The MELMAC Education Foundation is a private foundation based in Augusta, Maine, established on January 1, 2001. It was created following the conversion of Maine Educational Loan Marketing Corporation (MELMAC) from a non-profit secondary market for student loans into a for-profit entity. The proceeds from the subsequent sale of the for-profit company to National Education Loan Network (NELNET) were used to establish the foundation in accordance with IRS law.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$38.7M
-14.0% YoY
Annual Giving
$1.4M
-14.0% YoY
Grant Count
180
-8.6% YoY
Avg Grant Size
$8K
-5.9% YoY
Mission & Focus Areas
Mission: To prepare Maine's youth to be ready for and successful in college and career.
The foundation's guiding principles focus on preparing Maine's youth to succeed in career and post-secondary education through an inclusive approach to grantmaking that serves all students while recognizing the need for school partners to focus on underserved populations.
Primary Program Areas:
Connect Aspirations to a Plan/Boosting Readiness for College and Career: Building an enabling environment for middle, high school, and CTE students to explore college and career options, set aspirations, and create formal plans. Implementation grants to schools, CTEs, and nonprofit organizations seek to increase student access to and understanding of post-secondary opportunities, with the goal of increasing the number of Maine high school graduates who aspire to and enroll in post-secondary study.
Support Early Success in College/Promoting Post-Secondary Success: Improving students' ability to persist and complete post-secondary studies to prepare them for satisfying and rewarding careers.
Aligning Education and Employment Systems: Creating alignment between key stakeholders and decision makers in education and employment systems to expose students to employment opportunities in Maine and remove barriers to student opportunity and success. The ASPIRE! Community-Wide Grants program incentivizes school districts to develop comprehensive, age-appropriate pre-K-16 college and career access programs that include broad exposure to local businesses through job shadow and internship experiences.
Scholarships: The Tyler/Grandmaison Scholarship provides $2,000 scholarships to one senior from every Maine high school, both public and private.
Grantmaking
The foundation provides implementation grants to schools, CTEs, and nonprofit organizations. According to its most recent filing, the foundation only makes contributions to preselected charitable organizations.
Grant Range
s and Activity:**
Grant Types
Ready to take the next step with Melmac Education Foundation?
Geographic Focus
Where this funder awards grants
Grantmaking is concentrated in Maine, with some activity in New York.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent Financial Data (2023):
- Total assets: $44,977,183
- Total revenues: $2,302,158
- Total expenses: $2,780,001
- Total giving: $1,438,915
Earlier Data (2024 filing):
- Total assets: $38,692,129
- Total giving: $1,438,915
Annual Income: $2.1 million
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $38,692,129 | $44,977,183 | $41,248,524 |
| Revenue | $1,846,785 | $2,302,158 | $2,293,540 |
| Expenses | $2,188,283 | $2,780,001 | $2,999,998 |
| Qualifying Distributions | $2,106,438 | $2,319,124 | $2,719,095 |
| Net Investment Income | $1,653,825 | $2,114,177 | $2,104,919 |
| Distributable Amount | $2,287,029 | $2,108,782 | $2,226,836 |
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
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- Craig Larrabee: President and CEO, Jobs for Maine's Graduates (quoted as speaking about MELMAC's investments)
- Jason Judd: Executive Director, Educate Maine (quoted regarding MELMAC's work)
The foundation is governed by 6 officers and trustees.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| WENDY AULT | EXECUTIVE DIRECTOR | 40 | $152,466 |
| PEGGY CRAWFORD | CHAIRPERSON | 2 | — |
| SCOTT MACDONALD | VICE-CHAIRPERSON | 2 | — |
| RON MILLIKEN | SECRETARY | 2 | — |
| JANELLE MACDERMOTT | TREASURER | 3 | — |
| DAVID PERKINS | DIRECTOR | 2 | — |
Recent News & Activity
Recent developments and announcements
The Brewer School District was awarded $1.2 million from the MELMAC Education Foundation to expand career opportunities for students, demonstrating the foundation's continued commitment to supporting educational initiatives across Maine school districts.
Brewer School District awarded $1.2M from the MELMAC Education ...Contact Information
Address: 188 Whitten Road, Augusta, ME 04330
Phone: (207) 622-3066
Website: melmacfoundation.org
Hours: Monday–Friday, 8:30 AM–5:00 PM
Subject Areas
Focus areas based on grantmaking activity
Related Funders
Similar funders by location and focus area
Grand Chapter of Maine Order of the Eastern Star
AUGUSTA, ME
Assets
$2.9M
Grants
1
Total Given
$5K
Bangor Theological Seminary
PORTLAND, ME
Assets
$22.4M
Grants
3
Total Given
$11K
Maine Hospital Association Inc
AUGUSTA, ME
Assets
$8.0M
Grants
1
Total Given
$10K
Bowery Beach School Bldg Maintenance Tr
SOUTH PORTLAND, ME
Assets
$29K
Grants
0
Total Given
—
United Way of Tri Vally Area
FARMINGTON, ME
Assets
$306K
Grants
13
Total Given
$77K
Elmina B Sewall Foundation
FREEPORT, ME
Assets
$164.8M
Grants
296
Total Given
$14.4M
Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
What could you do with Melmac Education Foundation on Grantable?
- Assess strategic fit with your organization
- Draft a tailored letter of inquiry
- Find open RFPs from this funder
- Monitor for new funding opportunities