Maine Center Ventures

“A business relationship exists between the following Maine Center Ventures' directors and officers as of June 30, 2024, as they hold positions/titles at the University of Maine System ("UMS"), an organization supported by Maine Center Ventures: Joan Ferrini-Mundy, President; Dannel Malloy, Chancellor; Jacqueline Edmondson, President; Ryan Low, VC for Finance and Administration and Treasurer; Paul Chan, General Counsel; Leigh Sauffley, President; Patricia Riley, Trustee, Lisa Eames, Trustee, and Owen McCarthy, Trustee.”

“According to Maine Center Ventures' bylaws, its Board of Directors shall consist of the following persons: (a) the University of Maine System ("UMS") Chancellor, who shall serve as the Chair of the Board of Directors; (b) the President of the University of Maine, or as his or her delegate, the University of Maine Chief Academic Officer; (c) the President of the University of Southern Maine, or as his or her delegate, the University of Southern Maine Chief Academic Officer; (d) the Dean of the University of Maine School of Law; (e) three members of the Board of Trustees of UMS, to be named by the UMS Board Chair; and (f) at least five other members from the Maine business, legal, and public/policy governance communities who shall initially be selected and appointed by the UMS Board Chair upon recommendation of the UMS Chancellor.”

“Form 990 is prepared by the Director of Accounting for the University of Maine System who advises Maine Center Ventures' staff on accounting and tax matters. Once the Form 990 is substantially complete, a draft is posted on a Google drive and a link to the drive is emailed to each of Maine Center Ventures' current board members and officers for comment prior to filing of the form.”

“Maine Center Ventures' ("MCV") secretary monitors compliance with the conflict of interest policy on a case by case basis. The only vote taken by MCV's board of directors that recommends commitment of financial resources, occurs once annually to recommend approval of MCV's annual budget. The budget must then be approved by the board of MCV's supported organization, the University of Maine System ("UMS"). The MCV board members who also serve on the UMS' board provide an annual conflict of interest disclosure to the clerk of the UMS' board of trustees.”

“As shown in Part VII, the CEO and other officers of Maine Center Ventures ("MCV") are not compensated by the organization. The treasurer and secretary are not compensated for their services to MCV. The CEO is actually an employee of and compensated by the related organization, the University of Maine System ("UMS"). The CEO position reports to the UMS' chancellor and was hired following UMS' hiring policies and practices which include the following: written job descriptions; a process for rating the responsibilities, qualifications, and impact of the position to determine a reasonable salary range; advertising for position at a local, state, and/or national level; review of resumes; interview of candidates; reference checks; and written offer.”

“Maine Center Ventures' public records, including governing documents, conflict of interest policy, and financial statements, are available for inspection or disclosure upon public request to Maine Center Ventures' secretary.”

“In prior years, Maine Center Ventures ("MCV") received a significant grant that was utilized with fundraising dollars to support and promote the University of Maine Graduate & Professional Center ("Maine Center") of the University of Maine System ("UMS") in accordance with MCV's mission. This support enabled the Maine Center to become established and to expand enrollment in its academic programs and to engage with Maine enterprises. Like fiscal year 2023, fiscal year 2024 was a transition year for MCV as the UMS primarily supported its Maine Center through other means and MCV filled the vacant Chief Executive Officer (CEO) position in September 2023. The new CEO and MCV's Board of Directors continue to work together to determine how MCV can best support the Maine Center going forward.”