By Alissa Foley
PBN Staff Writer
(Updated, 12:10 p.m.)
PROVIDENCE – The Rhode Island Foundation recovered a significant portion of its investment losses in 2009, as it followed a 27 percent decline in 2008 in the value of its investments with a gain of 20.6 percent in 2009, the nonprofit said in its annual report.
The fair value of the foundation’s investments climbed to $476.61 million from $409.01 million a year earlier, pushing the foundation’s net assets up to $491.63 million as of Dec. 31, an increase of 14.73 percent when compared with net asset value at the end of 2008.
The 94-year-old foundation distributed funds throughout the state totaling $27.6 million – a record – to more than 1,000 organizations in 2009, with the following allocations.
“In 2009, we were pleased to see our investment performance climb over 20 percent, our endowment once again top the half-billion mark,” the report said. The 20.6 percent increase combines both the $53.7 million in reinvested investment income and gains and the $27.6 million in distributions the foundation made during the year.
The foundation also reported operating revenue of $34.9 million, a 6.2 percent decline on the year, which led to a 65.6 percent decline in its increase in net assets from operations to $1.6 million.
The Rhode Island Foundation is one of the nation’s largest and oldest charitable organizations serving a specific geographic community. Additional information is available at RIFoundation.org.