Liabilities / Assets
90th percentile
Higher debt load relative to assets than 90% of similar nonprofits.
Maine Technology Institute
990 • Fiscal year 2021 • EIN 01-0529871
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.89x
Liabilities / Revenue
87th percentile
Higher debt load relative to revenue than 87% of similar nonprofits.
Net Margin
27th percentile
Higher net margin than 27% of similar nonprofits.
Top Officer Pay
48th percentile
Higher top officer pay than 48% of similar nonprofits.
Top officer pay equals 1.5% of source-year revenue.
Asset Growth
1st percentile
Faster asset growth than 1% of similar nonprofits.
Revenue Growth
3rd percentile
Faster revenue growth than 3% of similar nonprofits.
Balance Sheet
Assets
Down$20,192,850
Down $18,387,519 (-48%) from 2020
Net Assets
Up$2,141,446
Up $214,241 (+11%) from 2020
Liabilities
Down$18,051,404
Down $18,601,760 (-51%) from 2020
Revenue And Expenses
Revenue
Down$10,752,801
Down $16,742,549 (-61%) from 2020
Expenses
Down$10,538,560
Down $16,930,064 (-62%) from 2020
Net Income
Up$214,241
Up $187,515 (+702%) from 2020
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2020 to Jun 30, 2021
- Signed
- Apr 28, 2022
- Return Version
- 2020v4.2
- Gross Receipts
- $10,752,801
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
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Savings and Temporary Cash Investments | $28,769,373 | $9,824,314 | ▼ $18,945,059 |
| Other Notes and Loans Receivable, Net | $7,207,162 | $7,714,807 | ▲ $507,645 |
| Investments Other Securities | $2,388,079 | $2,376,032 | ▼ $12,047 |
| Cash and Non-Interest-Bearing Accounts | $300 | $107,946 | ▲ $107,646 |
| Prepaid Expenses and Deferred Charges | $110,186 | $98,253 | ▼ $11,933 |
| Land, Buildings, and Equipment, Net | $76,712 | $41,033 | ▼ $35,679 |
| Accounts Receivable | $28,557 | $30,465 | ▲ $1,908 |
| Total Assets | $38,580,369 | $20,192,850 | ▼ $18,387,519 |
| Liabilities | |||
| Deferred Revenue | $36,513,507 | $17,893,309 | ▼ $18,620,198 |
| Accounts Payable and Accrued Expenses | $122,560 | $146,124 | ▲ $23,564 |
| Mortgage Notes Payable Secured by Investment Property | $17,097 | $11,971 | ▼ $5,126 |
| Total Liabilities | $36,653,164 | $18,051,404 | ▼ $18,601,760 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $1,927,205 | $2,141,446 | ▲ $214,241 |
| Total Net Assets Fund Balance | $1,927,205 | $2,141,446 | ▲ $214,241 |
| Total Liabilities and Net Assets / Fund Balance | $38,580,369 | $20,192,850 | ▼ $18,387,519 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $28,368 | $118,013 | $146,381 |
| Other Land Buildings | $0 | $125,995 | $125,995 |
| Leasehold Improvements | $12,665 | $27,205 | $39,870 |
| Closely Held Equity Interests | $2,376,032 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Gregory N Lee | Director of Finance & Administration | FT | $91,254 | $13,269 | $104,523 |
Board Members and Trustees
| Name | Title |
|---|---|
| Donna Cassese | Chair |
| Brian Whitney | President |
| Alexander Spaulding | Vice Chair |
| Dan Belyea | Director |
| Heather Johnson | Director |
| Ian Swanberg | Director |
| Meredith Mendelson | Director |
| Richard Ganong | Director |
| Rosaire Pelletier | Director |
| Sebastian Belle | Director |
| Stacey Huth | Director |
| Jake Ward | Secretary |
| Raymond Kelley | Treasurer |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| C&P Management Services LLC | Consulting Services | 82 Homestead Road, Washington, ME 04574 | $151,624 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $9,813,047
- Program Service Revenue
- $561,502
- Investment Income
- $378,252
- Other Revenue
- $0
- Change in Net Assets
- $214,241
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Grants and Similar Amounts Paid | $7,746,051 |
| Other Expenses | $1,965,272 |
| Salaries, Compensation, and Employee Benefits | $827,237 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Grants to Domestic Orgs | $7,746,051 | - | - | $7,746,051 |
