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Foundation for a Strong Maine Economy

EIN 30-0036992 · Augusta, ME

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthFair60 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

FOCUSMAINE PROPELS THE GROWTH OF MAINE'S MOST PROMISING INDUSTRIES AND TRANSFORMS MAINE INTO A HUB FOR TOP TALENT.

Income
$3.6 million
Spending
$3.3 million
Spent on programs
89%
Reserves
1.7 months of spending
Largest source of income
donations and private grants, 83%
Employees
6
Volunteers
15
Highest pay
$239,403, president, co-chair & co-founder

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Fair: 60 out of 100. Higher than 33% of charities in its peer group (community improvement, $1m to $10m).

  • Reserves

    10 of 35

    Spendable reserves would cover 1.7 months of spending.

  • Debt

    5 of 20

    It owes 67% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 8% of income.

  • Income trend

    15 of 15

    Income rose 10% on the year before.

  • Spending floor

    15 of 15

    89% of spending went to programs and raising each dollar of donations cost 3 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100. Higher than 68% of charities in its peer group (community improvement, $1m to $10m).

  • Independent board

    25 of 25

    10 of 11 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $2.9 million spent. FOCUSMAINE IS STRENGTHENING THE FABRIC OF MAINE'S ECONOMY BY ACCELERATING THE CREATION OF QUALITY JOBS AND INCREASING REVENUE IN GLOBALLY COMPETITIVE AND HIGH-GROWTH SECTORS, WHILE ALSO STRENGTHENING MAINE'S WORKFORCE CAPACITY.[CONTINUED ON SCHEDULE O]FOOD ECONOMY - FOCUSMAINE STRENGTHENS MAINE'S FOOD ECONOMY BY SUPPORTING LOCAL AND GLOBAL MARKET ACCESS. OUR PARTNER PROGRAMS OFFER COACHING, TECHNICAL ASSISTANCE, CAPITAL, AND MARKET OPPORTUNITIES, HELPING FOOD COMPANIES OVERCOME GROWTH BARRIERS. DATA SHOWS PROGRAM PARTICIPANTS GREW TWICE AS FAST AS MAINE'S FOOD COMPANIES OVERALL AND SIX TIMES FASTER THAN THE STATE'S INDUSTRIES AS A WHOLE.LIFE SCIENCES - IN 2024, THE ORGANIZATION SHIFTED ITS STRATEGY FROM ATTRACTING COMPANIES TO MAINE TO STRENGTHENING THE STATE'S LIFE SCIENCES ECOSYSTEM. A 12-MEMBER ADVISORY TEAM OF EXPERTS FROM ACADEMIA, RESEARCH, VENTURE, AND ENTREPRENEURSHIP WAS ASSEMBLED TO GUIDE EFFORTS FOCUSED ON INVESTMENT, INFRASTRUCTURE, STARTUP SUPPORT, POLICY SOLUTIONS AND PROMOTING MAINE AS A LIFE SCIENCES HUB, LAYING THE FOUNDATION FOR LONG-TERM INDUSTRY GROWTH.WORKFORCE DEVELOPMENT - FOCUSMAINE SUPPORTS WORKFORCE DEVELOPMENT ACROSS MAINE'S INDUSTRIES, INCLUDING AGRICULTURE AND AQUACULTURE. IN 2024, INTERNS AND TRAINEES PARTICIPATED IN SKILL-BUILDING, NETWORKING, AND SOCIAL ACTIVITIES, HELPING THEM ENHANCE CAREER READINESS, CONNECT WITH BUSINESS LEADERS AND PEERS STATEWIDE, AND ENVISION CAREERS IN MAINE.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Worth knowing.

    Status was revoked on May 15, 2010 for not filing returns for three years, and reinstated on May 15, 2010.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since August 2014.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.