Institute For Family-Owned Business

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 12/2023, Institute For Family-Owned Business employed 4 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 12/2023, Institute For Family-Owned Business generated $273.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $304.2k during the year ending 12/2023. While expenses have increased by 11.4% per year over the past 8 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

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)Compensation
Dottie Chalmers Cutter
Advisory Board Chair
$0
Joseph Capozza III
Advisory Board Vice Chair
$0
Jacques Santucci
Treasurer
$0
Reuben Bell
Advisory Board
$0
David Ciullo
Advisory Board
$0
Joshua Ellis
Advisory Board
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$125,846
Fundraising events$85,875
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$81,887
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$293,608
Total Program Service Revenue$52,995
Investment income $3,008
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events -$76,301
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $273,310

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