Bank Of Maine Charitable Foundation

Bank Of Maine Charitable Foundation's assets decline by over 80% in a decade due to expenses consistently exceeding minimal revenue.

EIN: 10446023 · Camden, ME · Updated: 2026-03-28

$545Revenue

$233KAssets

30/100Mission Score (Poor)

Is Bank Of Maine Charitable Foundation Legit?

Significant Concerns

GoodFiling Consistency

GoodSpending Efficiency

ModerateTransparency

3 FoundRed Flags

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

Bank Of Maine Charitable Foundation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.

About Bank Of Maine Charitable Foundation

Bank Of Maine Charitable Foundation (EIN: 10446023) is a nonprofit organization based in Camden, ME. The organization reported total revenue of $545 and total assets of $233K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Bank Of Maine Charitable Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

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.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Bank Of Maine Charitable Foundation with a Mission Score of 30 out of 100 (Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 20%
programs: 70%
fundraising: 10%

According to IRS 990 filings, Bank Of Maine Charitable Foundation allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.

Executive Compensation Analysis

Executive compensation has consistently been reported as 0% across all filings, suggesting that the organization relies on unpaid leadership or that compensation is not a significant expense, which is positive for resource allocation.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Bank Of Maine Charitable Foundation's IRS 990 filings:

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

The following positive indicators were identified for Bank Of Maine Charitable Foundation:

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.

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) significant concerns. Mission Score: 30/100. 3 red flags identified, 2 strengths noted.

How does Bank Of Maine Charitable Foundation spend its money?

Bank Of Maine Charitable Foundation directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.

Are donations to Bank Of Maine Charitable Foundation tax-deductible?

Bank Of Maine Charitable Foundation is registered as a tax-exempt nonprofit (EIN: 10446023). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.

Is the Bank Of Maine Charitable Foundation financially sustainable?

Based on the provided data, the foundation is not financially sustainable. Its expenses have consistently and significantly outpaced its revenue for over a decade, leading to a substantial depletion of its assets from $1,496,322 in 2011 to $259,466 in 2023.

What is the primary cause of the asset decline?

The primary cause of the asset decline is the consistent and large deficit between revenue and expenses. For example, in 2023, revenue was $649 while expenses were $42,495, resulting in a net loss that drew down assets.

Does the foundation have high administrative costs?

Without a detailed breakdown of expenses, it's difficult to definitively state the administrative cost ratio. However, given the minimal revenue and significant expenses, even a small absolute administrative cost would represent a high percentage of incoming funds.

Filing History

IRS 990 filing history for Bank Of Maine Charitable Foundation showing financial trends over 10 years of public records:

Over 10 years of IRS 990 filings (2011–2023), Bank Of Maine Charitable Foundation's revenue has declined by 98.9%, moving from $56K to $649. Total assets decreased by 82.7% over the same period, from $1.5M to $259K. Total functional expenses fell by 86.5%, from $315K to $42K. In its most recent filing year (2023), Bank Of Maine Charitable Foundation reported a deficit of $42K, with expenses exceeding revenue. The organization holds $1 in liabilities against $259K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $259K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$649	$42K	$259K	$1	—	—
2022	$2K	$44K	$301K	$1	—	—
2021	$3K	$68K	$343K	$1	—	—
2020	$3K	$82K	$408K	$1	—	—
2019	$3K	$76K	$488K	$1	—	View 990
2015	$5K	$271K	$864K	$0	—	View 990
2014	$7K	$269K	$1.1M	$0	—	View 990
2013	$10K	$191K	$1.4M	$0	—	View 990
2012	$357K	$279K	$1.6M	$0	—	View 990
2011	$56K	$315K	$1.5M	$0	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $649, expenses of $42K, and assets of $259K (revenue -71.8% year-over-year).
2022: Revenue of $2K, expenses of $44K, and assets of $301K (revenue -12.3% year-over-year).
2021: Revenue of $3K, expenses of $68K, and assets of $343K (revenue -4.9% year-over-year).
2020: Revenue of $3K, expenses of $82K, and assets of $408K (revenue -8.0% year-over-year).
2019: Revenue of $3K, expenses of $76K, and assets of $488K (revenue -36.7% year-over-year).
2015: Revenue of $5K, expenses of $271K, and assets of $864K (revenue -27.3% year-over-year).
2014: Revenue of $7K, expenses of $269K, and assets of $1.1M (revenue -32.7% year-over-year).
2013: Revenue of $10K, expenses of $191K, and assets of $1.4M (revenue -97.3% year-over-year).
2012: Revenue of $357K, expenses of $279K, and assets of $1.6M (revenue +531.9% year-over-year).
2011: Revenue of $56K, expenses of $315K, and assets of $1.5M.

Data Sources and Methodology

This transparency report for Bank Of Maine Charitable Foundation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.