Maine Technology Institute

Analysis

Maine Technology Institute is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in September 2004, 22 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Maine Technology Institute reported income of $36.2m and spending of $35.5m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $35.5m to $36.2m (+1.8%), an average of +0.4% a year. The sharpest change came in the year to June 2023, when income rose by 143%. Over the whole period it spent 99% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Maine Technology Institute sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within ME. Charities of a similar size with the same main cause include Crescent View West Public Charter Inc ($36.1m), Shaw University ($36.2m) and Chowan University ($36.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 3.6% of the total. Compensation of current officers, directors and key employees was $111k (0.3% of expenses). Other salaries and wages came to $740k. At year end it held assets of $22.3m against liabilities of $19.7m, net assets of $2.6m. It reported 12 employees.