rhodyjourno OP t1_j9f7m8u wrote on February 21, 2023 at 2:18 PM

FROM THE STORY: US Representative David Cicilline plans to resign from Congress later this year to become president and CEO of the Rhode Island Foundation, the Globe has learned.
The announcement, expected Tuesday, is sure to send shockwaves through Rhode Island’s political establishment, setting up an off-year special election for the First Congressional District seat that most political observers believed the 61-year-old Cicilline could have held for the rest of his life.
Over the course of 28 years, Cicilline has held elected office as a Rhode Island state representative, mayor of Providence, and member of Congress.
During a special meeting on Tuesday morning, the foundation’s board of directors voted to hire Cicilline following a months-long national search to replace outgoing president and CEO Neil Steinberg. The foundation is Rhode Island’s largest philanthropic organization, with a endowment of more than $1.3 billion.

“For more than a decade, the people of Rhode Island entrusted me with a sacred duty to represent them in Congress, and it is a responsibility I put my heart and soul into every day to make life better for the residents and families of our state,” Cicilline said. “The chance to lead the Rhode Island Foundation was unexpected, but it is an extraordinary opportunity to have an even more direct and meaningful impact on the lives of residents of our state. The same energy and commitment I brought to elected office I will now bring as CEO of the Rhode Island Foundation, advancing their mission to ensure all Rhode Islanders can achieve economic security, access quality, affordable healthcare, and attain the education and training that will set them on a path to prosperity.”

ncastleJC t1_j9ffwdh wrote on February 21, 2023 at 3:18 PM

1.3 billion. And to think universities have even more mind blowing endowments.

SweatyCockroach8212 t1_j9fie2b wrote on February 21, 2023 at 3:35 PM

Yep, Harvard's endowment is $53B.

thetook t1_j9g26um wrote on February 21, 2023 at 5:44 PM

$53.2B put some respect on that name. $200 million buys at least 1/4 of a new library wing or at least the 1 ply toilet paper for one bathroom stall for the school year!

Super quick check off articles and endowment office audit PDFs Brown:$6.5B (2022) RISD: $442M (2022) Providence: $320M (2022) JWU: $319M (2022) NEIT: $280M (2022) Bryant: $228M (2022) RIU: $218M (2021) RWU: $103M (2022) Salve: $81.6M (2022) RIC: $33.4M (2018)

CCRI is a public state school but their FY2023 budget request is $139.5M (not including any supplemental requests). $58.1m from the state, $61M from tuition and fees, $8M from the school own coffers. That is a $5.9M or 4.4% increase from FY2022.

SweatyCockroach8212 t1_j9g2yxe wrote on February 21, 2023 at 5:49 PM

$200M is a rounding error or market fluctuation.

thetook t1_j9g3dof wrote on February 21, 2023 at 5:51 PM

To Harvard for sure.

kickstand t1_j9h48qr wrote on February 21, 2023 at 10:55 PM

True, but Harvard is an outlier. JWU or Roger Williams U have nothing close to that, for example.

wenestvedt t1_j9fy3nj wrote on February 21, 2023 at 5:18 PM

RIF gives out a lot of cash to different organizations that work for Rhode Islanders. There are waaaay worse groups that could be holding that money!

ChronicCumShots t1_j9fu8yi wrote on February 21, 2023 at 4:53 PM

Probably just Brown in our state