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Nonprofiteer
← UNIVERSITY OF SOUTHERN MAINE FOUNDATION

Form 990 for tax year 2023

Filed by UNIVERSITY OF SOUTHERN MAINE FOUNDATION.

Totals

Total revenue
$8,925,589
Total expenses
$20,232,872
Contributions and grants received
$5,826,991
Grants paid
$17,478,130
Program service revenue
$1,847,571
Investment income
$1,251,027
Other revenue
$0
Total assets, end of year
$49,556,091
Total liabilities, end of year
$40,370
Net assets or fund balances, end of year
$49,515,721
Program services expenses (Part IX)
$18,120,997
Management and general expenses
$979,770
Fundraising expenses
$1,132,105
Program service expenses (Part III)
$18,120,997

Program services were 89.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $5,826,991

  • 1g · Noncash contributions included above

    $236,424

  • 2a · Program service revenue: Advancements services

    total $1,847,571 · related or exempt $1,847,571

  • 3 · Investment income

    total $1,251,027 · excluded $1,251,027

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,478,130 · program services $17,478,130

  • 5 · Compensation of officers, directors and key employees

    total $411,476 · program services $57,960 · management and general $57,960 · fundraising $295,556

  • 7 · Other salaries and wages

    total $1,278,497 · program services $314,062 · management and general $554,784 · fundraising $409,651

  • 8 · Pension plan contributions

    total $72,881 · program services $18,551 · management and general $33,454 · fundraising $20,876

  • 9 · Other employee benefits

    total $330,741 · program services $71,297 · management and general $134,509 · fundraising $124,935

  • 10 · Payroll taxes

    total $125,478 · program services $28,080 · management and general $46,702 · fundraising $50,696

  • 11b · Fees: legal

    total $2,652 · program services $594 · management and general $987 · fundraising $1,071

  • 11c · Fees: accounting

    total $17,750 · program services $3,973 · management and general $6,606 · fundraising $7,171

  • 11e · Fees: professional fundraising services

    total $39,147 · fundraising $39,147

  • 11g · Fees: other

    total $54,571 · program services $6,427 · management and general $10,690 · fundraising $37,454

  • 12 · Advertising and promotion

    total $100,977 · program services $22,598 · management and general $37,582 · fundraising $40,797

  • 13 · Office expenses

    total $63,466 · program services $14,218 · management and general $23,614 · fundraising $25,634

  • 14 · Information technology

    total $38,992 · program services $8,726 · management and general $14,512 · fundraising $15,754

  • 16 · Occupancy

    total $133,482 · program services $29,871 · management and general $49,681 · fundraising $53,930

  • 17 · Travel

    total $11,319 · program services $2,533 · management and general $4,213 · fundraising $4,573

  • 19 · Conferences, conventions and meetings

    total $7,988 · program services $1,788 · management and general $2,973 · fundraising $3,227

  • 23 · Insurance

    total $4,043 · program services $907 · management and general $1,503 · fundraising $1,633

  • 24e · All other expenses

    total $61,282 · program services $61,282

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $15,252,682 · end of year $2,939,958

  • 3 · Pledges and grants receivable

    beginning of year $10,226,954 · end of year $10,712,144

  • 4 · Accounts receivable

    beginning of year $240,150 · end of year $800

  • 10a · Land, buildings and equipment: cost or other basis

    $23,862

  • 10b · Land, buildings and equipment: accumulated depreciation

    $23,862

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $31,951,349 · end of year $35,747,689

  • 15 · Other assets

    beginning of year $121,511 · end of year $155,500

  • 17 · Accounts payable and accrued expenses

    beginning of year $50,308 · end of year $40,370

  • 27 · Net assets without donor restrictions

    beginning of year $857,931 · end of year $683,303

  • 28 · Net assets with donor restrictions

    beginning of year $56,884,407 · end of year $48,832,418

Mission and programs · 2023

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.

Activities or mission (Part I)

Support for the University of Southern Maine.

