← SENATOR GEORGE J MITCHELL SCHOLARSHIP RESEARCH INSTITUTE

Form 990 for tax year 2023

Filed by SENATOR GEORGE J MITCHELL SCHOLARSHIP RESEARCH INSTITUTE.

Totals

Total revenue: $6,258,916
Total expenses: $3,175,642
Contributions and grants received: $1,919,019
Grants paid: $1,653,033
Program service revenue: $0
Investment income: $4,311,685
Other revenue: $28,212
Total assets, end of year: $48,269,547
Total liabilities, end of year: $4,894,247
Net assets or fund balances, end of year: $43,375,300
Program services expenses (Part IX): $2,698,210
Management and general expenses: $305,384
Fundraising expenses: $172,048
Program service expenses (Part III): $2,698,210

Program services were 85.0% 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.

1c · Fundraising events

$216,734
1f · All other contributions, gifts and grants

$1,702,285
1g · Noncash contributions included above

$152,543
3 · Investment income

total $1,269,197 · excluded $1,269,197
7a · Gross sales of assets other than inventory

securities $26,059,499
7b · Less cost or other basis and sales expenses

securities $23,017,011
7c · Gain or loss

securities $3,042,488
7d · Net gain or loss

total $3,042,488 · excluded $3,042,488
8a · Fundraising events: gross income

$94,900
8a · Fundraising events: contributions included on line 1c

$216,734
8b · Fundraising events: direct expenses

$95,188
8c · Net income from fundraising events

total -$288 · excluded -$288
9a · Gaming: gross income

$38,500
9b · Gaming: direct expenses

$10,000
9c · Net income from gaming

total $28,500 · excluded $28,500

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $1,653,033 · program services $1,653,033
5 · Compensation of officers, directors and key employees

total $180,191 · program services $153,101 · management and general $17,328 · fundraising $9,762
7 · Other salaries and wages

total $651,261 · program services $508,019 · management and general $38,550 · fundraising $104,692
8 · Pension plan contributions

total $22,784 · program services $19,359 · management and general $2,191 · fundraising $1,234
9 · Other employee benefits

total $81,179 · program services $68,974 · management and general $7,807 · fundraising $4,398
10 · Payroll taxes

total $60,982 · program services $51,814 · management and general $5,864 · fundraising $3,304
11b · Fees: legal

total $878 · management and general $878
11c · Fees: accounting

total $23,100 · management and general $23,100
11f · Fees: investment management

total $187,100 · management and general $187,100
11g · Fees: other

total $1,999 · program services $1,699 · management and general $192 · fundraising $108
12 · Advertising and promotion

total $10,426 · program services $8,577 · fundraising $1,849
13 · Office expenses

total $87,122 · program services $47,043 · management and general $9,455 · fundraising $30,624
14 · Information technology

total $29,838 · program services $21,313 · management and general $1,387 · fundraising $7,138
16 · Occupancy

total $91,665 · program services $77,754 · management and general $9,070 · fundraising $4,841
17 · Travel

total $4,689 · program services $4,282 · management and general $22 · fundraising $385
19 · Conferences, conventions and meetings

total $62,227 · program services $60,962 · management and general $207 · fundraising $1,058
22 · Depreciation, depletion and amortization

total $14,511 · program services $11,522 · management and general $967 · fundraising $2,022
23 · Insurance

total $12,657 · program services $10,758 · management and general $1,266 · fundraising $633

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $100 · end of year $100
2 · Savings and temporary cash investments

beginning of year $4,094,897 · end of year $10,489,326
3 · Pledges and grants receivable

beginning of year $261,091 · end of year $301,104
4 · Accounts receivable

beginning of year $12,250 · end of year $6,350
9 · Prepaid expenses and deferred charges

beginning of year $26,835 · end of year $31,948
10a · Land, buildings and equipment: cost or other basis

$114,541
10b · Land, buildings and equipment: accumulated depreciation

$85,163
10c · Land, buildings and equipment, net

beginning of year $35,531 · end of year $29,378
11 · Investments: publicly traded securities

beginning of year $11,546,955 · end of year $37,059,365
12 · Investments: other securities

beginning of year $29,617,873
15 · Other assets

beginning of year $238,253 · end of year $351,976
17 · Accounts payable and accrued expenses

beginning of year $108,073 · end of year $47,391
18 · Grants payable

beginning of year $3,892,430 · end of year $4,026,005
19 · Deferred revenue

beginning of year $648,154 · end of year $468,875
21 · Escrow or custodial account liability

beginning of year $120,710 · end of year $0
25 · Other liabilities

beginning of year $117,543 · end of year $351,976
27 · Net assets without donor restrictions

beginning of year -$361,392 · end of year -$311,013
28 · Net assets with donor restrictions

beginning of year $41,308,267 · end of year $43,686,313

Mission and programs · 2023

Mission

The principal purpose of the Mitchell Institute is to provide scholarships and other support to Maine students pursuing higher education. (Continued on Schedule O)Because of our organization's desire to understand and remove obstacles to achieving a college degree, a related purpose is to engage in research on these issues.

