Maine Center for Enterprise Development Dba Maine Center for Entrepreneurs

What it reported doing in 2024

At $228,499 in expenses and 14 client companies partaking, the cultivator program was the second most expensive initiative for mce in 2024. In this program, each member company is assigned a personal assessment team comprised of three subject matter experts in marketing & sales, finance, and operations. The program begins with an initial meeting in which the team and company come together to assess the company's business. Collaboratively, they work to identify gaps and needs the company has that are preventing them from scaling up to the next level. Based on assessment results, they create an agreed-upon action plan and ongoing milestone tracking rubric to ensure company accountability for deliverables. Also, mce matches each company with appropriate volunteer mentors from mce's Maine mentor network (mmn) to address their needs. Companies meet bi-weekly with mce's program manager throughout the next 12 months to work on the action plan and track the measures the company takes during that time. Each company also reconnects with the entire assessment quarterly to review the company's efforts over the past three months. Companies will also attend industry-focused workshops and learning events tailored to their needs and interests. Participants also receive increased exposure to the business community through program marketing, network events, and the annual food producer social for past and present cultivator companies, providing additional opportunities for Maine's food and beverage companies to connect, share, and partner. In addition, program participants also get to showcase their business to an audience of potential investors, business leaders, and journalists at the end of the program in the biyearly food producer's showcase. Cultivator is estimated to have created 28 new jobs in Maine in 2024.

Financial Efficiency

• Mission deployment rate: 71.6%; rating input score 72
• Program expense ratio: 72.1%; rating input score 72
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 98.4%; rating input score 98; 46th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 2 of 8 controls in place; rating input score 25
  • Conflict-of-interest policy: Fail
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: Fail
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 0.7%; rating input score 38; 38th percentile among comparable filings
• Total-asset coverage ratio: 0.24; rating input score 11; 11th percentile among comparable filings
• Liabilities to assets ratio: 0.72; rating input score 10; 10th percentile among comparable filings
• Officer compensation ratio: 13.6%; rating input score 26; 26th percentile among comparable filings

Growth

• Program expense growth: 10.5% per year; rating input score 100; 64th percentile among comparable filings
• Revenue growth: 10.8% per year; rating input score 100; 69th percentile among comparable filings
• Asset growth: 4.9% per year; rating input score 100; 38th percentile among comparable filings