Form 990 for tax year 2023

Filed by MAINE FARMLAND TRUST INC.

What the amendment changed

Compared with the return it replaced , filed 9 April 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue: $4,221,079 changed to $5,173,541
Total expenses: $5,419,196 changed to $6,628,767
Contributions and grants received: $3,976,468 changed to $6,795,723
Grants paid: $233,700 changed to $147,855
Program service revenue: $2,099 changed to $20,571
Investment income: $240,253 changed to -$1,648,322
Other revenue: $2,259 changed to $5,569
Total assets, end of year: $28,370,138 changed to $26,990,758
Total liabilities, end of year: $2,077,058 changed to $1,595,953
Net assets or fund balances, end of year: $26,293,080 changed to $25,394,805
Program services expenses: $4,349,336 changed to $5,258,201
Management and general expenses: $616,501 changed to $660,592
Fundraising expenses: $453,359 changed to $709,974
Program service expenses (Part III): $4,349,336 changed to $5,258,201

Listed under a different title

Dave ColsonDAVE COLSON: VICE CHAIR then CHAIR
Margot Anne KellyMARGOT ANNE KELLY: SECRETARY then VICE CHAIR
Meredith EilersMEREDITH EILERS: CHAIR then CHAIR (THRU
Nick ArmentroutNICK ARMENTROUT: DIRECTOR then SECRETARY

Totals

Total revenue: $5,173,541
Total expenses: $6,628,767
Contributions and grants received: $6,795,723
Grants paid: $147,855
Program service revenue: $20,571
Investment income: -$1,648,322
Other revenue: $5,569
Total assets, end of year: $26,990,758
Total liabilities, end of year: $1,595,953
Net assets or fund balances, end of year: $25,394,805
Program services expenses (Part IX): $5,258,201
Management and general expenses: $660,592
Fundraising expenses: $709,974
Program service expenses (Part III): $5,258,201

Program services were 79.3% 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.

1b · Membership dues

$174,805
1f · All other contributions, gifts and grants

$6,620,918
1g · Noncash contributions included above

$734,179
2a · Program service revenue: FOOD HUB RENTAL

total $15,084 · related or exempt $15,084
2b · Program service revenue: INTEREST ON PROGRAM LOANS

total $2,573 · related or exempt $2,573
2c · Program service revenue: FARMLAND RENTAL

total $2,414 · related or exempt $2,414
2d · Program service revenue: EASEMENT AMENDMENTS

total $500 · related or exempt $500
3 · Investment income

total $312,556 · excluded $312,556
7a · Gross sales of assets other than inventory

securities $1,189,252
7b · Less cost or other basis and sales expenses

securities $3,149,522 · other assets $608
7c · Gain or loss

securities -$1,960,270 · other assets -$608
7d · Net gain or loss

total -$1,960,878 · unrelated business -$1,945,171 · excluded -$15,707
11a · Other revenue: PRIOR YEAR GRANT RECOVERY

total $3,500 · excluded $3,500
11b · Other revenue: MISCELLANEOUS

total $2,069 · excluded $2,069
11e · Other revenue, total

$5,569

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $147,855 · program services $147,855
5 · Compensation of officers, directors and key employees

total $336,825 · program services $250,577 · management and general $35,469 · fundraising $50,779
7 · Other salaries and wages

total $2,582,012 · program services $1,743,515 · management and general $442,439 · fundraising $396,058
8 · Pension plan contributions

total $89,264 · program services $61,157 · management and general $12,049 · fundraising $16,058
9 · Other employee benefits

total $242,524 · program services $176,832 · management and general $29,551 · fundraising $36,141
10 · Payroll taxes

total $222,507 · program services $155,683 · management and general $26,500 · fundraising $40,324
11b · Fees: legal

total $164,170 · program services $153,138 · management and general $11,032
11c · Fees: accounting

total $41,414 · program services $5,547 · management and general $35,867
11g · Fees: other

total $278,442 · program services $215,925 · management and general $11,022 · fundraising $51,495
12 · Advertising and promotion

total $19,545 · program services $19,545
13 · Office expenses

total $86,392 · program services $41,708 · management and general $5,740 · fundraising $38,944
14 · Information technology

total $116,046 · program services $68,631 · management and general $14,591 · fundraising $32,824
16 · Occupancy

total $107,190 · program services $79,308 · management and general $11,645 · fundraising $16,237
17 · Travel

total $89,614 · program services $77,967 · management and general $1,448 · fundraising $10,199
20 · Interest

total $15,185 · program services $12,234 · management and general $2,951
22 · Depreciation, depletion and amortization

total $77,647 · program services $57,765 · management and general $11,706 · fundraising $8,176
23 · Insurance

total $39,131 · program services $35,591 · management and general $405 · fundraising $3,135
24a · Other expenses: PURCHASED EASEMENTS

total $1,542,062 · program services $1,542,062
24b · Other expenses: FARMLAND OWNERSHIP EXPS

total $57,489 · program services $57,489
24c · Other expenses: FARM BUSINESS PLANNING

total $51,666 · program services $51,666
24d · Other expenses: POLICY/RESEARCH EVENTS

total $50,463 · program services $50,463
24e · All other expenses

total $271,324 · program services $253,543 · management and general $8,177 · fundraising $9,604

