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Providence Revolving Fund Inc

EIN 05-0386411 · Providence, RI

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthGood85 out of 100GovernanceGood89 out of 100Impact evidenceDescribes programsHow well its results are evidenced

Points to look into

  • It reported loans to or from officers, directors or other insiders.

These come from the organization's own tax return. There may be a good explanation; ask the charity.

What it says it does

TO PRESERVE THE ARCHITECTURAL HERITAGE OF PROVIDENCE AND STIMULATE COMMUNITY REVITALIZATION THROUGH ADVOCACY, LENDING AND DEVELOPMENT IN HISTORIC AREAS.

Income
$4.8 million
Spending
$1.7 million
Spent on programs
92%
Reserves
17.9 months of spending
Largest source of income
donations and private grants, 78%
Employees
0
Volunteers
0

Source: Form 990 for the year ending February 28, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Good: 85 out of 100. Higher than 68% of charities in its peer group (arts and culture, $1m to $10m).

  • Reserves

    35 of 35

    Spendable reserves would cover 17.9 months of spending.

  • Debt

    5 of 20

    It owes 52% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 65% of income.

  • Income trend

    15 of 15

    Income rose 52% on the year before.

  • Spending floor

    15 of 15

    92% of spending went to programs and raising each dollar of donations cost 0 cents.

Source: Form 990 for the year ending February 28, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 89 out of 100. Higher than 48% of charities in its peer group (arts and culture, $1m to $10m).

  • Independent board

    25 of 25

    15 of 15 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    0 of 10

    Reports at least one of: diversion of assets, excess benefits, loans to insiders.

Source: Form 990 for the year ending February 28, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (3)
  1. $1.6 million spent. NEIGHBORHOOD LOAN PROGRAM - THE NEIGHBORHOOD LOAN FUND IS COMPRISED OF RESTRICTED FUNDS FROM SUCH CONTRIBUTORS AS THE RHODE ISLAND HISTORICAL PRESERVATION AND COMMISSION, CITY HOME FUNDING, THE UNITARIAN UNIVERSALIST ASSOCIATION, AND PRF ASSETS. THE FUND PROVIDES FINANCING TO HOMEOWNERS WITH HOMES THAT ARE OVER 50 YEARS OLD TO REPAIR THEIR PROPERTIES. THE PROGRAM OFFERS LOANS UP TO $50,000 FOR EXTERIOR REPAIR/RENOVATION/PRESERVATION. LOANS ARE AVAILABLE FOR BOTH OWNER OCCUPIED AND RENTAL PROPERTIES. OUR LOANS ARE DESIGNED TO MEET THE FINANCIAL CAPACITY OF THE BORROWER WITH FLEXIBLE TERMS. TWELVE NEW LOANS TO OWNER-OCCUPIED RESIDENTIAL HOMES WERE CLOSED FOR HOUSE RESTORATIONS IN PROVIDENCE, TOTALING $562,573 OF INVESTMENT.
  2. OPPORTUNITY INVESTMENT FUND:PRF LAUNCHED THE OPPORTUNITY INVESTMENT FUND IN 2019 TO ATTRACT AND POOL PRIVATE AND PUBLIC CAPITAL FOR AFFORDABLE HOMEOWNERSHIP AND RENTAL HOUSING PROJECTS UNDERTAKEN BY INDIVIDUAL OWNERS, NON-PROFIT CDCS, AND LARGER FOR-PROFIT DEVELOPERS. QUALIFIED PROJECTS MAY INCLUDE BUT ARE NOT LIMITED TO NEW CONSTRUCTION OR REHAB OF MULTIFAMILY PROJECTS WITH OR WITHOUT LOW-INCOME HOUSING TAX CREDITS (LIHTC); INFILL HOUSING, REDEVELOPMENT, OR OTHER CDC-SPONSORED PROJECTS THAT ARE RESPONSIVE TO NEIGHBORHOOD NEEDS. OUR LENDING GOALS FOR THIS PROGRAM ARE TO STIMULATE PROPERTY REDEVELOPMENT IN UNDERINVESTED NEIGHBORHOODS, TO FACILITATE OPPORTUNITIES FOR LMI HOUSEHOLDS TO LIVE IN AREAS OF HIGH OPPORTUNITY AND TO INCENTIVIZE FORPROFIT DEVELOPERS TO PARTICIPATE IN FILLING THE NEED FOR AFFORDABLE UNITS, ESPECIALLY FOR THOSE SERVING HOUSEHOLDS BETWEEN 60%-140% OF AMI.
  3. PROVIDENCE MICRO-BUSINESS LOAN PROGRAM:PRF STAFF WORKS CLOSELY WITH RESIDENTS AND BUSINESS OWNERS AND CONTINUED TO DO SO DURING THE STAY AT HOME ORDERS. AS THE GOVERNOR ANNOUNCED PLANS FOR REOPENING AND RELEASED GUIDELINES, WE HEARD THAT MANY OF THE BUSINESSES ESPECIALLY MINORITY AND WOMEN OWNED BUSINESSES ARE CONCERNED ABOUT BEING ABLE TO REOPEN. THESE CORRIDORS ARE THE HEARTS OF THEIR NEIGHBORHOODS. THEY ARE WHERE PEOPLE SHOP, WHERE THEY WORK AND WHERE THEY MEET THEIR NEIGHBORS. PROVIDENCE REVOLVING FUND HAS CAPITALIZED A REVOLVING LOAN FUND TO PROVIDE SMALL LOANS TO MICRO-BUSINESSES LOCATED ON OR NEAR COMMERCIAL CORRIDORS IN PROVIDENCE. THIRTY PERCENT (30%) OF THE FUND WILL SET ASIDE FOR WOMEN/MINORITY OWNED BUSINESSES. IT PROVIDES LOANS OF $500-$5,000 TO BUSINESSES WITH 10 OR FEWER FTES, EARNINGS OF $250,000 OR LESS. ALL BORROWERS ARE REQUIRED TO PARTICIPATE IN A ONE-ON-ONE SMALL BUSINESS COACHING SESSION. A TOTAL OF 18 LOANS WERE MADE FOR $165,000; 85% WERE MINORITY AND WOMEN OWNED BUSINESSES.

Source: Form 990 for the year ending February 28, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending February 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since April 1972.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.