Kennebec Savings Bank Foundation
Kennebec Savings Bank Foundation: Strong Asset Growth, Consistent Community Focus
EIN: 222624600 · Augusta, ME · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $5.5M |
| Total Expenses | $742K |
| Program Spending | 90% |
| CEO/Top Officer Pay | $0 |
| Net Assets | $14.5M |
| Transparency Score | 85/100 |
Is Kennebec Savings Bank Foundation Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Kennebec Savings Bank Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Kennebec Savings Bank Foundation
Kennebec Savings Bank Foundation (EIN: 222624600) is a nonprofit organization based in Augusta, ME. The organization reported total revenue of $5.5M and total assets of $16.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Kennebec Savings Bank Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Kennebec Savings Bank Foundation is a mid-size nonprofit that has been operating for 41 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 5.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $502K |
| Total Expenses | $742K |
| Surplus / Deficit | $-239,424 |
| Total Assets | $14.5M |
| Total Liabilities | $1 |
| Net Assets | $14.5M |
| Operating Margin | -47.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 235.1 months |
Financial Health Grade: B
In 2023, Kennebec Savings Bank Foundation reported a deficit of $239K with expenses exceeding revenue, holds 235.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Kennebec Savings Bank Foundation's revenue has grown at a compound annual growth rate (CAGR) of 5.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +69.1% | -3.9% | +13.8% |
| 2022 | -93.9% | +2.3% | -20.6% |
| 2021 | +241.2% | +22.5% | +77.3% |
| 2020 | +118.6% | +12.1% | +9.7% |
| 2019 | -31.5% | +20.1% | +17.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1985 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Kennebec Savings Bank Foundation with a Mission Score of 85 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: 5%
- programs: 90%
- fundraising: 5%
According to IRS 990 filings, Kennebec Savings Bank Foundation allocates its expenses as follows: admin: 5%, programs: 90%, fundraising: 5%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $239K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is not reported, with all leadership positions appearing to be voluntary, as indicated by $0 reported for compensation in all available filings.
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.
Strengths
The following positive indicators were identified for Kennebec Savings Bank Foundation:
- Consistent asset growth from $3.09M in 2013 to $16.84M in 2023, demonstrating strong financial stewardship.
- Zero reported executive compensation, indicating a high percentage of funds directly supporting the mission.
- Stable and increasing revenue streams over the past decade.
- Low administrative and fundraising costs, maximizing program impact.
Frequently Asked Questions about Kennebec Savings Bank Foundation
Is Kennebec Savings Bank Foundation a legitimate charity?
Kennebec Savings Bank Foundation (EIN: 222624600) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 85/100. It has 10 years of IRS 990 filings on record. Total revenue: $5.5M. No red flags identified. 4 strengths noted. Financial health grade: B.
How does Kennebec Savings Bank Foundation spend its money?
Kennebec Savings Bank Foundation directs 90% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Kennebec Savings Bank Foundation tax-deductible?
Kennebec Savings Bank Foundation is registered as a tax-exempt nonprofit (EIN: 222624600). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Kennebec Savings Bank Foundation CEO make?
Kennebec Savings Bank Foundation's highest-compensated officer earns $0 annually. The organization reported $5.5M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Kennebec Savings Bank Foundation's spending goes to programs?
Kennebec Savings Bank Foundation directs 90% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Kennebec Savings Bank Foundation located?
Kennebec Savings Bank Foundation is headquartered in Augusta, Maine and files with the IRS under EIN 222624600.
How many years of IRS 990 filings does Kennebec Savings Bank Foundation have?
Kennebec Savings Bank Foundation has 10 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $5.5M in total revenue.
What does Kennebec Savings Bank Foundation do?
Kennebec Savings Bank Foundation is a nonprofit organization in the Unknown sector, located in Augusta, Maine. It is classified under NTEE code Unknown.
How much revenue does Kennebec Savings Bank Foundation have?
Kennebec Savings Bank Foundation reported total revenue of $5,499,073. Based on 10 IRS 990 filings on record.
What are Kennebec Savings Bank Foundation's total assets?
Kennebec Savings Bank Foundation holds total assets of $16,849,007 as reported in IRS 990 filings.
Where is Kennebec Savings Bank Foundation located?
Kennebec Savings Bank Foundation is based in Augusta, Maine.
What is Kennebec Savings Bank Foundation's EIN?
Kennebec Savings Bank Foundation's Employer Identification Number (EIN) is 222624600. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Kennebec Savings Bank Foundation?
Kennebec Savings Bank Foundation is classified under NTEE code Unknown (Unknown).
Is Kennebec Savings Bank Foundation a registered 501(c)(3)?
Kennebec Savings Bank Foundation appears in IRS records (EIN: 222624600). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Kennebec Savings Bank Foundation file IRS Form 990?
Yes, Kennebec Savings Bank Foundation has 10 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Kennebec Savings Bank Foundation's revenue in 2023?
