Civic Intelligence

Maine Technology Institute

990 • Fiscal year 2015 • EIN 01-0529871

Jul 01, 2014 to Jun 30, 2015 • Filed on Dec 15, 2015

Organization Profilewww.mainetechnology.org

View Organization Page

8 Venture Avenue Brunswick LandingBrunswick, ME 04011

(207) 582-4790

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

92nd percentile

0.97x

Higher debt load relative to assets than 92% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

87th percentile

2.07x

Higher debt load relative to revenue than 87% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

33rd percentile

0.1%

Higher net margin than 33% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

16th percentile

$127,303

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

6th percentile

-12%

Faster asset growth than 6% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

87th percentile

37%

Faster revenue growth than 87% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$26,967,243

Down $3,584,095 (-12%) from 2014

Net Assets

Up

$878,856

Up $10,093 (+1.2%) from 2014

Liabilities

Down

$26,088,387

Down $3,594,188 (-12%) from 2014

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin33rd percentile

Revenue

Up

$12,622,634

Up $3,391,014 (+37%) from 2014

Expenses

Up

$12,612,541

Up $3,356,344 (+36%) from 2014

Net Income

Up

$10,093

Up $34,670 (+141%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2011: $29,091,847Liabilities 2011: $27,881,182Net Assets 2011: $1,210,6652011Assets 2012: $31,878,922Liabilities 2012: $30,816,948Net Assets 2012: $1,061,9742012Assets 2013: $28,075,444Liabilities 2013: $27,182,104Net Assets 2013: $893,3402013Assets 2014: $30,551,338Liabilities 2014: $29,682,575Net Assets 2014: $868,7632014Assets 2015: $26,967,243Liabilities 2015: $26,088,387Net Assets 2015: $878,8562015Assets 2016: $32,380,827Liabilities 2016: $31,353,625Net Assets 2016: $1,027,2022016Assets 2017: $27,881,300Liabilities 2017: $26,779,681Net Assets 2017: $1,101,6192017Assets 2018: $49,772,164Liabilities 2018: $48,231,910Net Assets 2018: $1,540,2542018Assets 2019: $41,636,601Liabilities 2019: $39,736,122Net Assets 2019: $1,900,4792019Assets 2020: $38,580,369Liabilities 2020: $36,653,164Net Assets 2020: $1,927,2052020Assets 2021: $20,192,850Liabilities 2021: $18,051,404Net Assets 2021: $2,141,4462021Assets 2022: $19,619,742Liabilities 2022: $17,716,082Net Assets 2022: $1,903,6602022Assets 2023: $22,300,505Liabilities 2023: $19,737,043Net Assets 2023: $2,563,4622023Assets 2024: $29,202,613Liabilities 2024: $26,130,696Net Assets 2024: $3,071,9172024

Highlighted filing

2015

Assets$26,967,243
Liabilities$26,088,387
Net Assets$878,856
Open 2015 Filing

Operations Trend

Revenue Growth87th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0-$10MRevenue 2011: $20,788,101Expenses 2011: $20,834,264Net Income 2011: -$46,1632011Expenses 2012: $20,393,1762012Revenue 2013: $7,529,370Expenses 2013: $7,698,004Net Income 2013: -$168,6342013Revenue 2014: $9,231,620Expenses 2014: $9,256,197Net Income 2014: -$24,5772014Revenue 2015: $12,622,634Expenses 2015: $12,612,541Net Income 2015: $10,0932015Revenue 2016: $12,144,702Expenses 2016: $11,996,356Net Income 2016: $148,3462016Revenue 2017: $10,800,497Expenses 2017: $10,726,080Net Income 2017: $74,4172017Revenue 2018: $13,968,255Expenses 2018: $13,529,620Net Income 2018: $438,6352018Revenue 2019: $35,533,893Expenses 2019: $35,173,668Net Income 2019: $360,2252019Revenue 2020: $27,495,350Expenses 2020: $27,468,624Net Income 2020: $26,7262020Revenue 2021: $10,752,801Expenses 2021: $10,538,560Net Income 2021: $214,2412021Revenue 2022: $14,853,693Expenses 2022: $15,091,479Net Income 2022: -$237,7862022Revenue 2023: $36,158,450Expenses 2023: $35,498,648Net Income 2023: $659,8022023Revenue 2024: $22,492,763Expenses 2024: $21,984,308Net Income 2024: $508,4552024

Highlighted filing

2015

Revenue$12,622,634
Expenses$12,612,541
Net Income$10,093
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Dec 15, 2015
Return Version
2014v5.0
Gross Receipts
$12,622,634
Mission and Program Overview

Mission

The Institute, through a public and private partnership, shall encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in Maine's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people. The Institute is one element of Maine's economic development strategy and will contribute to the long-term development of a statewide research, development and product deployment infrastructure.

