2024-09-16T12:59:24-05:00 2023-12-31 010523282 Berry Dunn McNeil & Parker LLC 2211 Congress St Portland ME 04102 990 2023-01-01 262428220 Institute for Family-Owned Business INST 2077982667 PO Box 3364 Portland ME 04104 Jacques Santucci Treasurer 2077982667 2024-09-12 1 1 Joseph R Byrne P01289281 2077752387 2024-09-12 2023 2024-08-08 14:25:15Z Catherine Wygant Fossett PO Box 3364 Portland ME 04104 401766 0 X www.fambusiness.org X 2008 ME To support the success of family owned businesses in Maine. 18 18 4 30 0 0 308900 293608 48136 52995 102 3008 -64176 -76301 292962 273310 2500 0 0 0 192356 183833 0 0 38222 128836 120395 323692 304228 -30730 -30918 218303 188357 23704 24676 194599 163681 To provide the unique information, resources and networking opportunities to enable Maine's business-owning families to prosper and achieve their fullest potential. 0 0 193883 52995 Program services were conducted throughout the year including presentations, educational programs and consulting support related to governance, succession and estate planning, stewardship and effective leadership strategies. The programs were provided to member companies and were available to Maine family businesses and other companies as well. 193883 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7 0 1 4 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 X Lyn Jennings 9782138227 PO Box 3364 Portland ME 04104 Dottie Chalmers Cutter Advisory Board Chair 1.00 X X 0 0 0 Joseph Capozza III Advisory Board Vice Chair 1.00 X X 0 0 0 Jacques Santucci Treasurer 1.00 X X 0 0 0 Reuben Bell Advisory Board 1.00 X 0 0 0 David Ciullo Advisory Board 1.00 X 0 0 0 Joshua Ellis Advisory Board 1.00 X 0 0 0 Shae-Li Fendler Advisory Board 1.00 X 0 0 0 Laura Linscott Advisory Board 1.00 X 0 0 0 Chris Lynch Advisory Board 1.00 X 0 0 0 Paula Mahony Advisory Board 1.00 X 0 0 0 Jeffrey Messer Advisory Board 1.00 X 0 0 0 Shauna Miller Advisory Board 1.00 X 0 0 0 Lindsay Skilling Advisory Board 1.00 X 0 0 0 Christopher Smith Advisory Board 1.00 X 0 0 0 Lydia Swann Advisory Board 1.00 X 0 0 0 Linda Varrell Advisory Board 1.00 X 0 0 0 Deirdre Wadsworth Advisory Board 1.00 X 0 0 0 Seth Webber Advisory Board 1.00 X 0 0 0 Catherine Wygant Fossett Executive Director 40.00 X 101438 0 2680 101438 0 2680 1 0 0 0 0 125846 85875 81887 293608 Program Revenue 611430 52995 52995 52995 3008 3008 52155 85875 128456 -76301 -76301 273310 52995 0 -73293 104119 78089 5206 20824 60007 45006 3000 12001 1635 1226 82 327 5251 3938 263 1050 12821 9616 641 2564 185 185 10817 10817 13425 4260 9165 2798 2798 9795 351 9444 22281 22281 7279 5459 364 1456 45938 45938 3451 3451 Dues & Subscriptions 2434 2434 Miscellaneous 1412 1412 Education 580 580 304228 193883 72123 38222 X 19654 33934 177026 124924 15395 24420 6228 5079 2942 2942 0 0 218303 188357 12914 1476 10790 23200 23704 24676 X 0 0 0 0 194599 163681 194599 163681 218303 188357 -30918 0 X 0 0 0 X 235489 185755 343149 308900 293608 1366901 235489 185755 343149 308900 293608 1366901 93288 1273613 705 369 192 102 3008 4376 1371277 192114 0.92880 0.90360 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2942 2942 0 0 Maine Family Business Awards 138030 85875 52155 3346 55915 69195 138030 85875 52155 3346 55915 69195 128456 -76301 Form 990, Part VI, Section B, line 11b The Board Treasurer reviews the 990 before signing the form. Form 990, Part VI, Section B, line 12c Each director shall disclose to the Board any financial or other relationship that might reasonably be construed to be inconsistent with the discharge of such director's duties to the Corporation, including without limitation his or her status as an officer, director, trustee, member, owner (either as sole proprietor or partner), shareholder, employee or agent of any entity or organization with which the Corporation has entered into, or might be expected to enter into, a relationship or transaction in which that director might have a conflicting interest. Directors shall make such disclosures at least annually, at such times and in such form as the Board shall require. A director may be interested, directly or indirectly, in any contract, transaction or act relating to or incidental to the operations of the Corporation, and may freely make contracts, enter into transactions or otherwise act for or on behalf of the Corporation in such matters, provided that (i) the direct or indirect interest of the director in the proposed contract, transaction or act shall have been disclosed to and approved by the Board; (ii) the director shall refrain from participating in the selection, award or administration of his or her own contract, if applicable; and (iii) no contract, transaction or act shall be entered into or taken on behalf of the Corporation if such contract, transaction or act would jeopardize the Corporation's tax-exempt status under Section 501(c)(3) of the Code. An interested director may be counted in determining the presence of a quorum at a meeting at which the Board authorizes, approves or ratifies a transaction in accordance with the requirements of this Article. Form 990, Part VI, Section B, line 15a The Executive Director's compensation and bonus plan are reviewed by the executive committee and a qualified HR representative. Form 990, Part VI, Section C, line 19 Available upon request. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: Institute for Family-Owned Business P.O. Box 3364 Portland, ME 04104 EIN: 26-2428220 Institute for Family-Owned Business is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).