Champion of Rhode Island nonprofits

SOLID FOUNDATION: Michael Jenkinson, center, chief financial officer at The Rhode Island Foundation, has helped the nonprofit thrive thanks to long-term investment strategies and conservative spending policies. / PBN PHOTO/DAVID LEVESQUE
SOLID FOUNDATION: Michael Jenkinson, center, chief financial officer at The Rhode Island Foundation, has helped the nonprofit thrive thanks to long-term investment strategies and conservative spending policies. / PBN PHOTO/DAVID LEVESQUE

With the United States still reeling from the effects of the Great Recession, charitable giving hasn’t exactly been a high priority for most people. Community foundations and nonprofits have experienced a rough few years because of that reality – unless you happen to be The Rhode Island Foundation.
The foundation is the largest funder of nonprofits in Rhode Island and regularly provides grants to community-improvement initiatives. And thanks to the fiscal leadership of the organization’s chief financial officer, Michael Jenkinson, The Rhode Island Foundation hasn’t just maintained stability, it’s actually growing. From 1996 to 2011, the community foundation’s assets increased from $258 million to almost $600 million, while its yearly grant-making went from $9.4 million to $28 million. In fact, 2011 was a record-breaking fundraising year for the organization.
“We’ve been able to very successfully weather the turbulent financial markets, be able to sustain our grantmaking, and provide the best service to our donors,” said Neil D. Steinberg, president and CEO of the 96-year-old foundation. “Mike’s steady hand, attention to expenses, and overall management of our overhead here enables us to be able to be more efficient in order to provide services to the community.”
So what is Jenkinson’s secret to sound fiscal management during troubled times? “Lots of generous donors, a long-term investment strategy and conservative spending policies,” Jenkinson said.
His vast amount of experience in the accounting and finance world doesn’t hurt, either. Fifty-seven-year-old Jenkinson grew up in Massachusetts, where he attended college before beginning his career as a certified public accountant in Boston. After 15 years in the business and spending some time as a sole proprietor, Jenkinson joined the foundation in 1996 as a controller. After 18 months, he was promoted to senior vice president of finance and administration/CFO, a position he’s held for the past 14 years.
While Jenkinson, a humble guy, would never attribute the foundation’s success to his own leadership, others are quick to acknowledge his accomplishments. Marie Langlois, head of The Rhode Island Foundation’s investment committee, said that committee members and consultants rely on Jenkinson’s knowledge to properly manage the foundation’s endowment and investments. Jenkinson provides detailed financial information on the foundation’s needs and commitments, which helps the committee and consultants work together to create successful investment and allocation plans, she said. It so important for any organization that the people serving on the board and chairing committees be provided with very high quality financial information, Langlois said. “The committee can’t make good decisions unless it’s provided with very good information about what the needs of the foundation are going to be. Michael does a wonderful job of providing quality information on a timely basis.”
The foundation’s needs have included a number of forward-thinking community projects over the years. It has prioritized improving Rhode Island’s health and education systems, and it has dedicated many grants toward those goals. The organization devoted funds to bringing a Teach For America program to Rhode Island’s highest-need areas and supported the state’s application to the federal Race To The Top program, which resulted in $75 million of federal funding to improve public schools. The foundation also commissioned a health study to learn how many Rhode Islanders lack health insurance and set up a $1.6 million health care fund.
“Our challenge is to assure the donors and the recipients that our grantmaking and our spending policy is going to be dependable and consistent – and it has,” Jenkinson said. “History has proven that.”
In addition to overseeing all of the foundation’s finances, Jenkinson manages the organization’s facilities, including the company’s headquarters in downtown Providence. As part of this role, he’s implemented programs to help save the foundation money on operations. Jenkinson was closely involved with the foundation’s green initiative, which involved switching all lighting to energy-efficient models, cutting back on bottled water and even going paperless. The energy-efficient plan saves the foundation about $40,000 every year. And The Rhode Island Foundation hasn’t stopped greening. Jenkinson says the organization is looking at switching to more-efficient boilers and that it may consider solar panels once the technology becomes more economical.
Greening the building isn’t the only cost-cutting mechanism Jenkinson has overseen. The foundation has spent a significant amount of money every year sending employees out of town for trainings, conferences and other professional-development events. Under Jenkinson’s leadership, the foundation embraced technology and now uses online trainings as a way to save dollars.
“Mike is able to look at new ways of doing things, whether it’s with the building, our technology, or just looking at ways we can be more efficient with our expenses,” said Steinberg. “It’s helped with our expenses significantly.”
But perhaps what makes Jenkinson most unique as a CFO is his open-door policy and willingness to be a team player. While many senior-level executives lock themselves away in their offices, Jenkinson makes an effort to get involved in other company tasks that aren’t necessarily part of his job description.
The Rhode Island Foundation’s donors give anywhere from $10,000 to $20 million each. While donor relations is mainly the business-development team’s terrain, Jenkinson also gets involved to ensure that the foundation’s donation base stays strong. He talks to donors, explains the foundation’s financial policies and assures them that their investment is in safe hands.
“When we’re talking to new donors, many times Mike can be instrumental in assuring them of our financial strength and responsibility, and explaining our investment performance and philosophy,” said Steinberg. “Where you wouldn’t think he might be involved, he is. Donors look to him for assurance on our fiscal management, as well as our performance.” •

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