PROVIDENCE – The Rhode Island Community Food Bank Association reported a $378,875 increase in unrestricted net assets in its 2017 Annual Report, released Wednesday.
The nonprofit’s total unrestricted public support and revenue and other support for fiscal 2017, ended June 30, was $16.3 million. Total unrestricted expenses totaled $15.9 million.
The nonprofit organization reported $12.8 million in net assets at the end of the fiscal year including operations, restricted assets and property, an increase of $159,706 year over year.
Revenue from the organization’s annual campaign and memberships totaled $4.5 million for the year, a decrease from th $4.8 million a year prior.
The food bank said that 87 percent of every dollar donated in fiscal 2017 was spent on the acquisition and distribution of healthy foods, and the implementation of community-based programs, while administrative costs accounted for 13 percent of total expenses.
Donated food accounted for 50 percent of public support and revenue in fiscal 2017, while individual contributions constituted 22 percent. Corporate and foundation grants and corporate and organization contributions accounted for 10 percent and 6 percent, respectively.
Distribution:
Of the 9.5 million pounds of food distributed for the year, 48 percent was donated from growers, wholesalers, manufacturers and retailers. The food bank network also purchased 33 percent of all food distributed. Food drives accounted for 9 percent in fiscal 2017. The organization stressed that the buying of food provides it the advantage of selecting “healthy, nutritious foods that are often not found in the donation stream.”
The food bank estimates that 23 percent of all food distributed was fresh produce.
In its introduction, the annual report stressed that the food bank expects that cuts in federal funding for “numerous gover,nment programs” which it believes will increase demand for food assistance.
Approximately 57,000 guests visited part of the RICFBA’s distribution network each month in the fiscal year.
Chris Bergenheim is the PBN web editor.