| Advertising | $527,025 | $101,274 | - | $628,299 |
| Other Salaries and Wages | $522,783 | $62,255 | - | $585,038 |
| Fees for Services Management | $320,021 | $144,865 | - | $464,886 |
| Current Officers, Directors, Trustees, and Key Employees | $20,905 | $83,619 | - | $104,524 |
| Fees for Services Legal | $47,955 | $37,912 | - | $85,867 |
| Other Expenses | $84,454 | $73,892 | - | $84,454 |
| Occupancy | - | $77,343 | - | $77,343 |
| Payroll Taxes | $43,305 | $16,841 | - | $60,146 |
| Other Employee Benefits | $45,034 | $4,729 | - | $49,763 |
| Depreciation Depletion | - | $40,106 | - | $40,106 |
| Travel | - | $36,952 | - | $36,952 |
| Fees for Services Accounting | - | $35,119 | - | $35,119 |
| Information Technology | $5,850 | $28,804 | - | $34,654 |
| Office Expenses | - | $30,373 | - | $30,373 |
| Pension Plan Contributions | $24,950 | $2,816 | - | $27,766 |
| Insurance | - | $16,794 | - | $16,794 |
| Conferences and Meetings | - | $5,468 | - | $5,468 |
| Interest | - | $798 | - | $798 |
| Total Functional Expenses | $9,738,600 | $799,960 | $0 | $10,538,560 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| University of Maine Office of Research Administration | Orono, ME | - | Various | $538,946 |
| Global Secure Shipping | Orono, ME | - | Establishing a Secure Composite Shipping Conatiner Manufacturing Facility in Maine | $500,000 |
| ImmuCell Corporation | Portland, ME | - | 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 | Brookline, MA | 501(c)(3) | Emerging Technologies Challenge for Maine's Forest Resources: Financing a Commercial Scale Wood Biomass Biorefinery | $370,770 |
| ATX Advisory LLC | Biddeford, ME | 501(c)(3) | Caliper - Business Analytics as a Service | $280,000 |
| Governor's Energy Office | Augusta, ME | - | Maine Floating Offshore Wind Roadmap Charting a Path to 2030 | $250,000 |
| bluShift Aerospace Inc | Brunswick, ME | 501(c)(6) | Launch of Stardust 1.0: A Prototype Launch Vehicle | $249,981 |
| Junora LTD | Biddeford, ME | - | Continuing fabrication of equipment for our breakthrough Continuous Micro Casting process | $175,000 |
| Eastport Port Authority | Eastport, ME | - | Shipboard Phytosanitation System to Capture European Export Opportunities | $170,000 |
| Gulf of Maine Research Institute | Portland, ME | - | GRMI Ventures EDA Build To Scale Application: Matching funds required | $160,000 |
| HighByte Inc | Portland, ME | - | Off-the-shelf software solution that solves data integration and security problems for industrial businesses | $160,000 |
| Maine Shellfish Technologies LLC | Scarborough, ME | - | Automatic Deshelling Machine | $157,000 |
| Maine Space Grant Consortium | Augusta, ME | - | Development of Strategic, Business, Financial and Investment Plans for the Maine SpacePort Complex | $155,607 |
| Literacy Tech Inc | Lewiston, ME | - | A supplemental web-based application for independent reading in grades 4-12 for students and educators | $119,000 |
| Bookclubz Inc | Camden, ME | 501(c)(3) | Web and mobile app for book club management. | $100,000 |
| Central Maine Growth Council | Waterville, ME | 501(c)(3) | Dirigo Labs: Fostering Innovation & Collaboratively Supporting Maine-based Entrepreneurs | $100,000 |
| Farmhand Automation Inc | Biddeford, ME | - | Autonomous Electric Rover for Automated Carbon Free Farming | $100,000 |
| Maine Center for Entrepreneurs (V) | Portland, ME | - | Maine Bioscience Cluster Initiative | $100,000 |
| Manufacturers Association of Maine | Portland, ME | - | MAME C-19 Countermeasures Program in order to counter the onset of the Covid-19 and the associated shutdown of major portions of the economy | $100,000 |
| ND Evergreen LLC | Old Town, ME | - | Utilize recovered paper to produce an unbleached baled pulp | $100,000 |
| Nearpeer Inc | Portland, ME | - | Investment raise for 2021+ growth | $100,000 |
