2025-04-18T10:41:36-07:00 2024-06-30 990 2023-07-01 820987230 MAINE CENTER VENTURES MAIN 2075815846 c/o UMS BOT 15 Estabrooke Drive Orono ME 04469 Seth Goodall Chief Executive Officer 2078379203 2025-04-18 1 2023 2025-03-06 01:10:19Z Seth Goodall University of Maine System 300 Fore Street Portland ME 04102 4098 0 X https://www.maine.edu/mainecenter/maine-center-ventures/ X 2017 ME Support and promote the University of Maine Graduate & Professional Center through fund raising, branding, and engagement with Maine enterprises and employers to identify training needs, create experiential education opportunities for students, and develop incubator and accelerator programs. 9 5 0 9 0 0 339001 0 0 0 18195 4098 0 0 357196 4098 1139376 24764 0 0 0 0 0 0 0 1800 0 1141176 24764 -783980 -20666 385473 364807 0 0 385473 364807 X Support and promote the University of Maine Graduate & Professional Center ("Maine Center") of the University of Maine System through fundraising, marketing, and engagement with Maine enterprises and employers to identify and address training needs, create experiential education opportunities for Maine Center students, and develop incubator and accelerator programs. 0 1 24764 24764 0 Maine Center Ventures supported learning experiences for students of the University of Maine Graduate & Professional Center ("Maine Center") of its supported organization, the University of Maine System, by funding summer internships for students enrolled in Maine Center programs. 0 0 0 24764 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 5 1 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 1 1 0 0 X Ryan Low - Treasurer 2075815846 15 Estabrooke Drive Orono ME 04469 Joan Ferrini-Mundy Director 0.25 60.00 X 0 544638 34929 Dannel Malloy Chair, Board of Directors 1.00 60.00 X 0 527214 33283 Jacqueline Edmondson Director 0.25 60.00 X 0 308015 60928 Ryan Low Treasurer 1.00 60.00 X 0 296796 70670 Leigh Saufley Director 0.25 60.00 X 0 290521 57244 Paul Chan Secretary 0.25 60.00 X 0 252649 51392 Samantha Warren Former Secretary 0.00 60.00 X 0 189739 59124 Patricia Riley Director 0.25 10.00 X 0 0 0 Bobby Monks Director 0.25 0 X 0 0 0 Lisa Eames Director 0.25 2.00 X 0 0 0 Owen McCarthy Director 0.25 2.00 X 0 0 0 Quincy Hentzel Director 0.25 0 X 0 0 0 Michael Boyson Director (resigned June 2024) 0.25 0 X 0 0 0 0 2409572 367570 7 1 1 0 0 0 0 4098 4098 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4098 4098 0 0 24764 24764 24764 24764 0 0 385473 364807 0 0 385473 364807 0 0 0 0 X 0 0 385473 364807 385473 364807 385473 364807 -20666 0 0 0 0 0 X 0 0 0 X X X 1 University of Maine System Inc 016000769 2 1 24764 0 1 24764 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 University of Maine System Inc Controllers Office Lewiston Hall 65 Texas Ave Bangor ME 04401 016000769 501(c)(3) 24764 0 Fund Maine Center projects and initiatives. 1 0 Schedule I, Part I, Line 2 Maine Center Ventures ("MCV") makes grants only in support of the University of Maine Graduate and Professional Center ("Maine Center") at its supported organization, the University of Maine System ("UMS"). As MCV develops its annual budget, it works with the UMS management to determine which initiatives of the Maine Center need funding support for the upcoming fiscal year. Management and support staff at MCV have view only access to the UMS' general ledger system and receive periodic financial reports from UMS on how the grant monies have been spent to-date. 0 0 0 0 0 0 0 0 0 Joan Ferrini-Mundy Director 0 415532 0 102500 0 26606 0 33000 0 1929 0 579567 0 0 Dannel Malloy Chair, Board of Directors 0 388191 0 38245 0 100778 0 31998 0 1285 0 560497 0 0 Jacqueline Edmondson Director 0 289670 0 0 0 18345 0 29725 0 31203 0 368943 0 0 Ryan Low Treasurer 0 271161 0 25000 0 635 0 27988 0 42682 0 367466 0 0 Leigh Saufley Director 0 262421 0 0 0 28100 0 26619 0 30625 0 347765 0 0 Paul Chan Secretary 0 251033 0 0 0 1616 0 25375 0 26017 0 304041 0 0 Samantha Warren Former Secretary 0 160596 0 29000 0 143 0 16906 0 42218 0 248863 0 Schedule J, Part I, Line 3 No responses have been provided for lines 1a thru 3 as Maine Center Ventures does not have employees, but rather contracts with its related organization, the University of Maine System, to provide the services of CEO and supporting positions to carry out Maine Center Venture's mission. Form 990, Part III, Line 3 In prior years, Maine Center Ventures ("MCV") received