Harold Alfond Foundation
The Harold Alfond Foundation is a private foundation organized as a trust under Maine law. Based in Portland, Maine, the foundation was established by Harold Alfond, a Maine businessman and philanthropist. The foundation is governed by a Board of Trustees that meets periodically to consider issues of importance to Maine, hear from experts in the field, set funding and investment policies, and decide which worthwhile public charities will receive support.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$1.0B
+4.2% YoY
Annual Giving
$102.7M
+33.9% YoY
Grant Count
45
-10.0% YoY
Avg Grant Size
$2.3M
+48.8% YoY
Under IRS private-foundation payout rules, Harold Alfond Foundation reported a distributable amount of $76.8M for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's primary support focuses on higher education, the arts, and health care.
Grantmaking
The foundation makes grants to worthwhile public charities. Recent major grants include:
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Geographic Focus
Where this funder awards grants
The foundation's work is centered on Maine and issues of importance to the state.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of 2023:
- Total Assets: $1 billion
- Revenue: $111 million
- Expenses: $101 million
- Total Liabilities: $3.27 million
The foundation is tax-exempt since May 1994 (EIN: 22-3281672) and files Form 990-PF annually with the IRS.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $1,043,199,225 | $1,001,625,687 | $991,967,446 |
| Revenue | $171,021,822 | $110,997,249 | $111,359,503 |
| Expenses | $128,278,530 | $100,839,081 | $100,360,598 |
| Qualifying Distributions | $103,933,245 | $78,127,104 | $75,835,478 |
| Net Investment Income | $76,689,920 | $40,534,011 | $68,228,491 |
| Distributable Amount | $76,772,405 | $71,653,842 | $72,086,016 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
245 grants across all recorded years
Open Grants
1 open opportunity from Harold Alfond Foundation
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include University of Maine Foundation ($28,000,000), Mainegeneral Health ($14,535,638), Northeastern University ($12,000,000).
| Recipient | Purpose | Amount |
|---|---|---|
| 7 LAKES ALLIANCE BELGRADE LAKES, ME | CONSERVING LAND AND WATERS OF THE BELGRADE LAKES | $500,000 |
| ALFOND SCHOLARSHIP FOUNDATION PORTLAND, ME | MY ALFOND GRANT OPERATIONS 2024 | $1,527,000 |
| ALFOND SCHOLARSHIP FOUNDATION PORTLAND, ME | MY ALFOND GRANT SCHOLARSHIPS 2024 | $5,609,911 |
| ALFOND YOUTH & COMMUNITY CENTER WATERVILLE, ME | STRATEGIC LONG TERM CAPITAL AND DEVELOPMENT SUSTAINABILITY AT THE ALFOND YOUTH CENTER | $318,450 |
| ALFOND YOUTH & COMMUNITY CENTER WATERVILLE, ME | AYCC LITTLE LEAGUE | $150 |
| ALFOND YOUTH & COMMUNITY CENTER WATERVILLE, ME | DEVELOPMENT SUSTAINABILITY AT THE ALFOND YOUTH & COMMUNITY CENTER | $350,000 |
| ALFOND YOUTH & COMMUNITY CENTER WATERVILLE, ME | CAMP TRACY IMPROVEMENTS AND EXPANSION | $2,000,000 |
| AROOSTOOK MENTAL HEALTH SERVICES INC CARIBOU, ME | AROOSTOOK TEEN LEADERSHIP CAMP (ATLC) PROGRAM | $2,500 |
| BELGRADE REGIONAL HEALTH CENTER BELGRADE LAKES, ME | GENERAL FACILITIES SUPPORT | $15,000 |
| BETH ISRAEL CONGREGATION WATERVILLE, ME | FOUNDATION AND THE FUTURE CAMPAIGN | $109,639 |
Leadership & Key People
Leadership team and compensation from IRS filings
Board of Trustees:
Gregory W. Powell (Chairman) – Chief executive officer and president of Dexter Enterprises LLC, a wealth management firm founded by Harold Alfond and Mr. Powell in 1996. Appointed to the foundation's board in 1996 and named chairman in 2005. Graduate of Wesleyan University and University of Maine School of Law. Holds honorary degrees from University of New England, Thomas College, Husson University, and Colby College.
Theodore B. Alfond – Son of Harold Alfond. Served as senior executive at Dexter Shoe Company as executive vice president for sales. Currently serves as chairman of the board of Dexter Enterprises LLC and is a limited partner in the Boston Red Sox. Serves on nonprofit boards including 7 Lakes Alliance and the Colby College Museum of Art.
Staff:
- Travis Cummings – Executive Vice President, Treasurer and Secretary
- Rocco Spizuoco – Investment Officer
- Mike Young – Investment Operations Manager
- Levi Knapp – Investment and Liquidity Operations Manager
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| THEODORE B ALFOND | TRUSTEE | 7 | — |
| WILLIAM L ALFOND | TRUSTEE | 7 | — |
| GREGORY W POWELL - SEE STATEMENT 18 | TRUSTEE | 27 | — |
| PETER H LUNDER | TRUSTEE | 1 | — |
| STEVEN P AKIN | TRUSTEE | 8 | — |
| THERESA M STONE | TRUSTEE | 7 | — |
| BARRY MILLS | TRUSTEE | 7 | — |
| KATHARINE ALFOND | TRUSTEE | 7 | — |
| JUSTIN ALFOND | TRUSTEE | 7 | — |
| MICHAEL E DUBYAK | TRUSTEE | 7 | — |
| JENNIFER SEEMAN | TRUSTEE | 7 | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Harold Alfond Foundation fund?
The foundation's primary support focuses on higher education, the arts, and health care.
How do I apply for a grant from Harold Alfond Foundation?
The foundation makes grants to worthwhile public charities. Recent major grants include: • **$75.5 million commitment** to Maine's Community Colleges, representing the largest grant in Maine Community College System history • **$2.2 million grant** to Husson University (2022) • **$1.5 million grant** to Husson University (2024) • **$500,000 grant** to Husson University (2023)
Where does Harold Alfond Foundation make grants?
The foundation's work is centered on Maine and issues of importance to the state.
What size grants does Harold Alfond Foundation award?
In 2024, Harold Alfond Foundation awarded 45 grants totaling $102.7M — an average of about $2.3M per grant, based on its IRS Form 990 filings.
How much is Harold Alfond Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Harold Alfond Foundation reported a distributable amount of $76.8M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Harold Alfond Foundation's EIN?
Harold Alfond Foundation's EIN (Employer Identification Number) is 22-3281672. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Harold Alfond Foundation's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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