Form 990 for tax year 2024

Filed by MAINE TECHNOLOGY INSTITUTE.

Totals

Total revenue: $30,490,647
Total expenses: $29,947,461
Contributions and grants received: $28,877,346
Grants paid: $22,384,003
Program service revenue: $876,429
Investment income: $736,872
Other revenue: $0
Total assets, end of year: $22,477,274
Total liabilities, end of year: $18,862,171
Net assets or fund balances, end of year: $3,615,103
Program services expenses (Part IX): $28,614,493
Management and general expenses: $1,332,968
Fundraising expenses: $0
Program service expenses (Part III): $28,614,493

Program services were 95.5% 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.

1e · Government grants (contributions)

$28,877,346
2a · Program service revenue: Royalty Income

total $546,626 · related or exempt $546,626
2b · Program service revenue: Interest on Loans

total $329,803 · related or exempt $329,803
3 · Investment income

total $736,872 · excluded $736,872

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $22,384,003 · program services $22,384,003
5 · Compensation of officers, directors and key employees

total $140,989 · program services $28,198 · management and general $112,791
7 · Other salaries and wages

total $970,573 · program services $848,092 · management and general $122,481
8 · Pension plan contributions

total $35,648 · program services $35,648
9 · Other employee benefits

total $205,612 · program services $170,320 · management and general $35,292
10 · Payroll taxes

total $79,364 · program services $63,491 · management and general $15,873
11a · Fees: management

total $243,681 · program services $139,995 · management and general $103,686
11b · Fees: legal

total $63,991 · program services $63,991
11c · Fees: accounting

total $58,658 · program services $29,329 · management and general $29,329
11g · Fees: other

total $269,141 · program services $121,113 · management and general $148,028
12 · Advertising and promotion

total $1,220,486 · program services $793,316 · management and general $427,170
13 · Office expenses

total $16,327 · management and general $16,327
14 · Information technology

total $67,703 · program services $27,081 · management and general $40,622
16 · Occupancy

total $61,292 · program services $61,292
17 · Travel

total $31,792 · management and general $31,792
19 · Conferences, conventions and meetings

total $1,061 · management and general $1,061
20 · Interest

total $6,236 · program services $6,236
22 · Depreciation, depletion and amortization

total $99,515 · program services $99,515
23 · Insurance

total $23,587 · management and general $23,587
24a · Other expenses: Miscellaneous

total $3,728,242 · program services $3,551,225 · management and general $177,017
24b · Other expenses: Program Review

total $239,560 · program services $191,648 · management and general $47,912

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $300 · end of year $300
2 · Savings and temporary cash investments

beginning of year $16,695,064 · end of year $10,071,618
4 · Accounts receivable

beginning of year $50,794 · end of year $161,207
7 · Other notes and loans receivable

beginning of year $7,524,604 · end of year $6,040,869
9 · Prepaid expenses and deferred charges

beginning of year $169,872 · end of year $202,201
10a · Land, buildings and equipment: cost or other basis

$209,957
10b · Land, buildings and equipment: accumulated depreciation

$141,027
10c · Land, buildings and equipment, net

beginning of year $21,004 · end of year $68,930
12 · Investments: other securities

beginning of year $4,557,443 · end of year $5,848,040
14 · Intangible assets

beginning of year $183,532 · end of year $84,109
17 · Accounts payable and accrued expenses

beginning of year $219,149 · end of year $585,035
19 · Deferred revenue

beginning of year $25,722,429 · end of year $18,180,462
25 · Other liabilities

beginning of year $189,118 · end of year $96,674
27 · Net assets without donor restrictions

beginning of year $3,071,917 · end of year $3,615,103

Mission and programs · 2024

Mission

The Institute, through a public and private partnership, shall encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in Maine's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people. The Institute is one element of Maine's economic development strategy and will contribute to the long-term development of a statewide research, development and product deployment infrastructure.

Activities or mission (Part I)

Provides funding to subrecipients in the State of Maine.

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 $28,614,493 · Grants $22,384,003 · Revenue $876,429

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Melissa LaCasse

Chairperson

Total calculated

$0

Hours/week

2
Amberlynn Esperanza

Treasurer

Total calculated

$0

Hours/week

2
Jake Ward

Vice Chairperson

Total calculated

$0

Hours/week

2
Jed Beach

Director

Total calculated

$0

Hours/week

2
Michael Cassata

Director

Total calculated

$0

Hours/week

2
Elizabeth Love

Director

Total calculated

$0

Hours/week

2
Charlotte Mace

Director

Total calculated

$0

Hours/week

2
Colin March

Director

Total calculated

$0

Hours/week

2
Meredith Mendelson

Director

Total calculated

$0

Hours/week

2
Rob Pierson

Director

Total calculated

$0

Hours/week

2
Ian Swanberg

Director

Total calculated

$0

Hours/week

2
Susan Tapley

Director

Total calculated

$0

Hours/week

2
Dan Belyea

Past Director

Total calculated

$0

Hours/week

2
Heather Johnson

Past Director

Total calculated

$0

Hours/week

2
Brian Whitney

President

Total calculated

$196,196

From this org

$0

From related orgs

$139,651

Other

$56,545

Hours/week

40

Schedule J breakdown matched by us

Base

$0 + $137,345 related

Bonus

$0 + $2,000 related

Other

$0 + $306 related

Deferred

$0 + $18,479 related

Nontaxable benefits

$0 + $38,066 related

Filer's total

$0 + $196,196 related
Gregory N Lee

Director of Finance & Administration

Total calculated

$140,989

From this org

$119,389

From related orgs

$0

Other

$21,600

Hours/week

40

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

None.

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 Organization's top executive is compensated by the State of Maine, a related party. They are part of a bargaining unit and methodologies related to compensation are unknown at this time.

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

Somerset Economic Development Corporation

$3,000,000

Somerset Forest Recovery Program.
Hancock Lumber Company Inc

$990,000

Bethel Value Added.
Stratton Lumber Inc

$990,000

Hurst Boiler, Grinder and Auto-wrapper.
Roux Institute

$560,000

BioIN Incubator and BioPILOT Lab, a collaboration between the Northeastern/Roux Institute and the University of Southern Maine.; Future of Healthcare Founder Residency; Life Science Impact Forum; Startup Solutions: Immigrant Welcome Center; The Maine Summer Accelerator at the Roux Institute.
EME Biofuels LLC

$500,000

EME Biofuels.
Tanbark Molded Fiber Products Inc

$499,317

Electricity Upgrade to expand Production Capacity Video Production for Marketing Assets.
Robbins Lumber East Baldwin LLC

$495,000

Better Utilization of the Eastern White Pine Resource through Implementation of Value-based Scanning.
Sappi North America Inc

$495,000

Improvement of pulp and paper mill productivity when softwood chip ratio increases beyond 15% during the Copulp process at Somerset mill.
Godfrey Forest Arizona LLC

$490,000

Godfrey Forest Maine OSB Mill.
T&D Wood Energy LLC

$450,000

Acquiring two shuttered facilities and expanding existing facility to meet rapidly increasing demand.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Maine Technology Holdings

C · Research & Development · ME · 100% owned · share of assets $48,520 · controlled entity

Directly controlled by Maine Technology Institute

Provenance

Return type: form_990
Tax year: 2024
Filed: 8 May 2026
IRS schema version: 2024v5.5
Source object: 202611339349303236

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

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