Ocean State Research Institute Inc

Analysis

Ocean State Research Institute Inc is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in July 1989, 37 years ago. Its declared purposes cover medical research, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Ocean State Research Institute Inc reported income of $6.0m and spending of $5.9m, spending 98% of its income. Across the 5 years on record, from September 2019 to September 2023, income fell from $6.5m to $6.0m (-8.6%), an average of -2.2% a year. The sharpest change came in the year to September 2020, when income dropped by 17%. Over the whole period it spent 98% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Ocean State Research Institute Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 90th percentile within RI. Charities of a similar size with the same main cause include South Shore Property Inc ($6.0m), Norcal Services for Deaf and Hard of Hearing ($6.0m) and VMSC Emergency Medical Services ($6.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.7% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $115k (2.0% of expenses). Other salaries and wages came to $2.9m. At year end it held assets of $2.7m against liabilities of $1.6m, net assets of $1.2m. It reported 45 employees.