Maine Center Ventures
- Assets
- $1.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Orono, ME
- Founding
- 09/2017
- Data as of
- 06/2022
- EIN
- 82-0987230
Organization Overview
Maine Center Ventures is located in Orono, ME. The organization was established in 2017. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Center Ventures 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 Center Ventures generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $1.9m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT AND PROMOTE THE UNIVERSITY OF MAINE GRADUATE & PROFESSIONAL CENTER THROUGH FUND RAISING, BRANDING, AND ENGAGEMENT WITH MAINE ENTERPRISES AND EMPLOYERS TO IDENTIFY TRAINING NEEDS, CREATE EXPERIENTIAL EDUCATION OPPORTUNITIES FOR STUDENTS, AND DEVELOP INCUBATOR AND ACCELERATOR PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH A SIZEABLE GRANT FROM A LOCAL FOUNDATION, MAINE CENTER VENTURES ("MCV") HELPED SUPPORT THE UNIVERSITY OF MAINE'S GRADUATE SCHOOL OF BUSINESS ("GSB") AND THE UNIVERSITY OF MAINE SCHOOL OF LAW ("LAW SCHOOL"); TWO OF SEVERAL GRADUATE PROGRAMS COMPRISING THE UNIVERSITY OF MAINE GRADUATE & PROFESSIONAL CENTER ("MAINE CENTER") OF MCV'S SUPPORTED ORGANIZATION, THE UNIVERSITY OF MAINE SYSTEM. THE FOUNDATION GRANT PROVIDED SUPPORT FOR THE DEAN AND SEVERAL FACULTY POSITIONS OF THE GSB AND A FACULTY POSITION FOR THE LAW SCHOOL AS BOTH PROGRAMS WORK TO EXPAND THEIR ENROLLMENT AND REVENUE BASE AND ADDRESS THE NEEDS OF THEIR STUDENTS AND FUTURE STATE OF MAINE EMPLOYERS OF THOSE STUDENTS.
MAINE CENTER VENTURES SUPPORTED LEARNING EXPERIENCES FOR STUDENTS OF THE UNIVERSITY OF MAINE GRADUATE & PROFESSIONAL CENTER OF ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF MAINE SYSTEM, BY FUNDING SUMMER INTERNSHIPS FOR STUDENTS OF THE MUSKIE SCHOOL OF PUBLIC SERVICE.
AS NOTED ABOVE ON LINE 1, PART OF MAINE CENTER VENTURES' MISSION IS TO ENGAGE WITH MAINE ENTERPRISES AND EMPLOYERS TO IDENTIFY AND ADDRESS TRAINING NEEDS, CREATE EXPERIENTIAL EDUCATION OPPORTUNITIES FOR MAINE CENTER STUDENTS, AND DEVELOP INCUBATOR AND ACCELERATOR PROGRAMS. MAINE CENTER VENTURES' STAFF CONTINUES TO MEET WITH BUSINESS LEADERS TO HEAR THEIR IDEAS, CONCERNS, AND NEEDS. MAINE CENTER VENTURES ENGAGED MAINE CENTER FACULTY TO CREATE AND DELIVER VARIOUS ONLINE SESSIONS. MAINE CENTER VENTURES ALSO CONTINUED TO CONTRACT FOR A SERIES OF MONTHLY INCUBATION AND NETWORKING SESSIONS AND SPONSORED EVENTS IN THE BUSINESS AND RESEARCH COMMUNITIES.
AS PART OF ITS MISSION, MAINE CENTER VENTURES ("MCV") SUPPORTS AND PROMOTES THE UNIVERSITY OF MAINE GRADUATE & PROFESSIONAL CENTER ("MAINE CENTER") OF ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF MAINE SYSTEM. THIS MISSION WAS ACCOMPLISHED THROUGH EFFORTS MADE BY MCV PERSONNEL TO EDUCATE THE BUSINESS COMMUNITY AND POTENTIAL STUDENTS AND DONORS ALONG WITH PROVIDING A GRANT TO THE UNIVERSITY OF MAINE SYSTEM TO ENGAGE A CONSULTING FIRM TO DEVELOP A BRANDING AND MARKETING STRATEGY FOR THE MAINE CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joan Ferrini-Mundy Director | Trustee | 0.25 | $0 |
Dannel Malloy Chair, Board Of Directors | Trustee | 1 | $0 |
Glenn Cummings Director (resigned June 2022) | 0.25 | $0 | |
Ryan Low Treasurer | Officer | 1 | $0 |
James Thelen Secretary (resigned June 2022) | 1 | $0 | |
Leigh Saufley Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,490,890 |
| Noncash contributions included in lines 1a–1f | $1,203,330 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,490,890 |
| Total Program Service Revenue | $1,686 |
| Investment income | $1,381 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$35,569 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,458,388 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,301,377 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $572,588 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $1,500 |
| Office expenses | $505 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,248 |
| Travel | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,898,218 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,665,934 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,600 |
| 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 | $0 |
| Total assets | $1,669,534 |
| Accounts payable and accrued expenses | $500,081 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $500,081 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $1,169,453 |
| 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 | $1,669,534 |