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← FOUNDATION FOR A STRONG MAINE ECONOMY

Form 990 for tax year 2024

Filed by FOUNDATION FOR A STRONG MAINE ECONOMY.

Totals

Total revenue
$3,551,496
Total expenses
$3,262,841
Contributions and grants received
$3,474,514
Grants paid
$2,145,984
Program service revenue
$0
Investment income
$76,982
Other revenue
$0
Total assets, end of year
$2,209,867
Total liabilities, end of year
$1,478,758
Net assets or fund balances, end of year
$731,109
Program services expenses (Part IX)
$2,895,769
Management and general expenses
$279,238
Fundraising expenses
$87,834
Program service expenses (Part III)
$2,895,769

Program services were 88.7% 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)

    $531,383

  • 1f · All other contributions, gifts and grants

    $2,943,131

  • 3 · Investment income

    total $114,221 · excluded $114,221

  • 7a · Gross sales of assets other than inventory

    securities $8,477,703

  • 7b · Less cost or other basis and sales expenses

    securities $8,514,942

  • 7c · Gain or loss

    securities -$37,239

  • 7d · Net gain or loss

    total -$37,239 · excluded -$37,239

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,145,984 · program services $2,145,984

  • 5 · Compensation of officers, directors and key employees

    total $251,563 · program services $209,910 · management and general $31,859 · fundraising $9,794

  • 7 · Other salaries and wages

    total $300,136 · program services $152,753 · management and general $112,729 · fundraising $34,654

  • 9 · Other employee benefits

    total $76,716 · program services $50,430 · management and general $20,106 · fundraising $6,180

  • 10 · Payroll taxes

    total $40,120 · program services $26,374 · management and general $10,514 · fundraising $3,232

  • 11a · Fees: management

    total $11,167 · management and general $11,167

  • 11c · Fees: accounting

    total $19,585 · management and general $19,585

  • 11d · Fees: lobbying

    total $1,376 · management and general $1,376

  • 11g · Fees: other

    total $46,053 · program services $28,103 · management and general $17,950

  • 12 · Advertising and promotion

    total $2,440 · program services $1,075 · management and general $244 · fundraising $1,121

  • 13 · Office expenses

    total $26,084 · program services $9,998 · management and general $15,823 · fundraising $263

  • 17 · Travel

    total $19,321 · program services $17,056 · management and general $1,892 · fundraising $373

  • 19 · Conferences, conventions and meetings

    total $24,017 · program services $23,497 · management and general $520

  • 23 · Insurance

    total $5,068 · management and general $5,068

  • 24a · Other expenses: CONSULTANTS

    total $161,227 · program services $112,771 · management and general $17,006 · fundraising $31,450

  • 24b · Other expenses: COMMUNICATIONS

    total $79,254 · program services $78,350 · management and general $904

  • 24c · Other expenses: PROJECT MANAGEMENT

    total $30,600 · program services $30,600

  • 24d · Other expenses: BANK FEES

    total $1,102 · program services $186 · management and general $420 · fundraising $496

  • 24e · All other expenses

    total $21,028 · program services $8,682 · management and general $12,075 · fundraising $271

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $234,825 · end of year $230,621

  • 2 · Savings and temporary cash investments

    beginning of year $210,204 · end of year $676,498

  • 3 · Pledges and grants receivable

    beginning of year $176,372 · end of year $243,779

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $1,360

  • 11 · Investments: publicly traded securities

    beginning of year $1,579,513 · end of year $1,057,609

  • 17 · Accounts payable and accrued expenses

    beginning of year $375,711 · end of year $403,807

  • 19 · Deferred revenue

    beginning of year $1,386,844 · end of year $1,074,951

  • 27 · Net assets without donor restrictions

    beginning of year $221,979 · end of year $457,330

  • 28 · Net assets with donor restrictions

    beginning of year $216,380 · end of year $273,779

Mission and programs · 2024

Mission

FOCUSMAINE PROPELS THE GROWTH OF MAINE'S MOST PROMISING INDUSTRIES AND TRANSFORMS MAINE INTO A HUB FOR TOP TALENT.

Activities or mission (Part I)

SUPPORT AND STRENGTHEN MAINE ECONOMY THROUGH RESEARCH, EDUCATION, AND COMMUNICATION.

