Old Bug Light Charitable Foundation in Portland, Maine (ME)

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Old Bug Light Charitable Foundation
Employer Identification Number (EIN)010514859
Name of OrganizationOld Bug Light Charitable Foundation
In Care of NameR E Curran
AddressPO BOX 7160, Portland, ME 04112-7160
ActivitiesGifts, grants, or loans to other organizations
SubsectionCharitable Organization
Ruling Date03/1998
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
OrganizationTrust
Exempt Organization StatusUnconditional Exemption
Tax Period03/2012
Assets$1,000,000 to $4,999,999
Income$500,000 to $999,999
Filing Requirement990 - Not required to file (all other) (990-PF required)
Asset Amount$2,043,072
Amount of Income$546,748
Form 990 Revenue Amount$200,859
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Grantmaking Foundations


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Amount of income in 2012: $546,748 (it was $4,456,418 in 2011)
This organization: 

 $546,748
Other organizations performing similar types of work: 

 $107,200

Assets in 2012: $2,043,072 (it was $2,076,446 in 2011)
This organization: 

 $2,043,072
Other organizations performing similar types of work: 

 $441,077

Financial snapshot ($)

Revenue for 2012

Expenses for 2012

Assets for 2012

Analysis of Revenue and Expenses (for 2012)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$200,859$106,969$0
Contributions, gifts, grants, etc., received$92,784
Interest on savings and temporary cash investments$0
Dividends and interest from securities$40,795
Gross rents$0
Gross profit from sales of goods$0
Other income$-22,025
Other$89,305
Total expenses and disbursements$234,233$31,537$0$195,000
Compensation of officers, directors, trustees, etc.$0
Total operating and administrative expenses$39,233$31,537$0
Contributions, gifts, grants paid$195,000
Excess of revenue over expenses and disbursements$-33,374
Net investment income$75,432
Adjusted net income$0
Balance Sheets (for 2012)
Book ValueFair Market Value
Total assets$2,043,072$2,299,236
Cash - non-interest-bearing$0
Investments-U.S. and state government obligations$0
Investments-corporate stock$537,056
Investments-corporate bonds$534,870
Investments-mortgage loans$0
Investments-other$864,455
Other$106,691
Total liabilities$0
Total liabilities and net assets/fund balances$2,043,072
Capital Gains and Losses for Tax on Investment Income (for 2012)
Capital gain net income$89,305
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$1,509
Total credits and payments$3,200
2012 estimated tax payments and 2011 overpayment credited to 2012$3,200
Exempt foreign organizations-tax withheld at source$0
Tax paid with application for extension of time to file (Form 8868)$0
Backup withholding erroneously withheld$0
Any penalty for underpayment of estimated tax$0
Overpayment$1,691
Amount to be credited to 2013 estimated tax$1,691
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?No
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$2,339,409
Net value of noncharitable-use assets$2,304,320
Minimum investment return$115,216
Distributable Amount (for 2012)
Distributable amount$113,707
Undistributed Income (for 2012)
Distributable amount for 2012$113,707
Undistributed income for 2012. This amount must be distributed in 2013$0
Private Operating Foundations (for 2012)
2012201120102009Total
The lesser of the adjusted net income or the minimum investment return$0$0$0$0$0
Qualifying distributions made directly for active conduct of exempt activities$0$0$0$0$0
Value of all assets$0$0$0$0$0
Value of assets qualifying under section 4942(j)(3)(B)(i)$0$0$0$0$0
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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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1The City College 21st Century Foundation Inc138th Street And Convent Avenue, New York, NY 10031NY1997-03$86,641,569
2Center For Inquiry Development Fund3965 Rensch Rd, Amherst, NY 14228-2743NY1998-12$10,791,389
3Chapel Hill Training Outreach Project Inc800 Eastowne Dr Ste 105, Chapel Hill, NC 27514-2215NC1993-05$8,975,022
4Ziering Family Foundation6505 Wilshire Blvd Ste 1200, Los Angeles, CA 90048-4960CA1996-06$3,505,573
5Our Lady Of Divine Providence House Of Prayer Foundation Inc711 S Bayview Ave, Clearwater, FL 33759-4251FL1994-08$283,880
6Bill & Melinda Gates Foundation TrustPO BOX 23350, Seattle, WA 98102-0650WA1995-04$31,508,537,846
7Brook Family Foundation9 Korhonen Rd, Norway, ME 04268-4222ME1997-03$1,402,286
8Messler Family FoundationPO BOX 595, Camden, ME 04843-0595ME1998-02$736,186
9Old Bug Light Charitable FoundationPO BOX 7160, Portland, ME 04112-7160ME1998-03$546,748
10Androscoggin Banks Mainstreet FoundationPO BOX 1407, Lewiston, ME 04243-1407ME1997-12$272,976
11Dunn Russell And Jacobs Foundation179 Knowltons Shore Rd, Liberty, ME 04949ME1998-08$226,124
12Bradley Family Foundation242 Flying Point Rd, Freeport, ME 04032-6512ME1998-01$167,116
13Jana FundPO BOX 3906, Portland, ME 04104-3906ME1998-01$156,406
14Leroy And Irene Kirby Charitable Foundation Inc9 Hedgerow Dr, Falmouth, ME 04105-1406ME1997-11$146,363
15Dorothy G And Stanley E Worden Charitable FoundationC/O Robert B Gregory, Damariscotta, ME 04543ME1998-08$82,721
16Henley Foundation Tr, Beane Frank E Jr & Andrea R TteesPO BOX 479, Rockport, ME 04856-0479ME1998-03$52,651
17Bopp Fam Charitable Tr, Bopp Family Foundation6 Mayflower Rd, Falmouth, ME 04105-2811ME1998-03$25,985
18Machias Savings Bank Community Development FoundationPO BOX 318, Machias, ME 04654-0318ME1998-01$23,609
19Higher Education Assistance Foundation489 Congress St Ste 3, Portland, ME 04101-3415ME1958-01$13,989
20Jessie Daniell Bullens-Crewe Foundation17 Jessies Ln, Cumberland, ME 04021-3717ME1998-02$11,283
Number of organizations performing similar types of work
Alaska4
Alabama56
Arkansas18
Arizona58
California548
Colorado116
Connecticut78
District of Columbia24
Delaware45
Florida344
Georgia158
Hawaii18
Iowa56
Idaho24
Illinois311
Indiana83
Kansas53
Kentucky40
Louisiana50
Massachusetts115
Maryland116
Maine18
Michigan199
Minnesota100
Missouri76
Mississippi26
Montana9
North Carolina135
North Dakota2
Nebraska43
New Hampshire17
New Jersey210
New Mexico24
Nevada41
New York530
Ohio224
Oklahoma53
Oregon62
Pennsylvania249
Rhode Island33
South Carolina40
South Dakota12
Tennessee47
Texas381
Utah45
Virginia119
Vermont8
Washington86
Wisconsin98
West Virginia9
Wyoming19
International13
Total5,243

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