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $247,389 · end of year $274,951
2 · Savings and temporary cash investments

beginning of year $7,700,016 · end of year $7,946,892
3 · Pledges and grants receivable

beginning of year $1,445,079 · end of year $1,062,650
4 · Accounts receivable

beginning of year $242,109 · end of year $142,530
7 · Other notes and loans receivable

beginning of year $755,969 · end of year $561,843
9 · Prepaid expenses and deferred charges

beginning of year $46,290 · end of year $28,953
10a · Land, buildings and equipment: cost or other basis

$2,012,369
10b · Land, buildings and equipment: accumulated depreciation

$449,620
10c · Land, buildings and equipment, net

beginning of year $1,192,039 · end of year $1,562,749
12 · Investments: other securities

beginning of year $2,404,980
14 · Intangible assets

beginning of year $73,412 · end of year $54,111
15 · Other assets

beginning of year $14,262,855 · end of year $15,356,079
17 · Accounts payable and accrued expenses

beginning of year $585,558 · end of year $241,679
23 · Secured mortgages and notes payable

beginning of year $680,185 · end of year $651,747
24 · Unsecured notes and loans payable

beginning of year $804,990 · end of year $697,602
25 · Other liabilities

beginning of year $6,325 · end of year $4,925
27 · Net assets without donor restrictions

beginning of year $20,217,731 · end of year $19,155,829
28 · Net assets with donor restrictions

beginning of year $6,075,349 · end of year $6,238,976

Mission and programs · 2023

Mission

MAINE FARMLAND TRUST PROTECTS FARMLAND, SUPPORTS FARMERS, AND ADVANCES THE FUTURE OF FARMING.

FARMLAND PROTECTION: PERMANENTLY PROTECTED FARMLAND THROUGH ACCEPTANCE OF DONATED AGRICULTURAL CONSERVATION EASEMENTS, PURCHASE OF AGRICULTURAL CONSERVATION EASEMENTS, AND PURCHASE, PROTECTION, AND RESALE OF FARMS. THIS PERIOD, MFT COMPLETED 13 LAND PROTECTION PROJECTS, PROTECTING 1,821 ACRES OF LAND.

Expenses $2,700,331 · Grants $10,000 · Revenue $4,987
THE STEWARDSHIP PROGRAM IS RESPONSIBLE FOR MONITORING PROTECTED FARMLAND TO ENSURE THAT THE CONSERVATION VALUES OF THE PROPERTY ARE PROTECTED FOREVER. THIS PERIOD, MFT COMPLETED ANNUAL EASEMENT MONITORING FOR 296 EASEMENTS, COVERING OVER 44,000 ACRES.

Expenses $577,494 · Revenue $500
EDUCATION & OUTREACH: PROVIDED WORKSHOPS, PRESENTATIONS, REGIONAL MEETINGS AND DISPLAYS AT AGRICULTURAL AND RELATED EVENTS TO PRESENT BOTH GENERAL AND TECHNICAL INFORMATION ABOUT MFT'S WORK. HOSTED A VARIETY OF EVENTS TO INCREASE PUBLIC AWARENESS ABOUT FARMING'S NEEDS AND OPPORTUNITIES.

