2024-10-15T13:20:15-05:00 2023-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2023-01-01 010523390 Senator George J Mitchell Scholarship Research Institute SENA 2077737700 75 Washington Avenue 2E Portland ME 04101 Jared Cash President/CEO 2077737700 2024-10-07 1 0 Connor Smart P02285543 2078792100 2024-10-07 2023 2024-10-15 13:58:12Z Jared Cash 75 Washington Avenue 2E Portland ME 04101 29381115 0 X www.mitchellinstitute.org X 1999 ME To provide scholarships and other support to Maine students pursuing higher education. 21 21 11 110 0 0 1740706 1919019 0 0 1536050 4311685 17469 28212 3294225 6258916 1460894 1653033 0 0 853609 996397 0 0 172048 568062 526212 2882565 3175642 411660 3083274 45833785 48269547 4886910 4894247 40946875 43375300 X The principal purpose of the Mitchell Institute is to provide scholarships and other support to Maine students pursuing higher education. (Continued on Schedule O)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 2698210 1653033 0 For nearly 30 years, the Mitchell Institute has been dedicated to advancing Senator George J. Mitchell's mission to increase the likelihood that young people from every community in Maine will aspire to, pursue, and achieve a college education. We work with young people statewide who face uphill battles on their way to college, and we level the playing field for them by providing financial resources and a broad range of supports. Each year, the Institute selects at least one graduating senior from every public high school in Maine. In 2023, we awarded 166 graduating seniors a $10,000 scholarship each. Scholarship selection is based on academic excellence, community leadership, and financial need.(Continued on Schedule O)The 166 scholarships awarded in 2023 was 20 more than the previous year. In addition to the $10,000 scholarship, the Institute provides support including personal and professional development programming, opportunities for additional funding for internships and study abroad, and access to a network that provides lasting relationships and career advice. Since our founding in 1995, the Mitchell Institute has awarded more than $25 million in scholarship, fellowship, and contingency funds to more than 3,600 Scholars and Alumni who hail from every community in Maine. Our data shows that the more we engage with Mitchell Scholars, the more likely they are to graduate: 88% of Mitchell Scholars complete college and achieve a degree, compared with 58% of students nationally. 89% of Mitchell Scholar Alumni are working in career-related jobs-nearly two-thirds of them in Maine. While 44% of recent Mitchell Scholars were the first in their families to attend college and 80% came from households earning less than Maine's median family income, over 50% achieved earnings early in their careers that were higher than their entire family household income at the time they applied for the Mitchell Scholarship. 2698210 1 1 0 0 0 0 0 0 1 1 1 0 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 1 121 0 1 11 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 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 Abigail Diaz Director 1.00 X 0 0 0 Bruce Epstein Director 1.00 X 0 0 0 Mark Fernandez Director 1.00 X 0 0 0 Mark Haley Director 1.00 X 0 0 0 Brian Harris Director 1.00 X 0 0 0 Nathan Kinney Director 1.00 X 0 0 0 Christine Lemieux 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 Paul Suitter Director 1.00 X 0 0 0 Virginia Swain Director 1.00 X 0 0 0 Rebecca Wyke 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 162379 0 17812 Marc Glass Brand and Communitcation Director 40.00 X 103720 0 14802 Sarah Short Development Director 40.00 X 129185 0 13315 395284 0 45929 3 0 1 0 Wellington Trust Company 280 Congress Street Boston MA 02210 Investment Management Fees 176110 1 216734 1702285 152543 1919019 1269197 1269197 26059499 23017011 3042488 3042488 3042488 94900 216734 95188 -288 -288 38500 10000 28500 28500 6258916 0 0 4339897 1653033 1653033 180191 153101 17328 9762 651261 508019 38550 104692 22784 19359 2191 1234 81179 68974 7807 4398 60982 51814 5864 3304 878 878 23100 23100 187100 187100 1999 1699 192 108 10426 8577 1849 87122 47043 9455 30624 29838 21313 1387 7138 91665 77754 9070 4841 4689 4282 22 385 62227 60962 207 1058 14511 11522 967 2022 12657 10758 1266 633 3175642 2698210 305384 172048 100 100 4094897 10489326 261091 301104 12250 6350 26835 31948 114541 85163 35531 29378 11546955 37059365 29617873 238253 351976 45833785 48269547 108073 47391 3892430 4026005 648154 468875 120710 0 117543 351976 4886910 4894247 X -361392 -311013 41308267 43686313 40946875 43375300 45833785 48269547 3083274 -654849 0 X X 0 1 X 1 0 X 1226259 2177259 1297079 1740706 1919019 8360322 1226259 2177259 1297079 1740706 1919019 8360322 1412458 6947864 797164 708572 854299 877452 1269197 4506684 26200 28500 54700 39771 24065 63836 12985542 0.53500 0.51810 X Schedule A, Part II, Line 10, Explanation of Other Income: Special Events - 2019 Amount: $ 39,771. 2021 Amount: $ 24,065. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 42372282 331870 3621755 1195000 330000 187100 44613807 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 0.03520 0.65840 0.30640 0 0 3430 3116 314 111111 82047 29064 29378 Lease Liabilities 351976 351976 X 5522155 -654849 105188 -549661 6071816 187100 187100 6258916 3093730 105188 105188 2988542 187100 187100 3175642 Part IV, Line 2b: Senator George J. Mitchell Scholarship Research Institute previously held funds on behalf of another entity. Under the agreement with this entity, Mitchell Institute acted as an administrator for this scholarship fund. All funds held in escrow as of the end of the 2022 tax year were closed out and settled as of the end of the period covered by this Form 990. Accordingly, the balance of escrow account liabilities left outstanding and reported on this Form 990, Part X, as of December 31, 2023, was $0. Part V, Line 4: The Organization's Endowment Funds are used for grants for tuition assistance/scholarships or other such purposes. Grants and other assistance paid directly to individuals is further detailed on this Form 990, Schedule I. 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: Fundraising event and charitable gaming expenses 105,188. Part XII, Line 2d - Other Adjustments: Fundraising event and charitable gaming expenses 105,188. Gala 311634 216734 94900 36704 56890 1594 311634 216734 94900 36704 56890 1594 95188 -288 38500 10000 1 0.50000 38500 10000 10000 28500 ME 1 0 0 0 0.00000 1.00000 Lisa Sirois 75 Washington Avenue Suite 2E Portland ME 04101 0 NA Please refer to this Schedule G, Part IV, Supplemental Information. 0 Form 990, Schedule G, Part III, Gaming Activities: 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. 1 Scholarships to one graduating senior from every public high school in Maine who will be attending a post-secondary degree program. 166 1493516 Fellowship Awards to Mitchell Scholars and alumni in their pursuit of internships, service learning, and study abroad experiences that offer personal and professional development. 83 98747 Contingency Funds to assist scholars who encounter financial hurdles that could prevent college completion. 50 60770 Part I, Line 2: Each year, the Institute awards at least one 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 1 0 Jared Cash President/Secretary 157379 0 5000 0 0 0 8320 0 9492 0 180191 0 0 0 Part I, Line 7 From time-to-time and as deemed appropriate and reasonable by the Organization and its managing officers and directors, the Organization may reward incentive compensation, bonuses, or other non-fixed payments. These payments are based on measurable goals and established performance metrics, and are subject to the Organization's standard compensation review procedures. Any bonuses paid are approved by the Board's Executive Committee. X 10 152543 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.