Maine Technology Institute
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$22,492,763
Government Grants
92%
Program Services
5%
Investments
3%
Contributions
0%
Fundraising Events
0%
Membership Dues
0%
Other
0%
Expenses in 2024
$21,984,308
Grants
81%
Other
6%
Salaries & Benefits
6%
Fees to Service Providers
3%
Advertising & Promotion
3%
Offices, Occupancy & IT
<1%
Depreciation
<1%
Interest
<1%
Benefits to Members
0%
Revenues
2023
2024
Change
Contributions
$0
$0
-
Government Grants
$34,470,111
$20,727,064
-40%
Fundraising Events
$0
$0
-
Program Services
$1,295,660
$1,069,425
-17%
Membership Dues
$0
$0
-
Investments
$392,679
$696,274
+77%
Other
$0
$0
-
Total Revenues
$36,158,450
$22,492,763
-38%
Expenses
2023
2024
Change
Grants
$31,365,685
$17,767,306
-43%
Benefits to Members
$0
$0
-
Salaries & Benefits
$1,082,475
$1,336,576
+23%
Fees to Service Providers
$894,128
$691,528
-23%
Advertising & Promotion
$695,140
$633,367
-9%
Offices, Occupancy & IT
$194,454
$172,682
-11%
Interest
$882
$6
-99%
Depreciation
$16,222
$12,534
-23%
Other
$1,249,662
$1,370,309
+10%
Total Expenses
$35,498,648
$21,984,308
-38%
Net income
2023
2024
Change
Net income
+$659,802
+$508,455
-23%
Functional Expenses
Summary
2023
2024
Change
Program
$33,565,491
$20,757,125
-38%
Admin
$1,933,157
$1,227,183
-37%
Fundraising
$0
$0
-
Total Expenses
$35,498,648
$21,984,308
-38%
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