Civic Intelligence

Alfond Scholarship Foundation

990 • Fiscal year 2013 • EIN 26-1765514

Jan 01, 2013 to Dec 31, 2013 • Filed on May 14, 2014

Organization Profilewww.500forbaby.org
15 Monument Square Suite 404101

(207) 347-8638

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

63rd percentile

0.24x

Higher debt load relative to assets than 63% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Liabilities / Revenue

16th percentile

0.00x

Higher debt load relative to revenue than 16% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Net Margin

42nd percentile

0.4%

Higher net margin than 42% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Top Officer Pay

72nd percentile

$98,086

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets63rd percentile

Assets

$28,886

No earlier filing loaded for comparison.

Net Assets

$21,952

No earlier filing loaded for comparison.

Liabilities

$6,934

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue16th percentileNet Margin42nd percentile

Revenue

$3,522,066

No earlier filing loaded for comparison.

Expenses

$3,506,946

No earlier filing loaded for comparison.

Net Income

$15,120

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2013: $28,886Liabilities 2013: $6,934Net Assets 2013: $21,9522013Assets 2014: $1,544,603Liabilities 2014: $1,509,981Net Assets 2014: $34,6222014Assets 2015: $1,721,318Liabilities 2015: $1,531,837Net Assets 2015: $189,4812015Assets 2016: $2,218,254Liabilities 2016: $1,991,699Net Assets 2016: $226,5552016Assets 2017: $2,613,540Liabilities 2017: $2,301,379Net Assets 2017: $312,1612017Assets 2019: $1,930,355Liabilities 2019: $1,601,550Net Assets 2019: $328,8052019Assets 2020: $1,806,089Liabilities 2020: $1,542,955Net Assets 2020: $263,1342020Assets 2021: $1,799,589Liabilities 2021: $1,563,990Net Assets 2021: $235,5992021Assets 2022: $2,013,971Liabilities 2022: $1,609,963Net Assets 2022: $404,0082022Assets 2023: $1,758,855Liabilities 2023: $1,490,901Net Assets 2023: $267,9542023Assets 2024: $1,677,903Liabilities 2024: $1,546,415Net Assets 2024: $131,4882024

Highlighted filing

2013

Assets$28,886
Liabilities$6,934
Net Assets$21,952
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2013: $3,522,066Expenses 2013: $3,506,946Net Income 2013: $15,1202013Revenue 2014: $12,294,887Expenses 2014: $12,282,217Net Income 2014: $12,6702014Revenue 2015: $6,787,304Expenses 2015: $6,632,445Net Income 2015: $154,8592015Revenue 2016: $7,018,266Expenses 2016: $6,981,192Net Income 2016: $37,0742016Revenue 2017: $7,812,082Expenses 2017: $7,726,476Net Income 2017: $85,6062017Revenue 2019: $7,383,187Expenses 2019: $7,220,097Net Income 2019: $163,0902019Revenue 2020: $6,981,556Expenses 2020: $7,047,227Net Income 2020: -$65,6712020Revenue 2021: $7,054,853Expenses 2021: $7,082,388Net Income 2021: -$27,5352021Revenue 2022: $7,474,819Expenses 2022: $7,306,410Net Income 2022: $168,4092022Revenue 2023: $7,242,635Expenses 2023: $7,378,689Net Income 2023: -$136,0542023Revenue 2024: $7,161,628Expenses 2024: $7,298,094Net Income 2024: -$136,4662024

Highlighted filing

2013

Revenue$3,522,066
Expenses$3,506,946
Net Income$15,120
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 14, 2014
Return Version
2013v3.0
Gross Receipts
$3,522,066
Mission and Program Overview

Mission

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$52,559$18,666▼ $33,893
Prepaid Expenses and Deferred Charges-$10,220-
Total Assets$52,559$28,886▼ $23,673
Liabilities
Accounts Payable and Accrued Expenses$45,727$6,934▼ $38,793
Total Liabilities$45,727$6,934▼ $38,793
Net Assets / Fund Balance
Unrestricted Net Assets$6,832$21,952▲ $15,120
Total Net Assets Fund Balance$6,832$21,952▲ $15,120
Total Liabilities and Net Assets / Fund Balance$52,559$28,886▼ $23,673
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Henry BourgeoisExecutive DirectorPT$98,086$98,086

Board Members and Trustees

NameTitle
Lawrence PughChair
Joseph Foley Vice ChairVice Chair
Bruce PoliquinDirector
Dr James PageDirector
Dr John FitzsimmonsDirector
James Rier JrDirector
Jean DeighanDirector
Jon FitzgeraldDirector
Peter GeigerDirector
Scott B BullockDirector
Steve AkinDirector
Steven PoundDirector
Steven R MichaudDirector
William B WilliamsonDirector
Elizabeth BordowitzSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$3,522,007
Program Service Revenue
$0
Investment Income
$59
Other Revenue
$0
All Other Contributions
$3,522,007
Change in Net Assets
$15,120

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,522,066
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,522,066
Total Revenue per Form 990
$3,522,066
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,751,757
Other Expenses$657,103
Salaries, Compensation, and Employee Benefits$98,086
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$2,751,757--$2,751,757
Fees for Services Other$290,000$30,000-$320,000
Advertising$117,988--$117,988
Fees for Services Management$103,756--$103,756
Current Officers, Directors, Trustees, and Key Employees-$98,086-$98,086
Fees for Services Legal$35,389$368-$35,757
Fees for Services Accounting-$17,926-$17,926
Travel-$3,781-$3,781
Office Expenses-$2,963-$2,963
Other Expenses$54,050$545-$545
Conferences and Meetings-$337-$337
Total Functional Expenses$3,352,940$154,006$0$3,506,946

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,506,946
Total Expenses per Audited Statements$3,506,946
Total Expenses per Form 990$3,506,946
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“The President and Finance Manager are part of the 990 preparation process and review in final form before filing with the IRS.”

