2023-08-04T11:46:42-05:00 2022-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2022-01-01 010523390 Senator George J Mitchell Scholarship Research Institute SENA 2077737700 75 Washington Avenue 2E Portland ME 04101 Jared Cash President/CEO 2077737700 2023-07-31 1 Jared Cash 999009999 0 Connor Smart P02285543 2078792100 2023-07-31 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Jared Cash 75 Washington Avenue 2E Portland ME 04101 7350220 0 X www.mitchellinstitute.org X 1999 ME Provide scholarships and other support to Maine students pursuing higher education 23 23 11 108 0 0 1297079 1740706 0 0 2843447 1536050 24065 17469 4164591 3294225 1395615 1460894 0 0 756310 853609 0 0 139117 729290 568062 2881215 2882565 1283376 411660 52911391 45833785 4261431 4886910 48649960 40946875 X The principal purpose of the Mitchell Institute is to provide scholarships and other support to Maine students pursuing higher education. Because of our organization's desire to understand and remove obstacles to achieving a college degree, a related purpose is to engage in research on these issues. 0 0 2399301 1460894 0 Providing scholarship support to Maine students attending college or university and conducting research on ways to advance the higher education aspirations of Maine students. 2399301 1 1 0 0 0 0 0 0 1 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 100 0 1 11 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Lisa Sirois 2077737700 75 Washington Avenue Suite 2E Portland ME 04101 Gena Canning Director 1.00 X 0 0 0 Charles de Sieyes Director 1.00 X 0 0 0 Abigail Diaz Director 1.00 X 0 0 0 Bruce Epstein Director 1.00 X 0 0 0 Peter Fendler Director 1.00 X 0 0 0 Mark Fernandez Director 1.00 X 0 0 0 Joan Fischer Director 1.00 X 0 0 0 Mark Haley Director 1.00 X 0 0 0 Nathan Kinney Director 1.00 X 0 0 0 Scott Maker Director 1.00 X 0 0 0 Camita McCoy Director 1.00 X 0 0 0 Heather Mitchell Director 1.00 X 0 0 0 James Morris Director 1.00 X 0 0 0 Alison Nathanson Director 1.00 X 0 0 0 Christopher Pierce Director 1.00 X 0 0 0 Elyse Pratt-Ronco Director 1.00 X 0 0 0 Lauren Segal Director 1.00 X 0 0 0 Paul Suitter Director 1.00 X 0 0 0 Virginia Swain Director 1.00 X 0 0 0 Nicole Witherbee Director 1.00 X 0 0 0 Sara Burns Chair 1.00 X X 0 0 0 Najila Frayha Vice Chair 1.00 X X 0 0 0 Joseph Foley Treasurer 1.00 X X 0 0 0 Jared Cash President/Secretary 40.00 X 151676 0 17332 151676 0 17332 1 0 1 0 Wellington Trust Company 280 Congress Street Boston MA 02210 Investment Management Fees 161871 0 199269 1541437 138975 1740706 877452 877452 4632976 3974378 658598 658598 658598 63086 199269 71817 -8731 -8731 36000 9800 26200 26200 3294225 0 0 1553519 1460894 1460894 169008 140673 20178 8157 543694 430279 30780 82635 18576 14120 3173 1283 69763 59409 7374 2980 52568 43755 6276 2537 22450 22450 235945 235945 2625 2185 313 127 10998 6079 2180 2739 79749 50634 3204 25911 25070 18671 1225 5174 87038 73837 8619 4582 6940 6819 30 91 72208 71340 291 577 13419 10729 947 1743 11620 9877 1162 581 2882565 2399301 344147 139117 100 100 3173951 4094897 127500 261091 11007 12250 23255 26835 106183 70652 25432 35531 20039834 11546955 29371451 29617873 138861 238253 52911391 45833785 102097 108073 3852597 3892430 167876 648154 138861 120710 0 117543 4261431 4886910 X -416369 -361392 49066329 41308267 48649960 40946875 52911391 45833785 411660 -8114745 0 X X 0 1 X 1 0 X 993059 1226259 2177259 1297079 1740706 7434362 993059 1226259 2177259 1297079 1740706 7434362 1474973 5959389 708642 797164 708572 854299 877452 3946129 26200 26200 31138 39771 24065 94974 11501665 0.51810 0.50060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 49989490 629174 -6580437 1135000 295000 235945 42372282 44577086 1519697 5588057 1183625 242000 269725 49989490 39755904 19194 6222739 974900 251000 194851 44577086 35055194 8965 6091655 1040000 185000 174910 39755904 38382849 7858 -2134205 895000 126000 180308 35055194 0.03540 0.68560 0.27900 0 0 3430 2773 657 102753 67879 34874 35531 Wellington Intermediate Bond Fund 4673817 F Wellington Small Cap 2000 2471881 F Wellington Enduring Assets 2435431 F Wellington Global Opportunites 3899174 F Wellington International Growth 2427210 F Wellington Durable Companies 1866005 F Wellington US Researh Equity 1287997 F Wellington Emerging Markets 707169 F Wellington Global Total Return 2411070 F Wellington Quality Value 2475145 F Corporate Bonds 1722064 F US Government Securities 3064470 F International Securities 176440 F 29617873 Lease Liabilities 117543 117543 X -4974848 -8114745 81617 -8033128 3058280 235945 235945 3294225 2728237 81617 81617 2646620 235945 235945 2882565 Part IV, Line 2b: Senator George J. Mitchell Scholarship Research Institute holds funds on behalf of another entity. Under the agreement with this entity, Mitchell Institute acts as an administrator for this scholarship fund. Part V, Line 4: Used for grants for tuition assistance/scholarships or other such purposes. Part X, Line 2: Mitchell Institute is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, there is no provision for income taxes within the financial statements. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Mitchell Institute has evaluated the position taken on its filed tax returns. Mitchell Institute has not taken, nor does it expect to take any uncertain tax positions in any income tax return. Part XI, Line 2d - Other Adjustments: Special Event & Gaming Expenses 81,617. Part XII, Line 2d - Other Adjustments: Special Event & Gaming Expenses 81,617. Gala 262355 199269 63086 26492 38932 6393 262355 199269 63086 26492 38932 6393 71817 -8731 36000 9800 1 1.00000 36000 9800 9800 26200 ME 1 0 0 0 0.00000 1.00000 Lisa Sirois 75 Washington Avenue Suite 2E Portland ME 04101 0 NA The raffle is a closed raffle done at, and only at, the Institute's Gala event. For an additional donation or pledge of $250, one can complete an entry card and enter to win the raffle prize. A manager of this raffle activity is therefore not required. 0 1 Scholarships to one graduating senior from every public high school in Maine who will be attending a post-secondary degree program. 147 1315715 Fellowship Awards to Mitchell Scholars and alumni in their pursuit of internships, service learning, and study abroad experiences that offer personal and professional development. 78 92412 Contingency Funds to assist scholars who encounter financial hurdles that could prevent college completion. 41 45346 Part I, Line 2: Each year, the Institute awards a scholarship to a graduating senior from every public high school in Maine who will be attending a two-year or four-year post-secondary degree program. Scholarship funds are sent directly to the respective schools and credited to the student's tuition account. An agreement is signed by the student in the year awarded and verification is obtained from the school annually. The Institute also provides funding for Fellowship Awards, ranging from $150 to $1,500. The Fellowship Awards offer support to qualified Mitchell Scholars and alumni in their pursuit of internships, service learning, and study abroad experiences that offer ongoing personal and professional development. These funds empower Scholars to pursue enriching opportunities regardless of financial factors. Additionally, the Institute also provides funding for Contingency Funds; the Institute offers two conteingcy funds - the SOS Fund (Supporting our Scholars) and the SPARC Fund (Subsidy Providing Assistance with Recurring Costs) - to assist Scholars who encounter financial hurdles that may potentially derail college completion. Support is issued on a case-by-case basis through consultation with Mitchell Institute staff members. X X 0 0 0 0 0 0 0 0 0 Jared Cash President/Secretary 151676 0 0 0 0 0 8000 0 9332 0 169008 0 0 0 X 9 135355 Fair Market Value X 1 3620 Fair Market Value 0 1 1 Part I, Line 32b: The Institute processes and sells gifts of securities through its third party investment broker. Donations of securities are sold as soon as administratively possible. Form 990, Part VI, Section B, line 11b Form 990 is reviewed by the staff accountant and President/CEO in conjunction with the audited financials. A copy of the final draft reviewed by the finance committee is distributed to the board of directors for review prior to filing. Form 990, Part VI, Section B, line 12c All officers, directors and key employees of Mitchell Institute are required to sign a disclosure statement annually. Form 990, Part VI, Section B, line 15 A report on employee compensation in nonprofit organizations in northern New England is obtained as available for comparability purposes. Other market data is periodically obtained to assess the competitiveness of the compensation program. The executive committee reviews the President/CEO compensation. The President/CEO reviews the compensation of other employees. All compensation recommendations are approved by the board of directors as part of the annual operating budget process. Form 990, Part VI, Section C, line 18 The Organization's Form 990 is also available on its own website at: http://mitchellinstitute.org/about-mitchell-institute/learn-more/ Form 990, Part VI, Section C, line 19 Mitchell Institute provides copies of its governing documents, conflict of interest statement, and financial statements upon request. Form 990, Part XII, Line 2c: The audit process has not changed from the prior year.