2023-11-15T12:32:42-05:00 2022-12-31 042917204 ANSTISS & CO PC 6 OMNI WAY STE 201 CHELMSFORD MA 018244187 990 2022-01-01 043571892 LOWELL COMMUNITY LOAN FUND INC LOWE 9782582772 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 GLYNN LLOYD EXECUTIVE DIRECTOR 9782582772 2023-11-13 true GLYNN LLOYD 999009999 false BRENDAN E TOOLIN P01323447 9784522500 2023-11-13 2022 2023-04-26 12:10:37Z MALIA LAZU 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 8158806 false X WWW.MCCINVEST.ORG X 2001 MA GROW THE ASSETS AND WEALTH OF HISTORICALLY DISINVESTED INDIVIDUALS AND THEIR COMMUNITIES BY PROVIDING A COMBINATION OF ROBUST ADVICE, RESOURCED NETWORKS AND CAPITAL IN THE MERRIMACK VALLEY AND ACROSS MASSACHUSETTS. 13 13 12 13 0 2993466 7707114 362005 443823 400 3509 133500 4360 3489371 8158806 78000 118000 0 505918 784503 0 0 816336 2532364 1400254 3434867 2089117 4723939 8334796 14450665 5035669 6427599 3299127 8023066 GROW THE ASSETS AND WEALTH OF HISTORICALLY DISINVESTED INDIVIDUALS AND THEIR COMMUNITIES BY PROVIDING A COMBINATION OF ROBUST ADVICE, RESOURCED NETWORKS AND CAPITAL IN THE MERRIMACK VALLEY AND ACROSS MASSACHUSETTS. false false 2433025 118000 443823 TO PROVIDE FINANCING AND/OR COLLABORATE WITH EXISTING LOANS TO PROVIDE FIRST OR SUBORDINATE MORTGAGE FINANCING TO CREDIT WORTHY BORROWERS AT A MODEST RATE FOR HOME ACQUISITION, REFINANCING, AND TO AVOID PRIVATE MORTGAGE INSURANCE. THE ORGANIZATION ALSO OFFERS LOANS AT TRADITIONAL FINANCIAL INSTITUTION RATES FOR SMALL BUSINESS STARTUPS, STABALIZATION, EXPANSION, AND JOB CREATION. 2433025 true true false false false false false false true false true false false false true true true false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false true 46 0 true 12 true false false false false false false false false false false false false X 13 13 false false true false false false false true true false false true true true true false false true false false MA X GLYNN LLOYD 9782582772 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 MALIA LAZU PRESIDENT 5.00 X X 0 0 0 YUN-JU CHOI VICE PRESIDE 5.00 X X 0 0 0 ABEL VARGAS CLERK 5.00 X X 0 0 0 KRISTEN HAROL ASSISTANT CL 5.00 X X 0 0 0 LISA KOZOL TREASURER 5.00 X X 0 0 0 MATTHEW HANSON DIRECTOR 5.00 X 0 0 0 ABBOTT LAWRENCE DIRECTOR 5.00 X 0 0 0 QUINCY MILLER DIRECTOR 5.00 X 0 0 0 NANCY STAGER DIRECTOR 5.00 X 0 0 0 LISA TORISSI DIRECTOR 5.00 X 0 0 0 ORLANDO WATKINS DIRECTOR 5.00 X 0 0 0 MICHELE WITTS DIRECTOR 5.00 X 0 0 0 ARLEEN ZORRILA DIRECTOR 5.00 X 0 0 0 GLYNN LLOYD EXECUTIVE DI 40.00 X 46035 0 6316 46035 6316 false false false NBEF INVESTMENT MANAGERS LLC 194 INDIGO POINT RD SOUTH KINGSTOWN RI 02879 MANAGEMENT FEE 292500 NEXT LEVEL NOW INC 16 PEASE BOULEVARD PORTSMOUTH NH 03801 ACCOUNTING 154861 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 ACCOUNTING 112839 ALEXANDRA NOVA 16 TEAGUE DRIVE SALEM NH 03079 CONSULTANT 112500 4 95800 7611314 7707114 INTEREST INCOME ON NOTES RECE 522298 285823 285823 LOAN SERVICE FEES 522298 158000 158000 443823 3509 3509 MISCELLANEOUS 900099 4360 4360 4360 8158806 448183 3509 X 118000 118000 52351 52351 575584 466214 109370 90544 72645 17899 66024 49518 16506 75149 56362 18787 380198 380198 1247586 935689 311897 91076 68307 22769 166844 125133 41711 35295 26471 8824 57351 43013 14338 3134 2351 783 2780 2085 695 ALLOWANCE FOR LOAN LOSSES 410920 410920 CHARGE OFF 39172 39172 LOAN DOCUMENT FEES 22143 16608 5535 MISCELLANEOUS 