Senator George J Mitchell Scholarship Research Institute
- Assets
- $48.3m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 11
- Location
- Portland, ME
- Founding
- 06/1999
- Data as of
- 12/2023
- EIN
- 01-0523390
Organization Overview
Senator George J Mitchell Scholarship Research Institute is located in Portland, ME. The organization was established in 1999. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2023, Senator George J Mitchell Scholarship Research Institute employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Senator George J Mitchell Scholarship Research Institute 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 12/2023, Senator George J Mitchell Scholarship Research Institute generated $6.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $3.2m during the year ending 12/2023. While expenses have increased by 4.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SCHOLARSHIPS AND OTHER SUPPORT TO MAINE STUDENTS PURSUING HIGHER EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOR NEARLY 30 YEARS, THE MITCHELL INSTITUTE HAS BEEN DEDICATED TO ADVANCING SENATOR GEORGE J. MITCHELL'S MISSION TO INCREASE THE LIKELIHOOD THAT YOUNG PEOPLE FROM EVERY COMMUNITY IN MAINE WILL ASPIRE TO, PURSUE, AND ACHIEVE A COLLEGE EDUCATION. WE WORK WITH YOUNG PEOPLE STATEWIDE WHO FACE UPHILL BATTLES ON THEIR WAY TO COLLEGE, AND WE LEVEL THE PLAYING FIELD FOR THEM BY PROVIDING FINANCIAL RESOURCES AND A BROAD RANGE OF SUPPORTS. EACH YEAR, THE INSTITUTE SELECTS AT LEAST ONE GRADUATING SENIOR FROM EVERY PUBLIC HIGH SCHOOL IN MAINE. IN 2023, WE AWARDED 166 GRADUATING SENIORS A $10,000 SCHOLARSHIP EACH. SCHOLARSHIP SELECTION IS BASED ON ACADEMIC EXCELLENCE, COMMUNITY LEADERSHIP, AND FINANCIAL NEED.(CONTINUED ON SCHEDULE O)THE 166 SCHOLARSHIPS AWARDED IN 2023 WAS 20 MORE THAN THE PREVIOUS YEAR. IN ADDITION TO THE $10,000 SCHOLARSHIP, THE INSTITUTE PROVIDES SUPPORT INCLUDING PERSONAL AND PROFESSIONAL DEVELOPMENT PROGRAMMING, OPPORTUNITIES FOR ADDITIONAL FUNDING FOR INTERNSHIPS AND STUDY ABROAD, AND ACCESS TO A NETWORK THAT PROVIDES LASTING RELATIONSHIPS AND CAREER ADVICE. SINCE OUR FOUNDING IN 1995, THE MITCHELL INSTITUTE HAS AWARDED MORE THAN $25 MILLION IN SCHOLARSHIP, FELLOWSHIP, AND CONTINGENCY FUNDS TO MORE THAN 3,600 SCHOLARS AND ALUMNI WHO HAIL FROM EVERY COMMUNITY IN MAINE. OUR DATA SHOWS THAT THE MORE WE ENGAGE WITH MITCHELL SCHOLARS, THE MORE LIKELY THEY ARE TO GRADUATE: 88% OF MITCHELL SCHOLARS COMPLETE COLLEGE AND ACHIEVE A DEGREE, COMPARED WITH 58% OF STUDENTS NATIONALLY. 89% OF MITCHELL SCHOLAR ALUMNI ARE WORKING IN CAREER-RELATED JOBS-NEARLY TWO-THIRDS OF THEM IN MAINE. WHILE 44% OF RECENT MITCHELL SCHOLARS WERE THE FIRST IN THEIR FAMILIES TO ATTEND COLLEGE AND 80% CAME FROM HOUSEHOLDS EARNING LESS THAN MAINE'S MEDIAN FAMILY INCOME, OVER 50% ACHIEVED EARNINGS EARLY IN THEIR CAREERS THAT WERE HIGHER THAN THEIR ENTIRE FAMILY HOUSEHOLD INCOME AT THE TIME THEY APPLIED FOR THE MITCHELL SCHOLARSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gena Canning Director | Trustee | 1 | $0 |
Abigail Diaz Director | Trustee | 1 | $0 |
Bruce Epstein Director | Trustee | 1 | $0 |
Mark Fernandez Director | Trustee | 1 | $0 |
Mark Haley Director | Trustee | 1 | $0 |
Brian Harris Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $216,734 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,702,285 |
| Noncash contributions included in lines 1a–1f | $152,543 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,919,019 |
| Total Program Service Revenue | $0 |
| Investment income | $1,269,197 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,042,488 |
| Net Income from Fundraising Events | -$288 |
| Net Income from Gaming Activities | $28,500 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,258,916 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,653,033 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $180,191 |
| Compensation of current officers, directors, key employees. | $17,328 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $651,261 |
| Pension plan accruals and contributions | $22,784 |
| Other employee benefits | $81,179 |
| Payroll taxes | $60,982 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $878 |
| Fees for services: Accounting | $23,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $187,100 |
| Fees for services: Other | $1,999 |
| Advertising and promotion | $10,426 |
| Office expenses | $87,122 |
| Information technology | $29,838 |
| Royalties | $0 |
| Occupancy | $91,665 |
| Travel | $4,689 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $62,227 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,511 |
| Insurance | $12,657 |
| All other expenses | $0 |
| Total functional expenses | $3,175,642 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $10,489,326 |
| Pledges and grants receivable | $301,104 |
| Accounts receivable, net | $6,350 |
| 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 | $31,948 |
| Net Land, buildings, and equipment | $29,378 |
| Investments—publicly traded securities | $37,059,365 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $351,976 |
| Total assets | $48,269,547 |
| Accounts payable and accrued expenses | $47,391 |
| Grants payable | $4,026,005 |
| Deferred revenue | $468,875 |
| 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 | $351,976 |
| Total liabilities | $4,894,247 |
| Net assets without donor restrictions | -$311,013 |
| Net assets with donor restrictions | $43,686,313 |
| 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 | $48,269,547 |