R.I. Foundation sees gain on investments in 2009, record grant giving in state

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.

• Arts & Culture – $2,908,371

• Animal Welfare – $689,955

• Community & Economic Development – $2,211,290

• Education – $5,819,811

• Environment – $1,517,103

• Health – $5,298,941

• Human Services – $7,786,420

• Other – $1,356,722

“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.