Grand Banks Schooner Museum Trust in Boothbay, Maine (ME)
Table of contents:
- Overview
- Detailed Reports
- Analysis of Revenue and Expenses
- Balance Sheets
- Capital Gains and Losses for Tax on Investment Income
- Excise Tax Based on Investment Income
- Statements Regarding Activities
- Statements Regarding Activities for Which Form 4720 May Be Required
- Minimum Investment Return
- Distributable Amount
- Undistributed Income
- Private Operating Foundations
- Other organizations in Maine
| Grand Banks Schooner Museum Trust | |
| Employer Identification Number (EIN) | 010359164 |
| Name of Organization | Grand Banks Schooner Museum Trust |
| Address | PO BOX 123, Boothbay, ME 04537-0123 |
| Activities | Museum, zoo, planetarium, etc. |
| Subsection | Charitable Organization |
| Ruling Date | 10/1978 |
| Deductibility | Contributions are deductible |
| Foundation | Private operating foundation exempt from paying excise taxes on investment income |
| Organization | Association |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 12/2013 |
| Assets | $500,000 to $999,999 |
| Income | $100,000 to $499,999 |
| Filing Requirement | 990 - Not required to file (all other) |
| Asset Amount | $611,437 |
| Amount of Income | $134,638 |
| Form 990 Revenue Amount | $141,636 |
Non-representatives - add comments:
Revenue for 2012
Expenses for 2012
Assets for 2012
| Analysis of Revenue and Expenses (for 2012) | ||||
| Revenue and expenses per books | Net investment income | Adjusted net income | Disbursements for charitable purposes (cash basis only) | |
|---|---|---|---|---|
| Total revenue | $199,253 | $25 | $768 | |
| Contributions, gifts, grants, etc., received | $198,485 | |||
| Interest on savings and temporary cash investments | $25 | |||
| Dividends and interest from securities | $0 | |||
| Gross rents | $0 | |||
| Gross profit from sales of goods | $0 | |||
| Other income | $743 | |||
| Total expenses and disbursements | $227,610 | $0 | $0 | $206,320 |
| Compensation of officers, directors, trustees, etc. | $10,200 | |||
| Total operating and administrative expenses | $227,610 | $0 | $206,320 | |
| Contributions, gifts, grants paid | $0 | |||
| Excess of revenue over expenses and disbursements | $-28,357 | |||
| Net investment income | $25 | |||
| Adjusted net income | $768 | |||
| Balance Sheets (for 2012) | ||
| Book Value | Fair Market Value | |
|---|---|---|
| Total assets | $653,675 | $0 |
| Cash - non-interest-bearing | $52,150 | |
| Investments-U.S. and state government obligations | $0 | |
| Investments-corporate stock | $0 | |
| Investments-corporate bonds | $0 | |
| Investments-mortgage loans | $0 | |
| Investments-other | $0 | |
| Other | $601,525 | |
| Total liabilities | $48,272 | |
| Mortgages and other notes payable | $40,000 | |
| Other | $8,272 | |
| Total liabilities and net assets/fund balances | $605,403 | |
| Capital Gains and Losses for Tax on Investment Income (for 2012) | |
| Capital gain net income | $0 |
| Net capital loss | $0 |
| Excise Tax Based on Investment Income (for 2012) | |
| Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income) | No |
| Tax based on investment income | $0 |
| Total credits and payments | $0 |
| Any penalty for underpayment of estimated tax | $0 |
| Tax due | $0 |
| Overpayment | $0 |
| Amount to be credited to 2013 estimated tax | $0 |
| Statements Regarding Activities (for 2012) | |
| During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign? | No |
| Was there a liquidation, termination, dissolution, or substantial contraction during the year? | No |
| Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2012 or the taxable year beginning in 2012? | Yes |
| Statements Regarding Activities for Which Form 4720 May Be Required (for 2012) | |
| During the year did the foundation (either directly or indirectly): | |
| Engage in the sale or exchange, or leasing of property with a disqualified person? | No |
| Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person? | No |
| Furnish goods, services, or facilities to (or accept them from) a disqualified person? | No |
| Pay compensation to, or pay or reimburse the expenses of, a disqualified person? | No |
| Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)? | No |
