Alfond Scholarship Foundation

Organization Overview

Alfond Scholarship Foundation is located in Portland, ME. The organization was established in 2008. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Alfond Scholarship Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alfond Scholarship Foundation 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 06/2022, Alfond Scholarship Foundation generated $7.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $7.3m during the year ending 06/2022. While expenses have increased by 1.4% 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 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

THE ASF MISSION IS TO PROVIDE INCENTIVE SCHOLARSHIP GRANTS TO MAINE CHILDREN FOR THEIR HIGHER EDUCATION AND TO SUPPORT MAINE'S CHILDREN'S ASPIRATIONS AND ACCESS TO, AND PREPARATION FOR, HIGHER EDUCATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE ASF IS RESPONSIBLE FOR OVERSIGHT, PROMOTION, AND FINANCIAL SUPPORT OF THE HAROLD ALFOND COLLEGE CHALLENGE PROGRAM (ALSO KNOWN AS THE MY ALFOND GRANT PROGRAM).


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Board, Officers & Key Employees

Name (title)Compensation
Colleen Quint
President/ceo
$134,259
Steve Akin
Chair
$0
Scott B Bullock
Vice Chair
$0
J Duke Albanese
Treasurer
$0
Steve Decastro
Director
$0
Anne Swift-Kayatta
Director
$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$7,474,611
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$7,474,611
Total Program Service Revenue$0
Investment income $208
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,474,819

Grants Recieved

Over the last fiscal year, we have identified 7 grants that Alfond Scholarship Foundation has recieved totaling $7,506,955.

Awarding OrganizationAmount
Harold Alfond Foundation

Portland, ME

PURPOSE: ASF SCHOLARSHIP PAYMENTS

$5,934,309
Harold Alfond Foundation

Portland, ME

PURPOSE: OPERATIONS

$769,724
Harold Alfond Foundation

Portland, ME

PURPOSE: QUARTERLY FAME EXPENSES

$312,276
Charles Stewart Mott Foundation

Flint, MI

PURPOSE: TO EVALUATE THE EFFECTS OF THE EDUCATIONAL SAVINGS PROGRAMS ON CHILDREN, FAMILIES AND COMMUNITIES AND SHARE THE LESSONS LEARNED WITH THE CSA FIELD.

$275,000
Harold Alfond Foundation

Portland, ME

PURPOSE: OPERATIONS

$99,955
Harold Alfond Foundation

Portland, ME

PURPOSE: ASF SCHOLARSHIP PAYMENTS

$65,691
View Grant Recipient Profile

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