Maintains status as state’s largest charitable foundation

Enjoying both rapid growth in the stock market and continuing contributions by the state’s philanthropists, the assets of The Rhode Island Foundation have shot past a half-billion in assets for the first time in its 90-year history.

As of October 31, the Foundation’s total assets stood at $509,852,928, a 14.5 percent increase over 2005’s end-of-year audit. The primary growth was in equities and alternatives, and is expected to grow larger by the end of the year based on preliminary November results.

“What does this mean for Rhode Islanders?” posed Foundation President Ronald V. Gallo, Ed.D.

“Imagine an eternal charitable savings account that, if you treat it wisely, will provide millions of dollars every year to build communities, protect children, find housing and jobs, preserve the environment, and assist the elderly.

“It also means that the dreams and legacies – and contributions – of thousands and thousands of generous Rhode Islanders over the years have been successful in creating something permanent and lasting.

Gallo said the Foundation also continues to grow through approximately 50 to 60 new endowments every year, adding between $20-30 million to the increasing “bottom line”.

He explained that the Foundation contracts with some of the nation’s best investment managers in a very diversified portfolio, all of which is made public on the Foundation’s website, www.rifoundation.org.
While investing in traditional large, medium, and small-cap domestic and international equities, the Foundation has increasingly turned to emerging markets and alternative investments in recent years, he points out.

“Our bottom line is serving the community,” he concluded, “and that’s a great incentive to do well.”

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Asset Breakdown

Equities		$296.8 million
	Large cap	71.6 million
	Mid cap	91.5 million
	Small cap	19.2 million
	International	89.6 million
	Emerging markets	24.9 million
Alternatives		$104.0 million
Fixed income		$86.4 million
Other assets		$9.7 million
Fixed assets		$5.4 million
Promissory notes receivable		$7.6 million
TOTAL		$509.9 million

The Rhode Island Foundation was founded in 1916 and is one of the nation’s largest and oldest charitable organizations serving a specific geographic area.