2024-05-09T15:03:21-04:00 2023-06-30 010440155 RUNYON KERSTEEN OUELLETTE 20 LONG CREEK DR SOUTH PORTLAND ME 04106 990 2022-07-01 010472964 SOUTHERN MAINE FINANCE AGENCY SOUT 2072821748 20 POMERLEAU STREET BIDDEFORD ME 04005 WILLIAM O ARMITAGE II PRESIDENT 2072821748 2024-05-02 true WILLIAM O ARMITAGE II 999009999 true AMY CHASSE P00967183 2077732986 2024-05-02 2022 2023-04-26 12:10:37Z WILLIAM O ARMITAGE II 20 POMERLEAU STREET SUITE 300 BIDDEFORD ME 04005 719081 false X SMFAMAINE.ORG X 1992 ME TO PROMOTE SUSTAINABLE ECONOMIC PROSPERITY THROUGH REGIONAL BUSINESS LENDING, TARGETING UNDERSERVED MARKETS. 16 16 5 21 0 35299 157948 617255 524318 5867 36815 0 658421 719081 0 0 324329 392617 0 0 294153 365271 618482 757888 39939 -38807 7727125 7492339 2632864 2441949 5094261 5050390 TO PROMOTE SUSTAINABLE ECONOMIC PROSPERITY THROUGH REGIONAL BUSINESS LENDING, TARGETING UNDERSERVED MARKETS. false false 315137 524318 THE CORPORATION SERVICES LOANS MADE IN PRIOR YEARS AND MADE NEW LOANS TO COMPANIES LOCATED IN, AND THAT PROVIDED JOBS, WITHIN YORK COUNTY AND THE STATE OF MAINE. 315137 true true false true false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false true false false false false false false false false false true 0 0 true 5 true false false false false false false false false X 16 16 false false false false false true false true true false false true true true true true true true false false X WILLIAM O ARMITAGE II 2072821748 20 POMERLEAU STREET SUITE 300 BIDDEFORD ME 04005 WILLIAM O ARMITAGE II PRESIDENT 40.00 X 122444 0 31565 JAN WILLIAMS CHAIR 1.00 X X 0 0 0 LORRAINE BOSTON VICE-CHAIR 1.00 X X 0 0 0 RICK OLSEN TREASURER 0.50 X X 0 0 0 KEITH JACQUES SECRETARY 1.00 X X 0 0 0 ALAN CASAVANT DIRECTOR 0.50 X 0 0 0 MARSHALL ARCHER DIRECTOR 0.50 X 0 0 0 GREG MITCHELL DIRECTOR 0.50 X 0 0 0 BETTY OLSEN DIRECTOR 0.50 X 0 0 0 ANDY KANY DIRECTOR 0.50 X 0 0 0 PAUL SCHUMACHER DIRECTOR 0.50 X 0 0 0 AYN HANSELMANN DIRECTOR 0.50 X 0 0 0 BOB GEORGITIS DIRECTOR 0.50 X 0 0 0 DICK HODGDON DIRECTOR 0.50 X 0 0 0 TRACEY DESJARDINS DIRECTOR 0.50 X 0 0 0 REBECCA JACOBS DIRECTOR 1.00 X 0 0 0 KEITH MCBRIDE DIRECTOR 0.50 X 0 0 0 122444 31565 1 false true false 157948 5064 157948 INTEREST INCOME 900099 288250 288250 LOAN FEE INCOME 900099 236068 236068 524318 36815 36815 719081 524318 36815 159600 63840 95760 186091 36490 149601 3145 419 2726 19908 2237 17671 23873 6667 17206 853 238 615 15276 4267 11009 36545 10207 26338 9149 2555 6594 11163 3116 8047 19982 5581 14401 54956 54956 24450 6829 17621 12926 3610 9316 BAD DEBTS 64141 64141 MISCELLANEOUS 48888 13658 35230 ANNUAL PROGRAM FEE 24462 24462 REPAIRS AND MAINTENANCE 18939 5289 13650 23541 6575 16966 757888 315137 442751 0 237111 252668 3753478 3417582 17714 22047 3666276 3769438 158 4176 163555 155149 30788 8406 21600 18022 7727125 7492339 20513 20723 2333935 2157910 278416 263316 2632864 2441949 X 715594 558554 4378667 4491836 5094261 5050390 7727125 7492339 X -38807 -5064 X false true X true true true X 362183 214656 92808 35299 157948 862894 5064 5064 5064 5064 5064 25320 367247 219720 97872 40363 163012 888214 888214 4057 11831 1497 5867 36815 60067 948281 1801179 0.93670 0.97940 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 3192 false false 3192 false SCHEDULE C, PART I-A, LINE 1 THE PRESIDENT AND/OR OTHER EMPLOYEES ATTEND MEETINGS OF VARIOUS STATE COMMITTEES AND/OR LEGISLATORS, CITY COUNCILS, AND OUR FEDERAL CONGRESSIONAL DELEGATION TO PRESENT REPORTS OR UPDATES ON ACTIVITIES. 