2011-12-05T09:24:06-06:00 2011-06-30 BAKER NEWMAN & NOYES PO BOX 507 PORTLAND ME 04112 990 2010-07-01 043350930 THE UNIVERSITY OF SOUTHERN MAINE FOUNDATION UNIV 2077804741 96 FALMOUTH STREET PORTLAND ME 041049300 MARGARET WESTON 2077804741 2011-11-17 E DREW CHENEY 2078792100 2010 2016-02-24 21:20:13Z MARGARET WESTON 96 FALMOUTH STREET PORTLAND ME 041049300 1638651 0 X WWW.USM.MAINE.EDU/FOUNDATION X 1996 ME SUPPORT FOR THE UNIVERSITY OF SOUTHERN MAINE 17 17 0 24 0 0 1510819 1176993 0 0 178536 461658 0 0 1689355 1638651 1073829 1256665 0 0 14318 0 0 0 19902 163538 169257 1251685 1425922 437670 212729 18241111 20151852 1191547 546019 17049564 19605833 SUPPORT FOR THE UNIVERSITY OF SOUTHERN MAINE 0 0 1257661 1256665 RAISED FUNDS TO ASSIST WITH CAPITAL IMPROVEMENTS TO THE ATHLETIC FIELDS LOCATED ON THE GORHAM CAMPUS. RAISED FUNDS FOR SCHOLARSHIPS IN SUPPORT OF THE ENGINEERING, MUSIC, EDUCATION AND NURSING PROGRAMS. RECEIVED DONATIONS TO ASSIST IN SUPPLYING THE OSHER MAP LIBRARY, HOUSED AT THE UNIVERSITY OF SOUTHERN MAINE, WITH MAPS, BOOKS AND ARTIFACTS. CONTINUED TO INVEST ENDOWMENTS PRUDENTLY AND RESPONSIBLY IN ORDER TO PROVIDE INCOME FOR SCHOLARSHIPS, PROFESSORSHIPS AND STAFF DEVELOPMENT, ALL BENEFITTING THE UNIVERSITY OF SOUTHERN MAINE. 1257661 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 6 0 1 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 X KAREN PELLETIER 2077804741 96 FALMOUTH ST PORTLAND ME 041049300 X CHRISTOPHER ROBINSON 1.00 X X 0 0 0 JOHN M CHANDLER 0.50 X X 0 0 0 CHRISTOPHER W EMMONS 0.40 X 0 0 0 JAMES GEARY 0.40 X 0 0 0 AMANDA V RAND 0.30 X X 0 0 0 PHILIP K RYAN 0.20 X 0 0 0 TONY SHALHOUB 0.00 X 0 0 0 RICHARD J VAIL 1.10 X X 0 0 0 SELMA BOTMAN 0.20 X 0 0 0 KRISTEN HANSON 0.20 X 0 0 0 EDWARD MCKERSIE 0.20 X 0 0 0 JOYCE CASSIDY O'REILLY 0.10 X 0 0 0 JON S OXMAN 0.40 X 0 0 0 MARGARET WESTON 14.80 X X 0 0 0 ERIN HURLEY 0.00 X 0 0 0 DANIEL CREWE 0.30 X 0 0 0 CYRUS HAGGE 0.20 X 0 0 0 0 0 0 0 0 0 0 0 1176993 211648 1176993 461658 461658 1638651 0 0 461658 1256665 1256665 83580 63678 19902 2236 2236 55148 55148 2128 2128 13500 13500 4097 4097 4761 4761 2811 2811 BAD DEBT EXPENSE 996 996 1425922 1257661 148359 19902 49267 94725 1987654 1673406 2231336 1195129 3859 4887 23862 13054 15344 10808 13953651 17172897 18241111 20151852 61662 6714 1129885 539305 1191547 546019 X -509567 677277 3487847 4720162 14071284 14208394 17049564 19605833 18241111 20151852 X 212729 2343540 X X 0 1 1 X 0 X 4389144 3572944 2624191 1510819 1176993 13274091 4389144 3572944 2624191 1510819 1176993 13274091 5379863 7894228 704333 888851 676469 178536 461658 2909847 16183938 0.48780 0.59360 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13849196 137110 2781805 438266 16329845 12326645 532386 1166691 176526 13849196 12295010 2151309 -1540240 579434 12326645 1.00000 1 0 23862 13054 10808 10808 U ME SYSTEM INVESTMENT POOL (PUBLICLY TRADED SECURITIES & OTHER INVESTMENTS) 16066331 F NET INVESTMENT IN DIRECT FINANCING LEASE 640833 F BEQUESTS 363389 F BENEFICIAL INTEREST IN CRT 102344 F 17172897 DUE TO UNIVERSITY OF SOUTHERN MAINE 539305 539305 1638651 1425922 212729 2343540 2343540 2556269 4218680 236489 2343540 2580029 1638651 0 1638651 1662411 236489 236489 1425922 0 1425922 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUNDS ARE TO BE USED FOR SCHOLARSHIPS, PROFESSORSHIPS AND OPERATIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FINANCIAL ACCOUNTING STANDARDS BOARD ISSUED NEW GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AND THIS NEW GUIDANCE WAS ADOPTED BY THE FOUNDATION EFFECTIVE JULY 1, 2009. