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Nonprofiteer
← VINCENT B AND BARBARA G WELCH SUPPORTING ORGANIZATION

Form 990 for tax year 2023

Filed by VINCENT B AND BARBARA G WELCH SUPPORTING ORGANIZATION.

Totals

Total revenue
$720,310
Total expenses
$367,399
Contributions and grants received
$0
Grants paid
$206,343
Program service revenue
$0
Investment income
$0
Other revenue
$720,310
Total assets, end of year
$8,053,331
Total liabilities, end of year
$400,000
Net assets or fund balances, end of year
$7,653,331
Program services expenses (Part IX)
$206,779
Management and general expenses
$160,620
Fundraising expenses
$0
Program service expenses (Part III)
$206,779

Program services were 56.3% 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.

  • 11a · Other revenue: Share-MCF Cap Gains

    total $667,828 · excluded $667,828

  • 11b · Other revenue: Share-MCF Invest. Inc.

    total $52,482 · excluded $52,482

  • 11e · Other revenue, total

    $720,310

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $206,343 · program services $206,343

  • 11a · Fees: management

    total $82,341 · management and general $82,341

  • 24a · Other expenses: Share-MCF Invest. Fees

    total $78,279 · management and general $78,279

  • 24b · Other expenses: Share-MCF Program Exp.

    total $436 · program services $436

Balance sheet

Part X, book values.

  • 12 · Investments: other securities

    beginning of year $7,533,099 · end of year $8,053,331

  • 18 · Grants payable

    beginning of year $500,000 · end of year $400,000

  • 27 · Net assets without donor restrictions

    beginning of year $7,033,099 · end of year $7,653,331

Mission and programs · 2023

Mission

Support the Maine Community Foundation (MCF) and its charitable and educational purposes.

  • Awards charitable grants to non-profit organizations primarily in the greater Portland, ME area with a focus on youth, education, health care, alcohol and substance abuse rehabilitation, and art and culture.

    Expenses $206,779 · Grants $206,343

As filed on the 2023 return.

Listed in Part VII

  • Sue Doliner

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Douglas M Henry

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Amanda V Rand

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Sally G Vamvakias

    President/Director

    Total calculated
    $0
    Hours/week
    0.1

  • Eric Blakeman

    Vice President/Director

    Total calculated
    $0
    Hours/week
    0.1

  • Deborah Ellwood

    MCF President & CEO

    Total calculated
    $333,856
    From this org
    $0
    From related orgs
    $303,244
    Other
    $30,612
    Hours/week
    0.1 + 50.2 related

    Schedule J breakdown matched by us

    Base
    $0 + $293,501 related
    Bonus
    $0 + $6,000 related
    Other
    $0 + $3,743 related
    Deferred
    $0 + $26,598 related
    Nontaxable benefits
    $0 + $4,014 related
    Filer's total
    $0 + $333,856 related

  • Michele Camarco

    Treasurer/MCF CFO

    Total calculated
    $234,500
    From this org
    $0
    From related orgs
    $202,322
    Other
    $32,178
    Hours/week
    0.1 + 50.2 related

    Schedule J breakdown matched by us

    Base
    $0 + $184,398 related
    Bonus
    $0 + $15,873 related
    Other
    $0 + $2,051 related
    Deferred
    $0 + $18,151 related
    Nontaxable benefits
    $0 + $14,027 related
    Filer's total
    $0 + $234,500 related

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

None.

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

The filer's explanations (Part III)

Part I, Line 3
The Vincent B. and Barbara G. Welch Supporting Organization does not have any employees. However, the Vice President/CFO of Maine Community Foundation (MCF), the supported organization, oversees the finances of the Welch Supporting Organization, and the MCF President & CEO is named as the Organization's Principal Officer. MCF uses a compensation committee, an independent compensation consultant, the Form 990 of other organizations, compensation surveys or studies, and approval by the board or a compensation committee to assist in establishing the compensation for this position.

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.

  • Maine Community Foundation

    501(c)(3) · Statewide community foundation · ME

  • Edward H Daveis Benevolent Fund

    501(c)(3) · Support MCF through grant making activities · ME

    Directly controlled by Maine Community Foundation

  • Maine Community Supporting Foundation

    501(c)(3) · Support MCF by receiving real estate and other unique charitable gifts · ME

    Directly controlled by Maine Community Foundation

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

  • David K Silverman Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME

  • Mary S Marshal Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME

  • Rachel Samsel Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME

  • Roger A Fessaguet 2013 Charitable Remainder Trust No 1

    T · Charitable Remainder Trust · ME

  • Roger A Fessaguet 2013 Charitable Remainder Trust No 2

    T · Charitable Remainder Trust · ME

  • Sedgwick Charitable Remainder Trust

    T · Charitable Remainder Trust · ME

  • Stanley N Marshall III Charitable Remainder Unitrust

    T · Charitable Remainder Trust · ME

Provenance

Return type
form_990
Tax year
2023
Filed
29 October 2024
IRS schema version
2023v5.1
Source object
202403099349302540

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