Rhode Island CPCU Scholarship Fund
The Rhode Island CPCU Scholarship Fund is a private foundation based in Lincoln, Rhode Island. It supports scholarships for students with connections to the Rhode Island insurance industry, including industry employees, Rhode Island residents working elsewhere in insurance, and eligible family members.
Rhode Island CPCU Scholarship Fund at a glance
In short: Rhode Island CPCU Scholarship Fund gave $80K across 15 grants in 2026 (avg $5K), mostly in Rhode Island. Source: 2026 IRS Form 990-PF.
- Annual giving (2026)
- $80,000
- +6.7% vs 2025
- Grants made (2026)
- 15
- +7.1% vs 2025
- Average grant
- $5,333
- -0.4% vs 2025
- Median grant
- $5,000
- Total assets
- $1,573,441
- +8.9% vs 2025
- Primary geography
- Rhode Island (76% of itemized 2026 grant dollars)
- Latest 990 filing
- Form 990-PF, 2026 View filing
Data from IRS Form 990-PF, 2026; updated October 2026.
How to apply to Rhode Island CPCU Scholarship Fund
- How to Apply
The 2025 filing instructs applicants to contact Brian Rusate and submit biographical information; their connection to the insurance industry; education and academic information, including transcripts and SAT scores;…
The 2025 filing instructs applicants to contact Brian Rusate and submit biographical information; their connection to the insurance industry; education and academic information, including transcripts and SAT scores; extracurricular, organizational, and leadership activities; certifications; career aspirations; a personal statement; references; employment information; and schools applied to and acceptance status. Applicants must meet an eligible insurance-industry or family connection, be enrolled full time in an associate’s or bachelor’s degree program at an accredited two- or four-year college or university, and not have received this scholarship before. Prior unsuccessful applicants may reapply. The filing states that the fund does not restrict giving to preselected organizations.
- Review Cycle
- The filing gives March 31 each year as the deadline. The March 31, 2026 deadline has passed.
- Deadline
- The filing gives March 31 each year as the deadline.
- Contact
Application contact: Brian Rusate
Mailing address: 100 Amica Wy, Lincoln, RI 02865
Phone: (800) 652-6422
Website: https://ricpcuscholarship.com
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Rhode Island CPCU Scholarship Fund funds
How this funder distributes its grants
Grant Size Distribution
39 grants across all recorded years
The most common grant size was under $50K: 39 grants of 39 (100%).
Geographic Focus
Where this funder awards grants
The fund is based in Lincoln, Rhode Island. In filing year 2026, 76% of grant dollars went to recipients in Rhode Island, 12% to Connecticut, 6% to Pennsylvania, and 6% to Massachusetts.
Grant Distribution by State
Share of 2026 grant dollars across all 15 itemized grants.
Cities
How Rhode Island CPCU Scholarship Fund gives
- In 2026 it paid out 121% of its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2024 to 2026, annual grant giving ranged from $50K (2024) to $80K (2026). In 2026 it made 15 grants totaling $80K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| 15 individual scholarships Recipients not named | — | $80,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2026 | $1,573,441 | $151,277 | $94,371 | $80,000 | 15 | $89,830 | $138,251 | $74,371 |
| 2025 | $1,444,927 | $138,392 | $93,498 | $75,000 | 14 | $80,402 | $129,130 | $69,170 |
| 2024 | $1,372,794 | $103,439 | $57,696 | $50,000 | 10 | $57,696 | $85,879 | $63,163 |
| 2023 | $1,232,975 | $40,202 | $46,664 | — | — | — | $32,860 | — |
| 2022 | $1,151,447 | $61,635 | $46,292 | — | — | — | $45,660 | — |
| 2021 | $1,346,639 | $39,713 | $42,488 | — | — | — | $34,908 | — |
| 2020 | $1,113,744 | $48,336 | $36,903 | — | — | — | $26,026 | — |
Under IRS private-foundation payout rules, Rhode Island CPCU Scholarship Fund reported a distributable amount of $74K for 2026 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
The fund’s stated mission is to provide scholarships to outstanding students. Its website says it offers annual scholarship grants to individuals working in the Rhode Island insurance industry, Rhode Island residents employed elsewhere in the insurance industry, and immediate family members of those employees.