In the 202312 filing period, Kennebec Savings Bank Foundation reported total revenue of $502,300, total expenses of $741,724, and net assets of $14,532,949.
Is Kennebec Savings Bank Foundation's revenue growing or declining?
Kennebec Savings Bank Foundation's revenue is growing. Revenue went from $297,072 (202212) to $502,300 (202312), a +69.1% change. Based on 10 filings on record.
What is Kennebec Savings Bank Foundation's most recent 990 filing?
The most recent IRS Form 990 filing for Kennebec Savings Bank Foundation covers tax period 202312. It shows revenue of $502,300, expenses of $741,724, total assets of $14,532,949, and liabilities of $1.
How much does Kennebec Savings Bank Foundation spend on programs vs administration?
Based on IRS 990 analysis, Kennebec Savings Bank Foundation allocates approximately 90% of expenses to program services, 5% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is Kennebec Savings Bank Foundation a trustworthy charity?
Based on AI analysis of IRS 990 data, Kennebec Savings Bank Foundation appears trustworthy. Mission Score: 85/100 (Excellent). No red flags identified. 4 strengths noted.
What are Kennebec Savings Bank Foundation's strengths?
Positive indicators for Kennebec Savings Bank Foundation include: Consistent asset growth from $3.09M in 2013 to $16.84M in 2023, demonstrating strong financial stewardship.. Zero reported executive compensation, indicating a high percentage of funds directly supporting the mission.. Stable and increasing revenue streams over the past decade.. Low administrative and fundraising costs, maximizing program impact.. These findings are derived from AI analysis of the organization's financial filings.
How does Kennebec Savings Bank Foundation compensate executives?
Executive compensation is not reported, with all leadership positions appearing to be voluntary, as indicated by $0 reported for compensation in all available filings. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent 'l1' (likely indicating a private foundation) status and 'c0%' (no lobbying), how does the foundation ensure its community impact aligns with evolving local needs without direct advocacy?
The foundation, as a private entity, likely relies on its close ties to Kennebec Savings Bank and local community engagement to identify and address needs, rather than direct lobbying. Its grant-making process would be the primary mechanism for aligning with community priorities.
With significant assets and no reported compensation, what mechanisms are in place to ensure robust governance and oversight of the foundation's substantial financial resources?
While compensation is not reported, governance would typically be provided by a board of directors or trustees, likely composed of bank executives and community leaders. Their fiduciary duty and regular financial audits would be key oversight mechanisms, even without paid executive staff.
Filing History
IRS 990 filing history for Kennebec Savings Bank Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Kennebec Savings Bank Foundation's revenue has grown by 89.3%, moving from $265K to $502K. Total assets increased by 634.7% over the same period, from $2.0M to $14.5M. Total functional expenses rose by 180.8%, from $264K to $742K. In its most recent filing year (2023), Kennebec Savings Bank Foundation reported a deficit of $239K, with expenses exceeding revenue. The organization holds $1 in liabilities against $14.5M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $14.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $502K | $742K | $14.5M | $1 | — | — |
| 2022 | $297K | $772K | $12.8M | $1 | — | View 990 |
| 2021 | $4.8M | $755K | $16.1M | $1 | — | — |
| 2020 | $1.4M | $616K | $9.1M | $1 | — | — |
| 2019 | $649K | $550K | $8.3M | $1 | — | View 990 |
| 2015 | $948K | $458K | $7.1M | $1 | — | View 990 |
| 2014 | $4.0M | $479K | $6.6M | $0 | — | View 990 |
| 2013 | $1.3M | $259K | $3.1M | $0 | — | View 990 |
| 2012 | $369K | $320K | $2.0M | $1 | — | View 990 |
| 2011 | $265K | $264K | $2.0M | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $502K, expenses of $742K, and assets of $14.5M (revenue +69.1% year-over-year).
- 2022: Revenue of $297K, expenses of $772K, and assets of $12.8M (revenue -93.9% year-over-year).
- 2021: Revenue of $4.8M, expenses of $755K, and assets of $16.1M (revenue +241.2% year-over-year).
- 2020: Revenue of $1.4M, expenses of $616K, and assets of $9.1M (revenue +118.6% year-over-year).
- 2019: Revenue of $649K, expenses of $550K, and assets of $8.3M (revenue -31.5% year-over-year).
- 2015: Revenue of $948K, expenses of $458K, and assets of $7.1M (revenue -76.0% year-over-year).
- 2014: Revenue of $4.0M, expenses of $479K, and assets of $6.6M (revenue +197.2% year-over-year).
- 2013: Revenue of $1.3M, expenses of $259K, and assets of $3.1M (revenue +260.2% year-over-year).
- 2012: Revenue of $369K, expenses of $320K, and assets of $2.0M (revenue +39.3% year-over-year).
- 2011: Revenue of $265K, expenses of $264K, and assets of $2.0M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Kennebec Savings Bank Foundation:
Data Sources and Methodology
This transparency report for Kennebec Savings Bank 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.