Civic Intelligence

Alfond Scholarship Foundation

990 • Fiscal year 2019 • EIN 26-1765514

Jul 01, 2018 to Jun 30, 2019 • Filed on Nov 19, 2019

482 Congress Street Suite 303Portland, ME 04101

(207) 347-8638

Siviq Scores

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

Liabilities / Assets

87th percentile

0.83x

Higher debt load relative to assets than 87% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

57th percentile

0.22x

Higher debt load relative to revenue than 57% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

48th percentile

2.2%

Higher net margin than 48% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

50th percentile

$121,032

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

7th percentile

-14%

Faster asset growth than 7% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2019

Revenue Growth

31st percentile

-2.8%

Faster revenue growth than 31% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2019

Assets

Down

$1,930,355

Down $683,185 (-26%) from 2017

Net Assets

Up

$328,805

Up $16,644 (+5.3%) from 2017

Liabilities

Down

$1,601,550

Down $699,829 (-30%) from 2017

Revenue

Down

$7,383,187

Down $428,895 (-5.5%) from 2017

Expenses

Down

$7,220,097

Down $506,379 (-6.6%) from 2017

Net Income

Up

$163,090

Up $77,484 (+91%) from 2017

Historical Trend

Balance Sheet Trend

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

2019

Assets$1,930,355
Liabilities$1,601,550
Net Assets$328,805

Operations Trend

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

2019

Revenue$7,383,187
Expenses$7,220,097
Net Income$163,090
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Nov 19, 2019
Return Version
2018v3.1
Gross Receipts
$7,383,187
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
Pledges and Grants Receivable$1,602,000$1,638,500▲ $36,500
Cash and Non-Interest-Bearing Accounts$264,608$290,394▲ $25,786
Prepaid Expenses and Deferred Charges$140$1,461▲ $1,321
Land, Buildings, and Equipment, Net$266$0▼ $266
Total Assets$1,867,014$1,930,355▲ $63,341
Liabilities
Grants Payable$1,581,500$1,568,500▼ $13,000
Accounts Payable and Accrued Expenses$119,799$33,050▼ $86,749
Total Liabilities$1,701,299$1,601,550▼ $99,749
Net Assets / Fund Balance
Temporarily Rstr Net Assets$137,748$293,291▲ $155,543
Unrestricted Net Assets$27,967$35,514▲ $7,547
Total Net Assets Fund Balance$165,715$328,805▲ $163,090
Total Liabilities and Net Assets / Fund Balance$1,867,014$1,930,355▲ $63,341

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$3,447$3,447
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Colleen QuintExecutive Director & PresidentFT$121,032$121,032
Revenue and Support

Revenue Composition

Contributions and Grants
$7,382,078
Program Service Revenue
$0
Investment Income
$1,109
Other Revenue
$0
All Other Contributions
$7,382,078
Change in Net Assets
$163,090

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,383,187
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$7,383,187
Total Revenue per Form 990
$7,383,187
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$6,224,000
Other Expenses$841,541
Salaries, Compensation, and Employee Benefits$154,556
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$6,224,000--$6,224,000
Fees for Services Other$267,500$34,500-$302,000
Current Officers, Directors, Trustees, and Key Employees-$154,556-$154,556
Advertising$51,465--$51,465
Other Expenses$13,249--$13,249
Travel-$9,776-$9,776
Fees for Services Legal-$9,572-$9,572
Fees for Services Accounting-$8,347-$8,347
All Other Expenses-$5,531-$5,531
Depreciation Depletion-$266-$266
Total Functional Expenses$6,997,549$222,548$0$7,220,097

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,220,097
Total Expenses per Audited Statements$7,220,097
Total Expenses per Form 990$7,220,097
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 11B

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

Filer Name
Alfond Scholarship Foundation
EIN
26-1765514
Phone
2073478638
Address
482 Congress Street Suite 303, Portland, ME 04101

Signing Officer

Name
Colleen Quint
Title
President
Phone
2073478638
Signed
2019-11-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Colleen Quint
Formed
2007
Legal Domicile
Me
Voting Board Members
17
Independent Board Members
16
Employees
1
Volunteers
0

Preparer

Firm
Purdy Powers & Company
Address
130 Middle Street, Portland, ME 04101
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:

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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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm3Scott B Bullock
IRS990/Form990PartVIISectionAGrp/PersonNm4Jon Fitzgerald
IRS990/Form990PartVIISectionAGrp/PersonNm5Dr John Fitzsimmons
IRS990/Form990PartVIISectionAGrp/PersonNm6Christina Cuthbert
IRS990/Form990PartVIISectionAGrp/PersonNm7Dr James Page
IRS990/Form990PartVIISectionAGrp/PersonNm8William B Williamson
IRS990/Form990PartVIISectionAGrp/PersonNm9Katie Fullam Harris
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IRS990/Form990PartVIISectionAGrp/PersonNm12Jennifer Alfond Seeman
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IRS990/Form990PartVIISectionAGrp/TitleTxt16Executive Director & President
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IRS990/OtherExpensesGrp/ProgramServicesAmt2132248
IRS990/OtherExpensesGrp/ProgramServicesAmt313249
IRS990/OtherExpensesGrp/TotalAmt0155593
IRS990/OtherExpensesGrp/TotalAmt1153494
IRS990/OtherExpensesGrp/TotalAmt2132248
IRS990/OtherExpensesGrp/TotalAmt313249
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt01602000
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt01638500
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0140
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01461
IRS990/PrincipalOfficerNm0Colleen Quint
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt03489176
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt03007500
IRS990/PYInvestmentIncomeAmt0643
IRS990/PYOtherExpensesAmt0486629
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-80146
IRS990/PYSalariesCompEmpBnftPaidAmt075836
IRS990/PYTotalExpensesAmt03569965
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03489819
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0163090
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt06
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/OrganizationTypeCd06
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd17
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd26
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd36
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd48
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd58
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt10
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt20
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt30
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt40
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt50
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0290000
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt10
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt20
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt30
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt40
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt50
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Finance Authority of Maine
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt1Educate Maine
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt2University of Maine System
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt3Maine Community College System
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt4Maine Community Foundation
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt5Sen George J Mitchell Research Foundation
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt0290000
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/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03447
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03447
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt07220097
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt07383187
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Management 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/TotalExpensesPerForm990Amt07220097
IRS990ScheduleD/TotalRevenuePerForm990Amt07383187
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07383187
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07220097
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt06224000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Harold Alfond College Challenge "NextGen" Section 529 plan grant administered by the Finance Authority of Maine (FAME).
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt012448
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.

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