Civic Intelligence

Alfond Scholarship Foundation

990 • Fiscal year 2020 • EIN 26-1765514

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 01, 2020

Organization Profilewww.alfondscholarshipfoundation.org
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

88th percentile

0.85x

Higher debt load relative to assets than 88% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

51st percentile

0.22x

Higher debt load relative to revenue than 51% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

34th percentile

-0.9%

Higher net margin than 34% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

51st percentile

$124,433

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

10th percentile

-6.4%

Faster asset growth than 10% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

35th percentile

-5.4%

Faster revenue growth than 35% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$1,806,089

Down $124,266 (-6.4%) from 2019

Net Assets

Down

$263,134

Down $65,671 (-20%) from 2019

Liabilities

Down

$1,542,955

Down $58,595 (-3.7%) from 2019

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin34th percentile

Revenue

Down

$6,981,556

Down $401,631 (-5.4%) from 2019

Expenses

Down

$7,047,227

Down $172,870 (-2.4%) from 2019

Net Income

Down

-$65,671

Down $228,761 (-140%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

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

2020

Assets$1,806,089
Liabilities$1,542,955
Net Assets$263,134
Open 2020 Filing

Operations Trend

Revenue Growth35th percentile

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

2020

Revenue$6,981,556
Expenses$7,047,227
Net Income-$65,671
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 1, 2020
Return Version
2019v5.1
Gross Receipts
$6,981,556
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$1,638,500$1,552,000▼ $86,500
Cash and Non-Interest-Bearing Accounts$290,394$246,242▼ $44,152
Land, Buildings, and Equipment, Net$0$5,123▲ $5,123
Prepaid Expenses and Deferred Charges$1,461$2,724▲ $1,263
Total Assets$1,930,355$1,806,089▼ $124,266
Liabilities
Grants Payable$1,568,500$1,527,000▼ $41,500
Accounts Payable and Accrued Expenses$33,050$15,955▼ $17,095
Total Liabilities$1,601,550$1,542,955▼ $58,595
Net Assets / Fund Balance
Net Assets With Donor Restrictions$293,291$212,289▼ $81,002
Net Assets Without Donor Restrictions$35,514$50,845▲ $15,331
Total Net Assets Fund Balance$328,805$263,134▼ $65,671
Total Liabilities and Net Assets / Fund Balance$1,930,355$1,806,089▼ $124,266

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$5,123$4,472$9,595
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Colleen QuintPresident/CEOFT$124,433$124,433

Board Members and Trustees

NameTitle
Steve AkinChair
Scott B BullockVice Chair
Amanda Vamvakias RandDirector
Anne Swift-KayattaDirector
Bruce WagnerDirector
Christina CuthbertDirector
Daniel MalloyDirector
Dr John FitzsimmonsDirector
Jennifer Alfond SeemanDirector
Jon FitzgeraldDirector
Kim LippDirector
Pender MakinDirector
Steve DeCastroDirector
Steve RoweDirector
William B WilliamsonDirector
J Duke AlbaneseTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$6,980,079
Program Service Revenue
$0
Investment Income
$1,477
Other Revenue
$0
All Other Contributions
$6,980,079
Change in Net Assets
$-65,671

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,981,556
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$6,981,556
Total Revenue per Form 990
$6,981,556
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,927,500
Other Expenses$921,305
Salaries, Compensation, and Employee Benefits$198,422
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$5,927,500--$5,927,500
Fees for Services Other$275,525$37,175-$312,700
Current Officers, Directors, Trustees, and Key Employees-$126,853-$126,853
Advertising$72,256--$72,256
Fees for Services Legal-$54,033-$54,033
Other Salaries and Wages-$32,418-$32,418
Other Employee Benefits-$26,976-$26,976
Payroll Taxes-$12,175-$12,175
Other Expenses$100,918$11,036-$11,036
Fees for Services Accounting-$9,683-$9,683
Travel-$6,723-$6,723
All Other Expenses$2,800--$2,800
Depreciation Depletion-$1,025-$1,025
Total Functional Expenses$6,729,130$318,097$0$7,047,227

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,047,227
Total Expenses per Audited Statements$7,047,227
Total Expenses per Form 990$7,047,227
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 35% controlled entity
No
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
2020-12-01
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
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.”

Raw XML AppendixShowing 400 of 503 raw XML fields

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/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0The 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/OperateHospitalInd00
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IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt026976
IRS990/OtherExpensesGrp/Desc0Fulfillment
IRS990/OtherExpensesGrp/Desc1Step-Up Programming
IRS990/OtherExpensesGrp/Desc2Special Projects
IRS990/OtherExpensesGrp/Desc3Miscellaneous
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt011036
IRS990/OtherExpensesGrp/ProgramServicesAmt0217328
IRS990/OtherExpensesGrp/ProgramServicesAmt1132803
IRS990/OtherExpensesGrp/ProgramServicesAmt2100918
IRS990/OtherExpensesGrp/TotalAmt0217328
IRS990/OtherExpensesGrp/TotalAmt1132803
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IRS990/OtherExpensesGrp/TotalAmt311036
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IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01461
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02724
IRS990/PrincipalOfficerNm0Colleen Quint
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt07382078
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt06224000
IRS990/PYInvestmentIncomeAmt01109
IRS990/PYOtherExpensesAmt0841541
IRS990/PYOtherRevenueAmt00
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IRS990/PYRevenuesLessExpensesAmt0163090
IRS990/PYSalariesCompEmpBnftPaidAmt0154556
IRS990/PYTotalExpensesAmt07220097
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt07383187
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-65671
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
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IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
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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
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IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd58
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IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt10
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IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt30
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt40
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt50
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0298700
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
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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt05123
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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:
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IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt05927500

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,806,089
Liabilities
$1,542,955
Net assets
$263,134
Revenue
$6,981,556
Expenses
$7,047,227
Net income
-$65,671
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
2020Detailed filing. Detailed filing data is available for this year.$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