Provides funding to subrecipients in the State of Maine.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$25,640,795$25,143,943▼ $496,852
Pledges and Grants Receivable$3,565,888$0▼ $3,565,888
Investments Other Securities$475,246$853,496▲ $378,250
Other Notes and Loans Receivable, Net$430,000$399,796▼ $30,204
Accounts Receivable$261,267$352,870▲ $91,603
Land, Buildings, and Equipment, Net$76,332$130,550▲ $54,218
Prepaid Expenses and Deferred Charges$81,410$66,288▼ $15,122
Cash and Non-Interest-Bearing Accounts$20,400$20,300▼ $100
Total Assets$30,551,338$26,967,243▼ $3,584,095
Liabilities
Deferred Revenue$28,466,822$25,790,336▼ $2,676,486
Grants Payable$992,472$171,408▼ $821,064
Accounts Payable and Accrued Expenses$218,086$107,652▼ $110,434
Mortgage Notes Payable Secured by Investment Property$5,195$18,991▲ $13,796
Total Liabilities$29,682,575$26,088,387▼ $3,594,188
Net Assets / Fund Balance
Unrestricted Net Assets$868,763$878,856▲ $10,093
Total Net Assets Fund Balance$868,763$878,856▲ $10,093
Total Liabilities and Net Assets / Fund Balance$30,551,338$26,967,243▼ $3,584,095

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$80,436$105,367$185,803
Equipment$47,651$74,116$121,767
Leasehold Improvements$2,463$7,395$9,858
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Brian WhitneyPresidentPT$127,303$127,303
Robert MartinPast PresidentFT$80,123$80,123

Board Members and Trustees

NameTitle
Alexander SpauldingChairman
Linda DiouDirector, Past Chairman
David ErbPast Vice Chairman
Chris DavisVice Chairman
Donna CasseseDirector
Gary CrockerDirector
George GervaisDirector
Joe KumiszczaDirector
Jonathan LaBonteDirector
Paul EdmondsDirector
Scott BourgetDirector
Sebastian BelleDirector
Stephen SmithDirector
Emily Ernst CordrayDirector of Finance & Administration
Paul TurinaPast Director
Steve HandPast Director
Timothy NightingalePast Treasurer
Jake WardSecretary
Raymond KelleyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Butler Law OfficesLegal Services18 Pleasant Street, Brunswick, ME 04011$139,564
MMB Management IncConsulting Services169 South Road, Readfield, ME 04355$130,206
Transformative Knowledge GroupConsulting Services99 Pine Street Suite 2, Portland, ME 04102$113,953
C&P Management Services LLCConsulting Services82 Homestead Road PO Box 377, Washington, ME 04574$103,240
Revenue and Support

Revenue Composition

Contributions and Grants
$12,227,695
Program Service Revenue
$19,915
Investment Income
$312,886
Other Revenue
$62,138
All Other Contributions
$895,520
Change in Net Assets
$10,093

Audited Revenue Reconciliation

Revenue per Audited Statements
$12,622,634
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$57,595
Total Revenue per Audited Statements
$12,680,229
Total Revenue per Form 990
$12,622,634
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$9,467,274
Other Expenses$2,426,098
Salaries, Compensation, and Employee Benefits$719,169
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$9,166,901--$9,166,901
Other Salaries and Wages$280,222$256,536-$536,758
Fees for Services Management$406,998$49,467-$456,465
Advertising$221,601$153,244-$374,845
Grants to Domestic Individuals$300,373--$300,373
Fees for Services Other$181,054$28,806-$209,860
Fees for Services Legal$70,670$84,530-$155,200
Other Employee Benefits$56,712$51,919-$108,631
Other Expenses$86,544$371-$86,544
Information Technology$2,898$81,450-$84,348
Payroll Taxes$24,736$22,645-$47,381
Office Expenses-$39,584-$39,584
Fees for Services Accounting-$26,913-$26,913
Pension Plan Contributions$13,782$12,617-$26,399
Depreciation Depletion-$22,341-$22,341
Travel$3,866$13,584-$17,450
Occupancy-$15,652-$15,652
Insurance-$10,368-$10,368
Conferences and Meetings-$2,118-$2,118
Interest-$1,067-$1,067
Total Functional Expenses$11,739,329$873,212$0$12,612,541

