PROVIDENCE – The Steel Yard reported a net income of $713,101 in its 2018 annual report released this week.
The nonprofit industrial arts organization had a 2018 income of $1.8 million and expenses of $1.1 million. The Steel Yard was also said to have hosted more than 10,000 people in 2018.
“2018 was another financially consistent year for the Yard, said Steel Yard Board Treasurer Frank Preveti in the report. “We maintained our diverse revenue streams, slightly exceeded $1 million in expenses and built up reserves for capital projects.”
Preveti also noted that job-training accounted for approximately 15% of the organization’s activities for the year.
The organization also said it broke ground in December on a now-completed $2.8 million renovation of its Providence headquarters and studio space.
In 2017, the nonprofit had a net income of $623,582 with a total income of $1.5 million and expenses of $918,000.
Steel Yard 2018 income sources included:
- $743,640 from capital restricted gifts
- $494,010 from corporate foundation and business support
- $199,003 from individual donors and fundraisers
- $183,092 from public project commissions
- $138,977 from tuition and studio use
- $59,087 from rents from site and office
- $8,000 in state grants
Expenses for 2018 included:
- $334,752 in operations and facility expenses
- $317,206 in administrative expenses
- $144,102 on public projects
- $142,618 in course and education expenses
- $103,327 in capital expenses
- $70,703 in job training expenses
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