About the University of Maine Foundation

Relationship with the University of Maine
While the University of Maine Foundation’s activities and operations are supportive of the University of Maine, they are also separate from the University. The Foundation maintains accounting records separate from the University, has a separate annual audit by an independent auditor, establishes and maintains separate employee payroll and benefit programs, and no University employees serve as voting member of the Foundation board or receive compensation from the Foundation. The large majority of public colleges and universities have foundations that are separate from their universities or colleges.

Advantages of a Private Foundation

• Provide a vehicle to keep private funds separate from public funds.
• Provide a private/public partnership vehicle for procurement of services, programs, and projects that benefit the University.
• Operating as a private nonprofit organization in a politically neutral, less restrictive environment, which increases responsiveness and efficiency in meeting important University goals.
• Focusing on accountability, earnings are distributed according to donors wishes and are carefully monitored by an independent governing board.
• Being independent of the state system, the Foundation can offer greater flexibility with gift acceptance. The Foundation can accept and sell certain types of property more expeditiously and in a better position to keep donor information confidential for those who wish anonymity.
• A principal tenet of the Foundation is its ability to balance the requirement of public accountability with protections against invasion of privacy. Both trusts, that of the public and the prospective donor, figure prominently in Foundation policies.
• The structure of the Foundation allows the institution to effectively involve volunteers in fund-raising efforts and creates within them a sense of pride, accomplishment and ownership—all being critical to fundraising success.

Administrative Fee
The University of Maine Foundation funds its operations by charging annually an administrative fee, which is 1.25% of the endowment fund. The fee is reviewed yearly by the Board of Directors and has not been changed since 2000.