Speedwell Projects FY2024 filing

Portland, ME · Public charity (501(c)(3)) · Since 2015 · Arts & Culture

✓ Tax-deductible Latest data FY2024
Revenue
$131K
▼ -31% vs prior year
Spent
$179K
To programs
79%
Net assets
$45K
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Form 990 for the fiscal year ending December 2024 (IRS tax year 2024).

Status and standing

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Yes — filed FY2025
Foundation funders?
2 funders, incl. Maine Community Foundation INC
$70K in the latest grant year.
Spent on programs?
79% to programs
Form 990 Part IX, latest filing.
Size and trend
$100K–1M
↓ -31% vs prior year
Legal name (IRS)Hdr · item CSpeedwell Projects
EINHdr · item D82-4089115
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFOct 2021
Year of formationHdr · item L2015
Latest filingForm 990FY2025 · Form 990
Principal addressHdr · item CPortland, ME
NTEE classificationIRS BMFArts & Culture (A20)
WebsiteHdr · item Jwww.speedwellprojects.com

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.79 Management & general $0.15 Fundraising $0.07
Program services79%$141K
Management & general15%$26K
Fundraising7%$12K
Total functional expensesLn 25$179K

Financial health

Revenue & expenses by yearFY2020–FY2025
Revenue
$131K
FY2024▼ -31%
Expenses
$179K
FY2024▼ -3%
Program efficiency
79%
of spending reaches programs
Operating runway
3.3mo
months of highly liquid reserves at operating expense rate
Surplus margin
-36%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$49K
FY2024▼ -57%
Total liabilities
$4K
FY2024▼ -82%
Revenue less expensesPt I · Ln 19−$48K
Total assetsPt X · Ln 16$49K
Program-expense ratioPt IX · col B79%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49

Balance Sheet

Part X · end of year
CashLn 1$49K
Total assetsLn 16$49K
Total liabilitiesLn 26$4K
Total net assetsLn 32$45K
Months of cash on handcomputed3.3

Statement of Revenue

Part VIII
Contributions & grants$125K · 95%
Other revenue$6K · 5%
Contributions & grants95%$125K
Other revenue5%$6K
Investment income$26
— government grantsLn 1e$12K
Total revenueLn 12$131K

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $49K · Operating expenses/yr $179K
3.3 months
Where the money goes
Program services
Program services $141K · Total expenses $179K
79%
Management & General
Management & general $26K · Total expenses $179K
15%
Fundraising
Fundraising $12K · Total expenses $179K
7%
Cost to raise $1
Fundraising expense (3-yr avg) $10K · Solicited contributions (3-yr avg) $157K
$0.06 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $125K · Total revenue $131K
95%
Government reliance
Government grants $12K · Total revenue $131K
10%
Earned-income share
Program service revenue $0 · Total revenue $131K
0%
Investment reliance
Investment income $26 · Total revenue $131K
+0.02%
Program self-sufficiency
Program service revenue $0 · Total expenses $179K
0%
Growth & trend
Revenue growth (YoY)
This year $131K · Prior year $191K
-31%
Revenue CAGR
FY2020 $120K · FY2024 $131K
+2%
Net-asset trend (YoY)
End of year $45K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $131K · Expenses $179K
-36%
Liabilities-to-Assets
Total liabilities — · Total assets $49K
—
Net-asset ratio
Net assets $45K · Total assets $49K
93%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $49K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Bethany Engstrom · Reported title Managing Director · Highest reported compensation $33K · Total expenses $179K
19%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $58K · Total expenses $179K
32%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 79%——
Overhead ratio 15%——
Fundraising cost ratio 9%——
Revenue growth -31%——
Legal fee ratio 0.1%——
Accounting fee ratio 6%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Managing Director
$33,246Pt VII · Sec A
Co-Founder, Co-President
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Co Founder, Co-President
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Bethany Engstrom’s $4K as Managing Director is at the 3rd percentile of top reported officer pay among 2216 $100K–1M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 6 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Annika Earley——$20,077$43,269——
Annika Earley————$37,761—
Bethany Engstrom$3,694$33,246————
Jocelyn Lee—————$23,328
Phoebe Cole——$21,868———
Erin Hutton—————$3,935

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Mission and programs

Supports women artists through exhibitions, residencies, publications, and documentaries.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

1 program service account for $141K of program spending, described in the organization's own filed words · FY2024.
01

Through comprehensive solo exhibitions, short documentaries, public programming, artists' talks and conversations with critics, critical reviews and collaboration with other arts organizations, SPEEDWELL is working to correct the invisibility for this group of master practitioners.

$141Kprogram expense

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Funders

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$70K
Grants paid · 13 grants · $87K · 2023–2025
Unitemized GrantFY2025$7,500
Unitemized GrantFY2024$22,000
Unitemized GrantFY2024$8,460
Unitemized GrantFY2024$6,700
Unitemized GrantFY2024$6,000
Unitemized GrantFY2023$14,100
Unitemized GrantFY2023$13,000
Unitemized GrantFY2023$3,400
Unitemized GrantFY2023$2,710
Unitemized GrantFY2023$1,200
Unitemized GrantFY2023$915
Unitemized GrantFY2023$825
Unitemized GrantFY2023$350

Filing history

YearRevenueExpensesChangeFiling
FY2025 Latest $107K$139K-18% 990 PDF
FY2024 Viewing $131K$179K-31% 990 PDF
FY2023 $191K$185K-1% 990 PDF
FY2022 $193K$164K+64% 990 PDF
FY2021 $118K—-1% 990 PDF
FY2020 $120K— 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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