Richard C Paine Jr Automobile Collection Charitable Trust
- Assets
- $17.8m
- Revenue
- $590.4k
- Investments
- $8.6m
- Employees
- 0
- Location
- Portland, ME
- Founding
- 12/2008
- Data as of
- 12/2021
- EIN
- 01-6080444
Organization Overview
Richard C Paine Jr Automobile Collection Charitable Trust is located in Portland, ME. The organization was established in 2008. According to its NTEE Classification (A19) the organization is classified as: Support N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richard C Paine Jr Automobile Collection Charitable Trust 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 12/2021, Richard C Paine Jr Automobile Collection Charitable Trust generated $590.4k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Richard C Paine Jr Automobile Collection Charitable Trust has awarded 26 individual grants totaling $2,751,886. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CHARITABLE TRUST PROVIDES FINANCIAL SUPPORT TO THE SEAL COVE MUSEUM ANNUALLY AND PROVIDES ITS ASSETS FOR DISPLAY AT THE SEAL COVE MUSEUM TO HELP FURTHER THE MISSION OF THE ORGANIZATION TO TELL THE STORY OF INNOVATION, INGENUITY, TECHNICAL AND SOCIAL CHANGE IN NEW ENGLAND AND AMERICA THROUGH THE DEVELOPMENT AND USE OF EARLY MOTOR VEHICLES.
THE CHARITABLE TRUST PROVIDED FINANCIAL SUPPORT TO THE OWLS HEAD TRANSPORTATION MUSEUM TO FURTHER THE MISSION OF THE ORGANIZATION TO COLLECT, PRESERVE, EXHIBIT AND OPERATE PRE-1940 AIRCRAFT, GROUND VEHICLES, ENGINES AND RELATED TECHNOLOGIES.
THE CHARITABLE TRUST PROVIDED FINANCIAL SUPPORT TO THE LARZ ANDERSON AUTO MUSEUM TO FURTHER SUPPORT THE MISSION OF THE ORGANIZATION TO SUPPORT THE COMMUNITY THROUGH EDUCATIONAL OUTREACH AND THE PRESERVATION OF ITS PERMANENT COLLECTION OF EARLY AUTOMOBILES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Pm Higgins Trustee | 8 | $62,500 | |
John J Sanford Trustee | 18 | $62,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $91,338 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $149,071 |
| Capital Gain Net Income | $149,071 |
| Net ST Capital Gain | $82,526 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $350,000 |
| Total Revenue | $590,409 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $125,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $11,968 |
| Depreciation | $1,911 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $215 |
| Printing and publications | $0 |
| Other expenses | $60,502 |
| Total operating and administrative expenses | $587,514 |
| Contributions, gifts, grants paid | $770,005 |
| Total expenses and disbursements | $1,357,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,894 |
| Savings and temporary cash investments | $294,473 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,200 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $23,469 |
| Other assets | $8,847,148 |
| Total assets | $17,787,813 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Richard C Paine Jr Automobile Collection Charitable Trust has awarded $770,005 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Owls Head, ME PURPOSE: TO FUND OWLS HEAD TRANSPORTATION MUSEUM - DISPLAYS CLASSIC AUTOS | $500,000 |
Seal Cove, ME PURPOSE: TO FUND SEAL COVE AUTO MUSEUM - DISPLAYS CLASSIC AUTOS | $269,155 |
LARZ ANDERSON AUTO MUSEUM PURPOSE: TO FUND THE LARZ ANDERSON AUTO MUSEUM - DISPLAYS OLDEST COLLECTION OF MOTORCARS IN THE UNITED STATES | $625 |
Kingfield, ME PURPOSE: TO FUND THE STANLEY MUSEUM - DISPLAYS EARLY INVENTIONS AND AUTOMOBILES | $225 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Technology Review Inc Cambridge, MA | $6,822,000 | $19,424,000 |
Boston Ballet Inc Boston, MA | $56,996,958 | $26,750,107 |
Maine Public Broadcasting Corporation Lewiston, ME | $44,284,020 | $28,024,682 |
Society For The Preservation Of New England Antiquities Inc Boston, MA | $149,018,347 | $24,101,977 |
Institute Of Contemporary Art Boston, MA | $121,321,339 | $26,427,567 |
New Hampshire Institute of Art Manchester, NH | $0 | $13,685,136 |
New England Historic Genealogical Society Inc Boston, MA | $58,526,477 | $13,569,592 |
American Repertory Theatre Cambridge, MA | $28,732,151 | $12,990,237 |
Eastern Educational Television Network Inc Boston, MA | $16,514,282 | $14,535,811 |
Worcester Art Museum Worcester, MA | $148,643,203 | $30,005,812 |
New England Foundation For The Arts Inc Boston, MA | $37,132,144 | $19,074,510 |
New England Public Media Inc Springfield, MA | $13,528,339 | $7,013,590 |