2023-11-02T11:55:46-05:00 2022-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2022-01-01 270676659 Vincent B and Barbara G Welch Supporting Organization VINC 2076679735 245 Main Street Ellsworth ME 04605 Michele Camarco Treasurer/CFO 2076679735 2023-10-31 1 Michele Camarco 999009999 0 Connor Smart P02285543 2078792100 2023-10-31 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z Welch Charitable Fund Deborah Ellwood 245 Main Street Ellsworth ME 04605 331437 0 X www.mainecf.org X 2009 ME Support the Maine Community Foundation (MCF) and its charitable and educational purposes. 6 6 0 6 0 0 0 0 0 0 0 0 525715 331437 525715 331437 183112 685641 0 0 0 0 0 0 0 190032 157585 373144 843226 152571 -511789 9035802 7533099 100000 500000 8935802 7033099 Support the Maine Community Foundation (MCF) and its charitable and educational purposes. 0 0 685927 685641 0 Awards charitable grants to non-profit organizations primarily in the greater Portland, ME area with a focus on youth, education, health care, alcohol and substance abuse rehabilitation, and art and culture. 685927 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X Michele Camarco 2076679735 245 Main Street Ellsworth ME 04605 Sue Doliner Director 0.10 0.00 X 0 0 0 Frank H Frye Director 0.10 0.00 X 0 0 0 Douglas M Henry Director 0.10 0.00 X 0 0 0 Amanda V Rand Director 0.10 0.00 X 0 0 0 Sally G Vamvakias President/Director 0.10 0.00 X X 0 0 0 Eric Blakeman Vice President/Director 0.10 0.00 X X 0 0 0 Deborah Ellwood MCF President & CEO (start 7/2022) 0.10 50.20 X 0 171577 13009 Sterling Speirn MCF President & CEO (end 6/2022) 0.10 50.20 X 0 82707 7269 Michele Camarco Treasurer/MCF CFO 0.10 50.20 X 0 180419 28259 0 434703 48537 0 0 1 0 0 Share-MCF Cap Gains 523000 306556 306556 Share-MCF Invest. Inc. 523000 24881 24881 331437 331437 0 0 331437 685641 685641 85615 85615 Share-MCF Invest. Fees 71684 71684 Share-MCF Program Exp. 286 286 843226 685927 157299 0 9035802 7533099 9035802 7533099 100000 500000 100000 500000 X 8935802 7033099 8935802 7033099 9035802 7533099 -511789 -1390914 0 X X 0 1 X 1 0 X X X 1 Maine Community Foundation 010391479 8 1 85615 0 1 85615 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 Part IV, Section A, Line 1: The Vincent B. and Barbara G. Welch Supporting Organization's organizational documents identify its supported organizations as the Maine Community Foundation (listed by name in Part I) and also a class of organizations designated as "charitable and educational programs including those assisting youth, education, health care, substance abuse treatment and rehabilitation, and art and culture." The Welch Supporting Organization supports these educational and charitable organizations through the administering of grants. The Supporting Organization's more narrow focus allows for it to better coordinate grants to these types of educational and charitable organizations that, but for the existence of the Welch Supporting Organization, would otherwise be administered through the Maine Community Foundation. Part IV, Section B, Line 2: Please refer to explanation for Schedule A, Part IV, Section A, Line 1. 8935802 -1131160 685641 287 85615 7033099 7675354 1530693 183112 237 86896 8935802 6858985 1062787 170750 193 75475 7675354 6183068 908283 156643 367 75356 6858985 7090193 50 -146623 683436 364 76752 6183068 1.00000 0.00000 0.00000 0 1 1 0 Allocable Share of MCF's (Supported Organization) investment portfolio 7533099 F 7533099 X Part V, Line 4: The intended use of the endowment funds is for charitable grant making to non-profit organizations in the greater Portland, ME area. Part X, Line 2: MaineCF and its supporting organization, Maine Community Supporting Foundation, are tax-exempt organizations as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and are generally exempt from income taxes pursuant to Section 501(a) of the Code and qualify as public charities under Section 170(b)(1)(A)(vi) of the Code. The Edward H. Daveis Benevolent