Monmouth Academy Trustees Of
- Assets
- $1.9m
- Revenue
- $61.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Monmouth, ME
- Founding
- 07/1962
- Data as of
- 02/2023
- EIN
- 01-0545125
Organization Overview
Monmouth Academy Trustees Of is located in Monmouth, ME. The organization was established in 1962. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Monmouth Academy Trustees Of 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 02/2023, Monmouth Academy Trustees Of generated $61.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $73.0k during the year ending 02/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AWARDS AND SCHOLARSHIPS FOR STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO GRANT AWARDS AND SCHOLARSHIPS TO GRADUATING SENIORS AT MONMOUTH ACADEMY, A PUBLIC HIGH SCHOOL. THERE WERE 35 RECIPIENTS WHO RECEIVED SCHOLARSHIPS AND AWARDS DURING THE CURRENT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Walker President | OfficerTrustee | 0.2 | $0 |
Richard Robertson Vice Preside | OfficerTrustee | 0.1 | $0 |
Steve Palleschi Treasurer | OfficerTrustee | 1 | $500 |
Kristin Sanborn Secretary | OfficerTrustee | 0.1 | $0 |
Dr Larry Buggia Trustee | Trustee | 0.1 | $0 |
Leanne Burnham Trustee | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,786 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,786 |
| Total Program Service Revenue | $0 |
| Investment income | $53,383 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $815 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $60,984 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $49,140 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $500 |
| Compensation of current officers, directors, key employees. | $500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $17,278 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $25 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,102 |
| All other expenses | $0 |
| Total functional expenses | $73,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,314 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,874,172 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,903,486 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $62,372 |
| Net assets with donor restrictions | $1,841,114 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,903,486 |
Grants Awarded
Over the last fiscal year, Monmouth Academy Trustees Of has awarded $4,820 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PACKARD LIBRARY PURPOSE: Library assistance | $1,150 |
PACKARD ATHLETIC PURPOSE: Athletic awards | $3,670 |