Updated:
Maine Maritime Academy Endowment
Maine Maritime Academy Endowment is a endowment based in Castine, founded 1941; the Altss profile covers its classification, headquarters, registration, AUM...
Maine Maritime Academy Endowment
Maine Maritime Academy Endowment is a US-based endowment plan. It manages approximately $48 million in assets, primarily focused on North America.
General information
Firm type
Endowment
Year founded
1941
Location
Region
North America
Country
United States
City
Castine
Corporate office
1 Pleasant Street, Castine, ME 04420, United States
Additional offices
Bucksport, ME (Center for Professional Mariner Development)
Principals
Wayne A. Norton
Chairman, Board of Trustees
Miles Unobsky Theeman
Treasurer and Finance Committee Member, Board of Trustees
Larry Burrill
President, Maine Maritime Academy Foundation
Sector focus
Frequently asked questions
Who sets investment policy for the Maine Maritime Academy Endowment?
The Board of Trustees holds fiduciary responsibility, with the Finance Committee — which includes Treasurer Miles Unobsky Theeman — overseeing investment strategy and portfolio decisions. The Foundation, led by President Larry Burrill, manages separate philanthropic assets that operate alongside but independent from the academy endowment.
How is the endowment portfolio structured after leaving the UMaine investment pool?
MMA fully redeemed from the University of Maine System Managed Investment Pool in 2022. Since then, the academy has managed its endowment independently. The specific asset allocation under the new independent structure has not been publicly disclosed.
Does the endowment hold assets beyond traditional financial instruments?
Yes. The portfolio includes operating vessels — the schooner Bowdoin and the training ship Persistence — plus real estate holdings in Castine and Bucksport, Maine. A yacht donation program generates additional asset inflows, and the academy holds institutional art collections.
How does the Maine Maritime Academy Foundation relate to the endowment?
The Foundation operates as a separate philanthropic entity under President Larry Burrill, raising and managing gifts that support academy programs. It maintains its own portfolio distinct from the academy endowment overseen by the Board of Trustees.
What industry relationships does the endowment maintain?
MMA holds governance positions in the International Association of Maritime Universities, where it chairs the Financial Committee, and serves as Secretariat for the Consortium of State Maritime Academies. The academy also maintains a co-investor relationship with Flagship Management, a maritime recruitment firm.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on endowments & foundations?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: