The Initiative For Digital
- Assets
- $15.6m
- Revenue
- $14.3m
- Investments
- $0.0
- Employees
- 1
- Location
- Falmouth, ME
- Founding
- 03/2019
- Data as of
- 12/2021
- EIN
- 83-1372987
Organization Overview
The Initiative For Digital is located in Falmouth, ME. The organization was established in 2019. According to its NTEE Classification (B19) the organization is classified as: Support N.E.C., 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. Initiative For Digital 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, Initiative For Digital generated $14.3m in total revenue. All expenses for the organization totaled $166.9k during the year ending 12/2021.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE STATMENTTHE CORPORATION IS SOLELY COMMITTED TO THE PLACEMENT AND OPERATION OF A GRADUATE INSTITUTE INSTRUCTING STUDENTS, CONDUCTING RESEARCH, AND SUPPORTING INNOVATION AND ENTREPRENEURIALISM IN THE FIELDS OF ARTIFICIAL INTELLIGENCE, DIGITAL SCIENCE, GENOMICS AND LIFE SCIENCES IN PORTLAND, MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONDUCTED DUE DILIGENCE AND MASTER PLANNING AND SIGNED PURCHASE AND SALES AGREEMENT TO ACQUIRE 13.5 ACRE B&M BAKED BEANS FACTORY SITE TO CONVERT INTO ROUX CAMPUS. PARTNERED WITH ROUX INSTITUTE AND NORTHEASTERN UNIVERSITY TO PLAN ROUX CAMPUS. SELECTED ARCHITECTURAL FIRM TO DESIGN ROUX INSTITUTE FACILITY. (ALL EXPENDITURES INCLUDING SALARIES CAPITALIZED RATHER THAN REPORTED AS EXPENSES)
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Hewett Board Member/executive Dir | OfficerTrustee | 40 | $336,667 |
Ford Reiche Chief Operating Officer | Officer | 40 | $120,833 |
David Roux Board Chair | Trustee | 10 | $0 |
Barbara Roux Board Member | Trustee | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tsoi Kobus Design Architecture | 12/30/21 | $1,166,261 |
Woodard & Curran Engineering | 12/30/21 | $221,256 |
Berstein Shur Sawyer & Nelson Pa Legal | 12/30/21 | $195,230 |
Thorton Tomasetti Inc Engineering | 12/30/21 | $115,513 |
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 | $14,260,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,260,000 |
| Total Program Service Revenue | $0 |
| Investment income | $530 |
| 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 | $14,260,530 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $0 |
| Fees for services: Legal | $260 |
| Fees for services: Accounting | $32,951 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,907 |
| Information technology | $20,887 |
| Royalties | $0 |
| Occupancy | $77,369 |
| Travel | $11,064 |
| 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 | $19,334 |
| Insurance | $0 |
| All other expenses | $166 |
| Total functional expenses | $166,938 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $537,744 |
| Savings and temporary cash investments | $10,670,699 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $1,515 |
| Net Land, buildings, and equipment | $39,030 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $13,719 |
| Other assets | $4,342,111 |
| Total assets | $15,604,818 |
| Accounts payable and accrued expenses | $1,275,620 |
| 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 | $1,275,620 |
| Net assets without donor restrictions | $14,329,198 |
| 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 | $15,604,818 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1833 Society Peterborough, NH | $9,994 | $0 |
White Mountain Science Incorporated Littleton, NH | $667,667 | $625,840 |
Society For Promoting Theological Education Dublin, NH | $4,684,802 | $154,303 |
The Initiative For Digital Falmouth, ME | $15,604,818 | $14,260,530 |
Foundation For Catholic Education Inc Wilmot, NH | $2,220 | $0 |
Windham High School Jaguar Boosters Windham, NH | $88,150 | $0 |
Eleazar Wheelock House Inc Hanover, NH | $5,036,194 | $988,248 |
St Louis Alumni Association Inc Biddeford, ME | $1,161,256 | $549,036 |
Fall Mountain Educational Endowment Association Charlestown, NH | $365,639 | $0 |
Bowery Beach School Building Maintenance Trust South Portland, ME | $26,515 | $1,198 |
Newbury Public Library Foundation Of New Hampshire Newbury, NH | $247,683 | $0 |
171 Watson Road Of Dover Holding Corporation Dover, NH | $19,322,132 | $2,231,522 |