Redco Foundation Inc
- Assets
- $4.6m
- Revenue
- $841.7k
- Investments
- $4.2m
- Employees
- 0
- Location
- Portland, ME
- Founding
- 03/2002
- Data as of
- 10/2022
- EIN
- 01-0546160
Organization Overview
Redco Foundation Inc is located in Portland, ME. The organization was established in 2002. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Redco Foundation Inc 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 10/2022, Redco Foundation Inc generated $841.7k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 41.7% each year . All expenses for the organization totaled $163.6k during the year ending 10/2022. While expenses have increased by 36.3% per year over the past 3 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 2020, Redco Foundation Inc has awarded 32 individual grants totaling $453,000. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matie B Little Secretary/clerk | 1 | $0 | |
Richard M Bresnahan Director, Vice President | 1 | $0 | |
Lillianna Bresnahan Director | 1 | $0 | |
Elizabeth W Bresnahan Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $215,241 |
| Interest on Savings | $1,463 |
| Dividends & Interest | $82,122 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $542,868 |
| Capital Gain Net Income | $542,868 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $841,694 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $9,901 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $29,586 |
| Contributions, gifts, grants paid | $134,000 |
| Total expenses and disbursements | $163,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $137,882 |
| Savings and temporary cash investments | $334,186 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $12,846 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $4,643,868 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Redco Foundation Inc has awarded $134,000 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
AIO FOOD PANTRY PURPOSE: GENERAL PURPOSE | $25,000 |
Warren, ME PURPOSE: GENERAL PURPOSE | $24,000 |
BRING CHANGE TO MIND (BC2M) PURPOSE: GENERAL PURPOSE | $10,000 |
Scarborough, ME PURPOSE: GENERAL PURPOSE | $10,000 |
Rockland, ME PURPOSE: GENERAL PURPOSE | $10,000 |
SUNDOG OUTDOOR EXPEDITIONS PURPOSE: GENERAL PURPOSE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harold Alfond Foundation Portland, ME | $813,380,857 | $317,083,832 |
Libra Foundation Owen W Wells Trustee Portland, ME | $194,515,715 | $7,192,031 |
Thomas W Haas Foundation Greenland, NH | $135,774,612 | $23,898,654 |
Endowment For Health Inc Concord, NH | $94,601,301 | $13,835,099 |
Peter And Anna Kolchinsky Foundation Portsmouth, NH | $32,887,718 | $6,933,856 |
Southeast Land Trust Of New Hampshire Epping, NH | $33,243,290 | $7,653,430 |
P D Merrill Charitable Tr U-A Dtd 11-02-06 Portland, ME | $0 | $21,552 |
Cogswell Benevolent Trust Manchester, NH | $30,218,866 | $3,198,949 |
Gloria C Mackenzie Foundation Inc East Millinocket, ME | $24,725,782 | $9,772,129 |
Burke Family Foundation C/O People's United Bank Cape Elizabeth, ME | $0 | $295,914 |
Morton-Kelly Charitable Tr Portland, ME | $19,003,514 | $4,559,589 |
Hank And Lynn Hopeman Foundation Inc Sunapee, NH | $22,635,680 | $2,787,144 |