Libra Foundation Owen W Wells Trustee
- Assets
- $175.0m
- Revenue
- -$2.7m
- Investments
- $126.4m
- Employees
- 0
- Location
- Portland, ME
- Founding
- 03/1990
- Data as of
- 12/2022
- EIN
- 04-6626994
Organization Overview
Libra Foundation Owen W Wells Trustee is located in Portland, ME. The organization was established in 1990. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Libra Foundation Owen W Wells Trustee 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 12/2022, Libra Foundation Owen W Wells Trustee generated -$2.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 31.1% each year . All expenses for the organization totaled $9.1m during the year ending 12/2022. While expenses have increased by 4.1% per year over the past 7 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.
Since 2016, Libra Foundation Owen W Wells Trustee has awarded 548 individual grants totaling $55,498,585. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Owen W Wells Trustee | 30 | $99,934 | |
Craig N Denekas Chairman/ceo | 50 | $399,945 | |
Jere G Michelson President/coo/cfo | 50 | $389,952 | |
Erik Hayward Executive Vice President | 50 | $275,028 | |
Pendred E Noyce Trustee | 10 | $0 | |
William J Ryan Trustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Harpswell Capital Advisors | 12/30/22 | $121,334 |
Capital Guardian | 12/30/22 | $72,066 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $8,471 |
| Dividends & Interest | $565,100 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$2,003,618 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$1,232,611 |
| Total Revenue | -$2,662,658 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,439,971 |
| Other employee salaries and wages | $335,031 |
| Pension plans, employee benefits | $399,883 |
| Interest | $0 |
| Taxes | $89,984 |
| Depreciation | $61,828 |
| Occupancy | $133,505 |
| Travel, conferences, and meetings | $42,500 |
| Printing and publications | $0 |
| Other expenses | $157,424 |
| Total operating and administrative expenses | $2,895,606 |
| Contributions, gifts, grants paid | $6,168,580 |
| Total expenses and disbursements | $9,064,186 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $638,437 |
| Savings and temporary cash investments | $1,545,446 |
| 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 | $9,155 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $91,422,714 |
| Net Land, buildings, and equipment | $339,307 |
| Other assets | $46,103,213 |
| Total assets | $174,993,751 |
| Accounts payable and accrued expenses | $183,841 |
| Grants payable | $200,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $8,600 |
| Total liabilities | $392,441 |
Grants Awarded
Over the last fiscal year, Libra Foundation Owen W Wells Trustee has awarded $6,318,580 in support to 80 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN HEART ASSOCIATION PURPOSE: GENERAL OPERATING SUPPORT | $2,750 |
ABBE MUSEUM PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
AMERICAN RED CROSS OF MAINE PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
AMISTAD PURPOSE: WORKFORCE NAVIGATION PROGRAM | $10,000 |
BANGOR SYMPHONY ORCHESTRA PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
AUTISM SOCIETY OF MAINE PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |