Maine Center Ventures

Nonprofit profile at a glance

EIN
820987230
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Orono, ME, USA
Phone
2075815846
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$19,298
Expenses
$83,042
Assets
$301,063
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • Seth Goodall (Chief Executive Officer)

Highest reported compensation

  • Dannel Malloy (Chair, Board of Directors): $628,030 total reported compensation
  • Joan Ferrini-Mundy (Director): $599,455 total reported compensation
  • Ryan Low (Treasurer): $397,762 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Support and promote the University of Maine Graduate & Professional Center ("Maine Center") of the University of Maine System through fundraising, marketing, and engagement 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.

What it reported doing in 2024

Maine Center Ventures supported operations of the University of Maine Graduate & Professional Center ("Maine Center") of its supported organization, the University of Maine System, by making a contribution to the Maine Center's gift program for faculty, visiting scholars, adjunct professors, and instruction costs.

Operating model

Revenue model
Investment-supported. 88% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

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 a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 68
  • Accountability: 56
  • Sustainability: 26
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 55.6%; rating input score 56; 20th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -330.3%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 3.63; rating input score 43; 43rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 612.9%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: -54.9% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -78.9% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -58.2% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 9 board members independent · 5 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $83K in reported program spending
  • Leadership: top reported pay $628K · 16 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Independent voting board scored 56/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 10/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 43/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.