| Agree to pay money or property to a government official? | No |
| At the end of tax year 2012, did the foundation have any undistributed income for tax year(s) beginning before 2012? | No |
| Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? | No |
| Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes? | No |
| During the year did the foundation pay or incur any amount to: | |
| Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? | No |
| Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive? | No |
| Provide a grant to an individual for travel, study, or other similar purposes? | No |
| Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)? | No |
| Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals? | No |
| Minimum Investment Return (for 2012) | |
| Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes | $39,935 |
| Net value of noncharitable-use assets | $39,340 |
| Minimum investment return | $1,967 |
| Distributable Amount (for 2012) | |
| Distributable amount | $0 |
| Undistributed Income (for 2012) | |
| Distributable amount for 2012 | $0 |
| Undistributed income for 2012. This amount must be distributed in 2013 | $0 |
| Private Operating Foundations (for 2012) | |||||
| 2012 | 2011 | 2010 | 2009 | Total | |
|---|---|---|---|---|---|
| The lesser of the adjusted net income or the minimum investment return | $768 | $711 | $237 | $589 | $2,305 |
| Qualifying distributions made directly for active conduct of exempt activities | $206,320 | $100,780 | $194,418 | $171,365 | $672,883 |
| Value of all assets | $653,675 | $638,188 | $630,892 | $723,846 | $2,646,601 |
| Value of assets qualifying under section 4942(j)(3)(B)(i) | $629,712 | $614,225 | $606,929 | $699,883 | $2,550,749 |
| 2/3 of minimum investment return | $0 | $0 | $0 | $0 | $0 |
| Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) | $0 | $0 | $0 | $0 | $0 |
| Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii) | $0 | $0 | $0 | $0 | $0 |
| Gross investment income | $0 | $0 | $0 | $0 | $0 |
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| Other organizations in Maine | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Gorham Senior Housing Inc | 307 Cumberland Ave, Portland, ME 04101-4920 | ME | 1974-04 | $191,080 |
| 2 | Gorham Womans Club Scholarship Tr | Po Box 4, Gorham, ME 04038-0004 | ME | 1996-02 | $0 |
| 3 | Gorham Youth Lacrose Association | PO BOX 774, Gorham, ME 04038-0774 | ME | 2007-05 | $21,146 |
| 4 | Gorham Youth Soccer Association | PO BOX 526, Gorham, ME 04038-0526 | ME | 1996-03 | $84,816 |
| 5 | Gospel Music Project | 44 Beacon Street, York, ME 03909 | ME | 2004-05 | $0 |
| 6 | Grace Butnam Foundation | PO BOX 40, South Windham, ME 04082-0040 | ME | 1986-05 | $339,100 |
| 7 | Grace Christian Healing | Po Box 422, Boothbay Harbor, ME 04538 | ME | 2006-03 | $0 |
| 8 | Grace Evangelical Inc | 502 Odlin Rd, Bangor, ME 04401-6708 | ME | 2002-07 | $152,597 |
| 9 | Grace H Westerfield Tr Uw, Jones Rendle Ttee | PO BOX 190, Camden, ME 04843-0190 | ME | 1997-02 | $17,555 |
| 10 | Grahamtastic Connection | 21 Bradeen St Ste 107, Springvale, ME 04083-1932 | ME | 2003-09 | $176,964 |
| 11 | Grand Banks Schooner Museum Trust | PO BOX 123, Boothbay, ME 04537-0123 | ME | 1978-10 | $134,638 |
| 12 | Granderia Middle School | Po Box 568, Norway, ME 04268 | ME | 2008-01 | $0 |
| 13 | Gray Cemetery Fund, Gray William E | 17 Mill Brook Ln, Blue Hill, ME 04614-5935 | ME | 1996-05 | $7,333 |
| 14 | Gray Family Foundation | 28 Webber Ave, Bath, ME 04530-1643 | ME | 2000-10 | $1 |
| 15 | Gray Scholarship Fund Uwo Stanley D Gray | 511 Congress St Ninth Fl, Portland, ME 04101-3482 | ME | 2007-03 | $29,373 |
| 16 | Gray Senior Housing Inc | 307 Cumberland Ave, Portland, ME 04101-4920 | ME | 1975-01 | $196,450 |
| 17 | Gray-New Gloucester Athletic Boosters Inc | 10 Libby Hill Road, Gray, ME 04039 | ME | 2009-03 | $0 |
| 18 | Great Auk Land Trust Inc | PO BOX 117, Milbridge, ME 04658-0117 | ME | 1990-08 | $242,306 |
| 19 | Great Bay Foundation | PO BOX 7020, Portland, ME 04112-7020 | ME | 1999-02 | $4,549,462 |
| 20 | Great Cranberry Futures Group Gcfg | PO BOX 115, Cranberry Is, ME 04625-0115 | ME | 1998-04 | $58,040 |
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