Albert Young Irrevocable Scholarship Trust
- Assets
- $736.5k
- Revenue
- $62.4k
- Investments
- $683.1k
- Employees
- 0
- Location
- Bangor, ME
- Founding
- 06/2005
- Data as of
- 12/2021
- EIN
- 01-6136971
Organization Overview
Albert Young Irrevocable Scholarship Trust is located in Bangor, ME. The organization was established in 2005. 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. Albert Young Irrevocable Scholarship Trust 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, Albert Young Irrevocable Scholarship Trust generated $62.4k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $55.4k during the year ending 12/2021. While expenses have increased by 0.7% 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, Albert Young Irrevocable Scholarship Trust has awarded 60 individual grants totaling $135,230. 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
N/A
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Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $20,496 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $41,908 |
| Capital Gain Net Income | $41,908 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $62,404 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $5,279 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,415 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $10,212 |
| Contributions, gifts, grants paid | $45,230 |
| Total expenses and disbursements | $55,442 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,416 |
| Savings and temporary cash investments | $0 |
| 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 | $13,851 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $736,526 |
| 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, Albert Young Irrevocable Scholarship Trust has awarded $45,230 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
Bangor, ME PURPOSE: SCHOLARSHIP | $6,960 |
UNIVERSITY OF SOUTHERN MAINE PURPOSE: SCHOLARSHIP | $5,800 |
BENNINGTON COLLEGE PURPOSE: SCHOLARSHIP | $5,800 |
UNIVERSITY OF MAINE AT FARMINGTON PURPOSE: SCHOLARSHIP | $3,740 |
Burbank, CA PURPOSE: SCHOLARSHIP | $3,000 |
Ithaca, NY PURPOSE: SCHOLARSHIP | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Cascade Foundation Rockport, ME | $16,395,441 | $857,628 |