Activities or mission (Part I)

To provide scholarships and other support to Maine students pursuing higher education.

For nearly 30 years, the Mitchell Institute has been dedicated to advancing Senator George J. Mitchell's mission to increase the likelihood that young people from every community in Maine will aspire to, pursue, and achieve a college education. We work with young people statewide who face uphill battles on their way to college, and we level the playing field for them by providing financial resources and a broad range of supports. Each year, the Institute selects at least one graduating senior from every public high school in Maine. In 2023, we awarded 166 graduating seniors a $10,000 scholarship each. Scholarship selection is based on academic excellence, community leadership, and financial need.(Continued on Schedule O)The 166 scholarships awarded in 2023 was 20 more than the previous year. In addition to the $10,000 scholarship, the Institute provides support including personal and professional development programming, opportunities for additional funding for internships and study abroad, and access to a network that provides lasting relationships and career advice. Since our founding in 1995, the Mitchell Institute has awarded more than $25 million in scholarship, fellowship, and contingency funds to more than 3,600 Scholars and Alumni who hail from every community in Maine. Our data shows that the more we engage with Mitchell Scholars, the more likely they are to graduate: 88% of Mitchell Scholars complete college and achieve a degree, compared with 58% of students nationally. 89% of Mitchell Scholar Alumni are working in career-related jobs-nearly two-thirds of them in Maine. While 44% of recent Mitchell Scholars were the first in their families to attend college and 80% came from households earning less than Maine's median family income, over 50% achieved earnings early in their careers that were higher than their entire family household income at the time they applied for the Mitchell Scholarship.

Expenses $2,698,210 · Grants $1,653,033

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

Listed in Part VII

Gena Canning

Director

Total calculated

$0

Hours/week

1
Abigail Diaz

Director

Total calculated

$0

Hours/week

1
Bruce Epstein

Director

Total calculated

$0

Hours/week

1
Mark Fernandez

Director

Total calculated

$0

Hours/week

1
Mark Haley

Director

Total calculated

$0

Hours/week

1
Brian Harris

Director

Total calculated

$0

Hours/week

1
Nathan Kinney

Director

Total calculated

$0

Hours/week

1
Christine Lemieux

Director

Total calculated

$0

Hours/week

1
Scott Maker

Director

Total calculated

$0

Hours/week

1
Camita McCoy

Director

Total calculated

$0

Hours/week

1
Heather Mitchell

Director

Total calculated

$0

Hours/week

1
James Morris

Director

Total calculated

$0

Hours/week

1
Alison Nathanson

Director

Total calculated

$0

Hours/week

1
Christopher Pierce

Director

Total calculated

$0

Hours/week

1
Elyse Pratt-Ronco

Director

Total calculated

$0

Hours/week

1
Paul Suitter

Director

Total calculated

$0

Hours/week

1
Virginia Swain

Director

Total calculated

$0

Hours/week

1
Rebecca Wyke

Director

Total calculated

$0

Hours/week

1
Sara Burns

Chair

Total calculated

$0

Hours/week

1
Najila Frayha

Vice Chair

Total calculated

$0

Hours/week

1
Joseph Foley

Treasurer

Total calculated

$0

Hours/week

1
Jared Cash

President/Secretary

Total calculated

$180,191

From this org

$162,379

From related orgs

$0

Other

$17,812

Hours/week

40

Schedule J breakdown matched by us

Base

$157,379

Bonus

$5,000

Other

$0

Deferred

$8,320

Nontaxable benefits

$9,492

Filer's total

$180,191
Marc Glass

Brand and Communitcation Director

Total calculated

$118,522

From this org

$103,720

From related orgs

$0

Other

$14,802

Hours/week

40
Sarah Short

Development Director

Total calculated

$142,500

From this org

$129,185

From related orgs

$0

Other

$13,315

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

3 · Compensation committee
3 · Approval by the board or compensation committee
7 · Other non-fixed payments

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
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 7: From time-to-time and as deemed appropriate and reasonable by the Organization and its managing officers and directors, the Organization may reward incentive compensation, bonuses, or other non-fixed payments. These payments are based on measurable goals and established performance metrics, and are subject to the Organization's standard compensation review procedures. Any bonuses paid are approved by the Board's Executive Committee.

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

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2023
Filed: 7 October 2024
IRS schema version: 2023v5.1
Source object: 202412899349301976

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

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