Foundation for a Strong Maine Economy

Analysis

Foundation for a Strong Maine Economy is a registered charity in United States, based in Augusta, ME. It received its IRS tax-exemption ruling in August 2014, 12 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Foundation for a Strong Maine Economy reported income of $3.2m and spending of $3.5m, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.0m to $3.2m (+64%), an average of +13% a year. The sharpest change came in the year to December 2023, when income rose by 48%. Over the whole period it spent 102% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Foundation for a Strong Maine Economy sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 89th percentile within ME. Charities of a similar size with the same main cause include Journalism Funding Partners ($3.2m), Cristo Rey Work Study Program ($3.2m) and Center for Community Self-Help ($3.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $252k (7.2% of expenses). Other salaries and wages came to $216k. At year end it held assets of $2.2m against liabilities of $1.8m, net assets of $438k. It reported 5 employees.