Foundation for a Strong Maine Economy
Overview
Mission
Focusmaine propels the growth of Maine's most promising industries and transforms Maine into a hub for top talent.
What it reported doing in 2024
Focusmaine is strengthening the fabric of Maine's economy by accelerating the creation of quality jobs and increasing revenue in globally competitive and high-growth sectors, while also strengthening Maine's workforce capacity.[continued on schedule o]food economy - focusmaine strengthens Maine's food economy by supporting local and global market access. Our partner programs offer coaching, technical assistance, capital, and market opportunities, helping food companies overcome growth barriers. Data shows program participants grew twice as fast as Maine's food companies overall and six times faster than the state's industries as a whole.life sciences - in 2024, the organization shifted its strategy from attracting companies to Maine to strengthening the state's life sciences ecosystem. A 12-member advisory team of experts from academia, research, venture, and entrepreneurship was assembled to guide efforts focused on investment, infrastructure, startup support, policy solutions and promoting Maine as a life sciences hub, laying the foundation for long-term industry growth.workforce development - focusmaine supports workforce development across Maine's industries, including agriculture and aquaculture. In 2024, interns and trainees participated in skill-building, networking, and social activities, helping them enhance career readiness, connect with business leaders and peers statewide, and envision careers in Maine.
Operating model
- Revenue model
- Donor-supported. 82% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 74% of its reported program spending out as grants.
Nonprofit profile at a glance
- EIN
- 300036992
- IRS 990 coverage
- 2017–2024
- Forms available
- Form 990 2024
- Headquarters
- Augusta, ME, USA
- Phone
- 2072003813
- Rating
- 78
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Economic Development
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 83
- Transparency & Controls: 64
- Accountability: 95
- Sustainability: 39
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 81.3%; rating input score 81
- Program expense ratio: 88.7%; rating input score 89
- Fundraising efficiency: $39.56 raised per $1 spent on fundraising; rating input score 75; 75th percentile among comparable filings
Transparency & Controls
- Consistency checks: 85.7%; rating input score 86; 1st percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: 89.5%; rating input score 90; 25th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 90.9%; rating input score 91; 21st percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 8.1%; rating input score 58; 58th percentile among comparable filings
- Total-asset coverage ratio: 0.68; rating input score 25; 25th percentile among comparable filings
- Liabilities to assets ratio: 0.67; rating input score 14; 14th percentile among comparable filings
- Officer compensation ratio: 12.6%; rating input score 23; 23rd percentile among comparable filings
Growth
- Program expense growth: 12.6% per year; rating input score 100; 72nd percentile among comparable filings
- Revenue growth: 12.3% per year; rating input score 100; 75th percentile among comparable filings
- Asset growth: 9% per year; rating input score 100; 54th percentile among comparable filings
Details
- Where the money goes: 81.3% of revenue deployed · 88.7% of spending went to programs
- Governance: 10 of 11 board members independent · 8 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $2.9M in reported program spending
- Leadership: top reported pay $239K · 12 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $162K reported
- Consistency: 28 of 30 current checks pass · 2 findings to review
- Schedules: 8 filed schedules · includes major donors, grants, and executive pay
- Filing history: 8 annual filings from 2017 to 2024
- Contacts: How to reach this organization
- Money network: 9 filed money-flow records
- Related organizations: 9 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Leadership & pay
12 people listed
Highest reported compensation
- ANDREA MAKER (PRESIDENT, CO-CHAIR & CO-FOUNDER): $239,403 total reported compensation
- LEO WATERSTON (PROGRAM DIRECTOR): $170,920 total reported compensation
Source: IRS Form 990. Selected filing: FY2024.