163555 155149 8406 8406 CITY OF BIDDEFORD MICRO LOAN PAYABLE 245294 RIGHT OF USE LIABILITY 18022 263316 X 714017 714017 5064 5064 719081 757888 757888 757888 SCHEDULE D, PAGE 3, PART X ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE SMFA AND RECOGNIZE A TAX LIABILITY IF THE SMFA HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE AND STATE TAXING AUTHORITIES. THE SMFA IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. SCHEDULE D, PAGE 4, PART XI, LINE 4B DONATED USE OF FACILITIES 5,064 SCHEDULE D, PAGE 4, PART XIII THE SMFA IS OPERATING AS A NOT-FOR-PROFIT ORGANIZATION AND HAS RECEIVED AN INTERNAL REVENUE SERVICE DETERMINATION OF BEING EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3). THERE HAS BEEN NO PROVISION FOR INCOME TAXES AS A RESULT, AND CONTRIBUTIONS TO THE SMFA ARE GENERALLY TAX DEDUCTIBLE. X X false false false false false false false false false WILLIAM O ARMITAGE II PRESIDENT 122444 3566 27999 154009 KEITH JACQUES BOARD MEMBER 350000 BIDDEFORD SAVINGS false ANDY KANY BOARD MEMBER 350000 SACO & BIDDEFORD SAV false REBECCA JACOBS BOARD MEMBER 350000 KENNEBUNK SAVINGS false SCHEDULE L, PART V (A) NAME OF PERSON: KEITH JACQUES (B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: BOARD MEMBER IS ON THE BOARD OF DIRECTORS OF THE BIDDEFORD SAVINGS BANK. (D) DESCRIPTION OF TRANSACTION: BIDDEFORD SAVINGS EQ2 LOANS MAKE UP 1/4 OF THE TOTAL EQ2 LOANS MADE TO THE ORGANIZATION, 350,000. ADDITIONALLY, THE BANK IS A 1/4 PARTICIPANT IN A 1,000,000 LINE OF CREDIT ARRANGEMENT WITH A ZERO OUTSTANDING BALANCE. (A) NAME OF PERSON: ANDY KANY (B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: BOARD MEMBER IS AN EMPLOYEE OF THE SACO & BIDDEFORD SAVINGS BANK. (D) DESCRIPTION OF TRANSACTION: SACO & BIDDEFORD SAVINGS BANK EQ2 LOANS MAKE UP 1/4 OF THE TOTAL EQ2 LOANS MADE TO THE ORGANIZATION, 350,000. (A) NAME OF PERSON: REBECCA JACOBS (B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: BOARD MEMBER IS AN EMPLOYEE OF THE KENNEBUNK SAVINGS BANK. (D) DESCRIPTION OF TRANSACTION: KENNEBUNK SAVINGS BANK EQ2 LOANS MAKE UP 1/4 OF THE TOTAL EQ2 LOANS MADE TO THE ORGANIZATION, 350,000. FORM 990, PAGE 6, PART VI, LINE 7A THE CITIES OF BIDDEFORD, ME AND SACO, ME AND THE SANFORD REGIONAL ECONOMIC GROWTH COUNCIL EACH HAVE TWO SEATS ON THE BOARD, AND THE BIDDEFORD-SACO CHAMBER OF COMMERCE & INDUSTRY, THE KENNEBUNK DEVELOPMENT CORPORTATION, AND THE SOUTHERN MAINE PLANNING AND DEVELOPMENT COMMISSION EACH HAVE ONE SEAT ON THE BOARD. FORM 990, PAGE 6, PART VI, LINE 11B A COPY OF THIS FORM 990 WAS PROVIDED TO THE BOARD OF DIRECTORS AND THE PRESIDENT FOR REVIEW PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C THIS POLICY IS REVIEWED AND SIGNED BY THE BOARD OF DIRECTORS AT EACH ANNUAL MEETING. FORM 990, PAGE 6, PART VI, LINE 15A THE EXECUTIVE COMMITTEE MEETS ANNUALLY TO REVIEW THE PRESIDENT'S PERFORMANCE AND TO APPROVE HIS COMPENSATION PACKAGE. UPON INITIAL HIRING AND PERIODICALLY OVER THE YEARS A MORE EXHAUSTIVE REVIEW, INCLUDING COMPARABILITY DATA, IS PERFORMED. FORM 990, PAGE 6, PART VI, LINE 19 DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST WHETHER BY EMAIL PHONE OR IN-PERSON. ADDITIONALLY, INFORMATION REGARDING THE ORGANIZATION CAN BE FOUND ON THE INTERNET AT GUIDESTAR.ORG. FORM 990, PART XI, LINE 9 DONATED USE OF FACILITIES -5,064