2024-11-08T12:51:11-06:00 2023-12-31 050392492 CAMPANA SARZA & TATEWOSIAN 300 METRO CENTER BLVD STE 225 WARWICK RI 02886 990 2023-01-01 056012417 PRESERVE RHODE ISLAND PRES 4012725101 957 NORTH MAIN STREET PROVIDENCE RI 02904 VALERIE TALMAGE EXECUTIVE DIRECTOR 4012725101 2024-11-06 1 PAUL SARZA P00431968 4017737873 2023 2024-10-15 13:58:12Z VALERIE TALMAGE 957 NORTH MAIN STREET PROVIDENCE RI 02904 2043980 0 X WWW.PRESERVERI.ORG X 1956 RI TO PROTECT HISTORIC STRUCTURES AND UNIQUE PLACES IN RI FOR CURRENT AND FUTURE GENERATIONS. 25 25 10 0 2158 0 503623 540787 110152 49112 50620 365883 73092 73839 737487 1029621 0 0 0 0 533299 557502 0 1675 181524 793318 581336 1326617 1140513 -589130 -110892 11732452 10878639 387039 413294 11345413 10465345 X PRESERVE RI'S VISION IS A FUTURE WHERE HISTORIC PRESERVATION CREATES POSITIVE CHANGE, MAKING OUR DIVERSE CULTURES, THE ENVIRONMENT, AND THE ECONOMY BETTER FOR THE PEOPLE WHO LIVE, VISIT AND WORK IN RHODE ISLAND. PRESERVE RI'S MISSION IS TO PROTECT AND ACTIVATE HISTORIC PLACES FOR THE BENEFIT OF ALL RHODE ISLANDERS. 0 0 344871 12850 STEWARDSHIP: PRESERVE RI OWNS FOUR PROPERTIES, DEMONSTRATING THE CONTINUING CONTRIBUTIONS THAT HISTORIC BUILDINGS MAKE TODAY, PLACING THEM IN ACTIVE USES AND UNDERTAKING MAINTENANCE AND CAPITAL INVESTMENTS TO KEEP THEM IN GOOD REPAIR. PRESERVE RI NOW HOLDS SEVEN PRESERVATION EASEMENTS ON PROPERTIES OWNED BY OTHERS, AND MONITORS BUILDING CONDITIONS TO PROVIDE STEWARDSHIP OVERSIGHT. PRESERVE RI HELPS OTHER NONPROFIT ORGANIZATIONS TAKE CARE OF HISTORIC PROPERTIES BY OFFERING STEWARDSHIP SERVICES. 297577 29688 DIRECT PRESERVATION: PRESERVE RI TAKES DIRECT ACTION TO PROTECT AND ENHANCE HISTORIC PLACES THROUGH ITS REVOLVING FUND PROGRAM, BY ACQUIRING EASEMENTS, AND BY COLLABORATING ON SPECIAL PROJECTS SUCH AS THE AQUIDNECK STONEWALL INITIATIVE AND THE SCENIC THIRD BEACH PROJECT. IN 2021 PRESERVE RI TOOK ON ITS MOST AMBITIOUS REVOLVING FUND PROJECT TO DATE AT THE C 1696 VALENTINE WHITMAN HOUSE IN LINCOLN, RI. 160216 6574 ENGAGE: PRESERVE RI MOTIVATES PEOPLE TO CONNECT WITH HISTORIC PLACES AND MAKES THE CASE FOR SAFEGUARDING RHODE ISLAND'S HISTORIC PLACES. PRESERVE RI IS A LEADING VOICE FOR HISTORIC PRESERVATION, HELPING PEOPLE PRESERVE THE PLACES THAT MATTER TO THEM THROUGH OUR COMMUNITY PRESERVATION RESPONSE PROGRAM. PRESERVE RI CELEBRATES PEOPLE AND PROJECTS THAT EXEMPLIFY THE BEST OF HISTORIC PRESERVATION. MUSEUM PROGRAMMING AT LIPPITT HOUSE MUSEUM CONNECTS DIVERSE COMMUNITIES AND WHILE FACILITATING OTHER PRESERVATION PROGRAMS IN COLLABORATION WITH OTHER GROUPS. 