RI Foundation awards a record $87 million in grants in 2020

Dozens of nonprofits serving Barrington, Bristol, Cranston, East Providence, Newport, North Kingstown, Smithfield, South Kingstown and Woonsocket were among the organizations that received a record $87 million in grants from the Rhode Island Foundation last year. More than $21 million of the $87 million the Foundation made in grants was raised specifically to award to local organizations in direct response to the COVID-19 crisis.

In addition, the Foundation raised over $68 million in funds from individual, family, organizational and corporate donors in 2020, making it the third best year in the Foundation’s 105-year history. Gifts ranged in size from $1 to several million dollars. At the end of 2020, total assets stood at $1.2 billion and its total investment return for the year was just over 12 percent.

"We are grateful for the passionate and committed donors who have partnered with us for 105 years to take on the challenges and issues of the day," said Neil D. Steinberg, the Foundation’s president and CEO. “Working with nonprofit organizations to support their critical services in the community, inspiring donors, and providing leadership around crucial issues all played a role as we worked to meet the needs of all Rhode Islanders during a year unlike any we’ve experienced before.”

Both the Foundation’s traditional grant-making and COVID-19-specific grant-making efforts stressed equity and inclusion – ensuring all individuals and communities have the resources they need to succeed; and were aligned with the Foundation’s three strategic priorities: educational success, healthy lives and economic security.

“Working with committed nonprofit partners, our support helps address achievement gaps in education, reduce health disparities across all populations and ensures real opportunity for economic security for all Rhode Islanders,” said Steinberg.

In addition to the record grant-making, last year the Foundation also launched a broad, three-year $8.5 million plan to expand the Foundation’s ongoing commitment to promoting racial equity and inclusion.

“Addressing the underlying causes of inequity and working to eliminate disparities is one of our core organizational values, and has been an important part of our work for years. It’s a lens that we use to make decisions about how we allocate discretionary funding and civic leadership resources. Now is the time to commit to listening more, and doing more, and to hold ourselves accountable to this focus,” said Steinberg.

In addition to its annual grant-making and fundraising, community leadership is central to the Foundation’s work.

In 2020, the Foundation raised over $610,000 for its Civic Leadership Fund. The annual fund enables the Foundation to go beyond traditional grant-making to meet emerging opportunities and challenges, and engage Rhode Islanders in civic and civil dialogue.

“Our Civic Leadership donors recognize that progress entails many different approaches. Leading long-term planning in education and health are primary examples, as is stepping up quickly to provide help and hope during the COVID-19 pandemic, and enhancing our commitment to creating an equitable Rhode Island,” said Steinberg.

The Rhode Island Foundation is the largest and most comprehensive funder of nonprofit organizations in Rhode Island. Working with generous and visionary donors, the Foundation raised $68 million and awarded a record $87 million in grants in 2020. Since its centennial five years ago, the Foundation has awarded more than $284 million in grants and has raised more than $328 million. Through leadership, fundraising and grant-making activities, often in partnership with individuals and organizations, the Foundation is helping Rhode Island reach its true potential. For more information, visit rifoundation.org.