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$12,670,136
Expenses per Audited Statements$12,612,541
Total Expenses per Form 990$12,612,541
Expenses Not Reported on Form 990$57,595
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Elmet Technologies LLCLewiston, ME501 C (3)EC Investment, Molybdenum Alloy$1,020,000
University of MaineOrono, ME501 C (3)Various$988,530
Ocean Renewable Power CompanyPortland, ME501 C (3)OCGen Tidal Turbine Generator Unit$692,600
Maine Center for Entrepreneurial DevelopmentPortland, ME501 C (3)Entrepreneurial Ecosystem services$437,878
Rethink PackagingAuburn, ME501 C (3)TerraPack-55 Composite Packaging$397,200
MuniciPay LLCScarborough, ME501 C (3)MuniciPay Gateway$287,609
Pika Energy IncWestbrook, ME501 C (3)Wind Energy System$278,913
Biovation II LLCBoothbay, ME501 C (3)Infection Control Bioabsorbable Gentle Release Pad, DryRight, Flushable Baby Wipe$270,180
Physical Apps LLCHollis, NH501 C (6)TheO Smart Ball$269,882
Mingle Analytics LLCSouth Paris, ME501 C (3)Healthcare Reporting Application$245,847
Maine Sustainable Agriculture SocietyPoland, ME501 C (3)Sustainable Agriculture Cluster development and structure demonstration$217,594
Maine Composites AlliancePortland, ME501 C (3)Composites Materials Characterization Lab$208,000
Environmental & Energy Technology Council of MainePortland, ME501 C (3)Cleantech Business Development$205,850
Harbor Technologies LLCBrunswick, MEGovernmentComposite pile$204,000
DAVO Technologies LLCPortland, ME501 C (3)DAVOTax$168,645
AboGen IncPortland, ME501 C (3)Sample Collection Kit Development, Epigenetics$161,835
Novia Products LLCPortland, ME501 C (3)Scent Dispersion$150,000
University of Southern MainePortland, ME-Cyber Security scratchbed and test facility$147,743
Double Blue Sports Analytics IncOrono, ME-Sports Analytics Goaltending App$126,900
Niche Diagnostics LLCGorham, ME-Monoclonal Antibody Development for Histoplasmosis$125,700
HistoryIT IncPortland, ME-Archives Tree$123,000
Tide Creative IncPortland, ME-Prepare to Wed$117,652
RockStep Solutions IncBar Harbor, ME-CLIMB Laboratory Analytics$115,096
SeaChange Group LLCBrunswick, ME-Glycerin Biodiesel Blend, fuel processor$99,890
Acadia Harvest IncOrrs Island, ME-RAS Seafood Products$95,476
Northern Tack LLCAlexander, ME-eFit Saddle System$93,290
Bar Harbor Biotechnology IncTrenton, ME-Equity Investment$85,000
Gulf of Maine Research InstitutePortland, ME-Various$72,373
Maine Maritime AcademyCastine, ME-Development of Maine Hydrokinetic Energy Cluster & testing facility$64,500
Ecoshel IncPortland, ME-Eco-Shel Smart Shingle System$63,515
Chimani LLCYarmouth, ME-Ec015$60,000
CompoTech IncBrewer, ME-Composite Ballistic Panels$51,000
Butterfield Technologies LLCPortland, ME-Pleurabrade$50,000
Parent Technology Group LLCWindham, ME-Photovoltaic Textile$49,000
StGermain CollinsWestbrook, ME-Sentry EHS$45,000
O'Brien Medical LLCOrono, ME-ETF128 Tuning Fork$43,213
Bevy LLCGorham, ME-Bevy Software Development, product launch$42,880
The Montalvo CorporationGorham, ME-Automated Tensioner$40,000
ImedgeBoards LLCSebago, ME-Snowboard Image Plate$36,200
Maine Manufacturing Extension PartnershipAugusta, ME-Manufacturing Acceleration Partnership Pilot$33,207
Sustainability Metrics LLCPortland, ME-Platform Development for Commercialization, dev of pipeline$32,500
Micro Technologies IncRichmond, ME-Finfish Vaccines, Enhanced Healing in Finfish$30,952
Robotics Engineering LLCWaterboro, ME-Bench-top Plasma Cutting Tool$30,840
Wentworth Technology IncSaco, ME-Mighty Mic$29,650
Bitzy Baby LLCBrunswick, ME-Breathable Infant Bedding$29,000
Bixby & Co LLCRockland, ME-Chocolate Products$28,000
Starc Systems LLCBrunswick, ME-Temporary Wall System$25,821
Elizabeth Chabe Sole ProprietorOrono, ME-Gamification of Language Learning$25,000
