# Maine Maritime Academy Endowment

Maine Maritime Academy Endowment is an Endowment based in Castine, United States.

## Overview

- **Organization type:** Endowment
- **Headquarters:** Castine, United States
- **Region:** North America
- **Address:** 1 Pleasant Street, Castine, ME 04420, United States
- **Founded:** 1941
- **Assets under management:** Undisclosed
- **Website:** mainemaritime.edu
- **LinkedIn:** https://www.linkedin.com/school/maine-maritime-academy/

## Regulatory record

- **Reports private funds:** No

## About

Maine Maritime Academy Endowment is a US-based endowment plan. It manages approximately $48 million in assets, primarily focused on North America.

## Sectors

- Real Estate
- Maritime & Logistics

## Offices

- Bucksport, ME (Center for Professional Mariner Development)

## People

- 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

## 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.

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- [Main Street Research](https://altss.com/profile/main-street-research)
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Last updated: 2026-06-03T20:00:00.000Z

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