | $2.3M | $3.5M | $807K | — | View 990 |
| 2014 | $2.3M | $2.2M | $1.4M | $316K | — | View 990 |
| 2013 | $1.9M | $2.2M | $1.1M | $223K | — | View 990 |
| 2012 | $2.5M | $1.7M | $1.4M | $213K | — | View 990 |
| 2011 | $1.6M | $1.7M | $578K | $169K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $3.0M, expenses of $3.9M, and assets of $9.9M (revenue -20.7% year-over-year).
- 2022: Revenue of $3.7M, expenses of $3.5M, and assets of $10.7M (revenue +45.9% year-over-year).
- 2021: Revenue of $2.6M, expenses of $2.1M, and assets of $10.7M (revenue +29.1% year-over-year).
- 2020: Revenue of $2.0M, expenses of $1.9M, and assets of $10.4M (revenue -60.8% year-over-year).
- 2019: Revenue of $5.1M, expenses of $2.7M, and assets of $9.7M (revenue +108.0% year-over-year).
- 2018: Revenue of $2.4M, expenses of $2.6M, and assets of $7.2M (revenue -4.8% year-over-year).
- 2017: Revenue of $2.6M, expenses of $2.5M, and assets of $7.3M (revenue -54.0% year-over-year).
- 2016: Revenue of $5.6M, expenses of $2.4M, and assets of $7.7M (revenue +44.1% year-over-year).
- 2015: Revenue of $3.9M, expenses of $2.3M, and assets of $3.5M (revenue +66.5% year-over-year).
- 2014: Revenue of $2.3M, expenses of $2.2M, and assets of $1.4M (revenue +21.6% year-over-year).
- 2013: Revenue of $1.9M, expenses of $2.2M, and assets of $1.1M (revenue -23.1% year-over-year).
- 2012: Revenue of $2.5M, expenses of $1.7M, and assets of $1.4M (revenue +50.8% year-over-year).
- 2011: Revenue of $1.6M, expenses of $1.7M, and assets of $578K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Waterfire Providence:
Data Sources and Methodology
This transparency report for Waterfire Providence 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.