Monmouth Academy Trustees Of
- Assets
- $2.1m
- Revenue
- $174.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Monmouth, ME
- Founding
- 07/1962
- Data as of
- 02/2022
- EIN
- 01-0545125
Organization Overview
Monmouth Academy Trustees Of is located in Monmouth, ME. The organization was established in 1962. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Monmouth Academy Trustees Of 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 02/2022, Monmouth Academy Trustees Of generated $174.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $49.6k during the year ending 02/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AWARDS AND SCHOLARSHIPS FOR STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO GRANT AWARDS AND SCHOLARSHIPS TO GRADUATING SENIORS AT MONMOUTH ACADEMY, A PUBLIC HIGH SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Palleschi Treasurer | OfficerTrustee | 1 | $500 |
Kristen Sanborn Secretary | OfficerTrustee | 0.1 | $0 |
Richard Robertson Vice Preside | OfficerTrustee | 0.1 | $0 |
David Walker President | OfficerTrustee | 0.2 | $0 |
Trudy Palleschi Trustee | Trustee | 0.1 | $0 |
Hugh Lemaster Trustee | Trustee | 0.1 | $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 | $11,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,500 |
| Total Program Service Revenue | $0 |
| Investment income | $54,918 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $108,344 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $174,762 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $26,010 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $500 |
| Compensation of current officers, directors, key employees. | $500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,837 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $35 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,102 |
| All other expenses | $0 |
| Total functional expenses | $49,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $105,456 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $2,031,914 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,137,370 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $86,251 |
| Net assets with donor restrictions | $2,051,119 |
| 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 | $2,137,370 |
Grants Awarded
Over the last fiscal year, Monmouth Academy Trustees Of has awarded $4,820 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PACKARD ATHLETIC PURPOSE: Athletic awards | $3,670 |
PACKARD LIBRARY PURPOSE: Library assistance | $1,150 |
Endowment Analysis
| Beg. Balance | $2,160,464 |
| Earnings | -$11,837 |
| Admin Expense | $23,624 |
| Net Contributions | $11,450 |
| Grants | $5,380 |
| Ending Balance | $2,131,073 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wolfes Neck Farm Foundation Inc Freeport, ME | $12,188,100 | $5,656,149 |
Francis T & Louise T Nichols Foundation Bangor, ME | $18,153,366 | $3,236,435 |
Horizon Foundation Inc Portland, ME | $24,987,883 | $2,103,553 |
Burns Family Foundation Inc Damariscotta, ME | $7,389,840 | $428,121 |
Information Technology Exchange Searsport, ME | $1,439,216 | $1,322,404 |
Positive Tracks Inc Hanover, NH | $788,895 | $936,477 |
Land Conservation Assistance Network Yarmouth, ME | $35,022 | $631,077 |
Krempels Center Portsmouth, NH | $1,041,013 | $734,120 |
Watermans Community Center North Haven, ME | $3,096,274 | $570,258 |
Charitable Division Of The Rotary Club Of Portsmouth New Hampshire Portsmouth, NH | $3,205,504 | $502,112 |
Islesboro Islands Trust Islesboro, ME | $4,486,881 | $831,070 |
Hine Corporation Scarborough, ME | $1,274,954 | $334,482 |