SINCE 1993, the Rhode Island Foundation has seen its total assets increase more than 300 percent, from $197 million to $790 million last year. In 2013 alone, the nonprofit increased its net assets by $102 million, or 16 percent, to $734 million from $633 million at the end of 2012, boosted by performance of its investment portfolio that placed it well ahead of the median for endowments with assets of less than $1 billion.
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.”