Cause IQ organization profile

Maine Technology Institute (MTI)

MTI is a urban development organization based in Brunswick, ME that was founded in 1999. As of 2018 they had $13 million in revenue and $49 million in assets.

The Maine Technology Institute offers early-stage capital and commercialization assistance in the form of competitive grants, loans and equity investment for the research, development and application of technologies.

EIN:

01-0529871

City:

Brunswick

State:

Maine

Metro:

Portland-South Portland, ME

Website:

mainetechnology.org

Phone:

(207) 582-4790

Facebook:

facebook.com/MaineTechnologyInstitute

Twitter:

@mtimaine

Founded:

1999

Type:

501(c)(3)

NTEE:

S31: Urban development organizations

Revenue:

$13,968,255

Assets:

$49,772,164

Employees:

Fiscal year end:

June

Revenue trends:

Asset trends:

Program areas at MTI

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 programs, which are outlined below:- TechStart Grant Program - grants up to $5,000 to support technology-based innovation, business plan development, intellectual property filings, market analysis and activities related to planning and submission of Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants.- Seed Grant Program - grants up to $25,000 to fund small, early-stage research and development projects and development activities leading to commercialization.- Development Loan Program - awards ranging from $30,000 to $500,000 to fund new and/or enhanced technologies or tech transfer leading to market sales. If a product is successfully commercialized, the award ...

Form 990s for MTI

Fiscal year ending	Date received by IRS	Form	PDF link
2018-06	Dec 27, 2019	990	View PDF
2017-06	Mar 14, 2018	990	View PDF
2016-06	Jul 11, 2017	990	View PDF
2015-06	Feb 25, 2016	990	View PDF
2014-06	Mar 10, 2015	990	View PDF
...and four more Form 990 PDFs

Financials for MTI

Field	2017	2016	% Change
Federated campaigns	$0	$0
Membership dues	$0	$0
Fundraising event contributions	$0	$0
Related organizations	$0	$0
Government grants (contributions)	$10,076,109	$11,221,358	-10.2%
Normal grants, contributions, etc.	$0	$312,586	-100%
<em>Non-cash contributions included in above</em>	$0	$0
Total grants, contributions, etc.	$10,076,109	$11,533,944	27.1%

Field	2018	2017	% Change
Total grants, contributions, etc.	$12,809,932	$10,076,109	27.1%
Program services	$107,057	$11,479	832.6%
Investment income and dividends	$599,795	$451,023	33.0%
Tax-exempt bond proceeds	$0	$0
Royalty revenue	$112,846	$236,886	-52.4%
Net rental income	$0	$0
Net gain from sale of non-inventory assets	$338,625	$0	999%
Net income from fundraising events	$0	$0
Net income from gaming activities	$0	$0
Net income from sales of inventory	$0	$0
Miscellaneous revenues	$0	$25,000	-100%
Total revenues	$13,968,255	$10,800,497	29.3%

Field	2018	2017	% Change
Grants to govts. and orgs. in USA	$10,919,240	$7,870,890	38.7%
Grants to individuals in USA	$72,740	$95,755	-24.0%
Grants to govts., orgs., and individuals outside USA	$0	$0
Benefits paid to or for members	$0	$0
Compensation of current officers, etc.	$61,791	$111,309	-44.5%
Compensation not included above, to disqualified persons	$0	$0
Non-officer salaries and wages	$667,402	$587,554	13.6%
Pension/retirement accruals and contributions	$32,917	$25,799	27.6%
Other employee benefits	$148,968	$116,916	27.4%
Payroll taxes	$57,206	$56,165	1.9%
Management fees	$456,765	$440,905	3.6%
Legal fees	$81,160	$52,680	54.1%
Accounting fees	$25,495	$25,425	0.3%
Lobbying fees	$0	$0
Pro. fundraising fees	$0	$0
Investment mgmt fees	$0	$0
Other fee-for-service	$0	$75	-100%
Advertising and promotion	$307,866	$300,153	2.6%
Office expenses	$19,835	$21,960	-9.7%
Information tech. expenses	$31,727	$32,963	-3.7%
Royalty expenses	$0	$0
Occupancy	$72,209	$74,821	-3.5%
Travel	$28,998	$48,856	-40.6%
Public official travel and entertainment	$0	$0
Conferences, meetings, etc.	$3,924	$10,212	-61.6%
Interest	$1,362	$1,862	-26.9%
Payments to affiliates	$0	$0
Depreciation, amortization, etc.	$56,284	$34,916	61.2%
Insurance	$18,958	$16,898	12.2%
All other expenses	$464,773	$799,966	-41.9%
Total expenses	$13,529,620	$10,726,080	26.1%

Field	2018	2017	% Change
Cash (non-interest-bearing)	$300	$50,300	-99.4%
Savings, short-term investments, etc.	$46,565,937	$25,512,166	82.5%
Pledges and grants receivable	$0	$0
Accounts receivable	$6,577	$4,266	54.2%
Loans receivable from officers, directors, etc.	$0	$0
Loans receivable from other disqualified persons	$0	$0
Notes and loans receivable	$2,285,755	$1,031,618	121.6%
Inventories for use	$0	$0
Prepaid expenses and deferred charges	$74,500	$67,476	10.4%
Buildings, equipment, etc. post-depreciation	$97,186	$143,258	-32.2%
Investments, publicly traded securities	$0	$0
Investments, other securities	$741,909	$1,072,216	-30.8%
Investments, program-related	$0	$0
Intangible assets	$0	$0
Other assets	$0	$0
Total assets	$49,772,164	$27,881,300	78.5%

