Mainestream Finance
- Assets
- $6.9m
- Revenue
- $484.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Bangor, ME
- Founding
- 03/2001
- Data as of
- 09/2023
- EIN
- 01-0539222
Organization Overview
Mainestream Finance is located in Bangor, ME. The organization was established in 2001. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mainestream Finance 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 09/2023, Mainestream Finance generated $484.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $583.6k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE COMMUNITY DEVELOPMENT AND PERFORM ALL FUNCTIONS PERMITTED AS COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PRIMARILY THROUGH FINANCING ACTIVITIES, SERVICING THE LOW INCOME TARGETED POPULATION OF THE STATE OF MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN SERVICING: MAINESTREAM FINANCE PROVIDES LOANS, EDUCATION, AND SERVICES TO ASSIST INDIVIDUALS TO START SMALL BUSINESSES AND ASSIST EXISTING SMALL BUSINESSES TO GROW. ASSISTANCE INCLUDES FINANCIAL REVIEW, ASSISTANCE WITH A BUSINESS PLAN, FORECLOSURE, DEBT MANAGEMENT, BUDGET AND BUSINESS CASH FLOW COUNSELING. MAINESTREAM FINANCE LOANS FUNDS TO DAY CARE PROVIDERS THAT ARE USED TO ESTABLISH/EXPAND CHILD CARE BUSINESSES IN ORDER TO CREATE JOB OPPORTUNITIES FOR LOW-INCOME INDIVIDUALS.MAINESTREAM FINANCE ALSO OFFERS LOANS TO THOSE WHO CAN NOT QUALIFY FOR OTHER LOAN PRODUCTS AT AN AFFORDABLE RATE. FIRST MORTGAGE LOANS ARE AVAILABLE TO PURCHASE, REHABILITATE OR REFINANCE RESIDENTIAL OWNER-OCCUPIED PROPERTIES. THROUGH EDUCATION PROGRAMS, MAINESTREAM FINANCE FOSTERS SUCCESSFUL HOMEOWNERSHIP, ENTREPRENEURSHIP, AND WEALTH CREATION. FINANCIAL COUNSELING OCCURS PRE- AND POST-LOAN CLOSING. IF BORROWERS QUALIFY FOR USDA/RD LOANS AND/OR MAINE HOUSING'S LOANS, MAINESTREAM FINANCE ENCOURAGES AND ASSISTS THEM TO APPLY FOR THOSE PRODUCTS IF APPROPRIATE. CLASSES ARE OFFERED FOR INDIVIDUALS SEEKING TO PURCHASE A HOME TO LEARN THE PROCESS AND CALCULATIONS INVOLVED IN LOAN PROCESSING, HOME OWNERS INSURANCE, ESCROWS, HOME INSPECTIONS, AND ALL OTHER ASPECTS OF A HOME PURCHASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kayla Dunn Board Chair | OfficerTrustee | 1 | $0 |
William Bennett Director | Trustee | 1 | $0 |
Brent Folster Director | Trustee | 1 | $0 |
Harvey Gosselin III Director | Trustee | 1 | $0 |
Scott Kilcollins Director | Trustee | 1 | $0 |
Keith Romprey Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $981 |
| All other contributions, gifts, grants, and similar amounts not included above | $85,395 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $86,376 |
| Total Program Service Revenue | $398,445 |
| Investment income | $0 |
| 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 | $484,821 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,069 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $255,274 |
| Fees for services: Legal | $1,593 |
| Fees for services: Accounting | $28,543 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,129 |
| Advertising and promotion | $22,804 |
| Office expenses | $1,612 |
| Information technology | $23,075 |
| Royalties | $0 |
| Occupancy | $38,425 |
| Travel | $455 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $105,408 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,710 |
| All other expenses | $0 |
| Total functional expenses | $583,649 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $608,702 |
| Savings and temporary cash investments | $1,092,344 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $60,956 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,998,481 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,398 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $145,000 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,908,881 |
| Accounts payable and accrued expenses | $24,213 |
| 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 | $2,928,903 |
| Unsecured mortgages and notes payable | $962,213 |
| Other liabilities | $257,283 |
| Total liabilities | $4,172,612 |
| Net assets without donor restrictions | $756,450 |
| Net assets with donor restrictions | $1,979,819 |
| 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 | $6,908,881 |