Quick charity verification for Bank Of Maine Charitable Foundation (EIN: 10446023)
Verdict: Bank Of Maine Charitable Foundation has notable concerns
30/100Mission Score
$545Revenue
$233KAssets
3Red Flags
2Strengths
Red Flags
Consistent and significant net losses for over a decade, with expenses far exceeding revenue (e.g., 2023 revenue $649 vs. expenses $42,495).
Rapid depletion of assets, declining from $1,496,322 in 2011 to $259,466 in 2023, indicating an unsustainable financial model.
Latest revenue of $545 is extremely low compared to historical expenses, suggesting a lack of fundraising or investment income.
Strengths
Consistent filing of IRS Form 990s, indicating adherence to reporting requirements.
No reported officer compensation, suggesting volunteer leadership or efficient use of funds in this area.
Spending Breakdown
How Bank Of Maine Charitable Foundation allocates its funds across programs, administration, and fundraising.
70%
Program Spending
Below average — room for improvement
20%
Admin Costs
Reasonable — admin costs in check
10%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Bank Of Maine Charitable Foundation
Is Bank Of Maine Charitable Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Bank Of Maine Charitable Foundation (EIN: 10446023) has notable concerns. Mission Score: 30/100. 3 red flags identified, 2 strengths noted.
Is Bank Of Maine Charitable Foundation a good charity to donate to?
Bank Of Maine Charitable Foundation has a Mission Score of 30/100. Revenue: $545. Assets: $233K. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Bank Of Maine Charitable Foundation?
The Employer Identification Number (EIN) for Bank Of Maine Charitable Foundation is 10446023. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Bank Of Maine Charitable Foundation spend its money?
Bank Of Maine Charitable Foundation allocates 70% to programs, 20% to administration, and 10% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Bank Of Maine Charitable Foundation's tax-exempt status?
You can verify Bank Of Maine Charitable Foundation's tax-exempt status using EIN 10446023 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
The Bank Of Maine Charitable Foundation exhibits a concerning financial trend, with its assets steadily declining over the past decade, from $1,496,322 in 2011 to $259,466 in 2023. This decline is largely driven by expenses consistently far exceeding revenue. For instance, in 2023, the organization reported revenue of $649 against expenses of $42,495, indicating a significant deficit. This pattern of spending down assets without substantial new revenue generation raises questions about the long-term sustainability and strategic financial planning of the foundation.
The organization's spending efficiency is difficult to fully assess without a detailed breakdown of program, administrative, and fundraising expenses, which are not provided in the summary data. However, the consistent and substantial net losses suggest that the current operational model is not financially viable for sustained charitable activity. The lack of officer compensation reported across all filings indicates a potential reliance on volunteer leadership, which can be a positive for efficiency, but it doesn't offset the overall financial depletion.
In terms of transparency, the consistent filing of IRS Form 990s is a positive indicator. However, the absence of specific program details or a clear mission statement in the provided data makes it challenging to fully evaluate the impact of its expenditures. The foundation's financial health appears to be in a precarious state, characterized by a significant draw-down of its endowment to cover ongoing expenses.