Field	2018	2017	% Change
Accounts payable and accrued expenses	$244,942	$191,596	27.8%
Grants payable	$0	$0
Deferred revenue	$47,978,832	$26,575,851	80.5%
Tax-exempt bond liabilities	$0	$0
Escrow or custodial account liability	$0	$0
Loans payable to officers and disqualified persons	$0	$0
Secured mortgages and notes payable to unrelated third parties	$8,136	$12,234	-33.5%
Unsecured notes and loans payable to unrelated third parties	$0	$0
Other liabilities	$0	$0
Total liabilities	$48,231,910	$26,779,681	80.1%

Field	2018	2017	% Change
Unrestricted net assets	$1,540,254	$1,101,619	39.8%
Temporarily restricted net assets	$0	$0
Permanently restricted net assets	$0	$0

Vendors for MTI

Vendor	Services	Amount paid	Date
WordPress	Content management system software		2019-09-07
█████████ ████████	Software		2019-09-07
█████ ████ ██████ ███ ██████ ███	Tax accounting		2018-01-18
███ ██████████ ███	Consulting Services	$118,471	2016-06-01
███ ██████████ ████████ ███	Consulting Services	$103,550	2016-06-01

Personnel at MTI

Name	Title	Compensation	Most recent data
Brian Whitney	President	$0	Aug. 5, 2019
Greg Lee	Director of Finance and Administration	-	Aug. 5, 2019
██████ ██████████	Director of Business Development	-	Aug. 5, 2019
█████ ██████	Portfolio Manager	-	July 25, 2019
█████ ██████	Web Communications Manager	-	Aug. 5, 2019
███████ ██████	Treasurer	$0	June 30, 2017
█████ █████	Vice Chairman	$0	June 30, 2017
█████████ █████████	Chairman	$0	June 30, 2017
████ ████	Secretary	$0	June 30, 2017
███████ █ ███	Director of Finance and Administration	$0	June 30, 2017
...and six more key personnel

Peer urban development organizations

	Name	Type	Revenue	Location
1	Ui Labs	501(c)(3)	$21 million	Chicago, IL
2	East Baltimore Development (EBDI)	501(c)(3)	$13 million	Baltimore, MD
3	Missouri Technology Corporation (MTC)	501(c)(3)	$10 million	Jefferson City, MO
4	Volunteers for Economic Growth Alliance	501(c)(3)	$18 million	Washington, DC
5	Midtown Detroit	501(c)(3)	$5.1 million	Detroit, MI
6	Milwaukee Downtown	501(c)(3)	$6.3 million	Milwaukee, WI
7	United States Naval Sea Cadet Corps (USNSCC)	501(c)(3)	$7.2 million	Arlington, VA
8	Maine Coalition To End Domestic Violence	501(c)(3)	$8.5 million	Augusta, ME
9	Maine Coalition Against Sexual Assault	501(c)(3)	$5.0 million	Augusta, ME
10	Atlantic Salmon Federation (ASF)	501(c)(3)	$4.9 million	Calais, ME
11	Schuylkill River Development Corporation (SRDC)	501(c)(3)	$4.6 million	Philadelphia, PA
12	SF City Impact	501(c)(3)	$7.9 million	San Francisco, CA
13	Monadnock Economic Development Corporation	501(c)(3)	$3.7 million	Keene, NH
14	Buffalo Urban Development Corporation	501(c)(3)	$27 million	Buffalo, NY
15	New Jersey Council of County Colleges	501(c)(3)	$10 million	Trenton, NJ
16	Rocky Mountain Community Reinvestment Corporation (RMCRC)	501(c)(3)	$7.7 million	Salt Lake City, UT
17	California Alliance for Jobs	501(c)(6)	$4.4 million	Sacramento, CA
18	Downtown Partnership of Baltimore	501(c)(6)	$8.0 million	Baltimore, MD
19	Watertown Development Company	501(c)(6)	$4.9 million	Watertown, SD
20	Hawthorn Foundation	501(c)(6)	$3.6 million	Jefferson City, MO
21	Gordon Research Conferences (GRC)	501(c)(3)	$50 million	West Kingston, RI
22	Foundation for Advanced Education in the Sciences (FAES)	501(c)(3)	$32 million	Bethesda, MD
23	Cool Effect	501(c)(3)	$5.8 million	Greenbrae, CA
24	Aspen Global Change Institute (AGCI)	501(c)(3)	$62 million	Basalt, CO
25	BioOne	501(c)(3)	$12 million	Washington, DC

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Cause IQ organization profile

Maine Technology Institute (MTI)

Program areas at MTI

Form 990s for MTI

Financials for MTI

Vendors for MTI

Personnel at MTI

Peer urban development organizations

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