| Optimum Imaging Diagnostics | Scarborough, ME | - | Rapid Diagnostic for identifying fungal pneumonia | $100,000 |
| Reconnect Inc | Portland, ME | - | Electronic Monitoring for the justice system. | $100,000 |
| Harvesting Good | Yarmouth, ME | - | Create the only at scale green vegetable processing facility in Maine | $96,600 |
| Prapela Inc | Biddeford, ME | - | Support for FDA clearance of Prapela's Breakthrough Device to Treat Opioid-Exposed Newborns | $95,000 |
| North Spore LLC | Westbrook, ME | - | Conduct R&D and commercialization of a proprietary mushroom spawn blend and sterilization process | $90,000 |
| AMRO Systems LLC | Westbrook, ME | 501(c)(3) | CARES Act Funding | $76,000 |
| Dermarus Inc | South Portland, ME | - | Marin Soothing Hydration Cream Business Growth Stage 2 | $75,000 |
| Downeast Institute for Applied Research Research and Education | Beals, ME | - | Diversifying Shellfish Aquaculture in Maine & Downeast | $75,000 |
| Grover Gundilling LLC | Oxford, ME | - | Advanced High Speed Machining | $75,000 |
| Senscio Systems Inc | Boxborough, MA | - | Optimized self-management of complex health using artificial intelligence to integrate medical, non-medical and self-care | $75,000 |
| Standard Biocarbon Corporation | Portland, ME | - | Building a production facility for biocarbon (aka biochar) which will create Maine forest products using proven, sophisticated technology | $75,000 |
| Xylogen Medical LLC | Cape Elizabeth, ME | - | Nanocellulose Based Foams for Low-cost Disposable Medical Support and Positioning Applications | $75,000 |
| City of Ellsworth | Ellsworth, ME | University | Union River Center for Innovation Implementation | $72,000 |
| Maine Farmers Association LLC | Portland, ME | - | CARES Act Funding | $70,000 |
| TJH Management | Freeport, ME | - | CARES Act Funding | $67,000 |
| Three Girls Fishing LLC | South Portland, ME | - | CARES Act Funding | $66,000 |
| Peregrine Turbine Technologies LLC | Wiscasset, ME | - | An innovative thermodynamic cycle for energy conversion using supercritical carbon dioxide and unique heat exchanger design | $64,327 |
| Maine Manufacturing Partners LLC | Biddeford, ME | - | Development of Joi Scientific Hydrogen 2.0 | $63,921 |
| Amplify Inc | Yarmouth, ME | 501(c)(3) | Additive Manufacturing service provider where we 3D print Titanium Orthopedic implants in Titanium. | $60,000 |
| School Square LLC | South Portland, ME | - | Connecting teachers with volunteers who want to help support students' academics and interests | $56,000 |
| Coastal Enterprises Inc | Brunswick, ME | - | Strategic Partner Pilot Program | $52,000 |
| New England Marine Monitoring Inc | Portland, ME | - | Integrating Artificial Intelligence into Video Processing Workflows to Reduce Operational Costs | $51,556 |
| Caron Engineering Inc | Wells, ME | 501(c)(3) | Develop a series of complex algorithms to accurately detect harmful chatter on CNC (computer numerical control) machines and inform the end-users that it has occurred. | $50,167 |
| Cureous Innovations Inc | New Gloucester, ME | - | Health information technology company dedicated to improving health, wellness, and care experiences through sophisticated applications of data and technology | $50,000 |
| FarmDrop | Cape Elizabeth, ME | - | Inventory management, marketing and distribution automations | $50,000 |
| Go Lab Inc | Belfast, ME | - | New equipment and manufacturing facility | $50,000 |
| Gulf of Maine Sashimi | Portland, ME | - | Gulf of Maine Sashimi, Inc. Growth Investment | $50,000 |
| J Schatz Inc | Boothbay Harbor, ME | - | CARES Act Funding | $50,000 |
| Cox Machine | Searsmont, ME | - | CARES Act Funding | $49,334 |
| Springtide Seaweed LLC | Gouldsboro, ME | - | IMPC Robotic Vascular Wire | $45,000 |
| Snowy Farms Inc | Topsham, ME | - | CARES Act Funding | $44,000 |
| Yottaram LLC | Buxton, ME | - | eMoods Insights Enterprise Portal for Medical Practices | $40,000 |
