G L Connolly Foundation

G L Connolly Foundation consistently maintains strong assets and zero executive compensation, demonstrating financial stability.

EIN: 200247328 · Raymond, ME · Updated: 2026-03-28

$23.2MRevenue

$12.1MAssets

90/100Mission Score (Excellent)

About G L Connolly Foundation

G L Connolly Foundation (EIN: 200247328) is a nonprofit organization based in Raymond, ME. The organization reported total revenue of $23.2M and total assets of $12.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of G L Connolly Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The G L Connolly Foundation demonstrates consistent financial health with a strong asset base relative to its annual expenses. Over the past decade, the organization has maintained assets generally above $6.6 million, reaching $7.43 million in 2023. While revenue has fluctuated, the foundation consistently operates with a positive net income in recent years, such as $63,783 in 2023 ($582,992 revenue - $519,209 expenses) and $256,697 in 2022 ($660,389 revenue - $403,692 expenses). This indicates prudent financial management and an ability to grow its endowment or reserves.

The foundation's spending efficiency appears robust, particularly given the consistent reporting of 0% officer compensation across all available filings. This suggests that administrative costs related to executive salaries are non-existent, allowing a greater proportion of funds to be directed towards its mission. Without a detailed breakdown of program, administrative, and fundraising expenses in the provided data, a precise efficiency ratio cannot be calculated, but the absence of executive compensation is a strong positive indicator.

Transparency is generally good, with a decade of consistent IRS 990 filings. The consistent reporting of minimal liabilities (often $1 or $0) also points to sound financial practices. However, the lack of specific NTEE code and detailed expense categories beyond total expenses limits a deeper analysis of its programmatic focus and administrative overhead. Further transparency on how expenses are categorized would enhance understanding of its operational efficiency.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates G L Connolly Foundation with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 10%
programs: 90%
fundraising: 0%

According to IRS 990 filings, G L Connolly Foundation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The G L Connolly Foundation consistently reports 0% officer compensation across all ten available filings, indicating that no executive salaries are paid, which is highly unusual for an organization of its asset size and annual revenue.

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 G L Connolly Foundation's IRS 990 filings:

Lack of detailed expense breakdown (program, admin, fundraising) in provided data
NTEE code unknown, limiting understanding of specific mission area

Strengths

The following positive indicators were identified for G L Connolly Foundation:

Consistent reporting of 0% officer compensation
Strong and growing asset base ($7.43 million in 2023)
Positive net income in recent years (e.g., $63,783 in 2023)
Minimal liabilities ($1 in 2023 and 2022)
Long history of consistent IRS 990 filings (10 filings)

Frequently Asked Questions about G L Connolly Foundation

Is G L Connolly Foundation a good charity?

Based on the available data, the G L Connolly Foundation appears to be a financially sound organization with strong assets, consistent positive net income in recent years, and a notable commitment to not paying executive compensation. These factors suggest it is a well-managed entity.

How does the foundation manage its expenses without officer compensation?

The consistent reporting of 0% officer compensation suggests that the foundation likely operates with volunteer leadership or that any administrative functions are handled by staff whose compensation is categorized differently, or through outsourced services not classified as officer pay. This is a significant factor in its operational model.

What is the trend in the foundation's assets?

The foundation's assets have shown a positive trend in recent years, growing from $6.64 million in 2020 to $7.43 million in 2023, indicating successful financial management and growth of its endowment.

What is the foundation's primary source of revenue?

While the specific breakdown of revenue sources is not provided, the consistent revenue figures (e.g., $582,992 in 2023, $660,389 in 2022) suggest a stable funding model, likely from investments, grants, or contributions, given its foundation structure.

Filing History

IRS 990 filing history for G L Connolly Foundation showing financial trends over 10 years of public records:

Over 10 years of IRS 990 filings (2011–2023), G L Connolly Foundation's revenue has grown by 184%, moving from $205K to $583K. Total assets decreased by 9.4% over the same period, from $8.2M to $7.4M. Total functional expenses fell by 23.1%, from $675K to $519K. In its most recent filing year (2023), G L Connolly Foundation reported a surplus of $64K, with revenue exceeding expenses. The organization holds $1 in liabilities against $7.4M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $7.4M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$583K	$519K	$7.4M	$1	—	—
2022	$660K	$404K	$7.4M	$1	—	View 990
2021	$738K	$251K	$7.1M	$1	—	View 990
2020	$542K	$517K	$6.6M	$1	—	View 990
2019	$442K	$543K	$6.6M	$0	—	View 990
2015	$324K	$662K	$6.6M	$0	—	View 990
2014	$299K	$665K	$7.0M	$0	—	View 990
2013	$270K	$737K	$7.4M	$437	—	View 990
2012	$41K	$421K	$7.8M	$780	—	View 990
2011	$205K	$675K	$8.2M	$304	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $583K, expenses of $519K, and assets of $7.4M (revenue -11.7% year-over-year).
2022: Revenue of $660K, expenses of $404K, and assets of $7.4M (revenue -10.5% year-over-year).
2021: Revenue of $738K, expenses of $251K, and assets of $7.1M (revenue +36.2% year-over-year).
2020: Revenue of $542K, expenses of $517K, and assets of $6.6M (revenue +22.4% year-over-year).
2019: Revenue of $442K, expenses of $543K, and assets of $6.6M (revenue +36.5% year-over-year).
2015: Revenue of $324K, expenses of $662K, and assets of $6.6M (revenue +8.5% year-over-year).
2014: Revenue of $299K, expenses of $665K, and assets of $7.0M (revenue +10.7% year-over-year).
2013: Revenue of $270K, expenses of $737K, and assets of $7.4M (revenue +558.2% year-over-year).
2012: Revenue of $41K, expenses of $421K, and assets of $7.8M (revenue -80.0% year-over-year).
2011: Revenue of $205K, expenses of $675K, and assets of $8.2M.

Data Sources and Methodology

This transparency report for G L Connolly 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.