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← MAINE COMMUNITY FOUNDATION INC

Form 990 for tax year 2023

Filed by MAINE COMMUNITY FOUNDATION INC.

Totals

Total revenue
$108,670,378
Total expenses
$72,289,614
Contributions and grants received
$50,992,416
Grants paid
$58,980,423
Program service revenue
$1,141,200
Investment income
$56,536,762
Other revenue
$0
Total assets, end of year
$732,240,535
Total liabilities, end of year
$151,253,210
Net assets or fund balances, end of year
$580,987,325
Program services expenses (Part IX)
$61,202,908
Management and general expenses
$8,020,148
Fundraising expenses
$3,066,558
Program service expenses (Part III)
$61,202,908

Program services were 84.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $25,955

  • 1f · All other contributions, gifts and grants

    $50,966,461

  • 1g · Noncash contributions included above

    $10,414,630

  • 2a · Program service revenue: Fees for Services

    total $1,141,200 · related or exempt $1,141,200

  • 3 · Investment income

    total $5,418,571 · unrelated business $126,837 · excluded $5,291,734

  • 7a · Gross sales of assets other than inventory

    securities $418,450,823

  • 7b · Less cost or other basis and sales expenses

    securities $367,332,632

  • 7c · Gain or loss

    securities $51,118,191

  • 7d · Net gain or loss

    total $51,118,191 · excluded $51,118,191

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $55,595,110 · program services $55,595,110

  • 2 · Grants to domestic individuals

    total $3,117,701 · program services $3,117,701

  • 3 · Grants to foreign organizations and individuals

    total $267,612 · program services $267,612

  • 5 · Compensation of officers, directors and key employees

    total $1,639,125 · program services $429,779 · management and general $548,779 · fundraising $660,567

  • 7 · Other salaries and wages

    total $3,161,188 · program services $828,787 · management and general $1,058,580 · fundraising $1,273,821

  • 8 · Pension plan contributions

    total $260,321 · program services $68,250 · management and general $87,173 · fundraising $104,898

  • 9 · Other employee benefits

    total $721,330 · program services $189,119 · management and general $241,539 · fundraising $290,672

  • 10 · Payroll taxes

    total $298,427 · program services $78,243 · management and general $99,927 · fundraising $120,257

  • 11b · Fees: legal

    total $58,222 · management and general $58,222

  • 11c · Fees: accounting

    total $48,500 · management and general $48,500

  • 11f · Fees: investment management

    total $4,942,852 · management and general $4,942,852

  • 11g · Fees: other

    total $450,050 · program services $207,797 · management and general $189,478 · fundraising $52,775

  • 12 · Advertising and promotion

    total $103,367 · fundraising $103,367

  • 13 · Office expenses

    total $314,947 · program services $63,745 · management and general $189,295 · fundraising $61,907

  • 14 · Information technology

    total $539,772 · program services $141,519 · management and general $180,741 · fundraising $217,512

  • 16 · Occupancy

    total $239,480 · program services $62,788 · management and general $80,189 · fundraising $96,503

  • 17 · Travel

    total $133,537 · program services $23,135 · management and general $84,128 · fundraising $26,274

  • 19 · Conferences, conventions and meetings

    total $140,020 · program services $28,603 · management and general $100,754 · fundraising $10,663

  • 22 · Depreciation, depletion and amortization

    total $72,708 · management and general $72,708

  • 23 · Insurance

    total $80,024 · program services $20,981 · management and general $26,796 · fundraising $32,247

  • 24a · Other expenses: Special Programs

    total $93,321 · program services $67,739 · management and general $10,487 · fundraising $15,095

  • 24b · Other expenses: PILOT

    total $12,000 · program services $12,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $300 · end of year $300

  • 2 · Savings and temporary cash investments

    beginning of year $56,743,382 · end of year $84,691,381

  • 7 · Other notes and loans receivable

    beginning of year $213,980 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $365,317 · end of year $313,837