| Maine Sustainable Agriculture Society | Cape Elizabeth, ME | - | Sustainable Year Round Agriculture Cluster Initiative | $34,000 |
| Ocean Approved LLC | Saco, ME | - | Creating amore efficient and innovative kelp processing infrastructure | $30,000 |
| Aurora Mills and Farms LLC | Linneus, ME | Government | Adding color sorters to enhance Maines competitive edge in food, seed, and emerging crop markets. | $25,000 |
| BBK Investments LLC | Saco, ME | Government | UV Conveyor Sanitizer | $25,000 |
| Chattabot Inc | Falmouth, ME | 501(c)(6) | Digital Employees For Hospitality & Dental | $25,000 |
| Code Maine Coding Academy | Abbot, ME | - | Code Maine Coding Academy Full Cohort Initiative | $25,000 |
| Codeweaving Inc | Dresden, ME | - | The Slicpix Marketing Solution | $25,000 |
| FlaVR Labs Inc | Ellsworth, ME | - | FlaVR Spoon for taste stimulation | $25,000 |
| Goodfocus LLC | Freeport, ME | - | Virtual game-like experiences that help online collaborators refocus their creative energy for more productive results | $25,000 |
| Gws LLC | Stonington, ME | - | Ergonomic task stool with the seat made from post-consumer recycled plastic and wood composite | $25,000 |
| In Situ Innovations LLC | South Portland, ME | - | Improving the high U.S. maternal mortality and morbidity rate, as 60% of the causes of mortality could be impacted by inadequate nurse staffing levels in hospitals | $25,000 |
| Medallion Bioplastics LLC | Portland, ME | - | Development of Biodegradable 4-Pack Can Carriers for Maine Craft Brewery Owners | $25,000 |
| Optimize Project Management LLC | Veazie, ME | - | 3D Printed Bio-Based Homes | $25,000 |
| PK Floats Inc | Lincoln, ME | - | Developed a new amphibious seaplane float for the fastest growing segment of general aviation | $25,000 |
| Portland Fish Exchange Inc | Portland, ME | - | Oyster Grading Service | $25,000 |
| Postcards for Parents LLC | Portland, ME | - | Personalized parenting information and support at scale, using digital delivery powered by machine learning and AI | $25,000 |
| Salmonics LLC | Georgetown, ME | - | Manufacture of fibronectin from aquaculture salmon blood for use in biomedical applications | $25,000 |
| Shellfish Solutions | Castine, ME | - | Tide To Table Traceability and Marketing for Maine Seafood | $25,000 |
| Sweet Monkey Business LLC | Northport, ME | - | CARES Act Funding | $25,000 |
| Thermal Fabrication Inc | New Gloucester, ME | - | CARES Act Funding | $25,000 |
| Torque Inc | Falmouth, ME | - | Develop and Deploy Complex Cloud Software. Without DevOps. On any cloud. | $25,000 |
| Visible Logic Inc | Portland, ME | - | Interactive Branding Report Development and Marketing | $25,000 |
| XR Center LLC | Westbrook, ME | - | Maine Advanced Visualization and Research Center | $25,000 |
| Yarn Corporation | Portland, ME | - | Driftspace Go To Market | $25,000 |
| Muddy River Farm Aquaponics | Topsham, ME | - | The final design, construction, and field testing of a new eDNA sensor currently under development that will be used in the Saltonstall-Kennedy remote sensing network | $24,999 |
| Huga Heat LLC | Southport, ME | - | Huga Heated Cushions - Scaling to support local restaurants | $24,826 |
| Johnny's Selected Seeds | Winslow, ME | - | An efficient greens spinner for improving food safety and increasing profitability for small to mid-size farms | $24,000 |
| Lockbqx LLC | Portland, ME | - | FinTech Web platform where we sell security deposit replacement to multiunit tenants & owners | $23,763 |
| I-Tell Alert LLC | Winthrop, ME | - | i-Tell Alert 'Smart Walker' | $22,675 |
| Sklaza LLC | Portland, ME | - | Online community marketplace where college students can buy and sell items from their classmates exclusively on their own campus | $21,700 |
| American Mass Timber | Owls Head, ME | Government | Single Family Housing Made Affordable Using Mass Timber and Off-Site Construction | $20,000 |
