Galen Cole Family Foundation Inc
- Assets
- $31.2m
- Revenue
- $3.8m
- Investments
- $26.2m
- Employees
- 0
- Location
- Bangor, ME
- Founding
- 02/1975
- Data as of
- 12/2021
- EIN
- 23-7425774
Organization Overview
Galen Cole Family Foundation Inc is located in Bangor, ME. The organization was established in 1975. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Galen Cole Family 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 12/2021, Galen Cole Family Foundation Inc generated $3.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $1.1m 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRANSPORTATION MUSEUM: TO COLLECT, CONSTRUCT, RESTORE, DISPLAY AND MAINTAIN ANTIQUE EQUIPMENT AND FACILITIES THEMATIC TO EARLY MAINE LIFE, TRANSPORTATION AND INDUSTRY.
PROVIDES READING RECOVERY TRAINING PROGRAM GRANTS TO TEACHERS WORKING WITH IDENTIFIED STRUGGLING 1ST GRADE READERS IN PARTICIPATING SCHOOLS THROUGH THE UNIVERSITY OF MAINE.
SCHOLARSHIP GRANTS TO ELIGIBLE COLLEGE LEVEL STUDENTS AT UNIVERSITY OF MAINE, HUSSON UNIVERSITY, EASTERN MAINE COMMUNITY COLLEGE AND THE CLIFF VINING MEMORIAL SCHOLARSHIP.
PROVIDE FINANCIAL ASSISTANCE TO FACILITATE THE DISTRIBUTION OF THE "BACK PACK FOOD PROGRAM" TO CHILDREN IN NEED WITHIN THE BANGOR SCHOOL SYSTEM.
TRANSPORTATION MUSEUM: TO COLLECT, CONSTRUCT, RESTORE, DISPLAY AND MAINTAIN ANTIQUE EQUIPMENT AND FACILITIES THEMATIC TO EARLY MAINE LIFE, TRANSPORTATION AND INDUSTRY.
PROVIDES READING RECOVERY TRAINING PROGRAM GRANTS TO TEACHERS WORKING WITH IDENTIFIED STRUGGLING 1ST GRADE READERS IN PARTICIPATING SCHOOLS THROUGH THE UNIVERSITY OF MAINE.
SCHOLARSHIP GRANTS TO ELIGIBLE COLLEGE LEVEL STUDENTS AT UNIVERSITY OF MAINE, HUSSON UNIVERSITY, EASTERN MAINE COMMUNITY COLLEGE AND THE CLIFF VINING MEMORIAL SCHOLARSHIP.
PROVIDE FINANCIAL ASSISTANCE TO FACILITATE MEAL DISTRIBUTIONS TO CHILDREN IN NEED THROUGH THE FOOD BANK'S YOUTH AND FAMILY INITIATIVES SUCH AS SCHOOL PANTRY, KID'S CAFE, AND SUMMER LUNCH PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Thomas Secretary | 1 | $0 | |
Kristin Vogell Vice-Preside | 1 | $0 | |
George Eaton Trustee | 1 | $0 | |
Scott Oxley Chair & Pres | 1 | $0 | |
Michael Varney Trustee | 1 | $0 | |
Eric Vogell Treasurer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,987 |
| Interest on Savings | $59,569 |
| Dividends & Interest | $364,668 |
| Net Rental Income | $18,000 |
| Net Gain on Sale of Assets | $3,278,275 |
| Capital Gain Net Income | $3,281,983 |
| Net ST Capital Gain | $1,647,779 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $1,900 |
| Other Income | $122,824 |
| Total Revenue | $3,847,223 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $95,339 |
| Other employee salaries and wages | $152,769 |
| Pension plans, employee benefits | $71,250 |
| Interest | $0 |
| Taxes | $2,310 |
| Depreciation | $60,552 |
| Occupancy | $36,421 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $3,100 |
| Other expenses | $692,307 |
| Total operating and administrative expenses | $1,144,998 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,144,998 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $156,604 |
| Savings and temporary cash investments | $2,321,768 |
| 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 | $23,959 |
| Prepaid expenses and deferred charges | $20,546 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,116,990 |
| Other assets | $1,445,282 |
| Total assets | $31,248,291 |
| 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 Recieved
Over the last fiscal year, we have identified 1 grants that Galen Cole Family Foundation Inc has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: FOR GRANT RECIPIENT'S EXEMPT PURPOSES | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
P M Allen Family Foundation Hanover, NH | $110,796,013 | $13,365,268 |
Rannie Webster Foundation Rye, NH | $21,769,366 | $13,522,122 |
Elmina B Sewall Foundation Freeport, ME | $198,399,545 | $18,229,129 |
Lunder Foundation Portland, ME | $114,918 | $28,179,943 |
Otto And Fran Walter Foundation Inc Boothbay Harbor, ME | $14,780,673 | $2,403,803 |
The Jack & Dorothy Byrne Foundation Inc Hanover, NH | $178,090 | $5,355,970 |
The Birchtree Center Portsmouth, NH | $2,377,101 | $5,561,187 |
The Bill And Joan Alfond Foundation Portland, ME | $33,512,660 | $6,141,856 |
Friends Of Notre-Dame De Paris Inc Etna, NH | $24,880,670 | $12,372,128 |
Sam L Cohen Foundation Portland, ME | $30,483,258 | $3,967,796 |
Huber Foundation Falmouth, ME | $75,719,525 | $3,696,908 |
Albert B Glickman Family Foundation Portland, ME | $24,527,916 | $3,353,968 |