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Nonprofit · EIN 22-2956223

BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC

Tax-exempt · BLOCK ISLAND, RI 02807

Financials

$22K$69K2023−$2K$89K2024
Revenue Expenses · by fiscal year end
Financials of BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990-$1,603$88,931-$90,534$1,360,969$1,878,514-$517,545
December 31, 2023990$22,499$69,367-$46,868$1,491,920$1,936,933-$445,013
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
-$59,505
Net income from sales of inventory
$32,572
Other revenue
-$26,933

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
Depreciation
$8,366
Program services (functional)
$76,819
Management and general (functional)
$12,112

Balance sheet and other

Total assets, start of year
$1,491,920
Total assets, end of year
$1,360,969
Total liabilities, end of year
$1,878,514
Net assets, end of year
-$517,545
Land, buildings and equipment
$1,109,365
Net assets without donor restrictions
-$517,545
Gross receipts
$444,731
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.

NameTitleHours / weekCompensation
Roberta McCormickDirector
Trustee or director
1$0
Linda SpakDirector
Trustee or director
3$0
Gail PierceDirector
Trustee or director
3$0
Jennifer TaubmanDirector
Trustee or director
1$0
Amadeus MafosiDirector
Trustee or director
1$0
Gerald PiercePresident
Trustee or director, Officer
3$0
Rebecca BrownSecretary/Treasurer
Trustee or director, Officer
3$0
Monica Hull SheaVice-President
Trustee or director, Officer
3$0
990 for the year ended December 31, 2023: 8 people
NameTitleHours / weekCompensation
Roberta McCormickDirector
Trustee or director
1$0
Linda SpakDirector
Trustee or director
3$0
Gail PierceDirector
Trustee or director
3$0
Jennifer TaubmanDirector
Trustee or director
1$0
Amadeus MafosiDirector
Trustee or director
1$0
Gerald PiercePresident
Trustee or director, Officer
3$0
Rebecca BrownSecretary/Treasurer
Trustee or director, Officer
3$0
Monica Hull SheaVice-President
Trustee or director, Officer
3$0

Address and contacts

Address (IRS master file)
PO BOX 619, BLOCK ISLAND, RI 02807-0619
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 child care and senior activities, operates an art gallery for local residents and rents residential units to residents.

990 for the year ended December 31, 2024

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 serves all BI residents
    Expenses $76,819 · revenue $32,572
  • BIED housing subsidiary owns and operates 16 low income rental apartments on Block Island called "E. Searles Ball Memorial Housing." The project is a subsidized rental housing project under the auspices of USDA -- Rural Development. However all income and expense is reported as rental revenue and rental expense.

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
22-2956223
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
1985
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$1,360,969
Income (IRS master file)
$444,731

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024-$1,603$88,931$1,360,969XML
990December 2023$22,499$69,367$1,491,920XML
990December 2022–––IRS
990December 2021$26,481$59,573$1,664,004IRS
990December 2020$50,409$47,565$1,730,083IRS
990December 2019–––IRS
990December 2018–––IRS
990December 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 22-2956223).

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 22-2956223.
Is BLOCK ISLAND ECONOMIC DEVELOPMENT FOUNDATION INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1985.
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 -$1,603, expenses of $88,931 and total assets of $1,360,969 at year end.

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