PROVIDENCE – The Steel Yard’s expenses outstripped income by $270,131 in 2019, the nonprofit said Tuesday in its annual report.
The Steel Yard also reported spending $2.1 million in its 2019 capital campaign, which received $1.2 million in gifts.
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“2019 was defined by the transformative effects and unprecedented scale of donor support for our work. The community collectively invested more than $1.5 million in the Steel Yard’s infrastructure and programs. Including the utilization of capital reserves built up in 2018, we spent over $2 million, almost entirely with local businesses, contractors and suppliers,” said Frank Previti, The Steel Yard’s board treasurer, in a statement.
The nonprofit said it had finished its studio renovations in September 2019, including increasing accessibility to its facility, a new lobby, new power and heat, a studio office and new windows.
“Looking back at 2019, I’m absolutely astonished. It’s hard not to romanticize a time before COVID, but last year was truly exceptional. It will be remembered as the year that we renovated the studio and adapted our programs to a year-round cycle,” said Executive Director Howie Sneider. “Its lasting impact carried us into a new decade, flush with opportunity and possibility for the arts, economic, environmental and social justice.”
The nonprofit’s income totaled $713,725 for the year and included:
- $258,573 in corporate foundation and business support.
- $199,756 from individual donors and fundraisers.
- $113,940 from public project commissions.
- $109,706 from tuition and studio use.
- $18,450 in state grants.
- $13,300 in rents from site and office.
Expenses for the year were $983,856, including:
- $542,352 for administration costs.
- $160,988 for courses and education costs.
- $81,605 for job training costs.
- $24,407 for operations and facility costs.
