2024-11-12T12:19:29-06:00 2023-12-31 010523282 Berry Dunn McNeil & Parker LLC 2211 Congress St Portland ME 04102 990 2023-01-01 016011501 University of Maine Foundation UNIV 2075815100 Two Alumni Place Orono ME 044695792 Jeffery Mills President/CEO 2075815100 2024-11-11 1 1 Joseph R Byrne P01289281 2077752387 2024-11-11 2023 2024-10-15 13:58:12Z Jeffery Mills Two Alumni Place Orono ME 044695792 132466169 0 X www.umainefoundation.org X 1934 ME Fundraising and endowment management for the benefit of the University of Maine 8 8 45 50 -214634 0 24976069 47767800 3745055 3837796 12271152 12935201 7364 184070 40999640 64724867 37064315 24844784 0 0 4963865 5192378 0 0 3864295 2522665 2827145 44550845 32864307 -3551205 31860560 326235305 390581135 9362587 12075645 316872718 378505490 The University of Maine Foundation, acting as a separate organization, will work collaboratively with all entities to encourage philanthropic support for the University of Maine and other charitable organizations while carrying out the donor's wishes in perpetuity. 0 0 26266940 24701004 3837796 Gifts and endowment income distributed for scholarships and general support for the benefit of the University of Maine 323236 Distributions to trust, gift annuity and pooled income fund participants 143780 143780 Distributions of gifts and endowment income to other qualified charities 26733956 1 1 0 0 0 1 0 1 1 1 1 1 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 92 0 1 45 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA KY MD MA MI MN NH NJ NY OR SC UT X X Kevin Frazier 2075815100 Two Alumni Place Orono ME 04469 Robert A Strong Chair 1.00 0.00 X X 0 0 0 Todd D Saucier Vice Chair 1.00 0.00 X X 0 0 0 David M Austin Director 1.00 0.00 X 0 0 0 Donna L Hathaway Director 1.00 0.00 X 0 0 0 Christopher P Keating Director 1.00 0.00 X 0 0 0 Kenneth A Murray Director 1.00 0.00 X 0 0 0 Beth L Sturtevant Director 1.00 0.00 X 0 0 0 Dorothy Foster Vachon Director 1.00 0.00 X 0 0 0 Kurt R Marston Treasurer 1.00 0.00 X 0 0 0 Maria R Fuentes Secretary 1.00 0.00 X 0 0 0 Jeffery N Mills President/CEO 40.00 0.00 X 374660 0 59500 Kevin J Frazier CFO 40.00 0.00 X 184613 0 77177 Sarah J McPartland-Good General Counsel 40.00 0.00 X 172505 0 51292 Elizabeth M Erickson Senior Director of Philanthropy 40.00 0.00 X 165462 0 50352 Patricia A Cummings Senior Director of Philanthropy 40.00 0.00 X 171876 0 32599 Joyce Kennedy Senior Director of Philanthropy 40.00 0.00 X 153719 0 30104 Seth Woodcock Sr. Assoc. Athletic Dir. for Dev. 40.00 0.00 X 145797 0 14580 1368632 0 315604 13 0 1 0 Prime Buchholz 273 Corporate Drive Suite 250 Portsmouth NH 03801 Investment Consultant 233074 1 47767800 5382487 47767800 Advancement Svcs. Agreement Rev. 900099 3837796 3837796 3837796 3377931 -214634 3592565 77189461 109111 67628952 112350 9560509 -3239 9557270 9557270 Miscellaneous Revenue 900099 184070 184070 184070 64724867 3837796 -214634 13333905 24844784 24844784 695950 174363 108528 413059 3233684 810167 504266 1919251 423670 66115 201750 155805 562891 140703 90211 331977 276183 69046 44189 162948 346 346 42320 42320 1047937 1047937 35424 8856 5668 20900 252047 63013 40327 148707 234500 58625 37520 138355 322008 80502 51521 189985 151428 37857 24228 89343 53834 13458 8614 31762 49107 12277 7857 28973 66981 16745 10717 39519 Life Income Participant 323236 323236 Fundraising Expenses 160176 160176 Dues & Subscriptions 47117 11779 7539 27799 Miscellaneous Expenses 40684 2430 32518 5736 32864307 26733956 2266056 3864295 X 4830904 4741158 27070286 33087110 3725634 5462349 61440 604499 24422 27487 5920161 328866 5686138 5591295 197558571 247438565 77453626 84935980 9824284 8692692 326235305 390581135 1863703 4119922 1891002 1946790 3569399 3870908 2038483 2138025 9362587 12075645 X 16973472 18109661 299899246 360395829 316872718 378505490 326235305 390581135 X 31860560 29799658 -27446 X 0 1 X 1 0 X 22662424 24172256 12692378 24976069 47767800 132270927 22662424 24172256 12692378 24976069 47767800 132270927 25483561 106787366 3664021 3599270 1864572 2862908 3377931 15368702 187574 378541 128025 7364 184070 885574 148525203 16786571 0.71900 0.77160 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Revenue - 2019 Amount: $ 187,574. 2020 Amount: $ 378,541. 2021 Amount: $ 128,025. 2022 Amount: $ 7,364. 2023 Amount: $ 184,070. Schedule A, Part II: The amounts in the 2021 column represent a short-year return, which covers the tax period of 7/1/21 - 12/31/21. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8 18000 37971 1022230 1 1 349947 X See Part XIII 1 0 1 X 283941621 29296171 40005656 7813864 4561491 340868093 329042218 15016737 -49308140 7163103 3646091 283941621 310056194 7485520 17465348 3609647 2355197 329042218 228116879 16835609 75433325 6720682 3608937 310056194 227085170 7542263 2534235 6183838 2860951 228116879 0.02637 0.60075 0.37288 0 0 5449702 5449702 470459 328866 141593 5591295 Hedge Funds, Private Equity, and Venture Capital 84935980 F 84935980 Liabilities Under Split-Interest Agreements 2138025 2138025 93449142 29799658 29799658 63649484 1047937 27446 1075383 64724867 31816370 0 31816370 1047937 1047937 32864307 Part III, Line 4: The Foundation's collections are generally held for sale and the proceeds are used to further benefit the University of Maine. The Foundation's collections consist of various paintings, china and silver, jewelry and a Hummell collection. Part IV, Line 2b: Custodial accounts consist of funds of other qualified charities held at the Foundation for investment administrative purposes. Part V, Line 4: The Foundation aims to protect the purchasing power of the endowment by providing a rate of growth to keep pace with inflation and pay out an adequate amount of income to support the purpose of the endowment (scholarships, research, professorships, and other needs). Part XI, Line 4b - Other Adjustments: Decrease in Cash Surrender Value of Life Insurance 27,446. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Investments 44332287 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 Investments 5261176 0 0 0 0 0 0 49593463 0 49593463 1 0 1 1 1 0 1 Ahavas Achim Society of Brotherly Love 23 Water Street 4th Floor Bangor ME 04401 016010406 501(c)(13) 54000 0 General United Methodist Church PO Box 33 Searsmont ME 04973 016013581 501(c)(3) 21017 0 General Town of Searsmont PO Box 56 Searsmont ME 04973 010390148 Government 10508 0 Government University of Maine University of Maine System Orono ME 04469 016000769 501(c)(3) 17733212 0 Distributions in support of the University of Maine University of Maine University of Maine System Orono ME 04469 016000769 501(c)(3) 6967792 0 Gifts transferred to the University of Maine 4 1 Part I, Line 2: The Foundation monitors the use of University grant funds by conducting an internal audit on a group of randomly selected funds each year. X X X 0 0 0 0 0 0 0 1 0 Jeffery N Mills President/CEO 329000 0 34000 0 11660 0 58500 0 1000 0 434160 0 0 0 Kevin J Frazier CFO 170593 0 12591 0 1429 0 41651 0 35526 0 261790 0 0 0 Sarah J McPartland-Good General Counsel 152670 0 15632 0 4203 0 17734 0 33558 0 223797 0 0 0 Elizabeth M Erickson Senior Director of Philanthropy 142590 0 14882 0 7990 0 17009 0 33343 0 215814 0 0 0 Patricia A Cummings Senior Director of Philanthropy 154752 0 11460 0 5664 0 17413 0 15186 0 204475 0 0 0 Joyce Kennedy Senior Director of Philanthropy 137803 0 8882 0 7034 0 15536 0 14568 0 183823 0 0 0 Seth Woodcock Sr. Assoc. Athletic Dir. for Dev. 134644 0 11000 0 153 0 14580 0 0 0 160377 0 0 0 Part I, Line 7 At the discretion of the employer, employees may receive supplemental compensation contingent upon meeting both individual and organizational goals. The goals are not contingent upon the net earnings or revenues of the Organization. X 59 5197532 FMV X 1 184955 FMV 0 0 1 1 Part I, Line 32b: The Foundation uses third parties who are professionals for the sale of non-cash contributions such as art and securities. Form 990, Part VI, Section A, line 6 The Foundation has members. Form 990, Part VI, Section A, line 7a The Foundation is governed by membership which elects directors. Form 990, Part VI, Section A, line 7b The Foundation is governed by membership which elects directors. Form 990, Part VI, Section B, line 11b The information is provided to the preparer by the Manager of Accounting. A draft is completed, reviewed by the Manager of Accounting, the CFO, and President/CEO. A draft is also sent to all board members who are given a set amount of time to review and comment, typically two weeks. Form 990, Part VI, Section B, line 12c All new employees, board, and investment committee members complete and sign a conflict of interest disclosure statement. Any real or potential conflict is monitored and enforced in accordance with the conflict of interest policy. Form 990, Part VI, Section B, line 15 The Chair of the board reviews organization and personal goals and makes recommendations for executive compensation (President/CEO) to the board of directors. The University of Maine Foundation has established the following criteria for the process and evaluation: A. Approval by independent governing board in advance, composed entirely of individuals who do not have a conflict of interest. The President/CEO is not present at meetings. B. Reliance on comparable data through compensation surveys compiled by independent firms. C. Document basis for determination in board meeting minutes. Minutes reflect the terms of the transaction, date of approval, members of the governing board who were present and voted, the data used from the compensation surveys and peer institutions and how the data was obtained. The determination is summarized in an email letter from the board Chair to the President/CEO of The Foundation before any compensation is paid. Form 990, Part VI, Section C, line 19 Audited financial statement, donor bill of rights, and the Foundation's confidentiality policy can be found on our website, umainefoundation.org. A complete copy of the by-laws, conflict of interest policy and Form 990 are available upon request Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: University of Maine Foundation Two Alumni Place Orono, ME 04469-5792 EIN 01-6011501 University of Maine Foundation is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, line 9: Decrease in Cash Surrender Value of Life Insurance -27,446. Pooled Income Funds (2) Two Alumni Place Orono ME 04469 Split Interest Trust ME University of Maine Foundation T 1015131 1 Charitable Lead Trusts (6) Two Alumni Place Orono ME 04469 Split Interest Trust ME University of Maine Foundation T 1702492 1 Charitable Remainder Trusts (15) Two Alumni Place Orono ME 04469 Split Interest Trust ME University of Maine Foundation T 2365664 1 Charitable Perpetual Trusts (6) Two Alumni Place Orono ME 04469 Split Interest Trust ME University of Maine Foundation T 1319366 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Charitable Lead Trusts (6) S 59091 Annuity/Trust Payments