Nonprofit · EIN 05-0381201
BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC
Also known as SPRING STREET GALLERY
Tax-exempt (reinstated) · BLOCK ISLAND, RI 02807
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $75,555 | $88,931 | -$13,376 | $372,536 | $149,084 | $223,452 |
| December 31, 2023 | 990 | $59,462 | $69,367 | -$9,905 | $396,600 | $159,774 | $236,826 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $18,196
- Program service revenue
- $6,614
- Investment income
- $520
- Net rental income
- $17,653
- Net income from sales of inventory
- $32,572
- Other revenue
- $50,225
Expenses
- Grants and similar amounts paid
- $0
- Other salaries and wages
- $13,299
- Salaries, compensation and benefits (total)
- $13,299
- Professional fundraising fees
- $0
- Accounting fees
- $2,558
- Occupancy
- $51,570
- Program services (functional)
- $74,261
- Management and general (functional)
- $14,670
Balance sheet and other
- Total assets, start of year
- $396,600
- Total assets, end of year
- $372,536
- Total liabilities, end of year
- $149,084
- Net assets, end of year
- $223,452
- Land, buildings and equipment
- $204,080
- Net assets without donor restrictions
- $223,452
- Gross receipts
- $151,288
- Employees
- 0
- Volunteers
- 0
- Year formed
- 1977
- State of legal domicile
- RI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Gerald Pierce | President Trustee or director, Officer | 3 | $0 |
| Rebecca Brown | Secretary/Treasurer Trustee or director, Officer | 2 | $0 |
| Roberta McCormick | Director Trustee or director | 1 | $0 |
| Linda Spak | Director Trustee or director | 1 | $0 |
| Gail Pierce | Director Trustee or director | 1 | $0 |
| Jennifer Taubman | Director Trustee or director | 1 | $0 |
| Monica Hull-Shea | Vice President Trustee or director, Officer | 2 | $0 |
| Amadeus Mafosi | Director Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 8 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Gerald Pierce | President Trustee or director, Officer | 3 | $0 |
| Rebecca Brown | Secretary/Treasurer Trustee or director, Officer | 2 | $0 |
| Roberta McCormick | Director Trustee or director | 1 | $0 |
| Linda Spak | Director Trustee or director | 1 | $0 |
| Gail Pierce | Director Trustee or director | 1 | $0 |
| Jennifer Taubman | Director Trustee or director | 1 | $0 |
| Monica Hull-Shea | Vice President Trustee or director, Officer | 2 | $0 |
| Amadeus Mafosi | Director Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 1903, BLOCK ISLAND, RI 02807-1903
- Principal officer (990 for 2024)
- Gerard Pierce, Box 619, Block Island, Rhode Island 02807, RI
- Signed the 990
- Gerard Pierce, President
- Phone
- (401) 487-0017
- Return prepared by
- ALSD LTD
Mission
The Foundation's mission is to improve economic and social conditions for residents of Block Island. BIED has built and manages a community center that provides childcare and senior activities, operates an art gallery for local residents and rents residential units to residents.
Program accomplishments
- Spring Street Gallery is a cooperative of Block Island artists who learn from each other, develop their work, provide art related programs and sell their work at a small summer Gallery on the island. The Community Center provides programs to BI residents.Expenses $74,261 · revenue $32,572
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 05-0381201
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2014
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L80)
- Assets (IRS master file)
- $372,536
- Income (IRS master file)
- $151,288
Revocation and reinstatement
- Exemption revoked
- May 15, 2010
- Posted by the IRS
- May 20, 2014
- Reinstated
- Effective May 15, 2010
From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $75,555 | $88,931 | $372,536 | XML |
| 990 | December 2023 | $59,462 | $69,367 | $396,600 | XML |
| 990 | December 2022 | $51,020 | $65,849 | $414,873 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 05-0381201).
Questions about BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC
- What is the EIN of BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC?
- The employer identification number (EIN) of BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC is 05-0381201.
- Is BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC tax-exempt?
- Yes. The IRS revoked its exemption on May 15, 2010 and reinstated it effective May 15, 2010.
- Are donations to BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC?
- The 990 for the year ended December 31, 2024 names Gerard Pierce.
- Who are the officers and directors of BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC?
- The 990 for the year ended December 31, 2024 lists 8 people; 0 received compensation from the organization.
- How much revenue does BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $75,555, expenses of $88,931 and total assets of $372,536 at year end.
Other nonprofits in BLOCK ISLAND
- BLOCK ISLAND HOUSING INITIATIVE EIN 88-2003088 · last filed 990 for 2025
- BLOCK ISLAND HEALTH SERVICES INC EIN 22-2570482 · last filed 990 for 2025
- SEEDWORKS FUND EIN 04-6795920 · last filed 990-PF for 2025
- NEW SHOREHAM TOURISM COUNCIL INC EIN 05-0466491 · last filed 990 for 2025
- BLOCK ISLAND VOLUNTEER FIRE AND RESCUE DEPARTMENT EIN 23-7287846 · last filed 990 for 2025
- MARY D FUND INC EIN 81-1997910 · last filed 990 for 2024
- BLOCK ISLAND MARITIME INSTITUTE EIN 05-0496605 · last filed 990 for 2024
- BLOCK ISLAND CLUB INC EIN 05-0208662 · last filed 990 for 2025
All nonprofits in BLOCK ISLAND · Rhode Island · Housing and shelter