MAINE TECHNOLOGY INSTITUTE

As filed

Subsection

03

NTEE code

B29

Classification

1000

Street

16 MIDDLE ST STE 201

These codes are the IRS's own and are shown exactly as filed. What each one means is in the Business Master File documentation (opens in a new tab).

Mission and programs · 2024

• 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.

Officers and directors · 2024

As listed in Part VII of the 2024 return, in the order the filer printed them. Each return names its own; this is not a roster the organization keeps with us.

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. Earlier years are each on their own filing page.

Filings

• 2024

  Revenue

  $30,490,647

  Expenses

  $29,947,461

  Contributions

  $28,877,346

  Grants paid

  $22,384,003

• 2023

  Revenue

  $22,492,763

  Expenses

  $21,984,308

  Contributions

  $20,727,064

  Grants paid

  $17,767,306

• 2022

  Revenue

  $36,158,450

  Expenses

  $35,498,648

  Contributions

  $34,470,111

  Grants paid

  $31,365,685

The four totals the IRS asks for on Part I of the Form 990, as filed. A dash means the figure was not present on the return — not that it was zero.

Other returns filed

• 2021 · 990

  Revenue

  $14,853,693

  Expenses

  $15,091,479

  Assets (EOY)

  $19,619,742

• 2020 · 990

  Revenue

  $10,752,801

  Expenses

  $10,538,560

  Assets (EOY)

  $20,192,850

• 2019 · 990

  Revenue

  $27,495,350

  Expenses

  $27,468,624

  Assets (EOY)

  $38,580,369

• 2018 · 990

  Revenue

  $35,533,893

  Expenses

  $35,173,668

  Assets (EOY)

  $41,636,601

• 2017 · 990

  Revenue

  $13,968,255

  Expenses

  $13,529,620

  Assets (EOY)

  $49,772,164

• 2016 · 990

  Revenue

  $10,800,497

  Expenses

  $10,726,080

  Assets (EOY)

  $27,881,300

• 2015 · 990

  Revenue

  $12,144,702

  Expenses

  $11,996,356

  Assets (EOY)

  $32,380,827

• 2014 · 990

  Revenue

  $12,622,634

  Expenses

  $12,612,541

  Assets (EOY)

  $26,967,243

• 2013 · 990

  Revenue

  $9,231,620

  Expenses

  $9,256,197

  Assets (EOY)

  $30,551,338

• 2012 · 990

  Revenue

  — not reported

  Expenses

  $7,698,004

  Assets (EOY)

  $28,075,444

Nonprofiteer parses Forms 990, 990-EZ and 990-PF, in a window of recent tax years. These returns are recorded from the IRS e-file index, so their figures were extracted by that index rather than read from the return here — treat them as a different source from the filings above, not as more of the same record. A dash means the index carries no figure; Form 990-T listings carry none at all. Showing the 10 most recent; the API carries the rest.

Form 990-N e-Postcard, tax year 2023

Tax period

1 July 2023 to 30 June 2024

Principal officer

Ward Boudreau

Mailing address

68 Church RdBrunswick ME 04011

As filed, from the IRS e-Postcard file of 2 November 2026. The IRS publishes only each organization's most recent postcard, so earlier years are not shown. A 990-N carries no financial detail. The postcard also gives the principal officer's address, which is not shown here.

Grants made

• Somerset Economic Development Corporation

  $3,000,000

  2024 · Somerset Forest Recovery Program.

• KinoTek LLC

  $1,000,000

  2023 · 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

  2023 · 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

  2023 · Capital Support for First U.S. Wood Fiber Insulation Plant, GO Lab, Inc. Madison, Maine.

• Hancock Lumber Company Inc

  $990,000

  2024 · Bethel Value Added.

• Stratton Lumber Inc

  $990,000

  2024 · Hurst Boiler, Grinder and Auto-wrapper.

• Tanbark Molded Fiber Products

  $984,215

  2023 · Hybrid Molded Fiber clamshell pilot project, Tanbark Medical Materials Market, Debt Financing to purchase equipment to increase capacity by 200%

• Standard Biocarbon Corporation

  $934,300

  2022 · Fund Request for Labor costs Associated with Narrow Project Start-Up Window Caused in Part by COVID related delays

• Whole Trees LLC

  $725,000

  2023 · 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.

• Roux Institute

  $560,000

  2024 · 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.

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

Where these grants went next →

Grants received

No itemized grant names this organization as a recipient. Only grants over $5,000 are itemized, and only by filers of the full Form 990.

Related organizations

From Schedule R Part II, where a filer lists the tax-exempt organizations it is related to by control. It does not record shared board members or money.

Taxable family

From Schedule R Parts I, III and IV: entities that legally are the filer, and taxable partnerships, corporations and trusts it is related to. These record ownership and control, not shared board members or money.

Other IRS files