Overview
What is Institute For Family-Owned Business?
The Institute for Family-Owned Business is a nonprofit organization situated in Portland, Maine. With a small team of four dedicated individuals, its primary objective is to bolster the success of family-owned businesses in the state. They accomplish this by offering a variety of services, such as presentations, educational programs, and consulting support, focusing on areas like governance, succession, estate planning, stewardship, and effective leadership strategies. These resources are not exclusive to member companies but are also made available to other Maine businesses. The Institute serves as a valuable platform, providing unique information, resources, and networking opportunities, enabling Maine's family business owners to thrive and reach their full potential.
Official website here: www.fambusiness.org
Is Institute For Family-Owned Business legitimate?
Institute For Family-Owned Business is a legitimate nonprofit organization registered as a 501(c)(3) entity. Institute For Family-Owned Business submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $107,645
Professional Fundraising Fees: $0
Other Salaries and Wages: $65,032
For more financial information, click here
Official website here: www.fambusiness.org
What is the mission statement of Institute For Family-Owned Business?
The Institute for Family-Owned Business aims to assist the success of business-owning families by offering unique information, resources, and networking opportunities. Its mission is to enable these families to prosper and reach their fullest potential. The organization provides presentations, educational programs, and consulting support on topics such as governance, succession, estate planning, stewardship, and effective leadership strategies. These services are available to both member companies and Maine family businesses, as well as other companies in the region. The Institute's goal is to empower these businesses to thrive and grow sustainably.
Official website here: www.fambusiness.org
What is the revenue of Institute For Family-Owned Business?
Institute For Family-Owned Business's revenue in 2024 was $304,991.
Official website here: www.fambusiness.org
Who are the executives of Institute For Family-Owned Business and what are their salaries?
The average compensation at Institute For Family-Owned Business during 2024 was $86,338. There are 2 employees and 32 volunteers at Institute For Family-Owned Business.
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- Compensation: $104,884
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- Other: $2,761
Official website here: www.fambusiness.org
Where can I find the form 990 for Institute For Family-Owned Business?
Institute For Family-Owned Business's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.fambusiness.org
Learn more at the official website: www.fambusiness.org
Mission Statement of Institute For Family-Owned Business
The Institute for Family-Owned Business's mission is centered around supporting the success of family-owned businesses in Maine. This nonprofit organization aims to provide these businesses with unique information, resources, and networking opportunities. By doing so, the Institute enables the families behind these businesses to prosper and reach their full potential. To achieve this, the organization offers various programs throughout the year, including presentations, educational programs, and consulting support focused on governance, succession, estate planning, stewardship, and effective leadership strategies. These programs are available not only to member companies but also to other Maine family businesses and companies in need.
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Impact
October, 2024
The Institute For Family-Owned Business significantly impacts Maine’s economy by empowering family-owned businesses to thrive. Its comprehensive support system is designed to address the unique challenges these businesses face, such as governance, succession planning, and effective leadership strategies. Through a range of educational programs, presentations, and consulting services, the Institute equips member companies and other family businesses with the knowledge and resources necessary for sustainable growth.
By fostering a strong network within the community, the Institute creates opportunities for collaboration and shared learning. This not only enhances individual business success but also contributes to the broader economic landscape of the region. The focus on stewardship and long-term planning ensures that family-owned businesses are well-prepared to navigate transitions, securing their legacy and continuing their contributions to Maine’s vibrant business environment. Ultimately, the Institute helps these enterprises achieve their fullest potential, driving community improvement and economic resilience.
This information is meant to be a general summary of Institute For Family-Owned Business. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $5,705
- Program Service Revenue: $37,438
- Gross Receipts: $435,571
Assets and Liabilities:
- Total Assets: $218,303
- Total Liabilities: $23,704
- Net Assets: $194,599
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Revenue
Revenue
$37,438
Organization Details
Founding Year
2008
Phone
(207) 798-2667Principal Officer
Catherine Wygant Fossett
Main Address
PO Box 3364, Portland, ME, 04104
Website
www.fambusiness.orgNTEE Category
Code: S194 - Community improvement
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