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE FOUNDATION MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION. MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS AND CONCLUDED THAT THE FOUNDATION HAS MAINTAINED ITS TAX EXEMPT STATUS AND HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE FOUNDATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE FOUNDATION BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2007. PART XI, LINE 8 - OTHER ADJUSTMENTS: NET UNREALIZED AND REALIZED GAINS (LOSSES) ON POOLED INVESTMENTS 2,343,540. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET UNREALIZED AND REALIZED GAINS (LOSSES) ON POOLED INVESTMENTS 2,343,540. 1 UNIVERSITY OF SOUTHERN MAINE 14 CENTRAL ST BANGOR ME 04401 016000769 605393 DONOR FUNDS RELEASED TO FUND USM PROGRAMS AND CAPITAL PROJECT UNIVERSITY OF SOUTHERN MAINE 14 CENTRAL ST BANGOR ME 04401 016000769 438266 ENDOWMENT INCOME GIFTED TO USM UNIVERSITY OF SOUTHERN MAINE 14 CENTRAL ST BANGOR ME 04401 016000769 173110 VENDOR VALUATION AND INVOICES DONOR'S GIFT FOR THE PURCHASE OF RARE BOOKS & MAPS OSHER MAP LIBRARY COLLECTION UNIVERSITY OF SOUTHERN MAINE 14 CENTRAL ST BANGOR ME 04401 016000769 39896 CHANGE IN DISCOUNT ACTIVITY DUE TO PAYMENTS FOR CONSTRUCTION COSTS 1 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FOR TEMPORARILY RESTRICTED FUNDS - AN INVOICING SYSTEM IS USED IN ACCORDANCE WITH AN OPERATING AGREEMENT ESTABLISHED WITH UNIVERSITY OF MAINE SYSTEM, AND CONSISTENT WITH THE DONOR'S GIFT INTENTIONS. FOR ENDOWMENT INCOME GIFTED - THE FUNDS ARE REMITTED TO UNIVERSITY OF MAINE SYSTEM TO BE USED IN ACCORDANCE WITH DONOR AGREEMENTS. X 1 211648 MEAN STOCK VALUE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 3 THE FOUNDATION PAYS A MANAGEMENT FEE TO THE UNIVERSITY OF MAINE SYSTEM FOR STAFF SUPPORT. STAFF SUPPORT INCLUDES THE CEO, AN OFFICER OF THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11 THE RETURN IS PREPARED BY OUR OUTSIDE AUDITORS IN CONJUNCTION WITH INFORMATION PROVIDED BY THE FOUNDATION'S ACCOUNTANT. THE DRAFT RETURN IS PROVIDED TO THE FOUNDATION'S FINANCE & AUDIT COMMITTEE FOR REVIEW AND DISCUSSION. THE FINAL DRAFT RETURN IS REVIEWED BY THE FOUNDATION'S FINANCE DIRECTOR AND THEN PROVIDED TO THE FOUNDATION'S BOARD OF DIRECTORS FOR FINAL APPROVAL. ONCE APPROVED THE FINAL RETURN IS FILED WITH THE FOUNDATION PRESIDENT'S SIGNATURE. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS AND DIRECTORS WITH VOTING AUTHORITY ANNUALLY COMPLETE USM FOUNDATION'S CODE OF ETHICS AND CONFLICT OF INTEREST AGREEMENTS. A CHECKLIST IS MAINTAINED TRACKING ALL FORMS RECEIVED AND REVIEWED FOR COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15A THE UNIVERSITY OF MAINE SYSTEM REVIEWS AND APPROVES THE COMPENSATION FOR MARGARET WESTON, THE PRESIDENT/CEO. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION DOES MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED AND REALIZED GAINS (LOSSES) ON POOLED INVESTMENTS 2,343,540. TOTAL TO FORM 990, PART XI, LINE 5: 2,343,540. FORM 990, PART XII, LINE 2C: THE FINANCE AND AUDIT COMMITTEE IS RESPONSIBLE FOR OVERSEEING THE AUDIT. THE BOARD OF DIRECTORS IS RESPONSIBLE FOR SELECTING AN INDEPENDENT AUDITOR. THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.