Maine Technology Institute
- Assets
- $20.2m
- Revenue
- $10.8m
- Investments
- $2.4m
- Employees
- 13
- Location
- Brunswick, ME
- Founding
- 09/2004
- Data as of
- 06/2021
- EIN
- 01-0529871
Organization Overview
Maine Technology Institute is located in Brunswick, ME. The organization was established in 2004. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Maine Technology Institute employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Technology 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 06/2021, Maine Technology Institute generated $10.8m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $10.5m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Maine Technology Institute has awarded 844 individual grants totaling $115,272,644. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES FUNDING TO SUBRECIPIENTS IN THE STATE OF MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MAINE TECHNOLOGY INSTITUTE (MTI) INVESTS IN PROMISING TECHNOLOGIES BY FUNDING RESEARCH AND DEVELOPMENT PROJECTS IN THE STATE'S SEVEN TECHNOLOGY SECTORS. MTI'S COMPETITIVE AWARDS BRING NEW PRODUCTS, SERVICES AND PROCESSES TO THE MARKET, GENERATING HIGH-QUALITY JOBS ACROSS MAINE. BUSINESSES, NON-PROFIT ORGANIZATIONS, ACADEMIC INSTITUTIONS AND ENTREPRENEURS ARE ELIGIBLE FOR FUNDING UNDER MTI'S PROGRAM, WHICH IS OUTLINED BELOW:INITIAL CONTACT IS MADE WHEN THOSE INTERESTED COMPLETE AN ONLINE INTAKE FORM. MEETINGS ARE ESTABLISHED WITH ENTITIES PROPOSING PROJECTS. USING AN ASSESSMENT TOOL, THE POTENTIAL APPLICANT AND THE INSTITUTE REVIEW EIGHT DIFFERENT AREAS INCLUDING: TEAM ABILITY, INNOVATION AND VALUE PROPOSITION, CUSTOMER AND MARKET, BUSINESS/ORGANIZATION MODEL, AND SCOPE OF WORK/BUDGET. AT THIS POINT THE PROCESS MAY CONTINUE WITH THE INSTITUTE OR MAY BE REFERRED TO A BUSINESS PARTNER. IF THE DETERMINATION IS TO APPLY FOR SUPPORT, THE APPROPRIATE LEVEL OF FUNDING REQUEST WILL BE DETERMINED, AND THE APPLICATION WILL BE SUBMITTED. THE FUNDING LEVEL WILL ALSO DETERMINE THE LEVEL OF DUE DILIGENCE NEEDED WITH THE APPLICATION. FUNDING LEVELS MAY ALSO HELP TO DETERMINE THE NATURE OF THE AWARD. THE INSTITUTE AWARDS GRANTS, LOANS AND EQUITY INVESTMENTS. SUCCESSFUL APPLICANTS WHO RECEIVE FUNDS ARE ALSO REQUIRED TO SUBMIT REPORTING ON THEIR PROJECTS FOR FIVE YEARS POST AWARD.FOUR FUNDING LEVELS ARE USED IN THE APPLICATION PROCESS, AS FOLLOWS:RANGE ONE AWARDS LESS THAN $25,000RANGE TWO AWARDS BETWEEN $25,000 AND $100,000RANGE THREE AWARDS BETWEEN $100,000 AND $250,000RANGE FOUR AWARDS OVER $250,000
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory N Lee Director Of Finance & Administration | Officer | 40 | $91,254 |
Donna Cassese Chair | OfficerTrustee | 2 | $0 |
Jake Ward Secretary | OfficerTrustee | 2 | $0 |
Raymond Kelley Treasurer | OfficerTrustee | 2 | $0 |
Alexander Spaulding Vice Chair | OfficerTrustee | 2 | $0 |
Brian Whitney President | Officer | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Visible Logic Marketing | 6/29/20 | $162,338 |
April Finkenhoefer Data Administrator | 6/29/20 | $114,857 |
Visible Logic Marketing | 6/29/20 | $162,338 |
April Finkenhoefer Data Administrator | 6/29/20 | $114,857 |
C&p Management Services Llc Consulting Services | 6/29/20 | $121,828 |
C&p Management Services Llc Consulting Services | 6/29/20 | $121,828 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,813,047 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,813,047 |
| Total Program Service Revenue | $561,502 |
| Investment income | $378,252 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,752,801 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,746,051 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $104,524 |
