Galen Cole Family Foundation Inc

Organization Overview

Galen Cole Family Foundation Inc is located in Bangor, ME. The organization was established in 1975. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Galen Cole Family Foundation 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 12/2021, Galen Cole Family Foundation Inc generated $3.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 2.0% 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.

Mission & Program ActivityExcerpts From the 990PF Filing

TAX YEAR

2021

Describe the Organization's Program Activity:

Part 3 - Line 4a

TRANSPORTATION MUSEUM: TO COLLECT, CONSTRUCT, RESTORE, DISPLAY AND MAINTAIN ANTIQUE EQUIPMENT AND FACILITIES THEMATIC TO EARLY MAINE LIFE, TRANSPORTATION AND INDUSTRY.


PROVIDES READING RECOVERY TRAINING PROGRAM GRANTS TO TEACHERS WORKING WITH IDENTIFIED STRUGGLING 1ST GRADE READERS IN PARTICIPATING SCHOOLS THROUGH THE UNIVERSITY OF MAINE.


SCHOLARSHIP GRANTS TO ELIGIBLE COLLEGE LEVEL STUDENTS AT UNIVERSITY OF MAINE, HUSSON UNIVERSITY, EASTERN MAINE COMMUNITY COLLEGE AND THE CLIFF VINING MEMORIAL SCHOLARSHIP.


PROVIDE FINANCIAL ASSISTANCE TO FACILITATE THE DISTRIBUTION OF THE "BACK PACK FOOD PROGRAM" TO CHILDREN IN NEED WITHIN THE BANGOR SCHOOL SYSTEM.


TRANSPORTATION MUSEUM: TO COLLECT, CONSTRUCT, RESTORE, DISPLAY AND MAINTAIN ANTIQUE EQUIPMENT AND FACILITIES THEMATIC TO EARLY MAINE LIFE, TRANSPORTATION AND INDUSTRY.


PROVIDES READING RECOVERY TRAINING PROGRAM GRANTS TO TEACHERS WORKING WITH IDENTIFIED STRUGGLING 1ST GRADE READERS IN PARTICIPATING SCHOOLS THROUGH THE UNIVERSITY OF MAINE.


SCHOLARSHIP GRANTS TO ELIGIBLE COLLEGE LEVEL STUDENTS AT UNIVERSITY OF MAINE, HUSSON UNIVERSITY, EASTERN MAINE COMMUNITY COLLEGE AND THE CLIFF VINING MEMORIAL SCHOLARSHIP.


PROVIDE FINANCIAL ASSISTANCE TO FACILITATE MEAL DISTRIBUTIONS TO CHILDREN IN NEED THROUGH THE FOOD BANK'S YOUTH AND FAMILY INITIATIVES SUCH AS SCHOOL PANTRY, KID'S CAFE, AND SUMMER LUNCH PROGRAM.


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Financial Statements

Statement of Revenue
Contributions, Gifts, Grants & Similar $1,987
Interest on Savings $59,569
Dividends & Interest $364,668
Net Rental Income$18,000
Net Gain on Sale of Assets $3,278,275
Capital Gain Net Income $3,281,983
Net ST Capital Gain $1,647,779
Income Modifications $0
Profit on Inventory Sales $1,900
Other Income $122,824
Total Revenue $3,847,223

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Galen Cole Family Foundation Inc has recieved totaling $15,000.

Awarding OrganizationAmount
Fidelity Investments Charitable Gift Fund

Boston, MA

PURPOSE: FOR GRANT RECIPIENT'S EXEMPT PURPOSES

$15,000
View Grant Recipient Profile

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