802664 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 20 0 1 10 1 1 1 0 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X X VALERIE TALMAGE 4012725101 957 NORTH MAIN STREET PROVIDENCE RI 02904 SHEILA BRUSH TRUSTEE 1.00 X 0 0 0 KRISTIN DEKUIPER TREASURER 1.00 X X 0 0 0 WILLIAM W KENYON SECRETARY 1.00 X X 0 0 0 ELIZABETH GODDARD CO CHAIRPERSON 1.00 X X 0 0 0 MICHAEL SHERRY TRUSTEE 1.00 X 0 0 0 THERESA GUZMAN STOKES TRUSTEE 1.00 X 0 0 0 ROSALIND WEIR TRUSTEE 1.00 X 0 0 0 JOHN WOOLSEY CO CHAIRPERSON 1.00 X X 0 0 0 REBECCA J BERTRAND TRUSTEE 1.00 X 0 0 0 ABIGAIL CAMPBELL-KING TRUSTEE 1.00 X 0 0 0 KRISTEN A CARRON ESQ TRUSTEE 1.00 X 0 0 0 JERRY W DAUTERIVE PHD TRUSTEE 1.00 X 0 0 0 AMY OAKLEY TRUSTEE 1.00 X 0 0 0 BRETT N PELLETIER TRUSTEE 1.00 X 0 0 0 CHRISTOPHER G PONDER CO CHAIRPERSON 1.00 X X 0 0 0 KATHLEEN A RYAN ESQ TRUSTEE 1.00 X 0 0 0 AMY SONDER TRUSTEE 1.00 X 0 0 0 KIMBERLY SMITH BARNETT TRUSTEE 1.00 X 0 0 0 ERICA LUKE TRUSTEE 1.00 X 0 0 0 JENNIFER SUELLENTROP TRUSTEE 1.00 X 0 0 0 JAMES MICHAEL ABBOTT TRUSTEE 1.00 X 0 0 0 DAVID ABBOTT TRUSTEE 1.00 X 0 0 0 JEREMIHA E DE RHAM TRUSTEE 1.00 X 0 0 0 RONALD ONORATO TRUSTEE 1.00 X 0 0 0 CLARK SCHOETTLE TREASURER 1.00 X 0 0 0 VALERIE TALMAGE EXECUTIVE DIRECTOR 40.00 X 92911 0 2990 92911 0 2990 0 0 0 0 0 13964 43937 47500 435386 5050 540787 ADMISSIONS AND FEES 900099 49112 49112 49112 196055 196055 124562 51674 72888 72888 2158 70730 1086934 917106 169828 169828 169828 45579 43937 45579 0 OTHER INCOME 900099 951 951 951 1029621 49112 2158 437564 95901 47951 28770 19180 391142 269443 3129 118570 8581 5698 17 2866 22588 15225 7363 39290 25767 2496 11027 45304 45304 1675 1675 69558 69558 44869 42862 357 1650 1856 1691 165 28355 19253 1174 7928 16422 7975 545 7902 93296 90280 563 2453 3253 3121 46 86 940 827 8 105 876 876 67652 67652 39289 34421 4314 554 IMPROVEMENT PROGRAMS 165191 165191 OTHER EXPENSES 4475 4431 44 1140513 802664 156325 181524 570382 441784 511552 663468 28537 62235 14535 16361 4116904 2285577 3397149 1831327 5716321 6316189 1493976 1547275 11732452 10878639 52415 71906 169108 149094 165516 192294 387039 413294 X 3063932 2955866 8281481 7509479 11345413 10465345 11732452 10878639 X -110892 712995 -1482171 X 0 1 X 1 0 X 549881 537064 583189 503623 540787 2714544 549881 537064 583189 503623 540787 2714544 187280 2527264 163562 215791 274064 276507 196055 1125979 3840523 237550 0.65810 0.56810 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 8 43.36 1 1 1 40.00 1 X X 0 7210297 10000 985369 342202 7863464 8602015 66500 -1128494 329724 7210297 7754805 15000 1147474 315264 8602015 7493710 7835 566109 312849 7754805 6518179 139265 1258810 422544 7493710 0.09890 0.81920 0.08190 0 0 63606 63606 890499 716258 1158066 448691 2409882 1097588 1312294 4230 32429 29923 6736 1831327 RI FOUNDATION - COMMUNITY FOUNDATION POOLED INVESTMENT 1547275 F 1547275 DEPOSITS PAYABLE 8250 FUNDS HELD FOR OTHERS 184044 192294 1770311 712995 97253 810248 960063 69558 69558 1029621 2650379 1579424 1579424 1070955 69558 69558 1140513 PART III, LINE 1A: THE ORGANIZATION HAS A COLLECTION OF INVALUABLE WORKS OF ART, PERSONAL ITEMS AND HISTORICAL FURNISHINGS WHICH IT HAS ACCUMULATED SINCE ITS INCEPTION. IN CONFORMITY WITH ACCOUNTING POLICIES GENERALLY FOLLOWED BY MUSEUMS, THE VALUE OF THE ORGANIZATION'S COLLECTIONS IS EXCLUDED FROM ITS STATEMENT OF FINANCIAL POSITION AND GIFTS OF COLLECTIONS ARE EXCLUDED FROM THE STATEMENT OF ACTIVITIES. PURCHASES OF COLLECTIONS ARE RECORDED AS DECREASES IN NET ASSETS ON THE STATEMENT OF ACTIVITIES. THERE WERE NO CHANGES IN THE COMPOSITION OF THE ORGANIZATION'S COLLECTIONS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. THE NET PROCEEDS GENERATED BY THE DISPOSAL OF AN ITEM OF THE COLLECTION SHALL BE PLACED INTO A RESTRICTED FUND FOR DIRECT COLLECTION CARE, THAT IS, FOR DIRECT COSTS ASSOCIATED WITH THE STORAGE OR PRESERVATION OF THE COLLECTION, OR, WHEN SO VOTED BY PRI TRUSTEES, FOR ACQUISITIONS TO THE COLLECTION. THE ORGANIZATION DOES NOT CONSIDER HISTORICAL BUILDINGS, RESTORATIONS AND RELATED IMPROVEMENTS AS PART OF ITS COLLECTIONS AND THEY HAVE BEEN CAPITALIZED AT COST OR AT THEIR APPRAISED FAIR VALUE ON THE DATE OF THEIR GIFT AND DEPRECIATED OVER THEIR ESTIMATED USEFUL LIVES. PART III, LINE 4: PRESERVE RHODE ISLAND MAINTAINS A COLLECTION OF HISTORICAL AND ART OBJECTS ASSOCIATED WITH THE GOVERNOR HENRY LIPPITT HOUSE MUSEUM. MOST OF THE COLLECTION ARE OBJECTS DIRECTLY RELATED TO HISTORICAL OCCUPANTS OF THE HOUSE; A FEW ITEMS ARE APPROPRIATE TO THE VICTORIAN TIME PERIOD. PRESERVE RHODE ISLAND USES THE COLLECTION TO INTERPRET THE SITE'S SIGNIFICANCE AND HISTORY: THE MATERIAL CULTURE TELLS INTERESTING STORIES ABOUT THE PAST, PARTICULARY ABOUT DAILY LIFE IN A VICTORIAN MANSION. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH FORM 990 REVENUE 51,674. SPECIAL EVENTS EXPENSES NETTED WITH FORM 990 REVENUE 45,579. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH FORM 990 REVENUE 51,674. SPECIAL EVENTS EXPENSES NETTED WITH FORM 990 REVENUE 45,579. CHANGE IN ACCOUNTING METHOD - SEE EXPLANATION BELOW 1,482,171. PART II - LINE 5 - CONSERVATION EASEMENTS IN ACCEPTING THE DONATION OF AN EASEMENT, PRI IS TAKING ON A PERMANENT RESPONSIBILITY TO MONITOR AND ENFORCE THE TERMS. PRI HAS ESTABLISHED AN EASEMENT STEWARDSHIP FUND THAT POOLS CASH DONATIONS RECEIVED IN