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Block Island Economic Development Foundation Inc

Spring Street Gallery

Organization summary

Type of Nonprofit

Designated as a Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Housing, Shelter / Housing Support Services -- Other (NTEE)

Donations to this organization are tax deductible.

Summary charts: organization finances over time

Revenue
$51k (2022)

Expenses
$65.8k (2022)

Total Assets
$415k (2022)

Total Liabilities
$168k (2022)

Source: Form 990 tax filings from 2014 to 2022

Tax Filings and Audits by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Audits are required to be submitted by nonprofit organizations that spend $750,000 or more in federal grant money in a fiscal year. "Single audits" look at the entire organization's finances and compliance, while other audits are program specific. Nonprofit Explorer has PDFs of audits for some nonprofits for fiscal year 2015 and later. Audit data is from the Federal Audit Clearinghouse.

Fiscal Year Ending Dec.
2022

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$51,020
Expenses
$65,849
Net Income
-$14,829
Net Assets
$247,184
Notable Sources of Revenue Percent of Total Revenue
Contributions $7,709
15.1%
Program Services $1,844
3.6%
Investment Income $136
0.3%
Bond Proceeds $0
Royalties $0
Rental Property Income $13,209
25.9%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $28,122
55.1%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $9,493
14.4%
Assets/Debt
Total Assets $414,873
Total Liabilities $167,689
Net Assets $247,184
Compensation
Key Employees and Officers Compensation Related Other
Gerald Pierce (President) $0 $0 $0
Rebecca Brown (Secretary/Treasurer) $0 $0 $0
Roberta Mc Cormick (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Jennifer Taubman (Director) $0 $0 $0
Monica Hull Shea (Vice President) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2021

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$44,775
Expenses
$59,573
Net Income
-$14,798
Net Assets
$262,013
Notable Sources of Revenue Percent of Total Revenue
Contributions $12,950
28.9%
Program Services $2,700
6.0%
Investment Income $8
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $11,071
24.7%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $18,046
40.3%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $6,565
11.0%
Assets/Debt
Total Assets $441,384
Total Liabilities $179,371
Net Assets $262,013
Compensation
Key Employees and Officers Compensation Related Other
Gerald Pierce (President) $0 $0 $0
Rebecca Brown (Secretary/Treasurer) $0 $0 $0
Roberta Mc Cormick (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Jennifer Taubman (Director) $0 $0 $0
Monica Hull Shea (Vice President) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2020

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$45,408
Expenses
$47,565
Net Income
-$2,157
Net Assets
$276,811
Notable Sources of Revenue Percent of Total Revenue
Contributions $11,750
25.9%
Program Services $1,600
3.5%
Investment Income $112
0.2%
Bond Proceeds $0
Royalties $0
Rental Property Income $13,482
29.7%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $18,464
40.7%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $9,171
19.3%
Assets/Debt
Total Assets $464,228
Total Liabilities $187,417
Net Assets $276,811
Compensation
Key Employees and Officers Compensation Related Other
Gerald Pierce (President) $0 $0 $0
Rebecca Brown (Secretary) $0 $0 $0
Roberta Mc Cormick (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Heather Russo Littlefield (Director) $0 $0 $0
Monica Hull Shea (Vice President) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0
Christine Grele (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2019

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$42,781
Expenses
$58,877
Net Income
-$16,096
Net Assets
$278,967
Notable Sources of Revenue Percent of Total Revenue
Contributions $6,351
14.8%
Program Services $1,775
4.1%
Investment Income $231
0.5%
Bond Proceeds $0
Royalties $0
Rental Property Income $11,685
27.3%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $22,739
53.2%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $13,111
22.3%
Assets/Debt
Total Assets $472,490
Total Liabilities $193,523
Net Assets $278,967
Compensation
Key Employees and Officers Compensation Related Other
Gerald Pierce (President) $0 $0 $0
Rebecca Brown (Secretary) $0 $0 $0
Roberta Mc Cormick (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Heather Russo Littlefield (Director) $0 $0 $0
Monica Hull Shea (Vice President) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0
Christine Grele (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2018

