Business Excellence Awards
Applications are now being accepted for the 14th Annual Business Excellence Awar ...
By Nicole Friedman
PBN Staff Writer
PROVIDENCE — The Rhode Island Foundation gave away $29.2 million to more than 1,300 nonprofit organizations in 2010, according to its newly released annual report.
The grant money, the most the foundation has spent since its founding 95 years ago, was 5.8 percent higher than 2009’s $27.6 million.
Forty-one percent of the grants were determined by the foundation, while 59 percent were decided by donors.
The majority of the grants were directed toward six sectors — education, health, human services, environment, arts and culture and community and economic development — with education organizations receiving more than $8 million.
The foundation also runs an Initiative for Nonprofit Excellence, which offers training and workshops as well as online resources for nonprofits.
The Rhode Island Foundation had $572 million in assets at the end of 2010, a 9.35 percent increase from the year before. Operating expenses for 2010 came out to 1.1 percent of assets. The foundation showed investment returns of 14.9 percent in 2010.
The foundation is supported by 1,218 permanent endowments, 38 of which were created in 2010.
Though gifts to the foundation fell sharply from $44.2 million 2008 to $9 million in 2009, donations increased again in 2010 to $14.4 million.
The Rhode Island Foundation's 2010 annual report can be found online, here.