Globeco Maine LLCScarborough, ME-Duzi$25,000
Growing PortlandPortland, ME-Healthcare Informatics Cluster Assessment$25,000
Novo Biosciences IncBar Harbor, ME-Drug That Promotes Tissue Repair$25,000
The Yarn CorporationPortland, ME-Interactive Story Elements$25,000
Forager1 LLCFalmouth, ME-Land and Sea Commerce$24,980
Interspec IncPortland, ME-e-SPECS Data Warehouse$24,960
Coastal Enterprises IncWiscasset, ME-value-added products from Green Crab$24,842
Intellergy IncBlue Hill, ME-Building Monitoring and Control$24,617
Lobster Unlimited LLCOrono, ME-Lobster Shell Processing$24,270
DemerBox LLCPortland, ME-DemerBox Product Updates and Redesign$23,550
bizzieMePortland, ME-bizzieMe Tech Development and Funding Prep$21,370
Northern Maine Development CommissionCaribou, ME-Cluster Funding$20,400
Advanced Concepts & Engineering LLCDexter, ME-ACE Auto-Grade$20,000
Expression Computing LLCKennebunk, ME-Trove$20,000
EyeThera LLCKennebunk, ME-Therma-Shield for Dry Eye$20,000
Flux Integration LLCBiddeford, ME-FluxIDE Electro-mechanical System Design Tool$20,000
Foundation for Blood ResearchScarborough, ME-Screen Test for Arsenic in Water$20,000
Huzzapp LLCCumberland Foreside, ME-Video Content Platform for Apps$20,000
Maine Biotechnology Services IncPortland, ME-Equine Ovulation Test$20,000
Maine International Trade CenterPortland, ME-Cluster Funding$20,000
The Hop Yard LLCPortland, ME-Hop Drying Kiln$20,000
United Fabricants Strainrite CorpAuburn, ME-Filter Bag$20,000
Mackworth Group LLCScarborough, ME-Aquatic Filter Barrier$19,960
R M Beaumont CorpBrunswick, ME-Stylized Adaptive Mobility Fitness Device$19,840
City of EllsworthEllsworth, ME-Business plan and analysis for Innovation Center$19,300
Salt Sea LLCSouth Portland, ME-Organic Fertilizer from Ocean Biomass$18,387
Sea Run Holdings IncFreeport, ME-SeaStat$17,140
PJ Coeur LLCGorham, ME-Voice Kite$15,688
Digital Research IncKennebunk, ME-Marketing Performance Analytics Software$14,998
Prescott Consulting LLCBangor, ME-Monitoring Buoy$14,992
Pemaquid Mussel Farms LLCDamariscotta, ME-Submersible Mussel Raft$14,720
Bigelow Laboratory for Ocean SciencesEast Boothbay, ME-Maine Algal Cluster planning, OceanWater Maine, Biogenic Iron Oxides$14,332
Alba-Technic LLCWinthrop, ME-Neuro-Protective Headgear$12,000
Eldertide LLCDresden, ME-Elderberry Plants and Products$12,000
Maine Fresh Sea Farms LLCDamariscotta, ME-Sea Vegetables$12,000
Wireless Sensors LLCFalmouth, ME-Data Center Optimization System Market Research$10,201
Front Street ShipyardBelfast, ME-Composite Ferries$10,160
Cerahelix IncOrono, ME-Ceramic Membrane Technology$10,000
Green Pod LLCHarpswell, ME-Disaster Relief Sustainable Operating Suites$10,000
Knight Underwater Bearing LLCCape Neddick, ME-Marine Shaft Bearing$10,000
Maine Manufacturing LLCSanford, ME-Novel Materials for Microarrays$10,000
Wizbe Innovations LLCManchester, ME-Fabric with Variable Air Permeability$10,000
GenoTyping Center of America LLCBangor, ME-Dye Application Advancing Assays$9,362
FieldstackPortland, ME-Accelerated Venture Funding$8,000
Sea And Reef AquacultureFranklin, ME-Marine Ornamental Fish Aquaculture$8,000
Beltane Solar IncTopsham, ME-Solar PV-Thermal Collector Desalination Unit$7,960
Sunrise County Economic CouncilMachias, ME-Vertically Integrated Retrofit Packages$5,182
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“The Director of Finance and Administration performs an initial review of the Form 990 with the external preparers and secondarily with the President of the organization. A copy of the completed Form 990 and accompanying schedules is then provided to the Maine Technology Institute Finance Committee of the Board of Directors for review and discussion, followed by presentation at the monthly board meeting preceding the filing date.”

