MMA considering capital campaign

CASTINE – Maine Maritime Academy is studying the possibility of a capital campaign that potentially could raise $30 million for the college.

A consulting firm is conducting a feasibility study to determine the effectiveness of a capital fundraising campaign, according to Eleanor Courtemanche, MMA’s chief advancement officer. Courtemanche said $30 million is the figure the college is leaning toward, but no decision has been made.

“We’re not sure yet that it will be the right number,” she said. “We’ve done 80 interviews already and we won’t be in the public phase of a campaign for quite some time. That [$30 million] is the figure we’re talking about, but that’s not certain.”

The college’s last capital campaign ended in 2005 and raised more than $20 million that targeted infrastructure needs, including renovations and expansion at existing buildings, technology and endowments, including scholarships.

That campaign included approximately $8 million in funding from the state, Courtemanche noted, adding that the college would anticipate that there would again be state funding for any new capital campaign along with the private donations.

“This is a state college, and these are state buildings,” she said. “We need funding from the state to keep them in shape.”

The state provides funding for a portion of the college’s annual budget, and, during the past legislative session, the Legislature approved a $2.5 million increase for the academy in the state’s biennial budget. In addition, the governor has included $1.5 million for MMA in the proposed $45.5 million educational bond issue.

Courtemanche indicated the college will be working with others to support passage of the bond referendum. Initial polling shows a favorable response to the education bond, but the issue gained 10 points in polling when combined with the proposed research and development bond referendum.

“It appears that people are recognizing the value of doing both things,” she said.

The college, she said, will work to promote the passage of both bonds.

Any new capital campaign likely would target the same general areas and would last for three to five years.

The consultant is scheduled to submit a final report by mid-September, Courtemanche said. A college planning committee will review the report and should have a recommendation for the board at its next quarterly meeting.