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Newport County Development Council

Tax-deductible

Newport, RI501(c)(3)Community Development EIN 05-0490385Revenue $245K in FY2024

On file with the IRS513 Broadway Suite 218, 02840-1471 · Newport, RITax-exempt since May 1997Publicly supported charity — 170(b)(1)(A)(vi)

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Stimulate commerce, trade, business and quality of life in Newport County, rhode island.

501(c)(3) charity; gifts are tax-deductible.
6¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $7K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
6%
of spending
Concern: 6% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
15 mo
of spending, in cash
Looks good: 15.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$416K
74% of total assets
Worth a look: liabilities are 74% of assets; over 65%.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$245K
-39% vs prior year
Spent
$242K
To programs
6%
Net assets
$146K
By yearFY2020–FY2024
Revenue
$245K
FY2024▼ -39%
Tap a bar for its year
Revenue by fiscal year
FY2020$536K
FY2021$410K
FY2022$394K
FY2023$403K
FY2024$245K
Expenses
$242K
FY2024▼ -42%
Tap a bar for its year
Expenses by fiscal year
FY2020$461K
FY2021$428K
FY2022$407K
FY2023$415K
FY2024$242K
Net assets
$146K
FY2024▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$178K
FY2021$160K
FY2022$148K
FY2023$141K
FY2024$146K

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 1997.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

6 cents of each dollar spent went to programs.

Program services 6% · $14K Management & general 94% · $228K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation
Gail Alofsin
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Cristina Offenberg
Legal Counse
$0Pt VII · Sec A
Craig Sculos
Director
$0Pt VII · Sec A
Andrew Tavares
Ex-Officio
$0Pt VII · Sec A
Melissa Varao
Vice Chair
$0Pt VII · Sec A
See Newport County Development Council executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Boosts commerce, trade, business, and quality of life in Newport County.

Questions for Newport County Development Council

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Connect Greater Newport

The regional economic development initiative in newport county and the east bay is a project that will implement the creation of an organizational framework, the development of an integrated website and marketing materials, and the establishment of proactive policies designed to further efforts for closer regional collaboration and the…

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
People's Credit UnionFY2025$10K
Total grants receivedfrom 1 funder$10K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$245K
Ln 12
Gifts and grantsLn 1h$149K
Other incomeLn 4–11$87K
Investment incomeLn 3$9K
Money outPt IX
$242K
Ln 25
Programscol B$14K
Managementcol C$228K
Owns and owesPt X
$146K
net assets · Ln 32
Cash and savingsLn 1–2$306K
Total assetsLn 16$562K
LiabilitiesLn 26$416K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$149K
Government grantsLn 1e$149K
Investment incomeLn 3$9K
Other incomeLn 4–11$87K
Total revenueLn 12$245K
Assets in detailPt X, end of year
CashLn 1$306K
Cash and savings togetherLn 1–2$306K
InvestmentsLn 11–13$129K
Total assetsLn 16$562K
LiabilitiesLn 26$416K
Net assetsLn 32$146K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$171K$306K
InvestmentsLn 11–13$123K$129K
Total assetsLn 16$318K$562K
LiabilitiesLn 26$177K$416K
Net assetsLn 32$141K$146K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$2K$2K
Investment management feesLn 11f$1K$1K
Other fees for servicesLn 11g$226K$226K
Depreciation, depletion and amortizationLn 22$14K$14K
Total functional expensesLn 25$242K$14K$228K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $245K$242K$2K$146K 990 PDF
FY2023 $403K$415K−$12K$141K 990 PDF
FY2022 $394K$407K−$14K$148K 990 PDF
FY2021 $410K$428K−$19K$160K 990 PDF
FY2020 $536K$461K$75K$178K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $244,701 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $375,487$148,896
I-9 Program service revenue$0
I-10 Investment incomePrior year $4,492$8,917
I-11 Other revenuePrior year $23,420$86,888
I-12 Total revenuePrior year $403,399$244,701
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $414,953$242,271
I-18 Total expensesPrior year $414,953$242,271
I-19 Revenue less expensesPrior year −$11,554$2,430
Part VI · Governance 10 of 10 board members independent, 3 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $244,701 across 5 lines filed
VIII-1e Government grants$148,896
VIII-1h Total contributions, gifts and grants$148,896
VIII-3 Investment incomeRelated to mission $8,917$8,917
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $86,888$86,888
VIII-12 Total revenueRelated to mission $8,917 · Excluded from tax $86,888$244,701
Part IX · Statement of functional expenses $242,271 across 4 lines filed
IX-11b Legal feesManagement $1,573$1,573
IX-11f Investment management feesManagement $1,215$1,215
IX-11g Other fees for servicesManagement $225,533$225,533
IX-22 Depreciation, depletion and amortizationPrograms $13,950$13,950
IX-25 Total functional expensesPrograms $13,950 · Management $228,321 · Fundraising $0$242,271
Part X · Balance sheet $562,067 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $170,556$306,404
X-4 Accounts receivableStart of year $8,956$124,774
X-11 Publicly traded securitiesStart of year $122,725$129,146
X-14 Intangible assetsStart of year $15,693$1,743
X-16 Total assetsStart of year $317,930$562,067
X-17 Accounts payable and accrued expensesStart of year $16,941$92,151
X-25 Other liabilitiesStart of year $159,979$323,884
X-26 Total liabilitiesStart of year $176,920$416,035
X-27 Net assets without donor restrictionsStart of year $141,010$146,032
X-32 Total net assets or fund balancesStart of year $141,010$146,032
X-33 Total liabilities and net assetsStart of year $317,930$562,067
Part XI · Reconciliation of net assets $146,032 net assets at year end
XI-1 Total revenue$244,701
XI-2 Total expenses$242,271
XI-3 Revenue less expenses$2,430
XI-4 Net assets at start of year$141,010
XI-9 Other changes in net assets$2,592
XI-10 Net assets at end of year$146,032

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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