Form 990, Part VI, Section B, line 12C

“The organization requires that all board members, paid and volunteer application reviewers and employees sign conflict of interest policy statements, which are kept on file by the organization. The policy requires that an individual disclose a conflict of interest as soon as the circumstances arise; that board members, reviewers and employees recuse themselves from discussions and decisions whenever there is a real or perceived conflict of interest. Additionally, award applicants are asked to disclose parties who may have a conflict of interest reviewing their projects; volunteer review board and governing board members are posted on the MTI website for their information. Care is taken to eliminate anyone with a conflict from each step in the review and decision-making process.”

Form 990, Part VI, Section C, line 19

“The conflict of interest policy is available on the website. The financials are available upon request and are included in the annual report, which is posted on the website.”

Filing and Contact Details

Filer

Filer Name
Maine Technology Institute
EIN
01-0529871
Phone
2075824790
Address
8 Venture Avenue Brunswick Landing, Brunswick, ME 04011

Signing Officer

Name
Brian Whitney
Title
President
Phone
2075824790
Signed
2015-12-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian Whitney
Formed
1999
Legal Domicile
Me
Voting Board Members
13
Independent Board Members
13
Employees
12
Volunteers
115

Preparer

Firm
Berry Dunn McNeil & Parker LLC
Address
PO Box 1100, Portland, ME 04104-1100
Preparer
Barbara J McGuan CPA
Phone
2077752387
Supplemental Narrative

Additional Explanations

Form 990, Part IV, Line 36

“Line 36 on prior year returns should have been answered as "yes" as Maine Technology Institute did receive contributions and services above the reporting threshold from the State of Maine, an exempt non-charitable related organization.”

Form 990, Part X, Line 10: Land, Buildings, and Equipment

“Section 1.263(a)-3(n) Election: Maine Technology Institute 8 Venture Avenue Brunswick, ME 04011 EIN: 01-0529871 The Maine Technology Institute is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”

