Melmac Education Foundation
- Assets
- $52.3m
- Revenue
- $8.5m
- Investments
- $39.8m
- Employees
- 0
- Location
- Augusta, ME
- Founding
- 10/1983
- Data as of
- 12/2021
- EIN
- 01-0390854
Organization Overview
Melmac Education Foundation is located in Augusta, ME. The organization was established in 1983. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Melmac Education 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 12/2021, Melmac Education Foundation generated $8.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.1% each year . All expenses for the organization totaled $2.5m during the year ending 12/2021. While expenses have increased by 2.0% 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.
Since 2015, Melmac Education Foundation has awarded 1,610 individual grants totaling $11,480,277. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONNECT ASPIRATIONS TO A PLAN/BOOSTING READINESS FOR COLLEGE AND CAREER - BUILDING AN ENABLING ENVIRONMENT FOR MIDDLE, HIGH SCHOOL AND CTE STUDENTS TO EXPLORE COLLEGE AND CAREER OPTIONS, SET ASPIRATIONS, AND CREATE A FORMAL PLAN TO GUIDE AND INFORM THEM AS THEY ACQUIRE THE EDUCATION AND SKILLS NEEDED TO SUCCEED BEYOND HIGH SCHOOL. IMPLEMENTATION GRANTS TO SCHOOLS, CTES AND NONPROFIT ORGANIZATIONS SEEK TO FURTHER STUDENTS' ACCESS TO, AND UNDERSTANDING OF, THE VARIETY OF POST-SECONDARY OPPORTUNITIES. THESE GRANTS STRIVE TO INCREASE THE NUMBER OF MAINE HIGH SCHOOL GRADUATES WHO ASPIRE TO, AND ACTUALLY DO, ENROLL IN POST-SECONDARY STUDY.
SUPPORT EARLY SUCCESS IN COLLEGE/PROMOTING POST SECONDARY SUCCESS - IMPROVING STUDENTS' ABILITY TO PERSIST AND COMPLETE POST- SECONDARY STUDIES IN ORDER TO PREPARE THEM FOR SATISFYING AND REWARDING CAREERS. SCHOLARSHIPS - TYLER/GRANDMAISON SCHOLARSHIP - A 2000 SCHOLARSHIP FOR ONE SENIOR FROM EVERY MAINE HIGH SCHOOL, PUBLIC AND PRIVATE, CREDITED TOWARD THE THIRD SEMESTER OF POST-SECONDARY STUDY (IN STATE OR OUT OF STATE). CTE SCHOLARSHIP - A 2000 SCHOLARSHIP FOR ONE SENIOR FROM EVERY CTE USING SIMILAR CRITERIA TO THE TYLER/GRANDMAISON SCHOLARSHIP. THE CTE SCHOLARSHIP IS CREDITED TO THE SECOND SEMESTER OF POST-SECONDARY STUDY (IN STATE OR OUT OF STATE). THESE SCHOLARSHIPS ARE INTENDED TO REWARD COLLEGE PERSISTENCE.
ALIGNING EDUCATION AND EMPLOYMENT SYSTEMS - CREATING ALIGNMENT BETWEEN KEY STAKEHOLDERS AND DECISION MAKERS IN EDUCATION AND EMPLOYMENT SYSTEMS IN ORDER TO EXPOSE STUDENTS TO EMPLOYMENT OPPORTUNITIES IN MAINE AND TO REMOVE BARRIERS TO STUDENT OPPORTUNITY AND SUCCESS. ASPIRECOMMUNITY-WIDE GRANTS ARE INTENDED TO INCENTIVIZE A SCHOOL DISTRICT TO DEVELOP A COMPREHENSIVE, AGE APPROPRIATE PRE-K-16 COLLEGE AND CAREER ACCESS PROGRAM THAT, IN ADDITION TO IMPLEMENTING COLLEGE ACCESS PROGRAMS, INCLUDES BROAD EXPOSURE TO LOCAL BUSINESSES THROUGH JOB SHADOW AND INTERNSHIP EXPERIENCES. GRANTS ARE PROVIDED TO NONPROFIT ORGANIZATIONS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wendy Ault Executive Di | 40 | $135,541 | |
Peggy Crawford Chairperson | 2 | $0 | |
Scott Macdonald Vice-Chairpe | 2 | $0 | |
Ron Milliken Secretary | 2 | $0 | |
David Perkins Director | 2 | $0 | |
Janelle Macdermott Treasurer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,942,376 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $6,602,585 |
| Capital Gain Net Income | $6,602,585 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $274 |
| Total Revenue | $8,545,235 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $135,541 |
| Other employee salaries and wages | $50,734 |
| Pension plans, employee benefits | $58,647 |
| Interest | $0 |
| Taxes | $123,705 |
| Depreciation | $577 |
| Occupancy | $21,600 |
| Travel, conferences, and meetings | $73,088 |
| Printing and publications | $0 |
| Other expenses | $76,095 |
| Total operating and administrative expenses | $820,499 |
| Contributions, gifts, grants paid | $1,724,681 |
| Total expenses and disbursements | $2,545,180 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,580 |
| Savings and temporary cash investments | $167,878 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,348 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $12,292,498 |
| Total assets | $52,278,105 |
| Accounts payable and accrued expenses | $21,489 |
| Grants payable | $2,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $170,866 |
| Total liabilities | $194,355 |
Grants Awarded
Over the last fiscal year, Melmac Education Foundation has awarded $1,729,681 in support to 185 organizations.
| Grant Recipient | Amount |
|---|---|
GENERATION MAINE PURPOSE: ASPIRE GORHAM | $223,043 |
GENERATION MAINE PURPOSE: ASPIRE BUCKSPORT | $219,058 |
Augusta, ME PURPOSE: JMG COLLEGE SUCCESS PROGRAM | $112,500 |
Augusta, ME PURPOSE: JMG/MELMAC PARTNERSHIP | $102,000 |
COLLEGE BOARD PURPOSE: PSAT GRANT | $83,437 |
Portland, ME PURPOSE: EDUCATE MAINE GRANT | $50,550 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Androscoggin Valley Council Of Governments Auburn, ME | $8,796,339 | $19,647,189 |
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Evergreen Credit Union Portland, ME | $464,620,792 | $18,374,213 |
Eastern Maine Electric Cooperative Inc Calais, ME | $49,482,318 | $16,418,871 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Granite State Management and Resources Concord, NH | $0 | $15,096,637 |
Soldier On Inc Pittsfield, MA | $26,254,508 | $13,386,266 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Vermont Public Transportation Association Inc Bennington, VT | $1,209,700 | $10,904,135 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |