Senator George J Mitchell Scholarship Research Institute
- Assets
- $52.9m
- Revenue
- $4.2m
- Investments
- $29.4m
- Employees
- 10
- Location
- Portland, ME
- Founding
- 06/1999
- Data as of
- 12/2021
- EIN
- 01-0523390
Organization Overview
Senator George J Mitchell Scholarship Research Institute is located in Portland, ME. The organization was established in 1999. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Senator George J Mitchell Scholarship Research Institute employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Senator George J Mitchell Scholarship Research Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Senator George J Mitchell Scholarship Research Institute generated $4.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SCHOLARSHIPS AND OTHER SUPPORT TO MAINE STUDENTS PURSUING HIGHER EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING SCHOLARSHIP SUPPORT TO MAINE STUDENTS ATTENDING COLLEGE OR UNIVERSITY AND CONDUCTING RESEARCH ON WAYS TO ADVANCE THE HIGHER EDUCATION ASPIRATIONS OF MAINE STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Meg Baxter President/secretary | Officer | 40 | $156,948 |
Joseph Foley Treasurer | OfficerTrustee | 1 | $0 |
Christopher Pierce Chair | OfficerTrustee | 1 | $0 |
Sara Burns Vice Chair | OfficerTrustee | 1 | $0 |
Peter Fendler Director | Trustee | 1 | $0 |
Mark Haley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $201,769 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,095,310 |
| Noncash contributions included in lines 1a–1f | $37,188 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,297,079 |
| Total Program Service Revenue | $0 |
| Investment income | $854,299 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,989,148 |
| Net Income from Fundraising Events | $23,232 |
| Net Income from Gaming Activities | $833 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,164,591 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,395,615 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $173,548 |
| Compensation of current officers, directors, key employees. | $25,624 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $454,691 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $82,489 |
| Payroll taxes | $45,582 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,665 |
| Fees for services: Accounting | $22,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $269,725 |
| Fees for services: Other | $57,107 |
| Advertising and promotion | $67,000 |
| Office expenses | $176,087 |
| Information technology | $24,245 |
| Royalties | $0 |
| Occupancy | $80,529 |
| Travel | $391 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,747 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,297 |
| Insurance | $11,347 |
| All other expenses | $0 |
| Total functional expenses | $2,881,215 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $3,173,951 |
| Pledges and grants receivable | $127,500 |
| Accounts receivable, net | $11,007 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,255 |
| Net Land, buildings, and equipment | $25,432 |
| Investments—publicly traded securities | $20,039,834 |
| Investments—other securities | $29,371,451 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $138,861 |
| Total assets | $52,911,391 |
| Accounts payable and accrued expenses | $102,097 |
| Grants payable | $3,852,597 |
| Deferred revenue | $167,876 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $138,861 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,261,431 |
| Net assets without donor restrictions | -$416,369 |
| Net assets with donor restrictions | $49,066,329 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $52,911,391 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Senator George J Mitchell Scholarship Research Institute has recieved totaling $300,534.
| Awarding Organization | Amount |
|---|---|
John T Gorman Foundation Portland, ME PURPOSE: $175,000 TO SUPPORT THE PROMISE SCHOLAR PROGRAM; $3,000 2021 FALL GALA | $178,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $50,200 |
Philadelphia Foundation Philadelphia, PA PURPOSE: SCHOLARSHIP PROGRAM | $50,000 |
Maine Community Foundation Inc Ellsworth, ME PURPOSE: Education. Scholarships & Student Financial Aid | $9,580 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $6,654 |
Arthur W Perdue Foundation Inc Wilmington, DE PURPOSE: SCHOLARSHIP FUND | $5,000 |
Endowment Analysis
| Beg. Balance | $44,577,086 |
| Earnings | $5,588,057 |
| Admin Expense | $269,725 |
| Net Contributions | $1,519,697 |
| Other Expense | $242,000 |
| Grants | $1,183,625 |
| Ending Balance | $49,989,490 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfond Scholarship Foundation Portland, ME | $2,013,971 | $7,474,819 |
Island Institute Rockland, ME | $34,942,404 | $7,827,911 |
Senator George J Mitchell Scholarship Research Institute Portland, ME | $52,911,391 | $4,164,591 |
Dartmouth Educational Loan Corp Hanover, NH | $0 | $769,004 |
Maine Huts & Trails Kingfield, ME | $4,908,401 | $661,493 |
Donato J Tramuto Foundation Ogunquit, ME | $1,147,543 | $792,023 |
Lakes Region Scholarship Foundation Gilford, NH | $13,202,377 | $2,617,531 |
Harambe Endeavor Alliance Concord, NH | $2,789,573 | $314,506 |
Robert B Bunker Medical School Scholarship Trust Laconia, NH | $10,035,402 | $504,867 |
The Sukeforth Family Foundation South China, ME | $12,098,841 | $1,239,260 |
Service Credit Union Impact Foundation Portsmouth, NH | $153,778 | $370,899 |
Boothbay Region Student Aid Fund Inc Boothbay Harbor, ME | $8,673,590 | $2,669,575 |