| Maine Aquaculture Association | Hallowell, ME | - | Improve our understanding of potential inland and nontraditional markets for Maine-produced aquaculture seafood, including as assessment of the seafood supply chain, which seeks synergies between aquaculture and wild-capture seafood | $20,000 |
| Soft Robotic Angiography LLC | Portland, ME | - | Prototype an innovative software platform for Industrial Internet of Things (IIoT) applications | $20,000 |
| Lief LLC | St George, ME | - | Aims to solve the childcare undersupply crisis by leveraging the efficiencies of shared care and technology to match like-minded families and place quality, trained providers in the home | $19,921 |
| Park Hill LLC | Scarborough, ME | - | More efficient than the existing accordion as it seals completely and keeps cool air in and hot air out along with dust, wind and bugs | $19,900 |
| Zongo Technologies Inc | Freeport, ME | - | StashUp | $19,500 |
| Tidal Bore | Scarborough, ME | - | Bicycle taillight with embedded computer vision to detect and alert approaching vehicles | $18,088 |
| RentScore LLC | Lewiston, ME | - | A platform where landlords can screen and accept tenants applications easily based on our unique rental history score | $17,000 |
| Hussey Medical LLC | Waterville, ME | - | Ostomy Sensor - Round 2 | $16,250 |
| Monson Community Solar LLC | Monson, ME | - | CARES Act Funding | $16,000 |
| Moda Electronics LLC | Gorham, ME | - | Develop a small engine control system, The Ecogenizer to improve fuel economy | $15,000 |
| Abundance Works LLC | Bar Harbor, ME | 501(c)(6) | Small Business Academy | $13,615 |
| Clique in Style LLC | Lisbon Falls, ME | - | Interactive online platform that gives to-be-brides the opportunity to shop local for their bridal party across the country | $13,195 |
| Silvex Inc | Westbrook, ME | - | Process Development for hard-anodic tan colored coatings for defense markets | $13,100 |
| Scribe Automation Corp | Freeport, ME | - | Machine learning-based software helps you articulate the vision for your company, translate it into a design aesthetic with logos, fonts, and colors, and launch it online | $12,806 |
| Tethys Research LLC | Bangor, ME | - | Enzymes that Improve Yield, Quality and Environmental Performance in Pulp and Paper Mills | $12,200 |
| Panda Rocket Punch LLC | Old Orchard Beach, ME | - | Project simulator that models the flow of work through a system allowing project managers to better understand different scenarios that may affect their project plan | $12,000 |
| WiseWater Agriculture & Innovation LLC | Jay, ME | - | CARES Act Funding | $12,000 |
| Casco Systems LLC | Cumberland, ME | 501(c)(3) | Smart Grid R&D Laboratory Expansion | $10,000 |
| Match2Play LLC | Portland, ME | - | Virtual community designed exclusively to support the well-being of families | $10,000 |
| Kind Mind LLC | Falmouth, ME | - | Kind Mind: A SELf-care curriculum for lifelong resilience | $9,567 |
| Maine Organic Farmers and Gardeners Association | Unity, ME | - | Technical Support to Maine's Organic Entrepreneurs | $9,500 |
| Durabike LLC | South Portland, ME | - | DuraBike's mission is to support service members around the world with commercial-grade bicycling equipment | $8,995 |
| The Good Man's Ranch | Eagle Lake, ME | - | CARES Act Funding | $7,170 |
| Energanics LLC | Biddeford, ME | - | Renewable Composting, turning Waste to Watts | $6,000 |
| Polymer Laboratories & Solutions LLC | Lewiston, ME | - | To utilize rejected shoe soles and other articles from polyurethane and injection molding process | $5,917 |
| MustDeliver Inc | Bangor, ME | - | Digital freight marketplace serving independent owner operator drivers on one side and small to medium sized shippers on the other. | $5,362 |
| River Joiner & the Homestead Store | Columbia, ME | - | CARES Act Funding | $5,202 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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 35% controlled entity
