Institute For Family-Owned Business
- Assets
- $288.2k
- Revenue
- $314.2k
- Investments
- $0.0
- Employees
- 5
- Location
- Portland, ME
- Founding
- 12/2008
- Data as of
- 12/2021
- EIN
- 26-2428220
Organization Overview
Institute For Family-Owned Business is located in Portland, ME. The organization was established in 2008. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Institute For Family-Owned Business employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Institute For Family-Owned Business 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, Institute For Family-Owned Business generated $314.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $247.1k during the year ending 12/2021. While expenses have increased by 11.0% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE SUCCESS OF FAMILY OWNED BUSINESSES IN MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICES WERE CONDUCTED THROUGHOUT THE YEAR INCLUDING PRESENTATIONS, EDUCATIONAL PROGRAMS AND CONSULTING SUPPORT RELATED TO GOVERNANCE, SUCCESSION AND ESTATE PLANNING, STEWARDSHIP AND EFFECTIVE LEADERSHIP STRATEGIES. THE PROGRAMS WERE PROVIDED TO MEMBER COMPANIES AND WERE AVAILABLE TO MAINE FAMILY BUSINESSES AND OTHER COMPANIES AS WELL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine Wygant Fossett Executive Director | Officer | 40 | $99,693 |
Lindsay Skilling Advisory Board Chair | OfficerTrustee | 1 | $0 |
Jacques Santucci Treasurer | OfficerTrustee | 1 | $0 |
Dottie Chalmers Cutter Advisory Board Vice Chair | OfficerTrustee | 1 | $0 |
Reuben Bell Advisory Board | Trustee | 1 | $0 |
Joseph Capozza III Advisory Board | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $128,196 |
| Fundraising events | $78,600 |
| Related organizations | $0 |
| Government grants | $57,022 |
| All other contributions, gifts, grants, and similar amounts not included above | $79,331 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $343,149 |
| Total Program Service Revenue | $35,373 |
| Investment income | $192 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$64,533 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $314,181 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $102,241 |
| Compensation of current officers, directors, key employees. | $5,112 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $57,864 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,054 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $137 |
| Fees for services: Accounting | $5,887 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,419 |
| Advertising and promotion | $2,826 |
| Office expenses | $7,621 |
| Information technology | $8,305 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,539 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,721 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,723 |
| All other expenses | $0 |
| Total functional expenses | $247,118 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $57,770 |
| Savings and temporary cash investments | $206,924 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,095 |
| 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 | $6,376 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $288,165 |
| Accounts payable and accrued expenses | $5,836 |
| Grants payable | $0 |
| Deferred revenue | $57,000 |
| 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 | $62,836 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $225,329 |
| Total liabilities and net assets/fund balances | $288,165 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Institute For Family-Owned Business has recieved totaling $15.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $15 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fidelity Non-Profit Management Foundation Boston, MA | $2,237,901,889 | $256,876,248 |
The Bridgespan Group Inc Boston, MA | $174,186,501 | $94,948,133 |
Eastern Maine Development Corporation Bangor, ME | $11,518,769 | $64,676,194 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
International Association Of Privacy Professionals Portsmouth, NH | $95,531,598 | $42,238,853 |
Community Crossroads Inc Atkinson, NH | $8,920,461 | $38,376,189 |
Community Concepts Incorporated Lewiston, ME | $17,184,569 | $32,664,997 |
Community Action Pioneer Valley Inc Greenfield, MA | $7,969,732 | $29,838,934 |
Citizens For Citizens Inc Fall River, MA | $12,279,316 | $29,399,731 |
New Profit Inc Boston, MA | $113,525,114 | $77,118,974 |
Northern Maine Development Commission Inc Caribou, ME | $20,810,299 | $32,269,814 |
Champlain Valley Office Of Economic Opportunity Inc Burlington, VT | $10,365,221 | $26,250,415 |