  • 10a · Land, buildings and equipment: cost or other basis

    $2,307,119

  • 10b · Land, buildings and equipment: accumulated depreciation

    $644,914

  • 10c · Land, buildings and equipment, net

    beginning of year $1,701,806 · end of year $1,662,205

  • 11 · Investments: publicly traded securities

    beginning of year $315,732,814 · end of year $340,484,028

  • 12 · Investments: other securities

    beginning of year $281,354,743 · end of year $299,666,806

  • 13 · Investments: program-related

    beginning of year $1,222,029 · end of year $1,081,186

  • 14 · Intangible assets

    end of year $835,883

  • 15 · Other assets

    beginning of year $3,221,520 · end of year $3,504,909

  • 17 · Accounts payable and accrued expenses

    beginning of year $581,698 · end of year $796,934

  • 18 · Grants payable

    beginning of year $2,410,000 · end of year $1,240,000

  • 25 · Other liabilities

    beginning of year $128,164,755 · end of year $149,216,276

  • 27 · Net assets without donor restrictions

    beginning of year $526,177,918 · end of year $572,551,590

  • 28 · Net assets with donor restrictions

    beginning of year $3,221,520 · end of year $8,435,735

Mission and programs · 2023

Mission

The Maine Community Foundation brings people and resources together to build a better Maine.

Activities or mission (Part I)

To bring people and resources together to build a better Maine.

  • Grantmaking. Maine Community Foundation (MaineCF, the Foundation) envisions a Maine that is a vibrant and equitable place where people and communities thrive. MaineCF strives to achieve this vision throughout all of its programs and services. MaineCF partners with donors to accomplish their philanthropic goals in Maine by connecting them and their resources to opportunities in nonprofits, investments, and partnerships that strive to build a better Maine. The Foundation also works with nonprofit organizations, communities, and government and private sector leaders to address the significant issues that are important to people in Maine. (Continued on Schedule O)Specifically, MaineCF holds more than 450 donor advised funds, 700+ scholarships, nearly 300 funds invested on behalf of nonprofits, and 19 competitive grant programs all with the goal of meeting our vision of a vibrant and equitable Maine.In 2023, the Foundation provided more than $58 million in grants supporting organizations to address several charitable initiatives including, but not limited to, climate, housing, economic opportunity, and equity. The $58 million in grants awarded in 2023 includes $3 million in scholarships awarded to over 1,300 recipients for professional development, and undergraduate and graduate studies. It also included 200 grants totaling $1.67 million from the Maine Community Foundation Community Building program, which engages communities across Maine to provide resources to nonprofits from the Foundation's endowed county funds. Furthermore, grants given directly from donor advised funds through MaineCF's Giving Together program added 72 more grants and $533,263 to MaineCF's largest single competitive grant program.

    Expenses $61,202,908 · Grants $58,980,423 · Revenue $1,141,200

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sarah Armentrout

    Director

    Total calculated
    $0
    Hours/week
    1

  • Brian Bernatchez

    Director

    Total calculated
    $0
    Hours/week
    1

  • Timothy Crowley

    Director

    Total calculated
    $0
    Hours/week
    1

  • Matthew P DuBois

    Director

    Total calculated
    $0
    Hours/week
    1

  • Martha Dumont

    Director

    Total calculated
    $0
    Hours/week
    1

  • Susan Hammond

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mark Howard

    Director

    Total calculated
    $0
    Hours/week
    1

  • Deborah A Jordan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Amber Lambke

    Director

    Total calculated
    $0
    Hours/week
    1

  • Julie Mallet

    Director

    Total calculated
    $0
    Hours/week
    1

  • Brooke Parish

    Director

    Total calculated
    $0
    Hours/week
    1

  • Joan Lili Pew

    Director

    Total calculated
    $0
    Hours/week
    1

  • Claude Rwaganje

    Director

    Total calculated
    $0
    Hours/week
    1

  • Tihtiyas Sabattus

    Director

    Total calculated
    $0
    Hours/week
    1

  • Benjamin Sprague

    Director

    Total calculated
    $0
    Hours/week
    1

  • Shawn Yardley

    Director

    Total calculated
    $0
    Hours/week
    1

  • D Gregg Collins

    Chair/Director

    Total calculated
    $0
    Hours/week
    5

  • Adilah Muhammad

    Vice Chair/Director

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Richard

    Clerk; Director of Gift Planning

    Total calculated
    $141,582
    From this org
    $110,491
    From related orgs
    $0
    Other
    $31,091
    Hours/week
    37.5 + 0.1 related

  • Emily Baer

    Secretary; Executive Assistant

    Total calculated
    $72,495
    From this org
    $58,332
    From related orgs
    $0
    Other
    $14,163
    Hours/week
    37.5

  • Deborah Ellwood

    President/CEO/Ex Officio

    Total calculated
    $333,856
    From this org
    $303,244
    From related orgs
    $0
    Other
    $30,612
    Hours/week
    50 + 0.3 related

    Schedule J breakdown matched by us

    Base
    $293,501
    Bonus
    $6,000
    Other
    $3,743
    Deferred
    $26,598
    Nontaxable benefits
    $4,014
    Filer's total
    $333,856

