Maine International Trade Center
- Assets
- $1.2m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 14
- Location
- Portland, ME
- Founding
- 07/1997
- Data as of
- 06/2022
- EIN
- 01-0509118
Organization Overview
Maine International Trade Center is located in Portland, ME. The organization was established in 1997. According to its NTEE Classification (Q31) the organization is classified as: International Agricultural Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 06/2022, Maine International Trade Center employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine International Trade Center 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 06/2022, Maine International Trade Center generated $1.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $1.5m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Maine International Trade Center has awarded 63 individual grants totaling $1,096,051. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EXPAND MAINE'S ECONOMY THROUGH INCREASED INTERNATIONAL TRADE IN GOODS AND SERVICES, AND RELATED ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRADE MISSIONS:EACH YEAR THE TRADE CENTER ORGANIZES A GUBERNATORIAL TRADE MISSION, AS WELL AS SMALLER TRADE MISSIONS. THE TRADE MISSIONS PROVIDE ONE-ON-ONE MEETINGS WITH POTENTIAL FOREIGN TRADE PARTNERS AND UNIQUE NETWORKING OPPORTUNITIES. TRADE MISSIONS ARE PARTICULARLY USEFUL FOR FIRST TIME EXPORTERS OR COMPANIES HAVING DIFFICULTY EXPANDING INTO A PARTICULAR COUNTRY OR MARKET. THE TRADE CENTER ARRANGES ALL DETAILS OF THE MISSIONS INCLUDING TRANSPORTATION, TRANSLATORS, AND BUSINESS MEETINGS.
TRADE SHOWS AND INTERNATIONAL CONFERENCES:THE TRADE CENTER OFFERS GROUP TRIPS AND DISCOUNTS ON OVERSEAS TRADE SHOW SPACE THROUGH ITS ALLIANCE WITH OTHER GOVERNMENT AGENCIES. THIS IS A CONVENIENT WAY FOR MEMBERS TO PARTICIPATE IN OVERSEAS SHOWS AND DISPLAY PRODUCTS INTERNATIONALLY. THE MAINE INTERNATIONAL TRADE CENTER ALSO HOSTS INTERNATIONAL CONFERENCES AND INCOMING DELEGATIONS FROM OVERSEAS. TRADE CENTER MEMBERS ENJOY OPPORTUNITIES TO NETWORK WITH FOREIGN BUYERS, COMMERCIAL REPRESENTATIVES AND VISITING DIGNITARIES.
TECHNICAL ASSISTANCE & TRADE COUNSELING:THE TRADE CENTER ASSISTS ITS MEMBERS IN RESEARCHING NEW MARKETS; REVIEWING TRADE REGULATIONS, TARIFFS AND LOGISTICS, AND IN PRODUCT SOURCING. THE TRADE CENTER'S STAFF IS COMMITTED TO PROVIDING QUALITY INFORMATION AND PRACTICAL ADVICE IN SELECTING MARKETS FOR OUR MEMBERS' PRODUCTS AND SERVICES. THERE ARE A NUMBER OF RESOURCES WE HAVE AVAILABLE TO THE PUBLIC IN OUR PORTLAND TRADE LIBRARY, AND ON OUR WEBSITE WHERE TRADE NEWS AND CURRENT EXPORT DATA IS LISTED. WE HAVE EXTENSIVE INTERNET RESEARCH CAPABILITIES AND ON-LINE DATABASE SERVICES ALONG WITH INTERNET REFERENCE GUIDES THAT PROVIDE OUR MEMBERS WITH TIMELY INFORMATION ON FOREIGN MARKETS.
PROGRAMS AND SEMINARS:THE TRADE CENTER'S PROGRAMS ARE DESIGNED TO EDUCATE MAINE COMPANIES IN ALL AREAS OF TRADE. THE TOPICS RESPOND TO ISSUES OF IMPORTANCE TO OUR MEMBERSHIP - RANGING FROM THE ESSENTIALS IN CONDUCTING INTERNATIONAL BUSINESS OR COUNTRY/INDUSTRY-SPECIFIC REGULATIONS, TO UNDERSTANDING THE STATE AND FEDERAL RESOURCES THAT ARE AVAILABLE FOR MAINE'S INTERNATIONALLY ACTIVE BUSINESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wade Merritt President | OfficerTrustee | 40 | $0 |
Kevin Therrien Chair | OfficerTrustee | 1 | $0 |
Adam Kennedy Vice Chair | OfficerTrustee | 1 | $0 |
Jason Lundy Treasurer | OfficerTrustee | 1 | $0 |
Barbara Raths Secretary | OfficerTrustee | 1 | $0 |
Sheila Adams Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $105,531 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,282,494 |
| All other contributions, gifts, grants, and similar amounts not included above | $71,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,459,025 |
| Total Program Service Revenue | $13,853 |
| Investment income | $327 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,800 |
| 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 | $1,481,005 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $384,728 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $444,077 |
| Pension plan accruals and contributions | $21,662 |
| Other employee benefits | $74,880 |
| Payroll taxes | $36,821 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,610 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $172,661 |
| Advertising and promotion | $0 |
| Office expenses | $48,198 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $141,479 |
| Travel | $3,146 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,356 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,369 |
| Insurance | $5,153 |
| All other expenses | $0 |
| Total functional expenses | $1,480,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $361,604 |
| Savings and temporary cash investments | $500,575 |
| Pledges and grants receivable | $150,552 |
| Accounts receivable, net | $10,675 |
| 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 | $148,942 |
| Net Land, buildings, and equipment | $68,290 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,240,638 |
| Accounts payable and accrued expenses | $105,945 |
| Grants payable | $0 |
| Deferred revenue | $100,983 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $47,340 |
| Total liabilities | $254,268 |
| Net assets without donor restrictions | $982,661 |
| Net assets with donor restrictions | $3,709 |
| 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 | $1,240,638 |
Grants Awarded
Over the last fiscal year, Maine International Trade Center has awarded $169,519 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
DEEPWATER BUOYANCY PURPOSE: Trade show & International conferences | $15,519 |
ELLEVET SCIENCES LLC PURPOSE: E-commerce & digital marketing | $20,000 |
JYNX PRODUCTIONS PURPOSE: International business development; Export marketing assitance; International lead market generation | $23,500 |
KELSON MARINE PURPOSE: Trade show booth; E-commerce & digital marketing | $19,264 |
LANCO INTEGRATED PURPOSE: E-commerce & digital marketing; Website optimization | $20,000 |
LIGHTHOUSE IMAGING PURPOSE: Trade show booth | $5,989 |