Southern Maine Finance Agency
- Assets
- $7.7m
- Revenue
- $658.4k
- Investments
- $0.0
- Employees
- 4
- Location
- Biddeford, ME
- Founding
- 08/1993
- Data as of
- 06/2022
- EIN
- 01-0472964
Organization Overview
Southern Maine Finance Agency is located in Biddeford, ME. The organization was established in 1993. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Southern Maine Finance Agency employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Maine Finance Agency is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Southern Maine Finance Agency generated $658.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.5%) each year. All expenses for the organization totaled $618.5k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE SUSTAINABLE ECONOMIC PROSPERITY THROUGH REGIONAL BUSINESS LENDING, TARGETING UNDERSERVED MARKETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE AGENCY SERVICES LOANS MADE IN PRIOR YEARS AND MADE NEW LOANS TO COMPANIES LOCATED IN, AND THAT PROVIDED JOBS, WITHIN YORK COUNTY, MAINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William O Armitage II President | Officer | 40 | $113,736 |
Lorraine Boston Vice-Chair | OfficerTrustee | 1 | $0 |
Rick Olsen Treasurer | OfficerTrustee | 1 | $0 |
Keith Jacques Secretary | OfficerTrustee | 1 | $0 |
Jan Williams Chair | OfficerTrustee | 0.5 | $0 |
Alan Casavant Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $35,299 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $5,064 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $35,299 |
| Total Program Service Revenue | $617,255 |
| Investment income | $5,867 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $658,421 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $145,337 |
| Compensation of current officers, directors, key employees. | $84,295 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $145,216 |
| Pension plan accruals and contributions | $2,959 |
| Other employee benefits | $11,126 |
| Payroll taxes | $19,691 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,903 |
| Fees for services: Accounting | $10,538 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,198 |
| Advertising and promotion | $6,052 |
| Office expenses | $10,731 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $10,362 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $55,036 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,304 |
| Insurance | $11,657 |
| All other expenses | $5,102 |
| Total functional expenses | $618,482 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $237,111 |
| Savings and temporary cash investments | $3,753,478 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,714 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,666,276 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $158 |
| Net Land, buildings, and equipment | $30,788 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,600 |
| Total assets | $7,727,125 |
| Accounts payable and accrued expenses | $20,513 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,333,935 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $278,416 |
| Total liabilities | $2,632,864 |
| Net assets without donor restrictions | $715,594 |
| Net assets with donor restrictions | $4,378,667 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,727,125 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Southern Maine Finance Agency has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Maine Community Foundation Inc Ellsworth, ME PURPOSE: Economic Development | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Crossroads Inc Atkinson, NH | $8,920,461 | $38,376,189 |
York County Shelter Programs Inc Alfred, ME | $7,515,033 | $5,469,246 |
Our Katahdin Millinocket, ME | $1,421,809 | $1,815,951 |
Portland Housing Development Corporation Portland, ME | $5,328,711 | $2,757,076 |
Northern Aroostook Alternatives Inc Van Buren, ME | $1,275,126 | $1,273,850 |
Downtown Improvement District Inc Portland, ME | $317,810 | $1,068,998 |
Capital Regional Development Council Concord, NH | $14,984,194 | $977,983 |
Harbor House Community Service Center Southwest Harbor, ME | $2,151,335 | $1,095,406 |
Granite State Organizing Project Manchester, NH | $626,444 | $1,199,163 |
Southern Maine Finance Agency Biddeford, ME | $7,727,125 | $658,421 |
Belknap County Economic Development Council Inc Laconia, NH | $5,665,349 | $1,533,067 |
Kennebunkport Heritage Housing Trust 2 Kennebunkport, ME | $281,718 | $538,218 |