CONNECTION WITH ALL EASEMENTS. INCOME FROM THIS FUND SUPPORTS PRI'S ANNUAL COSTS TO MONITOR EASEMENTS. THE FUND CAN BE TAPPED FOR PURPOSES OF LEGAL DEFENSE AND ENFORCEMENT. EACH EASEMENT DESCRIBES AN INSPECTION SCHEDULE INCLUDING HOW AND WHEN PRI WILL MONITOR THE PROPERTY. WHEN THE EASEMENT IS RECORDED, PRI AND THE OWNER ATTEST TO A "BASELINE DOCUMENTATION REPORT" THAT ACCURATELY DESCRIBES THE CURRENT CONDITIONS OF THE PROPERTY. PRI MEETS ON SITE WITH THE OWNER ON AT LEAST AN ANNUAL BASIS TO ASSURE COMPLIANCE WITH THE TERMS OF THE EASEMENT, REFERRING TO THE BASELINE DOCUMENTATION REPORT TO ASSESS POSSIBLE CHANGES AND ALTERATIONS. DURING THE VISIT, PRI INSPECTS THE PROPERTY, DISCUSSES SITE AND HISTORIC BUILDING CONDITIONS AS WELL AS CONSERVATION AND PRESERVATION CONCERNS ALONG WITH FUTURE PLANS FOR THE PROPERTY. WHEN MAJOR REHABILITATION IS UNDERWAY, PRI MAY CONDUCT MORE FREQUENT INSPECTIONS. TO THE GREATEST EXTENT POSSIBLE, PRI ACTS AS A RESOURCE FOR THE PROPERTY OWNER, OFFERING TECHNICAL SUPPORT, REFERRALS, AND GENERAL HISTORIC PRESERVATION GUIDANCE TO ASSIST OWNERS TO KEEP THEIR HISTORIC AND CONSERVATION PROPERTY IN GOOD CONDITION INTO THE FUTURE. IF IT IS FOUND THAT THE TERMS OF THE EASEMENT HAVE BEEN VIOLATED, THE EASEMENT DOCUMENT LAYS OUT THE NECESSARY STEPS FOR CORRECTIVE ACTION. PART XIII - LINE 2D - CHANGE IN ACCOUNTING METHOD IN 2023, THE ORGANIZATION'S BOARD APPROVED TO CHANGE ITS ACCOUNTING POLICY EFFECTIVE DECEMBER 31, 2023 TO ADOPT GENERALLY ACCEPTED ACCOUNTING PRINCIPLES WHERE A NOT FOR PROFIT ORGANIZATION IS NOT REQUIRED TO CAPITALIZE ITEMS THAT QUALIFY AS WORKS OF ART, HISTORICAL TREASURES OR SIMILAR TYPE ASSETS. IMPLEMENTING THIS CHANGE IN ACCOUNTING REQUIRES TWO CHANGES TO THE ORGANIZATION'S FINANCIAL PRESENTATION. FIRST, THE REMOVAL OF COLLECTIONS AND EXHIBITS: THESE ITEMS OF THE COLLECTION ARE NO LONGER TREATED AS FIXED ASSETS, THUS REMOVING THAT CARRYING VALUE OF $200,261 FROM THE STATEMENT OF FINANCIAL POSITION. SECOND, PREVIOUSLY THE ORGANIZATION INCLUDED ITS HISTORIC BUILDINGS BEING IN THE COLLECTION, ACCOUNTED FOR AS FIXED ASSETS. NOW THE ORGANIZATION'S HISTORIC BUILDINGS ARE TREATED AS DEPRECIABLE ASSETS. IN PREVIOUS FINANCIAL STATEMENTS, THE ACQUISITION OF THREE HISTORIC BUILDINGS, WALKER HOUSE, DEXTER HOUSE AND LIPPITT HOUSE, WERE ACCOUNTED FOR AS FIXED ASSETS. NOW THE THREE BUILDINGS ARE DEPRECIABLE. BECAUSE PRESERVE RI HAS OWNED THE BUILDINGS SINCE THE 1980S, ACQUISITION HAS BY NOW FULLY DEPRECIATED. TODAY THE ORGANIZATION'S DEPRECIATION SCHEDULE INCLUDES IMPROVEMENTS, LARGELY CONDUCTED OVER THE LAST 15 YEARS, SUCH AS ROOF REPLACEMENTS AND OTHER SUBSTANTIVE