Civic Intelligence

Alfond Scholarship Foundation

990 • Fiscal year 2024 • EIN 26-1765514

Jul 01, 2023 to Jun 30, 2024 • Filed on Feb 01, 2025

Organization Profilewww.myalfondgrant.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

92nd percentile

0.92x

Higher debt load relative to assets than 92% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

57th percentile

0.22x

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

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

32nd percentile

-1.9%

Higher net margin than 32% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

70th percentile

$183,426

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

19th percentile

-4.6%

Faster asset growth than 19% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

32nd percentile

-1.1%

Faster revenue growth than 32% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$1,677,903

Down $80,952 (-4.6%) from 2023

Net Assets

Down

$131,488

Down $136,466 (-51%) from 2023

Liabilities

Up

$1,546,415

Up $55,514 (+3.7%) from 2023

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin32nd percentile

Revenue

Down

$7,161,628

Down $81,007 (-1.1%) from 2023

Expenses

Down

$7,298,094

Down $80,595 (-1.1%) from 2023

Net Income

Down

-$136,466

Down $412 (-0.3%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth19th 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

2024

Assets$1,677,903
Liabilities$1,546,415
Net Assets$131,488
Open 2024 Filing

Operations Trend

Revenue Growth32nd 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

2024

Revenue$7,161,628
Expenses$7,298,094
Net Income-$136,466
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 1, 2025
Return Version
2023v6.0
Gross Receipts
$7,161,628
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$1,499,100$1,441,332▼ $57,768
Cash and Non-Interest-Bearing Accounts$259,731$236,541▼ $23,190
Prepaid Expenses and Deferred Charges$24$30▲ $6
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$1,758,855$1,677,903▼ $80,952
Liabilities
Grants Payable$1,452,000$1,416,000▼ $36,000
Accounts Payable and Accrued Expenses$38,901$130,415▲ $91,514
Total Liabilities$1,490,901$1,546,415▲ $55,514
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$105,231$84,026▼ $21,205
Net Assets With Donor Restrictions$162,723$47,462▼ $115,261
Total Net Assets Fund Balance$267,954$131,488▼ $136,466
Total Liabilities and Net Assets / Fund Balance$1,758,855$1,677,903▼ $80,952

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$9,595$9,595
Compensation and Service Providers
Top Officer Pay70th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Colleen QuintPresident/CEOFT$166,000$17,426$183,426

Board Members and Trustees

NameTitle
Steve AkinChair
Scott B BullockVice Chair
Amanda Vamvakias RandDirector
Anne Swift-KayattaDirector
Carlos MelloDirector
Christina CuthbertDirector
Dannel MalloyDirector
Dave DaiglerDirector
Deborah EllwoodDirector
Guy LangevinDirector
Jennifer Alfond SeemanDirector
Kim LippDirector
Lindsay Gifford SkillingDirector
Pender MakinDirector
Steve DeCastroDirector
J Duke AlbaneseTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$7,161,628
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$7,161,628
Change in Net Assets
$-136,466

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,161,628
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$7,161,628
Total Revenue per Form 990
$7,161,628
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,639,500
Other Expenses$1,325,458
Salaries, Compensation, and Employee Benefits$333,136
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$5,639,500--$5,639,500
Fees for Services Other$336,190--$336,190
Current Officers, Directors, Trustees, and Key Employees-$166,000-$166,000
Other Salaries and Wages-$97,018-$97,018
Other Employee Benefits-$50,357-$50,357
All Other Expenses$15,410$13,869-$29,279
Other Expenses$21,083--$21,083
Payroll Taxes-$19,761-$19,761
Insurance-$12,571-$12,571
Fees for Services Legal-$10,782-$10,782
Travel-$8,822-$8,822
Fees for Services Accounting-$8,535-$8,535
Total Functional Expenses$6,910,379$387,715$0$7,298,094

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,298,094
Total Expenses per Audited Statements$7,298,094
Total Expenses per Form 990$7,298,094
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/CEO 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/CEO
Phone
2073478638
Signed
2025-02-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Colleen Quint
Formed
2007
Legal Domicile
Me
Voting Board Members
17
Independent Board Members
17
Employees
3
Volunteers
0

Preparer

Firm
Purdy Powers & Company
Address
130 Middle Street, Portland, ME 04101
Preparer
Maria Happnie CPA
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 519 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/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/NetAssetsOrFundBalancesEOYAmt0131488
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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt084026
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt050357
IRS990/OtherExpensesGrp/Desc0MCOP
IRS990/OtherExpensesGrp/Desc1Quarterly Communication
IRS990/OtherExpensesGrp/Desc2Special Projects
IRS990/OtherExpensesGrp/Desc3Monthly Communications
IRS990/OtherExpensesGrp/ProgramServicesAmt0380381
IRS990/OtherExpensesGrp/ProgramServicesAmt1300150
IRS990/OtherExpensesGrp/ProgramServicesAmt2217665
IRS990/OtherExpensesGrp/ProgramServicesAmt321083
IRS990/OtherExpensesGrp/TotalAmt0380381
IRS990/OtherExpensesGrp/TotalAmt1300150
IRS990/OtherExpensesGrp/TotalAmt2217665
IRS990/OtherExpensesGrp/TotalAmt321083
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt097018
IRS990/OtherSalariesAndWagesGrp/TotalAmt097018
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt019761
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IRS990/PoliticalCampaignActyInd00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt030
IRS990/PrincipalOfficerNm0Colleen Quint
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt07242635
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt05905500
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IRS990/QuidProQuoContributionsInd00
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IRS990/ReconcilationRevenueExpnssAmt0-136466
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
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IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt10
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IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt40
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt50
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0336190
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt10
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt20
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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
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IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/RevenueSubtotalAmt07161628
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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IRS990ScheduleD/TotalExpensesPerForm990Amt07298094
IRS990ScheduleD/TotalRevenuePerForm990Amt07161628
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07161628
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07298094
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt05639500
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Harold Alfond College Challenge "NextGen" Section 529 plan grant administered by the Finance Authority of Maine (FAME).
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt011279
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:

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,677,903
Liabilities
$1,546,415
Net assets
$131,488
Revenue
$7,161,628
Expenses
$7,298,094
Net income
-$136,466
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$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