Maritime Rhode Island Inc

Analysis

Maritime Rhode Island Inc is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in December 2005, 21 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Maritime Rhode Island Inc reported income of $850k and spending of $2.4m, spending 288% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $764k to $850k (+11%), an average of +2.7% a year. The sharpest change came in the year to December 2021, when income rose by 44%. Over the whole period it spent 336% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Maritime Rhode Island Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 74th percentile within RI. Charities of a similar size with the same main cause include Salt Block Foundation Inc ($849k), Keen Theater Company Inc ($850k) and Arbutus Foundation Inc ($849k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 80% and program service revenue 19% of the total. Compensation of current officers, directors and key employees was $168k (6.9% of expenses). Other salaries and wages came to $206k. At year end it held assets of $4.5m against liabilities of $5.7m, net assets of -$1.2m. It reported 11 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.