  • Michele Camarco

    Treasurer/VP, CFO

    Total calculated
    $234,500
    From this org
    $202,322
    From related orgs
    $0
    Other
    $32,178
    Hours/week
    50 + 0.3 related

    Schedule J breakdown matched by us

    Base
    $184,398
    Bonus
    $15,873
    Other
    $2,051
    Deferred
    $18,151
    Nontaxable benefits
    $14,027
    Filer's total
    $234,500

  • Lelia DeAndrade

    VP, Community Impact (end 3/2023)

    Total calculated
    $62,782
    From this org
    $55,527
    From related orgs
    $0
    Other
    $7,255
    Hours/week
    50

  • Brendon Reay

    VP, Investments

    Total calculated
    $219,179
    From this org
    $199,671
    From related orgs
    $0
    Other
    $19,508
    Hours/week
    50 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $184,770
    Bonus
    $12,616
    Other
    $2,285
    Deferred
    $15,889
    Nontaxable benefits
    $3,619
    Filer's total
    $219,179

  • Jennifer Southard

    VP, Donor Svc's/Operations(end 4/23)

    Total calculated
    $74,172
    From this org
    $63,390
    From related orgs
    $0
    Other
    $10,782
    Hours/week
    50

  • Laura Young

    VP, Philanthropy (end 4/2023)

    Total calculated
    $116,223
    From this org
    $106,103
    From related orgs
    $0
    Other
    $10,120
    Hours/week
    50

  • Laura Lee

    VP, Community Impact (start 3/2023)

    Total calculated
    $159,397
    From this org
    $126,404
    From related orgs
    $0
    Other
    $32,993
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $116,554
    Bonus
    $8,551
    Other
    $1,299
    Deferred
    $12,081
    Nontaxable benefits
    $20,912
    Filer's total
    $159,397

  • Bree Arsenault

    VP, Philanthropy (start 6/2023)

    Total calculated
    $108,393
    From this org
    $95,176
    From related orgs
    $0
    Other
    $13,217
    Hours/week
    50

  • Rebecca Yturregui

    VP, Donor Engagement (start 5/2023)

    Total calculated
    $116,543
    From this org
    $102,943
    From related orgs
    $0
    Other
    $13,600
    Hours/week
    50

  • Elena Sulima

    Director of Finance

    Total calculated
    $158,132
    From this org
    $125,577
    From related orgs
    $0
    Other
    $32,555
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $124,096
    Bonus
    $0
    Other
    $1,481
    Deferred
    $11,700
    Nontaxable benefits
    $20,855
    Filer's total
    $158,132

  • Liana Kingsbury

    Director, Non-Profit Agency Funds

    Total calculated
    $134,682
    From this org
    $112,122
    From related orgs
    $0
    Other
    $22,560
    Hours/week
    37.5

  • Cherie Gaylen

    Director, Learning and Policy

    Total calculated
    $136,587
    From this org
    $105,789
    From related orgs
    $0
    Other
    $30,798
    Hours/week
    37.5

  • Hannah Whalen

    Director of Donor Engagement

    Total calculated
    $126,964
    From this org
    $101,803
    From related orgs
    $0
    Other
    $25,161
    Hours/week
    37.5

  • Elizabeth Fickett

    Director of Grants and Scholarships

    Total calculated
    $129,317
    From this org
    $100,449
    From related orgs
    $0
    Other
    $28,868
    Hours/week
    37.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Andrew Marshall Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $211,572

    Directly controlled by Maine Community Foundation

  • David K Silverman Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $434,260

    Directly controlled by Maine Community Foundation

  • Mary S Marshal Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $1,279,447

    Directly controlled by Maine Community Foundation

  • Rachel Samsel Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $158,352

    Directly controlled by Maine Community Foundation

  • Richard J McGoldrick Charitable Remainder Annuity Trust 2019

    T · Charitable Remainder Trust · ME · 100% owned

    Directly controlled by Maine Community Foundation

  • Roger A Fessaguet 2013 Charitable Remainder Trust No 1

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $343,784

    Directly controlled by Maine Community Foundation

  • Roger A Fessaguet 2013 Charitable Remainder Trust No 2

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $102,357

    Directly controlled by Maine Community Foundation

  • Sedgwick Charitable Remainder Trust

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $24,562

    Directly controlled by Maine Community Foundation

  • Stanley N Marshall III Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME · 100% owned · share of assets $219,889

    Directly controlled by Maine Community Foundation

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423099349303012

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