Overview
What is Maine Technology Institute?
The Maine Technology Institute (MTI) is a Brunswick-based nonprofit organization that invests in promising technologies in Maine by funding research and development projects in the state's seven technology sectors. Their mission is to stimulate and support research and development activities leading to the commercialization of new products and services in Maine's technology-intensive industrial sectors. MTI offers various funding levels, ranging from less than $25,000 to over $250,000, for eligible businesses, non-profit organizations, academic institutions, and entrepreneurs. The Institute assesses potential applicants based on their team ability, innovation, customer and market, business model, and scope of work. The successful applicants are required to submit reporting on their projects for five years post-award. Overall, MTI plays a crucial role in Maine's economic development strategy by fostering a research, development, and product deployment infrastructure that generates high-quality jobs across the state.
Official website here: www.mainetechnology.org
What are the reviews and ratings of this charity?
Charity Navigator rating: 81%, Three-Star out of Four Star rating.
The Maine Technology Institute has received a solid Three-Star rating, indicating a commendable level of accountability and financial health. The organization's strong score of 81% is based entirely on its Accountability & Finance metrics, showcasing its commitment to transparency and responsible management practices. Notably, the board consists of a majority of independent members and has established strong oversight measures, which contribute positively to its overall score.
Strengths of the Maine Technology Institute include its high program expense ratio of 94.34%, demonstrating that a significant portion of its funding is directed towards its programs rather than administrative costs. Additionally, the organization has robust policies in place for conflict of interest, whistleblower protections, and document retention, reflecting a commitment to ethical governance and operational integrity.
However, a notable limitation in the evaluation arises from the organization's liabilities to assets ratio, which received a score of 0 out of 15 points. This may signal financial management concerns or challenges that could warrant further investigation. Overall, while the Maine Technology Institute shows strengths in governance and funding allocation, stakeholders should consider the financial liabilities aspect when assessing its overall stability.
This AI summary has been generated from information found on Charity Navigator.
Is Maine Technology Institute legitimate?
Maine Technology Institute is a legitimate nonprofit organization registered as a 501(c)(3) entity. Maine Technology Institute submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $102,923
Professional Fundraising Fees: $0
Other Salaries and Wages: $655,722
For more financial information, click here
Official website here: www.mainetechnology.org
What is the mission statement of Maine Technology Institute?
The Maine Technology Institute is dedicated to fostering research and development activities in Maine's technology-centric industries. Working in partnership with both public and private sectors, the institute aims to commercialize new products and services, thereby enhancing the competitive edge of these sectors. The ultimate objective is to create a thriving research, development, and product deployment infrastructure that can sustain clusters of industrial activity and generate new job opportunities for local residents. The institute plays a crucial role in Maine's economic development strategy.
Official website here: www.mainetechnology.org
Who is the CEO of Maine Technology Institute?
Brian Whitney is the President of Maine Technology Institute.
Official website here: www.mainetechnology.org
What is the revenue of Maine Technology Institute?
Maine Technology Institute's revenue in 2022 was $14,853,693.
Official website here: www.mainetechnology.org
Who are the executives of Maine Technology Institute and what are their salaries?
The average compensation at Maine Technology Institute during 2022 was $75,864. There are 10 employees and 130 volunteers at Maine Technology Institute.
Here are 15 key members and their salaries:
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- Other: $53,545
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Official website here: www.mainetechnology.org
Where can I find the form 990 for Maine Technology Institute?
Maine Technology Institute's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mainetechnology.org
Learn more at the official website: www.mainetechnology.org
Mission Statement of Maine Technology Institute
Maine Technology Institute, a public-private partnership, is dedicated to fostering research and development in Maine's technology-driven industries. With a mission to commercialize new products and services, the Institute aims to enhance the competitive edge of these sectors and create a thriving industrial ecosystem. By doing so, it contributes significantly to Maine's economic development strategy and lays the groundwork for a robust research, development, and product deployment infrastructure, ultimately generating new employment opportunities for Maine residents.
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Impact
August, 2024
Maine Technology Institute plays a crucial role in fueling innovation and economic growth in the state of Maine. By providing funding to businesses, non-profit organizations, academic institutions, and entrepreneurs, MTI supports research and development projects in seven technology sectors. Through its competitive awards, MTI helps bring new products, services, and processes to the market, creating high-quality jobs across the state. Additionally, MTI's funding levels, which include grants, loans, and equity investments, cater to a range of project sizes and needs, ensuring a diverse pool of recipients can benefit from their support. Ultimately, MTI's impact is seen in the growth of Maine's technology-intensive industries and the creation of a robust research and development infrastructure that contributes to the state's long-term economic development.
This information is meant to be a general summary of Maine Technology Institute. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $166,670
- Program Service Revenue: $315,271
- Gross Receipts: $14,936,551
Assets and Liabilities:
- Total Assets: $19,619,742
- Total Liabilities: $17,716,082
- Net Assets: $1,903,660
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Royalty Income
Revenue
$159,421
Interest on Loans
Revenue
$155,007
Miscellaneous Revenue
Revenue
$843
Organization Details
Founding Year
1999
Phone
(207) 582-4790Principal Officer
Brian Whitney
Main Address
8 Venture Avenue Brunswick Landing, Brunswick, ME, 04011
Website
www.mainetechnology.orgNTEE Category
Code: B29 - Education
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