  • Building on the momentum of the Great University Campaign, the USM Foundation secured additional funding for endowed scholarship funds, like the Promise Scholarship, and established new endowed scholarship funds to support USM students and their access to a high-quality public education, including USM's Access to Education Scholarship.Continued to raise philanthropic funds in support of the University's Portland Campus transformation, including capital funds in support of the McGoldrick Center for Career and Student Success (opened fall of 2023) and the Crewe Center for the Arts (opening fall of 2025).Received significant philanthropic investment in USM's Esports program, the largest club sport at USM and the largest collegiate Esports program in Maine, to support the construction of an Esports Arena in a renovated space on USM's Gorham campus.

    Expenses $18,120,997 · Grants $17,478,130 · Revenue $1,847,571

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stephen deCastro

    Chair

    Total calculated
    $0
    Hours/week
    0

  • Dean Murray '87

    Vice Chair

    Total calculated
    $0
    Hours/week
    0

  • Timothy Griffin '05 '12G

    Treasurer

    Total calculated
    $0
    Hours/week
    0

  • Todd Chamberlain

    Secretary

    Total calculated
    $0
    Hours/week
    0

  • Daniel Crewe

    Director

    Total calculated
    $0
    Hours/week
    0

  • Justin Alfond

    Director

    Total calculated
    $0
    Hours/week
    0

  • Kelly Barden

    Director

    Total calculated
    $0
    Hours/week
    0

  • Kenneth Blaschke

    Director

    Total calculated
    $0
    Hours/week
    0

  • Kelly Brewer '11

    Director

    Total calculated
    $0
    Hours/week
    0

  • Robert H Dodge

    Director

    Total calculated
    $0
    Hours/week
    0

  • Dajaun Eubanks

    Director

    Total calculated
    $0
    Hours/week
    0

  • Mo Ibourk '03 '05G

    Director

    Total calculated
    $0
    Hours/week
    0

  • Stephen Irish '81

    Director

    Total calculated
    $0
    Hours/week
    0

  • Daniel Kleban '04

    Director

    Total calculated
    $0
    Hours/week
    0

  • Mike Marocco '81

    Director

    Total calculated
    $0
    Hours/week
    0

  • Rebecca McKinnell '06

    Director

    Total calculated
    $0
    Hours/week
    0

  • Casey Prentice

    Director

    Total calculated
    $0
    Hours/week
    0

  • John Ryan

    Director

    Total calculated
    $0
    Hours/week
    0

  • Lois Skillings '91G

    Director

    Total calculated
    $0
    Hours/week
    0

  • Ian Slaymaker '07 PhD

    Director

    Total calculated
    $0
    Hours/week
    0

  • Ray Stevens PhD '86 14H

    Director

    Total calculated
    $0
    Hours/week
    0

  • Linda Varrell '00

    Director

    Total calculated
    $0
    Hours/week
    0

  • Dr Jacqueline Edmondson

    Executive Officio

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Swanson Conrad

    Affliliated Representative

    Total calculated
    $0
    Hours/week
    1

  • Jana Magnuson

    Volunteer Finance Committee

    Total calculated
    $0
    Hours/week
    1

  • Ainsley Newman Wallace

    President

    Total calculated
    $240,533
    From this org
    $192,740
    From related orgs
    $0
    Other
    $47,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,740
    Bonus
    $0
    Other
    $0
    Deferred
    $17,260
    Nontaxable benefits
    $30,533
    Filer's total
    $240,533

  • Corey Hascall

    Vice President

    Total calculated
    $168,809
    From this org
    $143,988
    From related orgs
    $0
    Other
    $24,821
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,988
    Bonus
    $0
    Other
    $0
    Deferred
    $13,780
    Nontaxable benefits
    $11,041
    Filer's total
    $168,809

  • Erin Macey

    Executive Director

    Total calculated
    $161,920
    From this org
    $119,750
    From related orgs
    $0
    Other
    $42,170
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,750
    Bonus
    $0
    Other
    $0
    Deferred
    $11,808
    Nontaxable benefits
    $30,362
    Filer's total
    $161,920

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 3
The President/CEO's compensation is determined by the board and included in their written employment contract.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
31 January 2025
IRS schema version
2023v6.0
Source object
202510379349300236

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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