CAPITAL IMPROVEMENTS, AND THESE IMPROVEMENTS ARE ACCOUNTED FOR FOLLOWING STANDARD DEPRECIATION SCHEDULES. THIS CHANGE REQUIRED THE RECORDING OF $1,281,910 IN ACCUMULATED DEPRECIATION OF BUILDINGS AND IMPROVEMENTS THAT WERE PREVIOUSLY UNDEPRECIATED. THE NET RESULT OF THIS CHANGE IN ACCOUNTING METHOD RESULTS IN A ONE-TIME CHARGE OF $1,482,171 IN THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDING DECEMBER 31, 2023. PRESERVATION CELEBRATION 72582 33278 39304 6419 7673 25212 LIPPITT SPRING EVENT 16934 10659 6275 75 4394 1806 2 89516 43937 45579 6494 12067 27018 45579 0 FORM 990, PART VI, SECTION B, LINE 11B MEMBERS OF THE EXECUTIVE COMMITTEE ARE GIVEN THE OPPORTUNITY TO REVIEW THE DRAFT FORM. FOLLOWING THE EXECUTIVE COMMITTEE REVIEW, EACH TRUSTEE RECEIVED A COPY OF THE PROPOSED 990 PRIOR TO FILING WITH THE IRS, EITHER ELECTRONICALLY OR BY FAX OR BY MAIL, AND ARE ASKED TO SUBMIT ANY COMMENTS TO THE EXECUTIVE DIRECTOR, WHO COORDINATED WITH THE TREASURER IN PREPARING THE FINAL VERSION. FORM 990, PART VI, SECTION B, LINE 12C PRESERVE RI HAS ADOPTED CONFLICT OF INTEREST POLICY WHICH COVER ALL TRUSTEES AND STAFF. COPIES OF THIS WRITTEN POLICY ARE INCLUDED IN THE "TRUSTEES HANDBOOK AND THE "PERSONNEL POLICY MANUAL" WHICH IS DELIVERED TO EACH TRUSTEE AND STAFF WHEN THEY FIRST COME TO PRESERVE RI. OCCASIONALLY BOARD MEMBERS REPORT A CONFLICT OF INTEREST AND RECUSE THEMSELVES FROM THE DELIBERATIONS AND DECISIONS, AS IS REQUIRED BY THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 PRI'S TOP MANAGEMENT OFFICIAL, THE EXECUTIVE DIRECTOR, WAS HIRED FROM OUTSIDE THE ORGANIZATION IN FALL OF 2007. IN SETTING THE COMPENSATION FOR THE NEW EXECUTIVE DIRECTOR, THE TRUSTEES, THROUGH ITS SEARCH COMMITTEE, REVIEWED SURVEY INFORMATION AVAILABLE FROM ABBOTT, LANGER ASSOCIATION SURVEYS OF PAY RATES IN NONPROFIT ORGANIZATIONS, FROM THE NEW ENGLAND MUSEUM ASSOCIATION AND IN CONVERSATION WITH THE STAFF FROM THE NORTHEAST OFFICE OF THE NATIONAL TRUST FOR HISTORIC PRESERVATION, BECAME FAMILIAR WITH COMPARABLE SALARIES AT SIMILAR PRESERVATION ORGANIZATIONS. THE COMPENSATION OF THE EXECUTOR DIRECTOR WAS APPROVED BY THE EXECUTIVE COMMITTEE, FULLY AUTHORIZED TO ACT FOR THE BOARD OF TRUSTEES AND DOCUMENTED IN ITS MINUTES. FORM 990, PART VI, SECTION C, LINE 19 PRESERVE RI POSTS COPIES OF ITS FINANCIAL STATEMENTS AND FORM 990 ON ITS WEBSITE, WWW.PRESERVERI.ORG . PRESERVE RI CONSIDERS EACH REQUEST TO DISCLOSE ITS GOVERNING DOCUMENTS INCLUDING ITS CONFLICT OF INTEREST POLICY AND ITS BY-LAWS ON A CASE BY CASE BASIS. FORM 990, PART XI, LINE 9: CHANGE IN ACCOUNTING POLICY - SEE SCHEDULE D - PART III - LINE 4 -1,482,171.