- No
- 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 11B
“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 B, line 15
“The Organization's top executive is compensated by the State of Maine, a related party. They are part of a bargaining unit and methodologies related to compensation are unknown at this time. The President of the Organization periodically reviews and sets compensation for all staff, including the Organization's other officers. This may or may not include a formal review and comparability analysis and may or may not be discussed informally with members of the board.”
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
- 2022-04-28
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Brian Whitney
- Formed
- 1999
- Legal Domicile
- Me
- Voting Board Members
- 12
- Independent Board Members
- 12
- Employees
- 13
- Volunteers
- 175
Preparer
- Firm
- Berry Dunn McNeil & Parker LLC
- Address
- PO Box 1100, Portland, ME 04104-1100
- Preparer
- Joseph R Byrne
- Phone
- 2077752387
Supplemental Narrative
Additional Explanations
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).”
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| IRS990/Desc | 0 | 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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| IRS990/MissionDesc | 0 | 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. |
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| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 1174564 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 712641 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 687909 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt | 0 | 3372336 |
| IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt | 0 | 1155566 |
| IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 25000 |
| IRS990ScheduleA/OtherIncome170Grp/TotalAmt | 0 | 25000 |
| IRS990ScheduleA/PublicOrganization170Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY170Pct | 0 | 0.96500 |
| IRS990ScheduleA/PublicSupportPY170Pct | 0 | 0.96340 |
| IRS990ScheduleA/PublicSupportTotal170Amt | 0 | 93572725 |
| IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind | 0 | X |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt | 0 | 9813047 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt | 0 | 26624852 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 34248785 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 12809932 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 10076109 |
| IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt | 0 | 93572725 |
| IRS990ScheduleA/TotalSupportAmt | 0 | 96970061 |
| IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorNum | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine2 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt | 0 | RESTRICTED |
| IRS990/ScheduleBRequiredInd | 0 | 1 |
| IRS990ScheduleD/CloselyHeldEquityInterestsGrp/BookValueAmt | 0 | 2376032 |
| IRS990ScheduleD/CloselyHeldEquityInterestsGrp/MethodValuationCd | 0 | F |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 28368 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 118013 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 146381 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt | 0 | 12665 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt | 0 | 27205 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt | 0 | 39870 |
| IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt | 0 | 0 |
| IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt | 0 | 125995 |
| IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt | 0 | 125995 |
Document Assets
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Filings
Displayed year
2021 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $20,192,850
- Liabilities
- $18,051,404
- Net assets
- $2,141,446
- Revenue
- $10,752,801
- Expenses
- $10,538,560
- Net income
- $214,241