The Foundation for Maine Community Colleges

Analysis

The Foundation for Maine Community Colleges is a registered charity in United States, based in Augusta, ME. It received its IRS tax-exemption ruling in May 2010, 16 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a organisation supporting a government-owned college or university under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, The Foundation for Maine Community Colleges reported income of $1.4m and spending of $6.9m, spending 502% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income fell from $2.2m to $1.4m (-37%), an average of -11% a year. The sharpest change came in the year to June 2022, when income rose by 615%. Over the whole period it spent 102% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The Foundation for Maine Community Colleges sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 80th percentile within ME. Charities of a similar size with the same main cause include Redwood High School Foundation ($1.4m), Daarul Uloom Association ($1.4m) and Five Rivers Career Prep High School ($1.4m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 54% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $138k (2.0% of expenses). Other salaries and wages came to $138k. At year end it held assets of $9.4m against liabilities of $1.6m, net assets of $7.8m. It reported 3 employees.