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Non-profit

Rhode Island Foundation

Website:

www.rifoundation.org
Location:

Providence, RI
Tax ID:

22-2604963
Tax-Exempt Status:

501(c)(3)

Budget (2020):

Revenue: $101,831,307
Expenses: $87,764,346
Assets: $1,115,655,250
Founded:

1916

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Rhode Island Foundation was founded in 1916 and makes grants in three areas: economic security, education, and health. 1 The organization also focuses on “inequity and racial disparities” and established Initiatives such as TogetherRI and the BIPOC Led-Org Cohort. 2

U.S. Rep. David Cicilline (D-RI) announced he would resign from Congress to lead the organization starting in June 2023. 3

Background

The Rhode Island Foundation is a philanthropic organization founded in 1916 that makes grants in strategic areas: economic security, education, and health. The organization funds arts and culture, environment, children and families, and housing in the state. 4

Grants are made for issue advocacy, organizational and leadership or nonprofit capacity, and for research. 5

Leadership

In February 2023, U.S. Rep. David Cicilline (D-RI) announced he would resign from Congress in June 2023 during his seventh term to become the new president and CEO of the Rhode Island Foundation. Cicilline was a member of the House Foreign Affairs Committee and the House Judiciary Committee. 6 He was a House manager in the second impeachment trial of President Donald Trump and was co-chair of the Congressional LGBTQ+ Equality Caucus. 7

Neil D. Steinberg was the president and CEO at the Rhode Island Foundation for 15 years ending in May 2023. 8 Steinberg was paid $939,442 in 2019. 9 Steinberg was previously the chairman and CEO of Fleet National Bank. 10

Financial Information

Rhode Island Foundation operates multiple special grant programs that fund projects to match donor intent. The group’s donor advised funds provide ways for donors to make grants to qualified charities by actively participating in grant recommendations. Donor designated funds provide a means for donors to make grants to qualified charities by designating a qualified charity. 11

The organization says that its total fund returns as of December 30, 2022 for one year was 10.6 percent; for five years it’s 6.6 percent; for 10 years its 7.8 percent and for 20 years the return is 8.1 percent. 12

In 2021, the foundation committed more than $8.5 million to address “inequity and racial disparities.” It also established Initiatives such as TogetherRI and the BIPOC Led-Org Cohort. 13