Raw XML AppendixShowing 400 of 1,492 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0The 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 programs, which are outlined below:- TechStart Grant Program - grants up to $5,000 to support technology-based innovation, business plan development, intellectual property filings, market analysis and activities related to planning and submission of Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants.- Seed Grant Program - grants up to $25,000 to fund small, early-stage research and development projects and development activities leading to commercialization.- Development Loan Program - awards ranging from $30,000 to $500,000 to fund new and/or enhanced technologies or tech transfer leading to market sales. If a product is successfully commercialized, the award becomes repayable.- Business Accelerator Grants - grants to support commercialization and business development/capacity activities not eligible for SBIR or Development Loan funding, but required to advance new technology to market and to firmly establish and increase the scope and sustainability of the business enterprise.- Equity Capital Fund - helps eligible Seed Grant, SBIR and Development Loan recipients bridge the financing gap between product development and sales, moving them toward the market by providing equity or near-equity capital.- SBIR Awards - help support SBIR/STTR proposal submissions and technology commercialization.- Cluster Initiative Awards - awards up to $50,000 for industry-driven cluster-initiative planning or feasibility activity, and up to $500,000 to strengthen Maine's technology clusters.- Maine Technology Asset Fund (MTAF) - funded by a $53,000,000 bond approved by State of Maine voters; this program helps fund capital expenditures supporting research, development and commercialization.
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IRS990/Form990PartVIISectionAGrp/PersonNm0Alexander Spaulding
IRS990/Form990PartVIISectionAGrp/PersonNm1Chris Davis
IRS990/Form990PartVIISectionAGrp/PersonNm2Raymond Kelley
IRS990/Form990PartVIISectionAGrp/PersonNm3Jake Ward
IRS990/Form990PartVIISectionAGrp/PersonNm4Donna Cassese
IRS990/Form990PartVIISectionAGrp/PersonNm5Sebastian Belle
IRS990/Form990PartVIISectionAGrp/PersonNm6Paul Edmonds
IRS990/Form990PartVIISectionAGrp/PersonNm7Joe Kumiszcza
IRS990/Form990PartVIISectionAGrp/PersonNm8Stephen Smith
IRS990/Form990PartVIISectionAGrp/PersonNm9George Gervais
IRS990/Form990PartVIISectionAGrp/PersonNm10Gary Crocker
IRS990/Form990PartVIISectionAGrp/PersonNm11Jonathan LaBonte
IRS990/Form990PartVIISectionAGrp/PersonNm12Scott Bourget
IRS990/Form990PartVIISectionAGrp/PersonNm13Linda Diou
IRS990/Form990PartVIISectionAGrp/PersonNm14David Erb
IRS990/Form990PartVIISectionAGrp/PersonNm15Timothy Nightingale
IRS990/Form990PartVIISectionAGrp/PersonNm16Paul Turina
IRS990/Form990PartVIISectionAGrp/PersonNm17Steve Hand
IRS990/Form990PartVIISectionAGrp/PersonNm18Brian Whitney
IRS990/Form990PartVIISectionAGrp/PersonNm19Emily Ernst Cordray
IRS990/Form990PartVIISectionAGrp/PersonNm20Robert Martin
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director, Past Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt14Past Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt15Past Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt16Past Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Past Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18President
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director of Finance & Administration
IRS990/Form990PartVIISectionAGrp/TitleTxt20Past President
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0The Institute, through a public and private partnership, shall encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in Maine's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people. The Institute is one element of Maine's economic development strategy and will contribute to the long-term development of a statewide research, development and product deployment infrastructure.
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IRS990/PrincipalOfficerNm0Brian Whitney
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,967,243
Liabilities
$26,088,387
Net assets
$878,856
Revenue
$12,622,634
Expenses
$12,612,541
Net income
$10,093
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$29.2$26.1$3.07$22.5$22.0$0.51
2023Detailed filing. Detailed filing data is available for this year.$22.3$19.7$2.56$36.2$35.5$0.66
2022Detailed filing. Detailed filing data is available for this year.$19.6$17.7$1.90$14.9$15.1$0.24
2021Detailed filing. Detailed filing data is available for this year.$20.2$18.1$2.14$10.8$10.5$0.21
2020Detailed filing. Detailed filing data is available for this year.$38.6$36.7$1.93$27.5$27.5$0.03
2019Detailed filing. Detailed filing data is available for this year.$41.6$39.7$1.90$35.5$35.2$0.36
2018Detailed filing. Detailed filing data is available for this year.$49.8$48.2$1.54$14.0$13.5$0.44
2017Detailed filing. Detailed filing data is available for this year.$27.9$26.8$1.10$10.8$10.7$0.07
2016Detailed filing. Detailed filing data is available for this year.$32.4$31.4$1.03$12.1$12.0$0.15
2015Detailed filing. Detailed filing data is available for this year.$27.0$26.1$0.88$12.6$12.6$0.01
2014Detailed filing. Detailed filing data is available for this year.$30.6$29.7$0.87$9.23$9.26$0.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.1$27.2$0.89$7.53$7.70$0.17
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.9$30.8$1.06$20.4
2011Summary only. Only limited summary data is available for this year.$29.1$27.9$1.21$20.8$20.8$0.05