Galen Cole Family Foundation Inc
- Assets
- $30.1m
- Revenue
- $42.5k
- Investments
- $26.9m
- Employees
- 0
- Location
- Bangor, ME
- Founding
- 02/1975
- Data as of
- 12/2022
- 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 12/2022, Galen Cole Family Foundation Inc generated $42.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (38.3%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. 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
2022
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.
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.
SCHOLARSHIP GRANTS TO ELIGIBLE COLLEGE LEVEL STUDENTS AT UNIVERSITY OF MAINE, HUSSON UNIVERSITY, EASTERN MAINE COMMUNITY COLLEGE AND THE CLIFF VINING MEMORIAL SCHOLARSHIP.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Vogell Treasurer | 1 | $0 | |
Kristin Vogell Vice-Preside | 1 | $0 | |
John R Thomas Executive Di | 40 | $46,711 | |
Michael Varney Trustee | 1 | $0 | |
Scott Oxley Chair & Pres | 1 | $0 | |
George Eaton Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,053 |
| Interest on Savings | $62,411 |
| Dividends & Interest | $432,771 |
| Net Rental Income | $18,000 |
| Net Gain on Sale of Assets | -$534,787 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $1,491 |
| Other Income | $60,512 |
| Total Revenue | $42,451 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $118,488 |
| Other employee salaries and wages | $201,892 |
| Pension plans, employee benefits | $85,346 |
| Interest | $0 |
| Taxes | $75,441 |
| Depreciation | $50,685 |
| Occupancy | $54,990 |
| Travel, conferences, and meetings | $1,011 |
| Printing and publications | $5,298 |
| Other expenses | $586,100 |
| Total operating and administrative expenses | $1,201,735 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,201,735 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,102 |
| Savings and temporary cash investments | $379,803 |
| 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 | $26,745 |
| Prepaid expenses and deferred charges | $1,683 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,198,721 |
| Other assets | $1,485,282 |
| Total assets | $30,089,007 |
| 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 |