Maine Veterans Home

Maine Veterans Home reports recent operating deficits despite substantial assets and no officer compensation.

EIN: 10376832 · Augusta, ME · NTEE: E910 · Updated: 2026-03-28

$123.6MRevenue

$172.6MAssets

85/100Mission Score (Excellent)

E910

About Maine Veterans Home

Maine Veterans Home (EIN: 10376832) is a nonprofit organization based in Augusta, ME, classified under NTEE code E910. The organization reported total revenue of $123.6M and total assets of $172.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Maine Veterans Home's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Maine Veterans Home demonstrates a consistent operational scale, with revenues generally exceeding $85 million annually over the past decade, peaking at $126 million in 2020. The organization has experienced some fluctuations in its financial health, notably reporting expenses exceeding revenue in fiscal years 2023 and 2022, with a deficit of approximately $13.6 million and $10.1 million respectively. This trend suggests a need for closer examination of cost management or revenue diversification strategies. Despite these recent deficits, the organization maintains substantial assets, reported at $185.1 million in 2023, indicating a strong underlying financial base. The consistent reporting of 0% officer compensation across all available filings is a significant positive indicator of financial transparency and a focus on mission-driven spending rather than executive enrichment.

Spending efficiency appears to be generally strong, given the nature of providing veterans' care, which often involves high operational costs. While specific program, administrative, and fundraising breakdowns are not provided in the raw data, the absence of officer compensation suggests a lean approach at the top. The organization's ability to manage significant liabilities, which have ranged from $8.6 million to $59.6 million, while maintaining substantial assets, points to a degree of financial sophistication. However, the recent trend of operating at a deficit warrants attention to ensure long-term sustainability.

Transparency is a notable strength, particularly with the explicit reporting of 0% officer compensation. This level of detail, consistently provided over many years, builds trust and indicates a commitment to directing resources towards its mission. The consistent filing of IRS Form 990s over 13 periods further underscores a commitment to public accountability. While more granular spending details would enhance transparency, the available data paints a picture of an organization that is open about its top-level financial structure.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Maine Veterans Home with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 8%
programs: 90%
fundraising: 2%

According to IRS 990 filings, Maine Veterans Home allocates its expenses as follows: admin: 8%, programs: 90%, fundraising: 2%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation from the organization, which is highly unusual for an organization of this size (over $85 million in annual revenue and $170 million in assets) and suggests a strong commitment to directing funds towards its mission.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Maine Veterans Home's IRS 990 filings:

Operating deficits in fiscal years 2023 and 2022, with expenses exceeding revenue by $13.6M and $10.1M respectively.
Unusually low (0%) officer compensation for an organization of this scale, which might suggest compensation is reported differently or through a related entity, warranting further scrutiny.

Strengths

The following positive indicators were identified for Maine Veterans Home:

Consistent and substantial asset base, with $185.1 million in 2023, providing financial stability.
Long history of IRS 990 filings (13 periods), indicating strong commitment to transparency and compliance.
No reported officer compensation, suggesting a strong focus on mission-related spending rather than executive salaries.

Frequently Asked Questions about Maine Veterans Home

Why has Maine Veterans Home experienced operating deficits in recent years?

The organization reported expenses exceeding revenue by $13.6 million in 2023 and $10.1 million in 2022. This trend could be due to increased operational costs, decreased funding, or strategic investments, and warrants further investigation into their financial statements.

How does Maine Veterans Home manage to operate without officer compensation?

The filings consistently show 0% officer compensation. This could imply that executive leadership is compensated through other means (e.g., a related entity), or that the roles are filled by volunteers or individuals compensated through a different structure not reported as 'officer compensation' on the 990.

Is Maine Veterans Home financially stable given the recent deficits?

While recent deficits are a concern, the organization maintains substantial assets, reported at $185.1 million in 2023, which provides a buffer. However, sustained deficits could erode these assets over time, making long-term financial planning crucial.

Filing History

IRS 990 filing history for Maine Veterans Home showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Maine Veterans Home's revenue has grown by 9.2%, moving from $81.9M to $89.5M. Total assets increased by 91.9% over the same period, from $96.5M to $185.1M. Total functional expenses rose by 36.2%, from $75.7M to $103.1M. In its most recent filing year (2023), Maine Veterans Home reported a deficit of $13.6M, with expenses exceeding revenue. The organization holds $57.0M in liabilities against $185.1M in assets (debt-to-asset ratio: 30.8%), resulting in net assets of $128.1M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$89.5M	$103.1M	$185.1M	$57.0M	—	View 990
2022	$85.9M	$96.0M	$201.7M	$59.6M	—	View 990
2021	$107.3M	$97.9M	$217.5M	$59.3M	—	—
2020	$126.3M	$101.4M	$187.3M	$45.1M	—	—
2019	$111.5M	$92.5M	$149.2M	$33.1M	—	View 990
2018	$101.1M	$99.4M	$142.2M	$46.1M	—	View 990
2017	$97.8M	$97.9M	$142.8M	$49.1M	—	View 990
2016	$93.4M	$92.7M	$127.7M	$36.1M	—	View 990
2015	$89.1M	$86.5M	$117.6M	$26.7M	—	View 990
2014	$92.3M	$87.1M	$111.9M	$8.6M	—	View 990
2013	$86.7M	$85.6M	$104.8M	$10.1M	—	View 990
2012	$84.2M	$80.0M	$100.6M	$9.0M	—	View 990
2011	$81.9M	$75.7M	$96.5M	$8.8M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $89.5M, expenses of $103.1M, and assets of $185.1M (revenue +4.2% year-over-year).
2022: Revenue of $85.9M, expenses of $96.0M, and assets of $201.7M (revenue -20.0% year-over-year).
2021: Revenue of $107.3M, expenses of $97.9M, and assets of $217.5M (revenue -15.1% year-over-year).
2020: Revenue of $126.3M, expenses of $101.4M, and assets of $187.3M (revenue +13.3% year-over-year).
2019: Revenue of $111.5M, expenses of $92.5M, and assets of $149.2M (revenue +10.2% year-over-year).
2018: Revenue of $101.1M, expenses of $99.4M, and assets of $142.2M (revenue +3.4% year-over-year).
2017: Revenue of $97.8M, expenses of $97.9M, and assets of $142.8M (revenue +4.7% year-over-year).
2016: Revenue of $93.4M, expenses of $92.7M, and assets of $127.7M (revenue +4.9% year-over-year).
2015: Revenue of $89.1M, expenses of $86.5M, and assets of $117.6M (revenue -3.5% year-over-year).
2014: Revenue of $92.3M, expenses of $87.1M, and assets of $111.9M (revenue +6.4% year-over-year).
2013: Revenue of $86.7M, expenses of $85.6M, and assets of $104.8M (revenue +3.0% year-over-year).
2012: Revenue of $84.2M, expenses of $80.0M, and assets of $100.6M (revenue +2.8% year-over-year).
2011: Revenue of $81.9M, expenses of $75.7M, and assets of $96.5M.

Data Sources and Methodology

This transparency report for Maine Veterans Home is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.