Heart of Maine United Way

Analysis

Heart of Maine United Way is a registered charity in United States, based in Bangor, ME. It received its IRS tax-exemption ruling in September 1959, 67 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Heart of Maine United Way reported income of $2.4m and spending of $2.3m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.3m to $2.4m (+3.9%), an average of +1.0% a year. The sharpest change came in the year to June 2023, when income dropped by 19%. Over the whole period it spent 88% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Heart of Maine United Way sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 86th percentile within ME. Charities of a similar size with the same main cause include National Council of Nonprofits ($2.4m), Light Up Hope Inc ($2.4m) and Camp Albemarle ($2.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 78% of the total. Compensation of current officers, directors and key employees was $117k (5.1% of expenses). Other salaries and wages came to $473k. At year end it held assets of $5.5m against liabilities of $726k, net assets of $4.8m. It reported 12 employees.