Form 990 for tax year 2023
Filed by THE FOUNDATION FOR MAINE COMMUNITY COLLEGES.
Totals
- Total revenue
- $1,379,321
- Total expenses
- $6,927,329
- Contributions and grants received
- $739,671
- Grants paid
- $6,514,446
- Program service revenue
- $368,217
- Investment income
- $271,433
- Other revenue
- $0
- Total assets, end of year
- $9,433,902
- Total liabilities, end of year
- $1,628,137
- Net assets or fund balances, end of year
- $7,805,765
- Program services expenses (Part IX)
- $6,514,446
- Management and general expenses
- $212,925
- Fundraising expenses
- $199,958
- Program service expenses (Part III)
- $6,514,446
Program services were 94.0% 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)
$56,520
-
1f · All other contributions, gifts and grants
$683,151
-
2a · Program service revenue: Fundraising Svc. Fees
total $368,217 · related or exempt $368,217
-
3 · Investment income
total $208,696 · excluded $208,696
-
7a · Gross sales of assets other than inventory
securities $62,737
-
7b · Less cost or other basis and sales expenses
securities $0
-
7c · Gain or loss
securities $62,737
-
7d · Net gain or loss
total $62,737 · excluded $62,737
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $6,514,446 · program services $6,514,446
-
5 · Compensation of officers, directors and key employees
total $138,350 · management and general $41,505 · fundraising $96,845
-
7 · Other salaries and wages
total $138,330 · management and general $65,574 · fundraising $72,756
-
8 · Pension plan contributions
total $15,936 · management and general $15,936
-
9 · Other employee benefits
total $18,812 · management and general $3,329 · fundraising $15,483
-
10 · Payroll taxes
total $20,709 · management and general $5,835 · fundraising $14,874
-
11c · Fees: accounting
total $13,245 · management and general $13,245
-
11f · Fees: investment management
total $8,918 · management and general $8,918
-
11g · Fees: other
total $26,310 · management and general $26,310
-
13 · Office expenses
total $19,050 · management and general $19,050
-
14 · Information technology
total $3,495 · management and general $3,495
-
16 · Occupancy
total $1,633 · management and general $1,633
-
17 · Travel
total $1,557 · management and general $1,557
-
19 · Conferences, conventions and meetings
total $3,701 · management and general $3,701
-
23 · Insurance
total $1,242 · management and general $1,242
-
24a · Other expenses: Gift Fees
total $1,595 · management and general $1,595
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $6,994,993 · end of year $5,461,862
-
3 · Pledges and grants receivable
beginning of year $5,601,491 · end of year $2,321,190
-
4 · Accounts receivable
beginning of year $28,260
-
9 · Prepaid expenses and deferred charges
beginning of year $8,274 · end of year $3,429
-
10a · Land, buildings and equipment: cost or other basis
$37,959
-
10b · Land, buildings and equipment: accumulated depreciation
$37,959
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $0
-
11 · Investments: publicly traded securities
beginning of year $1,427,463 · end of year $1,647,421
-
17 · Accounts payable and accrued expenses
beginning of year $1,036,265 · end of year $1,628,137
-
27 · Net assets without donor restrictions
beginning of year $1,542,099 · end of year $1,862,859
-
28 · Net assets with donor restrictions
beginning of year $11,482,117 · end of year $5,942,906
Mission and programs · 2023
Mission
The Foundation for Maine's Community Colleges is dedicated to ensuring that the State's seven community colleges have the resources they need to provide a high quality, affordable, and accessible college education for Maine people.
Activities or mission (Part I)
Provide support and resources for Maine's seven community colleges.
-
The Foundation for Maine's Community Colleges supported the Maine Community College System and its seven colleges (the System) by: -Developing sustainable sources of philanthropic funds for the System;-Advancing the public purpose of the System; and-Supporting the System's top priorities of student success and workforce development.
Expenses $6,514,446 · Grants $6,514,446 · Revenue $368,217
As filed on the 2023 return.
Listed in Part VII
-
Dr John Fitzsimmons
President
- Total calculated
- $150,123
- From this org
- $119,395
- From related orgs
- $0
- Other
- $30,728
- Hours/week
- 30
Schedule J breakdown matched by us
- Base
- $118,667
- Bonus
- $0
- Other
- $728
- Deferred
- $0
- Nontaxable benefits
- $30,728
- Filer's total
- $150,123
-
Hon John R McKernan Jr
Chair
- Total calculated
- $0
- Hours/week
- 8
-
Lisa M Gorman
Vice Chair
- Total calculated
- $0
- Hours/week
- 7
-
Hon Daniel E Wathen
Secretary
- Total calculated
- $0
- Hours/week
- 5
-
Lawrence A Wold
Treasurer
- Total calculated
- $0
- Hours/week
- 6
-
Scott Ballard
Director
- Total calculated
- $0
- Hours/week
- 5
-
David Daigler
Director
- Total calculated
- $0
- Hours/week
- 5
-
Tony DiSotto
Director
- Total calculated
- $0
- Hours/week
- 5
-
Robert Montgomery-Rice
Director
- Total calculated
- $0
- Hours/week
- 5
-
Joseph Purington
Director
- Total calculated
- $0
- Hours/week
- 5
-
Elaine D Rosen
Director
- Total calculated
- $0
- Hours/week
- 7
-
Carol Epstein
Past Director
- Total calculated
- $0
- Hours/week
- 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 · Written employment contract
- 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
-
Maine Community College System
$6,514,446
General support of Maine's 7 community colleges
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 1 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202403119349300215
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