Grantmaking
In filing year 2026, the fund reported 15 scholarships totaling $80,000. Individual awards ranged from $4,500 to $7,500, with a median of $5,000. The largest reported awards were two scholarships of $7,500 each to individual recipients in Rhode Island. All itemized grants were for scholarships.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2026 filing lists Allan McDermott as president; Stefvan Drezek as treasurer; Michelle N. Pelletier as secretary; and Crismel A. Calderon, David E. Fales, Todd R. Larson, Brian A. Rusate, and John C. Tickner as directors.
Rhode Island CPCU Scholarship Fund is led by Allan McDermott, President since 2026 (on filings since 2020); none of the 8 officers listed in 2026 report compensation.
Officers on the 2026 filing
Allan McDermott
President
President → Director, 2021
Director → President, 2026
On filings since 2020
No compensation reported
Brian A. Rusate
Director
Director → President, 2021
President → Director, 2026
On filings since 2020
No compensation reported
David E. Fales
Director
Secretary → Director, 2023
On filings since 2020
No compensation reported
John C. Tickner
Director
On filings since 2020
No compensation reported
Todd R. Larson
Director
On filings since 2020
No compensation reported
Crismel A. Calderon
Director
New on the 2026 filing
No compensation reported
Stefvan Drezek
Treasurer
On filings since 2020
No compensation reported
Michelle N. Pelletier
Secretary
Director → Secretary, 2023
On filings since 2021
No compensation reported
Former officers (3)
- Former: Traci Adedeji (2021–2025) — Director
- Former: Sean Daly (2020–2022) — Director
- Former: Michelle Karn (2020) — Director
Data from IRS Form 990 filings, 2020–2026. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Rhode Island CPCU Scholarship Fund
How much does Rhode Island CPCU Scholarship Fund give each year?
Rhode Island CPCU Scholarship Fund gave $80K across 15 grants in 2026, according to its 2026 IRS Form 990-PF. In 2025 it gave $75K across 14 grants.
What is Rhode Island CPCU Scholarship Fund's typical grant size?
Rhode Island CPCU Scholarship Fund's median grant in 2026 was $5,000, and its average grant was $5,333, across 15 grants on its 2026 IRS Form 990-PF.
Where does Rhode Island CPCU Scholarship Fund give grants?
Rhode Island CPCU Scholarship Fund gives mostly in Rhode Island: 76% of the grant dollars itemized on its 2026 IRS Form 990-PF went to recipients there. The next largest states were Connecticut (13%) and Pennsylvania (6%).
Does Rhode Island CPCU Scholarship Fund give general operating support?
Not in 2026: none of the 15 grants with a stated purpose on Rhode Island CPCU Scholarship Fund's 2026 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Scholarship" (15 grants).
How large is Rhode Island CPCU Scholarship Fund?
Rhode Island CPCU Scholarship Fund reported $1.6M in total assets on its 2026 IRS Form 990-PF. It paid out $90K in qualifying distributions that year, against a required minimum of $74K (roughly 5% of its investment assets).
What does Rhode Island CPCU Scholarship Fund fund?
The fund’s stated mission is to provide scholarships to outstanding students. See mission & focus areas ↑
How do I apply for a grant from Rhode Island CPCU Scholarship Fund?
The 2025 filing instructs applicants to contact Brian Rusate and submit biographical information; their connection to the insurance industry; education and academic information, including transcripts and SAT scores;… Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Rhode Island CPCU Scholarship Fund's EIN?
Rhode Island CPCU Scholarship Fund's EIN (Employer Identification Number) is 05-0473536. IRS Form 990 filing data is available on this page for 2020–2026.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(4)
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2026 (received by the IRS August 11, 2026)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS March 4, 2025)
- Updated Form 990-PF for fiscal year 2025 (received by the IRS April 23, 2026)
- IRS filings on file for fiscal years 2020–2025
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