Waterfire Providence

Analysis

Waterfire Providence is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in February 1989, 37 years ago. 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, Waterfire Providence reported income of $3.0m and spending of $3.9m, spending 130% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $5.1m to $3.0m (-41%), an average of -12% a year. The sharpest change came in the year to December 2020, when income dropped by 61%. Over the whole period it spent 86% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Waterfire Providence sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 86th percentile within RI. Charities of a similar size with the same main cause include Delaware Museum of Nature and Science Inc ($3.0m), The Nazarene Fund ($3.0m) and West Montgomery Educational Foundation ($3.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 77% and program service revenue 2.8% of the total. Compensation of current officers, directors and key employees was $309k (8.0% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $9.9m against liabilities of $1.9m, net assets of $7.9m. It reported 91 employees.