Maine Center For Enterprise Development
- Assets
- $380.7k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 4
- Location
- Portland, ME
- Founding
- 02/1997
- Data as of
- 12/2021
- EIN
- 01-0510641
Organization Overview
Maine Center For Enterprise Development, operating under the name Maine Center For Entrepreneurs, is located in Portland, ME. The organization was established in 1997. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2021, Maine Center For Entrepreneurs employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Center For Entrepreneurs 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 12/2021, Maine Center For Entrepreneurs generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $953.0k during the year ending 12/2021. While expenses have increased by 7.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWERING & ENABLING ME'S NEXT GENERATION OF ENTREPRENEURS THROUGH TRAINING AND MENTORING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS MCE APPROACHED ITS 25TH YEAR OF PROVIDING ENTREPRENEURSHIP TRAINING AND SMALL BUSINESS DEVELOPMENT AS ONE OF MAINE'S STATE FUNDED INCUBATORS, SEVERAL NEW INITIATIVES WERE ADDED TO OUR EXISTING MENU OF PROGRAMS IN 2021. OVER THE YEARS MCE HAS DEVELOPED WHAT WE CALL A "CONTINUUM OF CARE" MODEL THAT SUPPORTS COMPANIES AT DIFFERENT STAGES OF THEIR DEVELOPMENT FROM STARTUP TO SCALE UP. OUR SIGNATURE PROGRAMS INCLUDE OUR TOP GUN ENTREPRENEURIAL TRAINING BOOTCAMP; MCE'S FOOD INDUSTRY PROGRAMS CULTIVATOR AND MARKETSHARE THAT ACCELERATE THE GROWTH OF MAINE FOOD BUSINESSES, AND OUR FEDERALLY FUNDED BIOSCIENCE CLUSTER PROGRAMS SUPPORTING EARLY-STAGE LIFE SCIENCE BUSINESSES. IN 2021 MCE ADDED ADDITIONAL CONTRACTOR SUPPORT TO ENGAGE AND RECRUIT MORE SEAFOOD AND AQUACULTURE BUSINESSES AND DEVELOPED PLANS FOR A NEW PILOT COMPASS PROGRAM TO SUPPORT COMPANIES INVOLVED IN THE OUTDOOR RECREATION INDUSTRY. WE ALSO CONTINUED A PILOT CALLED THE VISIONARY LEADERSHIP PROGRAM WHICH PROVIDES TRAINING TO EMERGING BUSINESS LEADERS. DESPITE A GLOBAL PANDEMIC, MCE WAS ABLE TO FILL THESE PROGRAMS TO CAPACITY WITH COHORTS OF ENTREPRENEURS WHO PARTICIPATED PRIMARILY VIRTUALLY VIA ZOOM AND IN PERSON WHEN PUBLIC HEALTH CONDITIONS ALLOWED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Rainey Executive Director | Officer | 40 | $141,592 |
Cory Vargo Treasurer | OfficerTrustee | 1 | $0 |
Becky Mckinnell Secretary | OfficerTrustee | 1 | $0 |
Susan Mackay Vice Chair | OfficerTrustee | 1 | $0 |
Andrea K Suter Chair | OfficerTrustee | 1 | $0 |
Todd Keiller Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Janine Bisaillon-carymontserrat Group Marketshare Program Manager | 12/30/21 | $110,720 |
Paul Fitzpatrickpj Fitzpatrick Executiv Biostartup Program Manager | 12/30/21 | $103,229 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $223,762 |
| All other contributions, gifts, grants, and similar amounts not included above | $791,470 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,015,232 |
| Total Program Service Revenue | $37,950 |
| Investment income | $0 |
| 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 | $1,053,182 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,000 |
| 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. | $151,416 |
| Compensation of current officers, directors, key employees. | $30,985 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $118,225 |
| Pension plan accruals and contributions | $4,382 |
| Other employee benefits | $49,710 |
| Payroll taxes | $24,218 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $441,108 |
| Advertising and promotion | $3,184 |
| Office expenses | $6,335 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,368 |
| Travel | $4,664 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,556 |
| All other expenses | $0 |
| Total functional expenses | $952,952 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,116 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $178,300 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,300 |
| Total assets | $380,716 |
| Accounts payable and accrued expenses | $60,474 |
| Grants payable | $0 |
| Deferred revenue | $209,350 |
| 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 | $0 |
| Total liabilities | $269,824 |
| Net assets without donor restrictions | $110,892 |
| 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 | $380,716 |
Grants Awarded
Over the last fiscal year, Maine Center For Enterprise Development has awarded $50,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
STICKY SWEET PURPOSE: ASSIST IN BUILDING ASPECTS OF THE BUSINESS TO FACILITATE GROWTH | $25,000 |
NEURIGHT INC PURPOSE: ASSIST IN BUILDING ASPECTS OF THE BUSINESS TO FACILITATE GROWTH | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Maine Center For Enterprise Development has recieved totaling $588,980.
| Awarding Organization | Amount |
|---|---|
Organization Name not Listed PURPOSE: AWARD TO ACHIEVE ACCELERATED GROWTH AND INVESTMENT IN MAINE AGRICULTURE PROGRAMS | | $563,980 |
Maine Community Foundation Inc Ellsworth, ME PURPOSE: Small Business Development | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Maine Planning And Development Commission Saco, ME | $7,392,568 | $43,559,874 |
Birch Bay Retirement Village Bar Harbor, ME | $6,319,891 | $5,713,301 |
Mid Coast Hunger Prevention Program Inc Brunswick, ME | $3,968,249 | $4,595,930 |
Onion Foundation Wayne, ME | $0 | $6,147,695 |
Home Health Care And Community Services Inc Keene, NH | $19,374,838 | $5,076,272 |
National Partnership For Environmental Technology Education South Portland, ME | $643,333 | $2,940,774 |
Plowshare Farm Inc Greenfield, NH | $6,398,748 | $2,051,436 |
Androscoggin Valley Home Care Services Berlin, NH | $661,119 | $984,451 |
Maine Center For Enterprise Development Portland, ME | $380,716 | $1,053,182 |
New Hampshire Alcohol And Drug Abuse Counselors Association Concord, NH | $217,356 | $700,557 |
Salt Pond Community Broadcasting Company East Orland, ME | $732,028 | $749,368 |
New Hampshire East Youth Hockey Exeter, NH | $419,438 | $399,540 |