PROVIDENCE – The Rhode Island Foundation awarded a record $52 million in grants to more than 1,900 nonprofits in 2018 despite seeing its annual revenue drop by more than half because of investment losses, according to the foundation’s 2018 annual report released last week.
The nonprofit foundation reported that its assets totaled $971.4 million at the end of 2018, a $10.9 million, or 1.1%, year-over-over increase.
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But the organization saw its total revenue drop 54.6% to $70.2 million in 2018. That steep decline was attributable to a $39.8 million net investment loss in 2018, compared with an investment gain of $124.3 million a year earlier.
The Rhode Island Foundation noted in a statement Thursday afternoon that equity markets, on the whole, were down last year. “Fluctuations in the market from year to year are expected,” the foundation said in a statement. “Our long-term endowment returns consistently rank us in the top quartile compared to our community foundation peers.”
Partially offsetting the investment loss was a record $108.5 million in contributions collected by the foundation, compared with $28.8 million contributed in 2017, according to the financial statement. The foundation reported $114 million in total funds raised for 2018, eclipsing the previous record $71 million raised in 2011.
The addition of the $55 million Jewish Federation Foundation as a supporting organization in 2018 helped boost contributions.
“Partnering with nonprofit organizations to support their important work, providing leadership around key issues for our state, and the incredible generosity of our donors all contributed to outstanding growth in 2018,” Marie J. Langlois, chair of the foundation, and Neil D. Steinberg, president and CEO, said in a statement in the annual report.
Net assets (total assets minus total liabilities) at the end of the year totaled $868.1 million, compared with $864 million at the end of 2017.
The $52 million in total grant-making reported for 2018 was an increase from $43 million reported a year earlier.
The foundation also said it awarded $2 million in scholarships, and 70% of its grants were donor-directed, with the remaining 30% directed by the foundation. The nonprofit reported that its operating budget was 1% of total assets for the year.
William Hamilton is a PBN staff writer and the special projects editor. You can follow him on Twitter @waham or email him at hamilton@pbn.com.
