University of Southern Maine Foundation

Nonprofit profile at a glance

EIN
043350930
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Portland, ME, USA
Phone
2077804708
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Philanthropy, Charity, Voluntarism Promotion

Official website

Reported finances

Revenue
$14,278,860
Expenses
$7,366,949
Assets
$58,582,559
Liabilities
$46,913

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

Leadership & pay

28 people listed

Executive titles in this filing

  • Ainsley Newman Wallace (President & CEO (Thru 9/30/24))
  • Corey Hascall (President & CEO)
  • Erin Macey (Executive Director)

Highest reported compensation

  • Ainsley Newman Wallace (President & CEO (Thru 9/30/24)): $202,500 total reported compensation
  • Corey Hascall (President & CEO): $183,644 total reported compensation
  • Erin Macey (Executive Director): $158,803 total reported compensation

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

Overview

Mission

To actively build and steward resources in support of the University of Southern Maine's mission of education, research, and public service and to educate the public about the activities and programs of the University of Southern Maine.

What it reported doing in 2024

Continuing to build its fundraising capacity, the USM Foundation had a record-breaking fundraising year (outside of a comprehensive campaign), having raised more than $10M in philanthropic support for USM programs, people and facilities.Highlights include completing the fundraising for the MEMIC John T. Leonard Endowed Chair in Risk Management & Insurance and adding $6M to the Promise Scholarship Endowed Fund. The Foundation hosted a stewardship event to honor and recognize members of the 1878 Legacy Society which includes individuals who are providing philanthropic support to USM through their estate plans.The Foundation continued efforts to deepen its engagement with USM graduates over the past year, having completed an alumni survey for the first time, while also more than doubling the number of first-time alumni donors to the USM Foundation. Participation in the Foundation's Golden Graduates program, honoring USM graduates from more than 50 years ago, reached an all-time high.

Operating model

Revenue model
Donor-supported. 73% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 88% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 52
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 86
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 43.7%; rating input score 44
  • Program expense ratio: 70.1%; rating input score 70
  • Fundraising efficiency: $8.95 raised per $1 spent on fundraising; rating input score 35; 35th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd 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; 66th 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: 48.4%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 7.95; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 96; 96th percentile among comparable filings
  • Officer compensation ratio: 7.4%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 21% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: 15.2% per year; rating input score 100; 87th percentile among comparable filings
  • Asset growth: 9.2% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 43.7% of revenue deployed · 70.1% of spending went to programs
  • Governance: 25 of 25 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $5.2M in reported program spending
  • Leadership: top reported pay $202K · 28 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 3 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Moderate — Financial Efficiency: Mission deployment rate scored 44/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 35/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.