University of Maine Foundation

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1934

Legal Domicile

Principal Officer

Jeffery Mills

Phone

2075815100

Tax Period

2023-01-01 to 2023-12-31

University of Maine Foundation, founded in 1934, is a mid-sized nonprofit in the Education sector that reported $64.7M in total revenue in fiscal year 2023. Revenue surged 58% from the prior year, signaling strong growth momentum. The organization ran a surplus of $31.9M, a strong 49% operating margin.

Mission

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.

Program Service Accomplishments

Program 1

Expenses: $26,266,940 Revenue: $3,837,796

Gifts and endowment income distributed for scholarships and general support for the benefit of the University of Maine

Program 2

Expenses: $323,236

Distributions to trust, gift annuity and pooled income fund participants

Program 3

Expenses: $143,780

Distributions of gifts and endowment income to other qualified charities

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $47,767,800

Program Service Revenue $3,837,796

Investment Income $12,935,201

Other Revenue $184,070

TOTAL REVENUE $64,724,867

Expense Breakdown

Grants Paid $24,844,784

Salaries & Benefits $5,192,378

Fundraising Expenses $3,864,295

Program Expenses $26,733,956

Other Expenses $2,827,145

TOTAL EXPENSES $32,864,307

Year-over-Year Comparison

	2023	2022	Change
Revenue	$64,724,867	$40,999,640	+0.6%
Expenses	$32,864,307	$44,550,845	-0.3%
Net Income	$31,860,560	$-3,551,205	-10.0%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✓ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✓ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$695,950

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Robert A Strong	Chair	1.00	Officer Director	$0	$0	$0
Todd D Saucier	Vice Chair	1.00	Officer Director	$0	$0	$0
David M Austin	Director	1.00	Director	$0	$0	$0
Donna L Hathaway	Director	1.00	Director	$0	$0	$0
Christopher P Keating	Director	1.00	Director	$0	$0	$0
Kenneth A Murray	Director	1.00	Director	$0	$0	$0
Beth L Sturtevant	Director	1.00	Director	$0	$0	$0
Dorothy Foster Vachon	Director	1.00	Director	$0	$0	$0
Kurt R Marston	Treasurer	1.00	Officer	$0	$0	$0
Maria R Fuentes	Secretary	1.00	Officer	$0	$0	$0
Jeffery N Mills	President/CEO	40.00	Officer	$374,660	$59,500	$434,160
Kevin J Frazier	CFO	40.00	Officer	$184,613	$77,177	$261,790
Sarah J McPartland-Good	General Counsel	40.00	Highest	$172,505	$51,292	$223,797
Elizabeth M Erickson	Senior Director of Philanthropy	40.00	Highest	$165,462	$50,352	$215,814
Patricia A Cummings	Senior Director of Philanthropy	40.00	Highest	$171,876	$32,599	$204,475
Joyce Kennedy	Senior Director of Philanthropy	40.00	Highest	$153,719	$30,104	$183,823
Seth Woodcock	Sr. Assoc. Athletic Dir. for Dev.	40.00	Highest	$145,797	$14,580	$160,377

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$64,724,867	$32,864,307	$390,581,135	$31,860,560
2022	$40,999,640	$44,550,845	$326,235,305	$-3,551,205
2021	$22,127,345	$11,985,982	$392,570,813	$10,141,363
2021	$51,911,153	$21,203,434	$367,935,162	$30,707,719
2020	$29,959,058	$21,628,075	$282,791,391	$8,330,983
2019	$29,245,131	$19,584,409	$272,934,290	$9,660,722
2018	$40,850,778	$17,883,907	$262,569,841	$22,966,871