Fund and the Vincent B. and Barbara G. Welch Supporting Organization are exempt from federal income taxes under Section 501(a) of the Code. MaineCF pays unrelated business income taxes on income from certain types of transactions within investment partnerships. Under Maine State law, the Foundation is not exempt from state sales tax on taxable purchases. In certain circumstances, tax-exempt organizations may be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items, including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board (FASB), assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Management has evaluated the Foundation's tax positions and concluded that the Foundation has maintained its tax-exempt status, does not have any significant unrelated business income and has taken no uncertain tax positions that require adjustment to the consolidated financial statements. 1 University of New England 716 Stevens Avenue Portland ME 04103 010211810 501(c)(3) 500000 0 Education Milestone Recovery 65 India Street Portland ME 04101 016024344 501(c)(3) 20000 0 Substance Abuse Treatment Preble Street 55 Portland Street Portland ME 04101 010418917 501(c)(3) 20000 0 Homeless Shelters St Joseph's College Office of the Bursar Standish ME 040845263 010212542 501(c)(3) 15000 0 Education Yellow Tulip Project 533 Congress Street Portland ME 04101 814133634 501(c)(3) 15000 0 Public Health Good Shepherd Food Bank PO Box 1807 Auburn ME 042111807 222986809 501(c)(3) 12500 0 Food Banks and Pantries Portland Museum of Art 7 Congress Square Portland ME 04101 010378420 501(c)(3) 12000 0 Art Museum Community Dental 190 Park Avenue Portland ME 04102 237129502 501(c)(3) 10000 0 Primary Healthcare Mercy Hospital 144 State Street Portland ME 04101 010211534 501(c)(3) 10000 0 Hospitals My Place Teen Center Inc 755 Main Street Westbrook ME 04092 010509578 501(c)(3) 10000 0 Building Improvements Hospice of Southern Maine 390 US Route One Scarborough ME 04074 010540180 501(c)(3) 8000 0 Hospices Maine State Ballet 348 US Route 1 Falmouth ME 04105 010420070 501(c)(3) 7500 0 Building Improvements Catholic Charities Maine PO Box 10660 Portland ME 041046060 010280225 501(c)(3) 6000 0 Building Improvements Maine Academy of Modern Music 125 Presumpscot Street 14 Portland ME 04103 260835852 501(c)(3) 5013 0 Music 14 0 Part I, Line 2: Grant payments to organizations are initiated by recommendation from the review committee which consists of the board of directors. Grants are authorized by a vote at an annual committee meeting and then documented in the minutes of the committee meeting. Prior to awarding a grant, determination is made that the organization is a 501(c)(3) or a public organization in good standing. For grants to organizations, an award letter is sent with each grant check. The award letter clearly states the purpose of the grant and the terms of the award which include that the organization will use the grant only for the purpose stated in the letter. The award letter also states that by depositing the grant check, the organization agrees to and accepts the terms of the award. Organizations receiving solicited grants are required to submit a project evaluation within one year of the date that the grant is received. For organizations receiving multi-year grants for a project that spans over several years, a project evaluation is due in the final grant year. 0 0 0 0 0 0 0 0 0 Michele Camarco Treasurer/MCF CFO 0 178410 0 0 0 2009 0 16416 0 11843 0 208678 0 0 Deborah Ellwood MCF President & CEO (start 7/2022) 0 144782 0 0 0 26795 0 11895 0 1114 0 184586 0 0 Part I, Line 3 The Vincent B. and Barbara G. Welch Supporting Organization does not have any employees. However, the Vice President/CFO of Maine Community Foundation (MCF), the supported organization, oversees the finances of the Welch Supporting Organization, and the MCF President & CEO is named as the Organization's Principal Officer. MCF uses a compensation committee, an independent