Form 990 for tax year 2023

Totals

Total revenue

$22,492,763

Total expenses

$21,984,308

Contributions and grants received

$20,727,064

Grants paid

$17,767,306

Program service revenue

$1,069,425

Investment income

$696,274

Other revenue

$0

Total assets, end of year

$29,202,613

Total liabilities, end of year

$26,130,696

Net assets or fund balances, end of year

$3,071,917

Program services expenses (Part IX)

$20,757,125

Management and general expenses

$1,227,183

Fundraising expenses

$0

Program service expenses (Part III)

$20,757,125

Program services were 94.4% 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.

Mission and programs · 2023

• The Maine Technology Institute (MTI) invests in promising technologies by funding research and development projects in the state's seven technology sectors. MTI's competitive awards bring new products, services and processes to the market, generating high-quality jobs across Maine. Businesses, non-profit organizations, academic institutions and entrepreneurs are eligible for funding under MTI's program, which is outlined below:Initial contact is made when those interested complete an online intake form. Meetings are established with entities proposing projects. Using an assessment tool, the potential applicant and the Institute review eight different areas including: Team Ability, Innovation and Value Proposition, Customer and Market, Business/Organization Model, and Scope of Work/Budget. At this point the process may continue with the Institute or may be referred to a business partner. If the determination is to apply for support, the appropriate level of funding request will be determined, and the application will be submitted. The funding level will also determine the level of due diligence needed with the application. Funding levels may also help to determine the nature of the award. The Institute awards grants, loans and equity investments. Successful applicants who receive funds are also required to submit reporting on their projects for five years post award.Four funding levels are used in the application process, as follows:Range One Awards less than $25,000Range Two Awards between $25,000 and $100,000Range Three Awards between $100,000 and $250,000Range Four Awards over $250,000

  Expenses $20,757,125 · Grants $17,767,306 · Revenue $1,069,425

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

Listed in Part VII

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

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

• KinoTek LLC

  $1,000,000

  Kinotek is a B2B SaaS platform that uses AI-driven technology deliver fast, objective human movement metrics. It is a disruptor in the $420 billion musculoskeletal health market where clinicians currently rely on a plastic ruler to measure range-of-motion and mobility. Since FDA registration and market launch in August 2022, sales have reached $245k ARR across 31 states. Kinotek is seeking funding $2M in funding to accelerate sales to $1M ARR and Series A. MVF has already committed to matching up to $1M, so our actual raise is $1M via Convertible Note at a 20% discount, $18M cap, and 8% interest.

• RockStep Solutions Inc

  $1,000,000

  RockStep develops and delivers SaaS solutions for managing data and operations for drug discovery and life sciences research. The company seeks $1M in equity investment from MTI to accelerate sales revenue growth through.

• Go Lab Inc

  $990,000

  Capital Support for First U.S. Wood Fiber Insulation Plant, GO Lab, Inc. Madison, Maine.

• Tanbark Molded Fiber Products

  $984,215

  Hybrid Molded Fiber clamshell pilot project, Tanbark Medical Materials Market, Debt Financing to purchase equipment to increase capacity by 200%

• Whole Trees LLC

  $725,000

  Partnering to Repurpose and Reopen: Bringing innovative inventory systems, sales strategy and production processes to existing Maine facility to meet proven East Coast demand for the Original Mass Timber.

• Maine Plywood USA

  $559,215

  Maine Plywood is building the only plywood mill in North America to manufacture Plywood underlayment. It will also be the ONLY plywood mill in New England. This plant is being built to replace the Multiply plywood plant that burnt down.

• Roux Institute

  $550,000

  The goal of the proposed BioIN Incubator and BioPILOT Lab initiatives is to create a pilot incubator and prototyping space for life science companies. Our hypothesis is that leases for turnkey wet lab space and access to capital equipment and scientific experts will facilitate success and growth of startup companies, leading to job and revenue growth in Maine's burgeoning bioeconomy.

• Compotech Inc

  $500,000

  Compotech has developed the next generation of expeditionary and modular military shelters. MINATORS can be assembled by a small group of soldiers, providing the comforts of a permanent shelter with the mobility and modularity of a temporary shelter. Compotech is seeking funding for MINATORS manufacturing equipment.

• Fork Food Lab

  $500,000

  Fork Food Lab 2.0

• Good Shepherd Food Bank

  $500,000

  Investing in Maine's first at scale green vegetable processing supply chain.

The 10 largest by cash amount. The API serves every itemized grant.

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.

• State of Maine

  ME

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Provenance

Return type

form_990

Tax year

2023

Filed

9 May 2025

IRS schema version

2023v6.0

Source object

202501349349305885

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

The source document this was parsed from is served over the API, which is where bulk and document access live.