References

  1. “Rhode Island Community Foundation.” Cause IQ. Accessed March 2, 2022. Accessed March 3, 2023. https://www.causeiq.com/organizations/the-rhode-island-community-foundation,222604963/
  2. Riverra, Elliott and Harlem, Alan. “Rhode Island Foundation Must Seize Opportunity to Truly be About Community.” July 7, 2022. Accessed March 3, 2023. https://www.bostonglobe.com/2022/07/20/metro/rhode-island-foundation-must-seize-opportunity-truly-be-about-community/
  3. Farzan, Antonia Noori. “Cicilline resigning from Congress, will lead Rhode Island Foundation. What we know.” Providence Journal. February 21, 2023. Accessed March 3, 2023. https://www.providencejournal.com/story/news/politics/2023/02/21/rep-david-cicilline-resigning-house-seat-congress-will-lead-rhode-island-foundation/69926910007/
  4. “Rhode Island Community Foundation.” Cause IQ. Accessed March 2, 2022. Accessed March 3, 2023. https://www.causeiq.com/organizations/the-rhode-island-community-foundation,222604963/
  5. “Rhode Island Community Foundation.” Cause IQ. Accessed March 2, 2022. Accessed March 3, 2023. https://www.causeiq.com/organizations/the-rhode-island-community-foundation,222604963/
  6. Farzan, Antonia Noori. “Cicilline resigning from Congress, will lead Rhode Island Foundation. What we know.” Providence Journal. February 21, 2023. Accessed March 3, 2023. https://www.providencejournal.com/story/news/politics/2023/02/21/rep-david-cicilline-resigning-house-seat-congress-will-lead-rhode-island-foundation/69926910007/
  7. Farzan, Antonia Noori. “Cicilline resigning from Congress, will lead Rhode Island Foundation. What we know.” Providence Journal. February 21, 2023. Accessed March 3, 2023. https://www.providencejournal.com/story/news/politics/2023/02/21/rep-david-cicilline-resigning-house-seat-congress-will-lead-rhode-island-foundation/69926910007/
  8. “Staff.” Rhode Island Foundation. Accessed March 3, 2023. https://rifoundation.org/about/staff
  9. Farzan, Antonia Noori. “Cicilline resigning from Congress, will lead Rhode Island Foundation. What we know.” Providence Journal. February 21, 2023. Accessed March 3, 2023. https://www.providencejournal.com/story/news/politics/2023/02/21/rep-david-cicilline-resigning-house-seat-congress-will-lead-rhode-island-foundation/69926910007/
  10. Miller, G. Wayne. “RI Foundation head Neil Steinberg to retire. Here’s how he’s shaped the RI landscape.” Providence Journal. May 23, 2022. Accessed March 3, 2023. https://www.providencejournal.com/story/news/local/2022/05/23/neil-steinberg-head-rhode-island-foundation-retire/9893096002/
  11. “Rhode Island Community Foundation.” Cause IQ. Accessed March 2, 2022. Accessed March 3, 2023. https://www.causeiq.com/organizations/the-rhode-island-community-foundation,222604963/
  12. “Finances.” Rhode Island Foundation. Accessed March 3, 2023. https://rifoundation.org/about/finances
  13. Riverra, Elliott and Harlem, Alan. “Rhode Island Foundation Must Seize Opportunity to Truly be About Community.” July 7, 2022. Accessed March 3, 2023. https://www.bostonglobe.com/2022/07/20/metro/rhode-island-foundation-must-seize-opportunity-truly-be-about-community/
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Nonprofit Information

  • Accounting Period: December - November
  • Tax Exemption Received: June 1, 1985

    • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2020 Dec Form 990 $101,831,307 $87,764,346 $1,115,655,250 $5,492,199 Y $66,239,823 $0 $8,819,501 $919,820
    2019 Dec Form 990 $90,361,227 $67,128,612 $1,011,786,707 $10,880,112 Y $46,718,203 $0 $13,133,196 $1,269,810 PDF
    2018 Dec Form 990 $109,571,952 $67,743,095 $863,141,316 $9,204,041 Y $59,807,869 $11,589 $9,514,974 $1,021,926 PDF
    2017 Dec Form 990 $79,152,876 $51,843,828 $903,255,590 $3,125,873 Y $38,464,506 $21,023 $6,286,702 $728,028 PDF
    2016 Dec Form 990 $45,579,070 $53,134,329 $783,362,818 $3,415,536 Y $32,174,699 $70,968 $4,058,754 $702,019 PDF
    2015 Dec Form 990 $68,387,329 $50,735,515 $736,666,745 $3,474,139 Y $44,013,034 $0 $3,429,360 $730,170 PDF
    2014 Dec Form 990 $54,294,328 $44,171,226 $754,492,834 $4,160,281 Y $32,579,032 $0 $3,188,606 $585,684 PDF
    2013 Dec Form 990 $87,993,772 $40,529,531 $736,167,411 $4,037,447 Y $45,073,591 $0 $1,901,311 $711,302 PDF
    2012 Dec Form 990 $53,346,690 $36,600,284 $623,305,324 $3,096,076 N $38,447,203 $0 $4,724,868 $955,901 PDF
    2011 Dec Form 990 $99,550,387 $34,813,540 $551,951,725 $3,502,194 N $48,247,405 $0 $8,196,368 $879,498 PDF
    2010 Dec Form 990 $35,553,809 $35,682,854 $542,689,403 $4,189,839 Y $14,392,879 $0 $8,022,514 $834,976 PDF

    Additional Filings (PDFs)

    Rhode Island Foundation


    Providence, RI