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$47,635
Expenses
$63,875
Net Income
-$16,240
Net Assets
$295,063
Notable Sources of Revenue Percent of Total Revenue
Contributions $17,346
36.4%
Program Services $2,050
4.3%
Investment Income $309
0.6%
Bond Proceeds $0
Royalties $0
Rental Property Income $6,294
13.2%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $21,636
45.4%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $10,047
15.7%
Assets/Debt
Total Assets $496,530
Total Liabilities $201,467
Net Assets $295,063
Compensation
Key Employees and Officers Compensation Related Other
Gerald Pierce (President) $0 $0 $0
Rebecca Brown (Secretary) $0 $0 $0
Roberta Mc Cormick (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Heather Russo Littlefield (Director) $0 $0 $0
Monica Hull Shea (Vice President) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0
Christine Grele (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2017

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$48,670
Expenses
$52,730
Net Income
-$4,060
Net Assets
$311,303
Notable Sources of Revenue Percent of Total Revenue
Contributions $10,018
20.6%
Program Services $1,645
3.4%
Investment Income $111
0.2%
Bond Proceeds $0
Royalties $0
Rental Property Income $10,883
22.4%
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $26,013
53.4%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $9,316
17.7%
Assets/Debt
Total Assets $524,189
Total Liabilities $212,886
Net Assets $311,303
Compensation
Key Employees and Officers Compensation Related Other
Gerald Pierce (President) $0 $0 $0
Rebecca Brown (Secretary) $0 $0 $0
Roberta Mc Cormick (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Heather Russo Littlefield (Director) $0 $0 $0
Monica Hull Shea (Vice President) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0
Christine Grele (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2016

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$6,234
Expenses
$34,314
Net Income
-$28,080
Net Assets
$315,363
Notable Sources of Revenue Percent of Total Revenue
Contributions $11,075
> 100%
Program Services $2,615
41.9%
Investment Income $111
1.8%
Bond Proceeds $0
Royalties $0
Rental Property Income -$23,053
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $15,486
> 100%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $5,212
15.2%
Assets/Debt
Total Assets $536,486
Total Liabilities $221,123
Net Assets $315,363
Compensation
Key Employees and Officers Compensation Related Other
Monica Hull Shea (Vice President) $0 $0 $0
Peter Saxon (President) $0 $0 $0
Rebecca Brown (Secretary) $0 $0 $0
Kathleen Saxon (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Heather Russo Littlefield (Director) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0
Laurel Nelson (Director) $0 $0 $0
Diane Lamb (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2015

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$14,848
Expenses
$27,815
Net Income
-$12,967
Net Assets
$343,443
Notable Sources of Revenue Percent of Total Revenue
Contributions $12,800
86.2%
Program Services $3,165
21.3%
Investment Income $72
0.5%
Bond Proceeds $0
Royalties $0
Rental Property Income -$14,203
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $13,014
87.6%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $8,261
29.7%
Assets/Debt
Total Assets $570,888
Total Liabilities $227,445
Net Assets $343,443
Compensation
Key Employees and Officers Compensation Related Other
Monica Hull Shea (Vice President) $0 $0 $0
Peter Saxon (President) $0 $0 $0
Rebecca Brown (Secretary) $0 $0 $0
Kathleen Saxon (Director) $0 $0 $0
Linda Spak (Director) $0 $0 $0
Gail Pierce (Director) $0 $0 $0
Heather Russo Littlefield (Director) $0 $0 $0
Amadeus Mafosi (Director) $0 $0 $0
Laurel Nelson (Director) $0 $0 $0
Diane Lamb (Treasurer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2014

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$11,790
Expenses
$28,178
Net Income
-$16,388
Net Assets
$356,409
Notable Sources of Revenue Percent of Total Revenue
Contributions $4,000
33.9%
Program Services $2,400
20.4%
Investment Income $67
0.6%
Bond Proceeds $0
Royalties $0
Rental Property Income -$16,127
Net Fundraising $559
4.7%
Sales of Assets $0
Net Inventory Sales $20,891
> 100%
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $5,849
20.8%
Assets/Debt
Total Assets $595,401
Total Liabilities $238,992
Net Assets $356,409

No Document Links

The IRS has provided extracted financial data for this filing, but has not yet released the source documents.

Fiscal Year Ending Dec.
2011

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2010

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

About This Data

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

Which Organizations Are Here?

Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. Organizations making less than $50,000 don’t have to file either form but do have to let the IRS they’re still in business via a Form 990N "e-Postcard."

Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

Types of Nonprofits

There are 27 nonprofit designations based on the numbered subsections of section 501(c) of the tax code. See the list »

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For those interested in acquiring the original data from the source, here’s where our data comes from:

  • Raw filing data. Includes EINs and summary financials as structured data.
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  • Audits. PDFs of single or program-specific audits for nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year. Available for fiscal year 2015 and later.

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