Updated July 3 at 9:03pm

R.I. Foundation grows net assets by $102M in 2013

(Updated, 3:07 p.m.) The Rhode Island Foundation reported net assets of $734.4 million at the end of 2013, increasing by $101.6 million, or 16 percent, the $632.8 million reported the previous year, according to the organization’s 2013 annual report. Since 1993, the organization has seen its total assets increase more than 300 percent, from $197 million.

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R.I. Foundation grows net assets by $102M in 2013

Posted:

(Updated, 3:07 p.m.)

PROVIDENCE – The Rhode Island Foundation reported net assets of $734.4 million at the end of 2013, increasing by $101.6 million, or 16 percent, the $632.8 million reported the previous year, according to the organization’s 2013 annual report.

Assets disregarding liabilities totaled more than $790 million, a record for the nonprofit, which awarded $31.1 million in grants in 2013 to more than 1,300 nonprofits. The group also had its third-best fundraising year ever in 2013, raising $43.7 million in new gifts from individual, organizational and corporate donors, an increase from the $38 million raised in 2012.

In 2012, the Rhode Island Foundation grew its net assets by $69.6 million, or 12.4 percent, over the year. Since 1993, the organization has seen its total assets increase more than 300 percent, from $197 million.

The 16 percent increase in net assets reported for 2013 was boosted by a 17.7 percent return on the foundation’s investments in 2013, placing the Rhode Island Foundation well above the median investment performance for all foundations and endowments of less than $1 billion for the year.

The Rhode Island Foundation also outperformed the median investment return on a five-year and 10-year basis. The nonprofit’s five-year return on investment was 12.9 percent in 2013, with a 10-year return of 7.9 percent.

“For the Rhode Island Foundation, 2013 was a year filled with inspiration and momentum,” wrote President and CEO Neil D. Steinberg and Chairman Frederick K. Butler in a letter accompanying the 2013 annual report. “Certainly, Rhode Island continues to face significant trials and deep inequalities that threaten the well-being of our people and our future. We do not underestimate these challenges. But we see great cause for hope.”

Rhode Island Foundation, Neil D. Steinberg, Rhode Island Foundation 2013 annual report, nonprofit, Frederick K. Butler, Rhode Island Foundation investments,

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