716 537 179 3434867 2433025 1001842 0 3169809 6026637 327027 1671824 4463502 5959396 40778 129743 21936 21266 3804 670 9366 10318 320510 652077 8334796 14450665 815198 849693 404360 12000 61102 54438 3718533 5429266 36476 82202 5035669 6427599 X 2503659 5766543 795468 2256523 3299127 8023066 8334796 14450665 4723939 X false true X true false X 1185189 2391746 890073 3125966 7707114 15300088 1185189 2391746 890073 3125966 7707114 15300088 3396912 11903176 54 1187 71 400 3509 5221 15305309 1377999 0.77770 0.98350 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 21936 21266 670 670 ACCRUED WAGES 60134 ACCRUED VACATION 22068 82202 X 8158806 8158806 8158806 3434867 3434867 3434867 SCHEDULE D, PAGE 2, PART IV, LINE 2B THE ORGANIZATION HOLDS HOME IMPROVEMENT LOAN FUNDS IN ESCROW FOR CLIENTS AND RELEASES THE FUNDS TO THE CONTRACTORS BASED ON AN AGREED UPON DISBURSEMENT SCHEDULE AS THE IMPROVEMENTS ON THEIR HOMES ARE COMPLETED. SCHEDULE D, PAGE 3, PART X MCCI HAS BEEN GRANTED TAX-EXEMPT STATUS UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND IS, THEREFORE, GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED FOR IN THE ACCOMPANYING FINANCIAL STATEMENTS. ASC 740-10, "INCOME TAXES," REQUIRES MCCI TO EVALUATE AND DISCLOSE TAX POSITIONS THAT COULD HAVE AN EFFECT ON MCCI'S FINANCIAL STATEMENTS. MCCI REPORTS ITS ACTIVITIES TO THE INTERNAL REVENUE SERVICE AND TO THE COMMONWEALTH OF MASSACHUSETTS ON AN ANNUAL BASIS. THESE INFORMATIONAL RETURNS ARE GENERALLY SUBJECT TO AUDIT AND REVIEW BY THE GOVERNMENTAL AGENCIES FOR A PERIOD OF THREE YEARS AFTER FILING. SUBSTANTIALLY ALL OF MCCI'S INCOME, EXPENDITURES AND ACTIVITIES RELATE TO ITS EXEMPT PURPOSE, THEREFORE, MANAGEMENT HAS DETERMINED THAT MCCI IS NOT SUBJECT TO MATERIAL UNRELATED BUSINESS INCOME TAXES AND WILL CONTINUE TO QUALIFY AS A TAX- EXEMPT NOT-FOR-PROFIT ENTITY. true HUGO BOOKS INC 74 MAIN STREET ANDOVER MA 01950 043446289 6000 STABILIZATION PEACHBOX LLC 408 FOREST STREET METHUEN MA 01844 834187327 6000 STABILIZATION SMALL BLESSING CHILD CARE INC 429 SOUTH UNION STREET LAWRENCE MA 01843 832410390 9000 STABILIZATION SOUTHWICK SOCIAL VENTURES LTD 15 UNION STREET SUITE 240 LAWRENCE MA 01841 851192365 6000 STABILIZATION THE PINK HOUSE BEAUTY NAILS 30 S BROADWAY LAWRENCE MA 01843 843752355 6000 STABILIZATION THIRD EYE BEAUTY ESTHETICS 349 BROADWAY SUITE 104 REVERE MA 02151 022745132 8000 STABILIZATION 6 SCHEDULE I, PAGE 1, PART I, LINE 2 THE ORGANIZATION PROVIDED GRANTS TO HELP SET-UP OR IMPROVE BUSINESS BOOKKEEPING SYSTEMS AND TO HELP SMALL BUSINESSES STABILIZE IN THE FACE OF ECONOMIC CHALLENGES, CHANGES, OPPORUNITIES, AND CRISIS. THE ORGANIZATION DOES NOT TRACK USE OF THESE FUNDS. FORM 990, PAGE 6, PART VI, LINE 4 LOWELL COMMUNITY LOAN FUND, INC. MERGED WITH FOUNDATION FOR BUSINESS EQUITY, INC. DURING 2022. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS DISTRIBUTED TO THE BOARD OF DIRECTORS AND REVIEWED AT A MEETING OF THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 12C THE POLICY IS PROVIDED TO EACH BOARD MEMBER FOR REVIEW AND ACKNOWLEDGEMENT WITH WRITTEN ACKNOWLEDGEMENT BY EACH BOARD MEMBER BEING RETAINED. FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD OF DIRECTORS USES RELEVANT BENCHMARKS TO SET THE SALARY LEVEL OF THE EXECUTIVE DIRECTOR. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTANTS 559,505 186,502 0 CONTRACTED SERVICES 376,184 125,395 0 TOTAL 935,689 311,897 0