  • FOCUSMAINE IS STRENGTHENING THE FABRIC OF MAINE'S ECONOMY BY ACCELERATING THE CREATION OF QUALITY JOBS AND INCREASING REVENUE IN GLOBALLY COMPETITIVE AND HIGH-GROWTH SECTORS, WHILE ALSO STRENGTHENING MAINE'S WORKFORCE CAPACITY.[CONTINUED ON SCHEDULE O]FOOD ECONOMY - FOCUSMAINE STRENGTHENS MAINE'S FOOD ECONOMY BY SUPPORTING LOCAL AND GLOBAL MARKET ACCESS. OUR PARTNER PROGRAMS OFFER COACHING, TECHNICAL ASSISTANCE, CAPITAL, AND MARKET OPPORTUNITIES, HELPING FOOD COMPANIES OVERCOME GROWTH BARRIERS. DATA SHOWS PROGRAM PARTICIPANTS GREW TWICE AS FAST AS MAINE'S FOOD COMPANIES OVERALL AND SIX TIMES FASTER THAN THE STATE'S INDUSTRIES AS A WHOLE.LIFE SCIENCES - IN 2024, THE ORGANIZATION SHIFTED ITS STRATEGY FROM ATTRACTING COMPANIES TO MAINE TO STRENGTHENING THE STATE'S LIFE SCIENCES ECOSYSTEM. A 12-MEMBER ADVISORY TEAM OF EXPERTS FROM ACADEMIA, RESEARCH, VENTURE, AND ENTREPRENEURSHIP WAS ASSEMBLED TO GUIDE EFFORTS FOCUSED ON INVESTMENT, INFRASTRUCTURE, STARTUP SUPPORT, POLICY SOLUTIONS AND PROMOTING MAINE AS A LIFE SCIENCES HUB, LAYING THE FOUNDATION FOR LONG-TERM INDUSTRY GROWTH.WORKFORCE DEVELOPMENT - FOCUSMAINE SUPPORTS WORKFORCE DEVELOPMENT ACROSS MAINE'S INDUSTRIES, INCLUDING AGRICULTURE AND AQUACULTURE. IN 2024, INTERNS AND TRAINEES PARTICIPATED IN SKILL-BUILDING, NETWORKING, AND SOCIAL ACTIVITIES, HELPING THEM ENHANCE CAREER READINESS, CONNECT WITH BUSINESS LEADERS AND PEERS STATEWIDE, AND ENVISION CAREERS IN MAINE.

    Expenses $2,895,769 · Grants $2,145,984

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

Listed in Part VII

  • Andrea Maker

    PRESIDENT, CO-CHAIR & CO-FOUNDER

    Total calculated
    $239,403
    From this org
    $192,427
    From related orgs
    $0
    Other
    $46,976
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,427
    Bonus
    $0
    Other
    $0
    Deferred
    $4,075
    Nontaxable benefits
    $42,901
    Filer's total
    $239,403

  • Michael Bourque

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • John Fitzsimmons

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Amanda Rector Blazek

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dana Connors

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jay Dearborn

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michael Dubyak

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Joan Ferrini-Mundy

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ed McKersie

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kristen Miale

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Patrick Woodcock

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Leo Waterston

    PROGRAM DIRECTOR

    Total calculated
    $170,920
    From this org
    $138,556
    From related orgs
    $0
    Other
    $32,364
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,556
    Bonus
    $2,000
    Other
    $0
    Deferred
    $4,207
    Nontaxable benefits
    $28,157
    Filer's total
    $170,920

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

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

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

  • MAINE CENTER FOR ENTREPRENEURS

    $762,947

    AWARD TO INVEST IN BUSINESS ACCELERATION PROGRAMS DELIVERED BY MAINE CENTER FOR ENTREPRENEURS TO MAINE FOOD, BIOSCIENCE AND FOOD TECH COMPANIES

  • EDUCATE MAINE

    $375,846

    AWARD TO EDUCATE MAINE TO INVEST IN PROVIDING EXPERIENTIAL PROGRAMS TO ATTRACT YOUNG PROFESSIONALS TO PURSUE CAREERS IN MAINE

  • COASTAL ENTERPRISES INC

    $351,121

    AWARD TO COASTAL ENTERPRISES, INC TO INVEST IN BUSINESS GROWTH AND EXPANSION OF MAINE FOOD COMPANIES

  • MAINE AQUACULTURE ASSOCIATION

    $215,870

    TO SUPPORT THE STATE'S AQUACULTURE INDUSTRY BY PROVIDING WORKFORCE DEVELOPMENT, BUSINESS PLANNING RESOURCES, COMMUNICATIONS AND MARKETING, AND GUIDANCE TO HELP GROWERS BUILD SUSTAINABLE AND SUCCESSFUL OPERATIONS.

  • NORTHEASTERN UNIVERSITY

    $123,848

    AWARD TO NORTHEASTERN UNIVERSITY TO SUPPORT THE DEVELOPMENT OF A LIFE SCIENCE PROFESSIONAL NETWORK AND ASSET MAP

  • NEW ENGLAND OCEAN CLUSTER LLC

    $63,768

    AWARD TO NEW ENGLAND OCEAN CLUSTER TO ATTRACT AND PROVIDE BUSINESS SUPPORT TO COMPANIES STARTING OPERATIONS IN MAINE

  • THIRD SECTOR NEW ENGLAND INC

    $28,180

    AWARD TO ACHIEVE ACCELERATED GROWTH AND INVESTMENT IN THIRD SECTOR PROGRAMS

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
2024
Filed
7 November 2025
IRS schema version
2024v5.2
Source object
202543119349303769

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