a significant grant that was utilized with fundraising dollars to support and promote the University of Maine Graduate & Professional Center ("Maine Center") of the University of Maine System ("UMS") in accordance with MCV's mission. This support enabled the Maine Center to become established and to expand enrollment in its academic programs and to engage with Maine enterprises. Like fiscal year 2023, fiscal year 2024 was a transition year for MCV as the UMS primarily supported its Maine Center through other means and MCV filled the vacant Chief Executive Officer (CEO) position in September 2023. The new CEO and MCV's Board of Directors continue to work together to determine how MCV can best support the Maine Center going forward. Form 990, Part VI, Section A, Line 2 A business relationship exists between the following Maine Center Ventures' directors and officers as of June 30, 2024, as they hold positions/titles at the University of Maine System ("UMS"), an organization supported by Maine Center Ventures: Joan Ferrini-Mundy, President; Dannel Malloy, Chancellor; Jacqueline Edmondson, President; Ryan Low, VC for Finance and Administration and Treasurer; Paul Chan, General Counsel; Leigh Sauffley, President; Patricia Riley, Trustee, Lisa Eames, Trustee, and Owen McCarthy, Trustee. Form 990, Part VI, Section A, Line 7a According to Maine Center Ventures' bylaws, its Board of Directors shall consist of the following persons: (a) the University of Maine System ("UMS") Chancellor, who shall serve as the Chair of the Board of Directors; (b) the President of the University of Maine, or as his or her delegate, the University of Maine Chief Academic Officer; (c) the President of the University of Southern Maine, or as his or her delegate, the University of Southern Maine Chief Academic Officer; (d) the Dean of the University of Maine School of Law; (e) three members of the Board of Trustees of UMS, to be named by the UMS Board Chair; and (f) at least five other members from the Maine business, legal, and public/policy governance communities who shall initially be selected and appointed by the UMS Board Chair upon recommendation of the UMS Chancellor. Form 990, Part VI, Section B, Line 11b Form 990 is prepared by the Director of Accounting for the University of Maine System who advises Maine Center Ventures' staff on accounting and tax matters. Once the Form 990 is substantially complete, a draft is posted on a Google drive and a link to the drive is emailed to each of Maine Center Ventures' current board members and officers for comment prior to filing of the form. Form 990, Part VI, Section B, Line 12c Maine Center Ventures' ("MCV") secretary monitors compliance with the conflict of interest policy on a case by case basis. The only vote taken by MCV's board of directors that recommends commitment of financial resources, occurs once annually to recommend approval of MCV's annual budget. The budget must then be approved by the board of MCV's supported organization, the University of Maine System ("UMS"). The MCV board members who also serve on the UMS' board provide an annual conflict of interest disclosure to the clerk of the UMS' board of trustees. Form 990, Part VI, Section B, Line 15 As shown in Part VII, the CEO and other officers of Maine Center Ventures ("MCV") are not compensated by the organization. The treasurer and secretary are not compensated for their services to MCV. The CEO is actually an employee of and compensated by the related organization, the University of Maine System ("UMS"). The CEO position reports to the UMS' chancellor and was hired following UMS' hiring policies and practices which include the following: written job descriptions; a process for rating the responsibilities, qualifications, and impact of the position to determine a reasonable salary range; advertising for position at a local, state, and/or national level; review of resumes; interview of candidates; reference checks; and written offer. Form 990, Part VI, Section C, Line 19 Maine Center Ventures' public records, including governing documents, conflict of interest policy, and financial statements, are available for inspection or disclosure upon public request to Maine Center Ventures' secretary. University of Maine System Inc Controllers Office Lewiston Hall 65 Texas Ave Bangor ME 04401 016000769 Higher Education ME 501(c)(3) 2 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0