Overview
What is Foundation For A Strong Maine Economy?
The Foundation For A Strong Maine Economy, often referred to as FOCUSMAINE, is a private sector-led initiative based in Augusta, Maine. Their mission is to bolster Maine's economy by investing in three competitive and high-growth sectors: agriculture, aquaculture, and biopharmaceuticals. They focus on creating traded jobs, which have a multiplier effect on the local economy. In agriculture and aquaculture, they assist small and medium-sized businesses in production, sales, marketing, finance, and planning, while building a national reputation for Maine's high-quality food products. Workforce development is also crucial to their efforts. In biopharmaceuticals, they aim to establish Maine as a preferred development and manufacturing partner for the world's leading life sciences R&D centers. FOCUSMAINE also helps attract, train, and retain talent for these industries through programs like their internship initiative. Their total workforce consists of 2 individuals.
Official website here: www.focusmaine.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 85%, Three-Star out of Four Star rating.
The Foundation For A Strong Maine Economy has earned a solid Three-Star rating from Charity Navigator, reflecting an impressive overall score of 85%. This rating is derived entirely from its Accountability & Finance score, indicating a strong commitment to transparency and responsible financial management. The organization has demonstrated exemplary practices, including full independence of board members and a comprehensive audit and oversight structure.
Among its strengths, the foundation boasts an outstanding program expense ratio of 85.78%, indicating a significant portion of funds directed toward its mission-related activities. Furthermore, its fundraising efficiency shows that only $0.03 is spent to raise each dollar, highlighting effective resource utilization. The organization has also established robust policies regarding conflict of interest, whistleblower protections, and document retention, all of which are crucial for maintaining integrity.
While the organization's financial practices are commendable, the data does not provide insights into its impact or effectiveness in fulfilling its mission. Such qualitative measures are essential for a holistic understanding of the organization's performance beyond financial metrics. Overall, the Foundation For A Strong Maine Economy demonstrates strong accountability but would benefit from sharing more about its programmatic outcomes.
This AI summary has been generated from information found on Charity Navigator.
Is Foundation For A Strong Maine Economy legitimate?
Foundation For A Strong Maine Economy is a legitimate nonprofit organization registered as a 501(c)(3) entity. Foundation For A Strong Maine Economy 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: $245,258
Professional Fundraising Fees: $0
Other Salaries and Wages: $183,096
For more financial information, click here
Official website here: www.focusmaine.org
What is the mission statement of Foundation For A Strong Maine Economy?
The Foundation For A Strong Maine Economy's mission is centered around promoting a robust economy and enhancing the business climate in an unspecified location. This organization achieves this objective by engaging in research, education, and communication activities. Their primary focus is on supporting three high-growth sectors: agriculture, aquaculture, and biopharmaceuticals. They invest in these sectors by aiding small and medium-sized businesses in areas like production, sales and marketing, finance, and planning. The organization also pays significant attention to workforce development, ensuring businesses have the necessary talent to grow and thrive. In the field of biopharmaceuticals, the Foundation aims to establish the region as a preferred development and manufacturing partner for leading life sciences research and development centers. Lastly, they help attract, train, and retain talent for their signature industries, with the FocusMaine Internship Program being a key component of this effort.
Official website here: www.focusmaine.org
Who is the CEO of Foundation For A Strong Maine Economy?
Andrea Maker is the Board Chair of Foundation For A Strong Maine Economy.
Official website here: www.focusmaine.org
What is the revenue of Foundation For A Strong Maine Economy?
Foundation For A Strong Maine Economy's revenue in 2022 was $2,195,380.
Official website here: www.focusmaine.org
Who are the executives of Foundation For A Strong Maine Economy and what are their salaries?
The average compensation at Foundation For A Strong Maine Economy during 2022 was $214,177. There are 2 employees and 40 volunteers at Foundation For A Strong Maine Economy.
Here are 8 key members and their salaries:
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- Compensation: $121,738
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- Compensation: $101,690
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Official website here: www.focusmaine.org
Where can I find the form 990 for Foundation For A Strong Maine Economy?
Foundation For A Strong Maine Economy's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.focusmaine.org
Learn more at the official website: www.focusmaine.org
Mission Statement of Foundation For A Strong Maine Economy
The Foundation for a Strong Maine Economy, a private sector-led initiative, aims to promote a robust Maine economy and enhance the business climate within the state. Its mission is centered around supporting and strengthening Maine's economy through research, education, and communication. The organization focuses on three globally competitive and high-growth sectors: agriculture, aquaculture, and biopharmaceuticals. By investing in these industries, the Foundation aims to create quality jobs in Maine with a job multiplier effect in the local economy.
In the realm of agriculture and aquaculture, the Foundation supports and scales small and medium businesses by aiding in production, sales and marketing, finance and planning. They help these businesses build a national reputation and affinity for high-quality Maine food, thereby boosting sales outside of the state. Workforce development is another crucial aspect of this effort, ensuring the availability of skilled labor necessary for business growth.
In the biopharmaceutical sector, the Foundation aims to establish Maine as a preferred development and manufacturing partner to the world's leading life sciences research and development centers in Boston/Cambridge. This strategy involves attracting biopharma and lab companies interested in setting up operations in Maine and building the workforce required to support industry expansion. The Foundation's skills and talent development programs help industries attract, train, and retain the necessary talent and build a talent pipeline for future needs. The Foundation for a Strong Maine Economy's internship program is a significant part of this effort, connecting hundreds of career-ready professionals with job opportunities and development opportunities.
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Impact
October, 2024
The Foundation For A Strong Maine Economy plays a critical role in bolstering the state's economy through a focused initiative aimed at creating quality jobs in high-growth sectors. By investing in agriculture, aquaculture, and biopharmaceuticals, the foundation enhances the competitiveness of Maine's economy on a global scale.
Its efforts are particularly impactful in supporting small and medium-sized businesses in developing their production, marketing, and financing capabilities. This support not only aids businesses in selling more products outside Maine, thereby increasing their reach and revenue, but also fosters a growing national reputation for high-quality Maine food. The integration of workforce development initiatives further strengthens this impact by ensuring that local talent is equipped with the skills needed to thrive in these industries.
In the biopharmaceutical sector, the foundation's strategy positions Maine as a potential development and manufacturing hub, attracting leading life sciences companies from the Boston/Cambridge area. This focus on building a robust attraction pipeline and nurturing a skilled workforce is essential for sustaining industry expansion and innovation.
Additionally, with programs like the FocusMaine internship initiative, the foundation connects aspiring professionals with valuable job opportunities and development experiences. This connection not only meets the immediate workforce needs of Maine's signature industries but also cultivates a pipeline of talent for the future.
Collectively, these efforts enhance the overall business climate in Maine, promoting economic growth and community improvement throughout the state.
This information is meant to be a general summary of Foundation For A Strong Maine Economy. 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: $62,704
- Gross Receipts: $4,422,627
Assets and Liabilities:
- Total Assets: $5,180,935
- Total Liabilities: $4,514,004
- Net Assets: $666,931
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Organization Details
Founding Year
2002
Phone
(207) 623-4568Principal Officer
Andrea Maker
Main Address
128 STATE STREET SUITE 101, AUGUSTA, ME, 04330
Website
www.focusmaine.orgNTEE Category
Code: S30 - Community improvement
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