Form 990, Part VI, Section B, line 12C

“All officers and directors of the Foundation are required to sign a disclosure annually after receiving a copy of the conflict of interest policy.”

Form 990, Part VI, Section B, line 15

“The President/CEO is reviewed by the Board Chair and Vice Chair. Officers do not receive compensation.”

Form 990, Part VI, Section C, line 19

“The organization provides copies upon request.”

Filing and Contact Details

Filer

EIN
26-1765514
Phone
2073478638

Signing Officer

Name
Colleen Quint
Title
President
Phone
2073478638
Signed
2014-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Colleen Quint
Formed
2007
Legal Domicile
Me
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
0

Preparer

Preparer
Richard E Emerson Jr CPA CVA
Phone
2077753496
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C:

“This process has not changed from the prior year.”

Financial Statement Notes

Part X, Line 2:

“990 Part IV Line 11: Management of the Foundation believes it has no material uncertain tax positions and, accordingly it will not recognize any liability for unrecognized tax benefits.”

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IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt02751757
IRS990ScheduleA/CertificationInd0X
IRS990ScheduleA/Contribution35ControlledInd00
IRS990ScheduleA/ContributionControllerInd00
IRS990ScheduleA/ContributionFamilyInd00
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/SupportedOrganizationsTotalCnt06
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0010392006
IRS990ScheduleA/SupportedOrgInformationGrp/EIN1203559947
IRS990ScheduleA/SupportedOrgInformationGrp/EIN2016000769
IRS990ScheduleA/SupportedOrgInformationGrp/EIN3010416015
IRS990ScheduleA/SupportedOrgInformationGrp/EIN4010391479
IRS990ScheduleA/SupportedOrgInformationGrp/EIN5010523390
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd11
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd21
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd31
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd41
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd51
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc06
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc17
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc26
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc36
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc48
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc58
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0380050
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt10
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt20
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt30
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt40
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt50
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine10Finance Authority of Maine
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine11Educate Maine
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine12University of Maine System
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine13Maine Community College System
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine14Maine Community Foundation
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine15Sen George J Mitchell Research Institute
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd11
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd21
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd31
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd41
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd51
IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd11
IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd21
IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd31
IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd41
IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd51
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt0380050
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03506946
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03522066
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0990 Part IV Line 11: Management of the Foundation believes it has no material uncertain tax positions and, accordingly it will not recognize any liability for unrecognized tax benefits.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt03506946
IRS990ScheduleD/TotalRevenuePerForm990Amt03522066
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03522066
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03506946
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt02751757
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Harold Alfond College Challenge "NextGen" Section 529 plan grant administered by the Finance Authority of Maine (FAME).
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt05270
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The Alfond Scholarship Foundation is responsible for oversight, promotion, and financial support of the Harold Alfond College Challenge program. The Harold Alfond College Challenge is a new program that will provide a $500 grant to every Maine baby to start a college investing account and help Maine families plan for a child's college education. This $500 grant is for Maine babies born on or after January 1, 2009. Every Maine resident baby is eligible. The Foundation has a contractual arrangement with the Finance Authority of Maine (FAME) for which FAME will accept, invest and manage the scholarship funds as Section 529 plans. As accounts of participating children become eligible, FAME will disburse the account funds for eligible qualified higher education expenses.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 2:
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The President and Finance Manager are part of the 990 preparation process and review in final form before filing with the IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1All officers and directors of the Foundation are required to sign a disclosure annually after receiving a copy of the conflict of interest policy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The President/CEO is reviewed by the Board Chair and Vice Chair. Officers do not receive compensation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization provides copies upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4This process has not changed from the prior year.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part XII, Line 2c:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt052559
IRS990/TotalAssetsEOYAmt028886
IRS990/TotalAssetsGrp/BOYAmt052559
IRS990/TotalAssetsGrp/EOYAmt028886
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03522007
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0154006
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03352940
IRS990/TotalFunctionalExpensesGrp/TotalAmt03506946
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt045727
IRS990/TotalLiabilitiesEOYAmt06934
IRS990/TotalLiabilitiesGrp/BOYAmt045727
IRS990/TotalLiabilitiesGrp/EOYAmt06934
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06832
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt021952
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt03352940

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,886
Liabilities
$6,934
Net assets
$21,952
Revenue
$3,522,066
Expenses
$3,506,946
Net income
$15,120
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.68$1.55$0.13$7.16$7.30$0.14
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.76$1.49$0.27$7.24$7.38$0.14
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.01$1.61$0.40$7.47$7.31$0.17
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.80$1.56$0.24$7.05$7.08$0.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.81$1.54$0.26$6.98$7.05$0.07
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.93$1.60$0.33$7.38$7.22$0.16
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.61$2.30$0.31$7.81$7.73$0.09
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.22$1.99$0.23$7.02$6.98$0.04
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.72$1.53$0.19$6.79$6.63$0.15
2014Detailed filing. Detailed filing data is available for this year.$1.54$1.51$0.03$12.3$12.3$0.01
2013Detailed filing. Detailed filing data is available for this year.$0.03$0.01$0.02$3.52$3.51$0.02
Peer Organizations

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