| Compensation of current officers, directors, key employees. | $83,619 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $585,038 |
| Pension plan accruals and contributions | $27,766 |
| Other employee benefits | $49,763 |
| Payroll taxes | $60,146 |
| Fees for services: Management | $464,886 |
| Fees for services: Legal | $85,867 |
| Fees for services: Accounting | $35,119 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $628,299 |
| Office expenses | $30,373 |
| Information technology | $34,654 |
| Royalties | $0 |
| Occupancy | $77,343 |
| Travel | $36,952 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,468 |
| Interest | $798 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $40,106 |
| Insurance | $16,794 |
| All other expenses | $0 |
| Total functional expenses | $10,538,560 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $107,946 |
| Savings and temporary cash investments | $9,824,314 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,465 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,714,807 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $98,253 |
| Net Land, buildings, and equipment | $41,033 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,376,032 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,192,850 |
| Accounts payable and accrued expenses | $146,124 |
| Grants payable | $0 |
| Deferred revenue | $17,893,309 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $11,971 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $18,051,404 |
| Net assets without donor restrictions | $2,141,446 |
| Net assets with donor restrictions | $0 |
| 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 | $20,192,850 |
Grants Awarded
Over the last fiscal year, Maine Technology Institute has awarded $7,619,460 in support to 111 organizations.
| Grant Recipient | Amount |
|---|---|
Orono, ME PURPOSE: Various | $538,946 |
GLOBAL SECURE SHIPPING PURPOSE: Establishing a Secure Composite Shipping Conatiner Manufacturing Facility in Maine | $500,000 |
IMMUCELL CORPORATION PURPOSE: Revolutionize the way that mastitis is treated in the dairy industry, by offering the first alternative to traditional antibiotics that may be used without a milk discard or meat withhold requirement | $400,000 |
BIOFINE DEVELOPMENTS NORTHEAST INC PURPOSE: Emerging Technologies Challenge for Maine's Forest Resources: Financing a Commercial Scale Wood Biomass Biorefinery | $370,770 |
ATX ADVISORY LLC PURPOSE: Caliper - Business Analytics as a Service | $280,000 |
GOVERNOR'S ENERGY OFFICE PURPOSE: Maine Floating Offshore Wind Roadmap Charting a Path to 2030 | $250,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Maine Technology Institute has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Maine Community Foundation Inc Ellsworth, ME PURPOSE: Charter Schools | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Virtual Learning Academy Charter School Exeter, NH | $4,364,365 | $12,032,123 |
Maine Technology Institute Brunswick, ME | $20,192,850 | $10,752,801 |
Baxter Academies Of Maine Portland, ME | $5,059,959 | $5,291,894 |
Acadia Academy Lewiston, ME | $2,946,012 | $4,193,660 |
Harpswell Coastal Academy Inc Harpswell, ME | $1,328,759 | $3,434,927 |
Fiddlehead School Gray, ME | $2,450,740 | $2,123,993 |
Great Bay Elearning Charter School Exeter, NH | $1,221,712 | $1,886,991 |
Kreiva Academy Public Charter School Manchester, NH | $870,753 | $1,875,543 |
Compass Classical Academy Tilton, NH | $1,304,816 | $1,309,060 |
Next Charter School Derry, NH | $1,803,956 | $1,664,118 |
Making Community Connections Charter School Amherst, NH | $443,439 | $1,365,054 |
Gate City Charter School For The Arts Merrimack, NH | $402,137 | $1,441,405 |