Expenses $469,227
FARMLAND ACCESS COLLABORATED WITH EXTERNAL PARTNERS TO ADDRESS SYSTEMIC AND INDIVIDUAL FARMLAND ACCESS AND TRANSFER CHALLENGES. OPERATED FARMLINK, WHICH MATCHES PROSPECTIVE FARMERS WITH LANDOWNERS THAT HAVE FARMS AVAILABLE FOR LEASE OR SALE. THIS YEAR, OUR FARMLINK PROGRAM ASSURED THAT 366 ACRES OF TRANSITIONING FARMLAND REMAINED IN FARMING THROUGH FARM LINKS TO NEW FARMERS. (255,105 EXPENSES) CLIMATE: IMPROVED VIABILITY OF FARMS THROUGH INCREASED UNDERSTANDING OF THEIR LAND AND ADAPTATION TO CLIMATE RISKS AND CONNECTING TO RESOURCES. THIS YEAR, OUR CLIMATE RESILIENCE TEAM SUPPORTED 51 FARM BUSINESSES WITH TECHNICAL ASSISTANCE SUPPORT AND/OR CLIMATE RESILIENCE GRANTS. (467,084 EXPENSES) PFAS RESPONSE: DIRECTLY SUPPORTED FARMERS AFFECTED BY PFAS BY PROVIDING EDUCATION, TECHNICAL ASSISTANCE, AND GRANTS TO SUPPORT FARMS AFFECTED BY PFAS. APPROXIMATELY 28 FARMS WERE DIRECTLY SUPPORTED DURING THE YEAR. (33,397 EXPENSES) POLICY & RESEARCH WORKED ON FEDERAL, STATE, AND MUNICIPAL POLICY ISSUES THAT AFFECT MAINE FARMS, AND ENGAGED IN THOSE POLICY AREAS THAT DIRECTLY IMPACT OUR ABILITY TO PROTECT FARMLAND, SUPPORT FARMERS, AND ADVANCE THE FUTURE OF FARMING. CONDUCTED RESEARCH AND PREPARED REPORTS AND ARTICLES TO INFORM MFT'S POLICY WORK, SUPPORT OTHER MFT PROGRAM AREAS, AND EDUCATE POLICYMAKERS AND THE PUBLIC ABOUT ISSUES AFFECTING MAINE AGRICULTURE. (345,572 EXPENSES) FARMLAND BUSINESS PLANNING DIRECTLY SUPPORTED FARMERS WITH BUSINESS PLANNING, OFFERING TRAINING AND TECHNICAL ASSISTANCE TO FARMERS. THIS YEAR, OUR FARM BUSINESS PLANNING PROGRAM SERVED 60 FARM BUSINESSES THROUGH WORKSHOPS, TECHNICAL ASSISTANCE, AND GRANTS. (409,991 EXPENSES)

Expenses $1,511,149 · Grants $137,855 · Revenue $15,084

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

Listed in Part VII

Amy FisherAMY FISHER

PRESIDENT

Total calculated

$206,213

From this org

$189,594

From related orgs

$0

Other

$16,619

Hours/week

40

Schedule J breakdown matched by us

Base

$189,594

Bonus

not reported

Other

not reported

Deferred

not reported

Nontaxable benefits

$16,619

Filer's total

$206,213
Kristin VarnumKRISTIN VARNUM

VP/CFO

Total calculated

$125,943

From this org

$108,018

From related orgs

$0

Other

$17,925

Hours/week

40
Nick ArmentroutNICK ARMENTROUT

SECRETARY

Total calculated

$0

Hours/week

2
Jason BoltonJASON BOLTON

DIRECTOR

Total calculated

$0

Hours/week

1
Dave ColsonDAVE COLSON

CHAIR

Total calculated

$0

Hours/week

6
Steve CraneSTEVE CRANE

DIRECTOR

Total calculated

$0

Hours/week

1.5
Meredith EilersMEREDITH EILERS

CHAIR (THRU

Total calculated

$0

Hours/week

4
Caitlyn FrameCAITLYN FRAME

DIRECTOR

Total calculated

$0

Hours/week

3
Justin JamisonJUSTIN JAMISON

TREASURER

Total calculated

$0

Hours/week

4
Margot Anne KellyMARGOT ANNE KELLY

VICE CHAIR

Total calculated

$0

Hours/week

5
Susan MorrisSUSAN MORRIS

DIRECTOR

Total calculated

$0

Hours/week

3.5
Taylor MudgeTAYLOR MUDGE

DIRECTOR

Total calculated

$0

Hours/week

2.5
Jon OlsonJON OLSON

DIRECTOR

Total calculated

$0

Hours/week

2.5

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 · Compensation committee
3 · Compensation survey or study
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

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

DHARMA FARM

$18,300

IMPLEMENTATION
THE MILKHOUSE LLC

$11,447

CLIMATE RESILIENCE
BALFOUR FARM

$10,000

CLIMATE RESILIENCE
LAND IN COMMON INC

$10,000

LAND PURCHASE
BUMBLEFOOD ORGANIC FARM

$8,267

CLIMATE RESILIENCE
DOSTIE FARM

$6,830

PFAS - HARDSHIP

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.

UNITY FOOD HUB MANAGEMENT LLC

C CORP · FOOD HUB · ME · 100% owned · share of income $40,533

Directly controlled by MEFARMTR
UNITY FH-MM LLC

C CORP · HOLDING RE · ME · 100% owned · share of income -$738,994

Directly controlled by MEFARMTR

Provenance

Return type: form_990
Tax year: 2023
Filed: 21 March 2025
IRS schema version: 2023v6.0
Source object: 202500939349300410

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