Grace Evangelical Inc
- Assets
- $734.8k
- Revenue
- $399.9k
- Investments
- $0.0
- Employees
- 20
- Location
- Bangor, ME
- Founding
- 07/2002
- Data as of
- 06/2023
- EIN
- 01-0543513
Organization Overview
Grace Evangelical Inc is located in Bangor, ME. The organization was established in 2002. According to its NTEE Classification (B40) the organization is classified as: Higher Education, under the broad grouping of Education and related organizations. As of 06/2023, Grace Evangelical Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Evangelical Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Grace Evangelical Inc generated $399.9k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $215.3k during the year ending 06/2023. While expenses have increased by 2.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE, EQUIP AND PROVIDE SERVANT LEADERS FOR THE BODY OF CHRIST TO FULFILL THE GREAT COMMISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ADMINISTER CHRISTIAN POST-SECONDARY EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Kamen Trustee | Trustee | 2 | $0 |
Molly Sparling Chair | OfficerTrustee | 6 | $0 |
Rev Dr Jerry Mick Trustee | Trustee | 2 | $0 |
Bob Berry Trustee | Trustee | 0.5 | $0 |
Duska Thurston Trustee | Trustee | 1 | $0 |
Phil Camill Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $61,472 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $61,472 |
| Total Program Service Revenue | $20,160 |
| Investment income | $7,228 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $310,999 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $399,859 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $30,000 |
| Compensation of current officers, directors, key employees. | $9,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $85,598 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,843 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,033 |
| Office expenses | $12,646 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,094 |
| Travel | $2,882 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,620 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,854 |
| Insurance | $5,478 |
| All other expenses | $0 |
| Total functional expenses | $215,291 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $35,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,819 |
| Investments—publicly traded securities | $692,345 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $734,771 |
| Accounts payable and accrued expenses | $2,294 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,294 |
| Net assets without donor restrictions | $661,350 |
| Net assets with donor restrictions | $71,127 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $734,771 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Institute For Doctoral Studies Inthe Visual Arts Portland, ME | $2,135,139 | $2,437,797 |
Indigenous Pathways Inc Bath, ME | $5,355,461 | $5,206,925 |
Signum University Bedford, NH | $44,010 | $927,883 |
Nackey S Loeb School Of Communications Inc Manchester, NH | $3,382,671 | $334,167 |
Grace Evangelical Inc Bangor, ME | $734,771 | $399,859 |
Chaplaincy Institute Of Maine Portland, ME | $147,816 | $206,138 |
Caroline S Wooster Trust Portland, ME | $511,543 | $44,385 |