2025-09-18T14:33:07-05:00 2024-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2024-01-01 010523390 Senator George J Mitchell Scholarship Research Institute SENA 2077737700 75 Washington Avenue 2E Portland ME 04101 Jared Cash President/CEO 2077737700 2025-09-04 1 0 Connor Smart P02285543 2078792100 2025-09-04 2024 2025-03-06 01:10:19Z Jared Cash 75 Washington Avenue 2E Portland ME 04101 5663473 0 X www.mitchellinstitute.org X 1999 ME To provide scholarships and other support to Maine students pursuing higher education. 17 17 11 106 0 0 1919019 2450220 0 0 4311685 1391578 28212 27488 6258916 3869286 1653033 1923738 0 0 996397 934462 0 0 172194 526212 570968 3175642 3429168 3083274 440118 48269547 53207335 4894247 4984372 43375300 48222963 X The principal purpose of the Mitchell Institute is to provide scholarships and other support to Maine students pursuing higher education. 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 2925866 1923738 0 The Senator George J Mitchell Scholarship Research Institute is dedicated to advancing the Senator's mission to increase the likelihood that young people from every community in Maine will aspire to, pursue, and achieve a college education. The Institute works with young people statewide who face uphill battles on their way to college and levels the playing field for them by providing financial resources and a broad range of support. Each year, the Institute awards a scholarship to at least one graduating senior from every public high school in Maine. The Mitchell Institute awarded 184 scholarships in 2024. In addition to the 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. The Institute believes every Maine student deserves an opportunity to succeed, and that success positively impacts the Scholar and all Maine communities. The Institute's research documents the college and career experiences of its Scholars, provides evidence of Scholars' success, and evaluates its programs and events to ensure that Mitchell Scholars and Alumni receive effective support. 2925866 1 1 0 0 0 0 0 0 0 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 1 122 0 1 11 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 17 17 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 Anthony DiSotto Director 1.00 X 0 0 0 Bruce Epstein Director (end 12/2024) 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 (end 12/2024) 1.00 X 0 0 0 Camita McCoy Director 1.00 X 0 0 0 Heather Mitchell Director 1.00 X 0 0 0 Jon Moody Director 1.00 X 0 0 0 Alison Nathanson Director (end 12/2024) 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 Kate Wilkinson 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 Abigail Diaz Second 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 154978 0 17712 Marc Glass Brand and Communitcation Director 40.00 X 103714 0 14855 258692 0 32567 2 0 1 0 Wellington Trust Company 280 Congress Street Boston MA 02210 Investment Management Fees 172750 1 282245 2167975 199248 2450220 1352360 1352360 1715943 1676725 39218 39218 39218 105200 282245 108262 -3062 -3062 39750 9200 30550 30550 3869286 0 0 1419066 1900 1900 1921838 1921838 172691 155161 8398 9132 613485 456694 50228 106563 24400 21923 1187 1290 67360 60522 3276 3562 56526 48230 5458 2838 24440 24440 172750 172750 45571 38883 4400 2288 19647 16763 1897 987 86313 15037 37861 33415 31614 26974 3053 1587 93543 79814 9032 4697 7258 6193 701 364 64942 55410 6271 3261 10731 8443 789 1499 14159 12081 1367 711 3429168 2925866 331108 172194 100 100 10489326 4434830 301104 543847 6350 27000 31948 35916 141083 95894 29378 45189 37059365 47818030 302423 351976 0 48269547 53207335 47391 69459 4026005 4339568 468875 272922 351976 302423 4894247 4984372 X -311013 -339631 43686313 48562594 43375300 48222963 48269547 53207335 440118 4407545 0 X X 0 1 X 1 0 X 2177259 1297079 1740706 1919019 2450220 9584283 2177259 1297079 1740706 1919019 2450220 9584283 1153854 8430429 708572 854299 877452 1269197 1352360 5061880 26200 28500 30550 85250 24065 24065 14755478 0.57130 0.53500 X Schedule A, Part II, Line 10, Explanation of Other Income: Special Events - 2021 Amount: $ 24,065. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 44613807 1022045 5751529 1280000 273000 172750 49661631 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 0.03460 0.61190 0.35350 0 0 3430 3430 0 137653 92464 45189 45189 Lease Liabilities 302423 302423 X 8221543 4407545 117462 4525007 3696536 172750 172750 3869286 3373880 117462 117462 3256418 172750 172750 3429168 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 117,462. Part XII, Line 2d - Other Adjustments: Fundraising event and charitable gaming expenses 117,462. Gala 387445 282245 105200 35323 64489 8450 387445 282245 105200 35323 64489 8450 108262 -3062 39750 9200 1 0.50000 39750 9200 9200 30550 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, a Gala attendee can complete an entry card and enter to win the raffle prize. A manager of this raffle activity is therefore not required. Additionally, while Lisa Sirois is listed on this Form 990, Schedule G, as keeping the books and records for the Gala's raffle, Ms. Sirois's responsibilities as one of the Organization's finance personnel extend far beyond this role with the annual fundraising raffle, and any bookkeeping duties or obligations arising from the raffle constitute only a nominal portion of the services she performs for the Institute. Accordingly, while Ms. Sirois is an employee of the Organization and is named on this Schedule G, any compensation paid to Ms. Sirois is provided in return for services rendered in the course of her normal employment, and any amount paid in connection to the raffle specifically would be too immaterial to estimate. 1 Scholarships to one graduating senior from every public high school in Maine who will be attending a post-secondary degree program. 184 1735370 Fellowship Awards to Mitchell Scholars and alumni in their pursuit of internships, service learning, and study abroad experiences that offer personal and professional development. 104 110069 Contingency Funds to assist scholars who encounter financial hurdles that could prevent college completion. 56 76399 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 154978 0 0 0 0 0 8320 0 9392 0 172690 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. No bonuses were paid in 2024. X 6 194452 Fair market value X Event supplies 2 4796 Value per book 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. Additionally, from time-to-time the Organization may receive gifts of non-cash property other than stock and financial securities as gifts-in-kind for its programs and fundraising events. Such non-cash gifts are incorporated into the Organization's operations and activities as applicable. 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.