PROVIDENCE – The Rhode Island Foundation today announced the resignation of Ronald V. Gallo as the nonprofit’s president and CEO, effective Nov. 9.
“This was a mutually agreed-upon decision, prompted by Ron’s belief that the Foundation was ready for new leadership and by his interest in exploring other career paths,” George Graboys, the chairman of the foundation’s board, said in a statement.
“The board accepted Ron’s resignation with great regret. His myriad contributions during the past 15 years have left the foundation in an excellent position to continue the critical work of addressing Rhode Island’s most formidable challenges.”
When Gallo joined the organization in 1993, it was operating out of a small, nondescript space and managing assets of $197 million.
Today, the foundation is located in One Union Station, in the midst of a downtown it has helped to revitalize. It is ranked among the nation’s 30 largest community foundations, with more than 1,000 component funds and total assets approaching $600 million.
In 2006, the Rhode Island Foundation provided grants totaling $23.4 million to more than 1,100 local nonprofits.
“Ron was the right leader at the right time,” Graboys said. “His vision of a proactive and engaged community foundation served as a catalyst for several important initiatives, including the Women’s Fund, the Downcity Partnership and the Newport County Fund. He was a driving force behind our involvement in HousingWorks RI, which had tremendous impact on affordable housing in the state with the passage of the $50 million bond last year.
“His creative leadership and willingness to broadly collaborate with other funding institutions will have a lasting impact on the work of the foundation.”
Among Gallo’s achievements, The Rhode Island Foundation listed:
• More than tripling the foundation’s assets during his 15-year tenure.
• Achieving an 18.9 percent return on investment in the year ended Sept. 30, and a five-year annual rate of return of 15.5 percent.
• Opening the foundation’s first regional office, in Newport.
• Spearheading a philanthropic outreach plan that has dramatically increased the number of funds held at the foundation, which now has more than 500 living donors.
• Creating alliances with other regional and national philanthropic institutions, including Hispanics in Philanthropy, the Larger Foundations Group and Independent Sector.
• Establishing field-of-interest funds for women, Latinos and the LGBTQ community.
• Leading the HousingWorks RI coalition, along with United Way of Rhode Island President Anthony Maione and Rhode Island Housing Executive Director Richard Godfrey. The coalition recently was honored by the Council on Foundations with its annual Critical Impact Award.
• Leading the efforts to bring the Kids Count and Local Initiatives Support Corporation (LISC) to the Ocean State, to help address the challenges facing the state’s low-income families.
• Establishing a partnership with Delta Dental of Rhode Island to help provide oral health care for low-income Rhode Islanders.
“I have been so fortunate to be at the head of The Rhode Island Foundation during the past decade and half,” Gallo said in a statement.
“Working with community leaders like George Graboys and the 12 other members of our board … and with a dedicated and passionate staff has been a tremendous privilege and learning experience,” he continued. “Together, I believe we accomplished a great deal more in Rhode Island than we ever imagined possible.
“I leave knowing the foundation is in an excellent position to carry out its important mission in the state.”
The Rhode Island Foundation, founded in 1916, is one of the nation’s largest and oldest charitable organizations serving a specific geographic community. To learn more about the foundation or the programs it administers, visit www.rifoundation.org.