compensation consultant, the Form 990 of other organizations, compensation surveys or studies, and approval by the board or a compensation committee to assist in establishing the compensation for this position. Form 990, Part VI, Section A, line 2 Sally Vamvakias (President/Director) and Amanda Rand (Director) have a family relationship. Form 990, Part VI, Section B, line 11b A copy of Form 990 is sent electronically to all board members for review and comment. Once the allotted period of time has passed for board review, any additional corrections are made and Form 990 is filed with the IRS. Form 990, Part VI, Section B, line 12c Annually, all directors and officers are required to read the conflict of interest policy and sign a disclosure form on which each individual acknowledges their obligation to disclose any conflict of interest and comply with the conflict of interest policy. Directors also abstain from voting to approve grants to any organization for which they have an interest. Form 990, Part VI, Section B, line 15 The Welch Supporting Organization has no employees. However, the CEO and other officers of the supported organization, Maine Community Foundation (MCF), oversee the Welch Supporting Organization. The process for determining compensation for the CEO of MCF includes use of an independent compensation consultant, compensation survey, and approval by the MCF Board Executive Committee, which acts as the compensation committee for the MCF Board. Periodic surveys and use of independent compensation consultants are employed to assist in determining compensation for officers and key employees. MCF also maintains salary ranges by position grades which are reviewed and updated annually. Form 990, Part VI, Section C, line 19 The governing documents, Form 990 and audited consolidated financial statements are available upon request. In addition, the Form 990 and the audited consolidated financial statements are posted on the website of the supported organization, Maine Community Foundation at www.mainecf.org. Form 990, Part XII, Line 2c: The audit process has not changed from the prior year. Maine Community Foundation 245 Main Street Ellsworth ME 04605 010391479 Statewide community foundation ME 501(c)(3) Line 8 N/A 0 Edward H Daveis Benevolent Fund 245 Main Street Ellsworth ME 04605 011473137 Support MCF through grant making activities ME 501(c)(3) Line 12a, I Maine Community Foundation 0 Maine Community Supporting Foundation 245 Main Street Ellsworth ME 04605 010517228 Support MCF by receiving real estate and other unique charitable gifts ME 501(c)(3) Line 12a, I Maine Community Foundation 0 Andrew Marshall Charitable Remainder Unitrust C/O Vanguard National Trust PO Box Valley Forge PA 194820709 Charitable Remainder Trust ME N/A T 0 David K Silverman Charitable Remainder Unitrust C/O Bank of America PO Box 830269 Dallas TX 75283 Charitable Remainder Trust ME N/A T 0 Mary S Marshal Charitable Remainder Unitrust C/O Vanguard National Trust PO Box Valley Forge PA 194820709 Charitable Remainder Trust ME N/A T 0 Rachel Samsel Charitable Remainder Unitrust C/O Vanguard National Trust PO Box Valley Forge PA 194820709 Charitable Remainder Trust ME N/A T 0 Richard J McGoldrick Charitable Remainder Annuity Trust 2019 C/O Spinnaker Trust 123 Free Street Portland ME 04101 Charitable Remainder Trust ME N/A T 0 Roger A Fessaguet 2013 Charitable Remainder Trust No 1 C/O Law Offices of JJ Lynch PO Box Damariscotta ME 04543 Charitable Remainder Trust ME N/A T 0 Roger A Fessaguet 2013 Charitable Remainder Trust No 2 C/O Law Offices of JJ Lynch PO Box Damariscotta ME 04543 Charitable Remainder Trust ME N/A T 0 Sedgwick Charitable Remainder Trust C/O Multop Financial 2210 Rimland D Bellingham WA 98226 Charitable Remainder Trust ME N/A T 0 Stanley N Marshall III Charitable Remainder Unitrust C/O Vanguard National Trust PO Box Valley Forge PA 194820709 Charitable Remainder Trust ME N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0