2022-11-15T14:19:30-05:00 2021-12-31 042917204 ANSTISS & CO PC 6 OMNI WAY SUITE 201 CHELMSFORD MA 018244141 990 2021-01-01 043571892 LOWELL COMMUNITY LOAN FUND INC LOWE 9782582772 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 GLYNN LLOYD EXECUTIVE DIRECTOR 9782582772 2022-11-15 true GREGG DAVIS 999009999 BRENDAN E TOOLIN P01323447 9784522500 2022-11-15 2021 2022-09-23 18:48:47Z KRISTEN HAROL 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 3489371 false X WWW.MCCINVEST.ORG X 2001 MA TO ADVANCE COMMUNITY REVITALIZATION AND DEVELOPMENT IN THE MERRIMACK VALLEY BY PROVIDING APPROPRIATE LOAN PROGRAMS AND TECHNICAL ASSISTANCE TO LOW AND MODERATE INCOME COMMUNITIES. 11 0 7 11 0 890073 2993466 231215 362005 71 400 133500 1121359 3489371 179847 78000 0 572912 505918 0 0 518606 816336 1271365 1400254 -150006 2089117 5666466 8334796 4456456 5035669 1210010 3299127 TO ADVANCE COMMUNITY REVITALIZATION AND DEVELOPMENT IN THE MERRIMACK VALLEY BY PROVIDING APPROPRIATE LOAN PROGRAMS AND TECHNICAL ASSISTANCE TO LOW AND MODERATE INCOME COMMUNITIES. false false 945974 78000 362005 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. 945974 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 15 0 true 7 true false false false false false false false false false false false false X 11 0 false false false 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 X KRISTEN HAROL PRESIDENT 5.00 X X 0 0 0 LISA KOZOL V.P. / TREAS 5.00 X X 0 0 0 YUN-JU CHOI CLERK 5.00 X X 0 0 0 ARLEEN ZORRILA DIRECTOR 5.00 X 0 0 0 WATURU MATSUYASU DIRECTOR 5.00 X 0 0 0 ABBOTT LAWRENCE DIRECTOR 5.00 X 0 0 0 ABEL VARGAS DIRECTOR 5.00 X 0 0 0 MICHELE WITTS DIRECTOR 5.00 X 0 0 0 MARIA NATERA DIRECTOR 5.00 X 0 0 0 LISA TORISSI DIRECTOR 5.00 X 0 0 0 GLYNN LLOYD EXECUTIVE DI 40.00 X 0 0 0 false false false AAFCPAS ACCOUNTING 128990 1 2993466 2993466 INTEREST INCOME ON NOTES RECE 522298 221138 221138 LOAN SERVICE FEES 522298 140867 140867 362005 400 400 PPP LOAN FORGIVENESS 133500 133500 133500 3489371 362005 133900 X 78000 78000 381001 285751 95250 81015 60761 20254 43902 32927 10975 21285 15964 5321 211923 211923 260004 195003 65001 680 510 170 72849 54637 18212 35419 26564 8855 52554 39416 13138 4387 3290 1097 2877 2158 719 ALLOWANCE FOR LOAN LOSSES 83927 83927 CHARGE OFF 56972 56972 LOAN DOCUMENT FEES 13459 10094 3365 1400254 945974 454280 0 1286279 3169809 134800 327027 3947807 4463502 10135 40778 36199 32395 8191 3804 8992 9366 270262 320510 5666466 8334796 709977 815198 404360 60868 61102 3644987 3718533 40624 36476 4456456 5035669 X 773257 2503659 436753 795468 1210010 3299127 5666466 8334796 2089117 X false true X true false X 623094 1185189 2391746 890073 2993466 8083568 623094 1185189 2391746 890073 2993466 8083568 8083568 1647 54 1187 71 400 3359 132500 132500 8219427 1072110 0.98350 0.99940 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 36199 32395 3804 3804 ACCRUED WAGES 20899 ACCRUED VACATION 15577 36476 X 3489371 3489371 3489371 1400254 1400254 1400254 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 THE ACCOMPANYING FINANCIAL STATEMENTS. ASC 740-10, "INCOME TAXES," REQUIRES MCCI TO EVALUATE AND DISCLOSE TAX POSITIONS THAT COULD HAVE AN EFFECT OF 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 UNRELATED BUSINESS INCOME TAXES AND WILL CONTINUE TO QUALIFY AS A TAX-EXEMPT NOT- FOR-PROFIT ENTITY. true A&J DEMOLITION SERVICES CORP 599 CANAL STREET 5 EAST SUITE 8 LAWRENCE MA 01840 261877247 6000 LOAN FORGIVENESS BOCADITOS LLC 60 ISLAND STREET SUITE 114 LAWRENCE MA 01840 833193017 6000 LOAN FOREGIVENESS BRANY TRANSMISSION WORLD 342 JACKSON STREET LAWRENCE MA 01841 453084848 6000 LOAN FORGIVENESS COCO'S CAFE & CATERING LLC 197 MERRIMACK AVE DRACUT MA 01826 475648823 6000 LOAN FORGIVENESS DECAROLIS BROTHERS CYCLISTS LLC 2302 TURNPIKE STREET NORHT ANDOVER MA 01845 300820672 6000 LOAN FORGIVENESS DGLAMOUR ART DECORATIONS INC 471 BROADWAY STREET LAWRENCE MA 01841 830963382 6000 LOAN FORGIVENESS DOVETAIL DISTRIBUTORS LLC 92 GOULD ROAD ANDOVER MA 01810 273663154 6000 LOAN FORGIVENESS GLOWING BEAUTY & CO INC 1 DUNDEE PARK DRIVE 2 ANDOVER MA 01810 854134440 6000 LOAN FORGIVENESS JEREZ ELECTRONICS LLC 334 COMMON STREET LAWRENCE MA 01840 273123324 6000 LOAN FORGIVENESS LA CIBAENA BAKERY INC 112 CROSS STREET LAWRENCE MA 01841 262620679 6000 LOAN FORGIVENESS OBAS ENTERPRISE LLC 315 GREENE STREET UNIT 2 NORTH ANDOVER MA 01845 473400971 6000 LOAN FORGIVENESS PAULA EXPRESS CORP 491 BROADWAY LAWRENCE MA 01841 043517795 6000 LOAN FORGIVENESS SPICKET RIVER BREWERY 56 ISLAND STREET LAWRENCE MA 01840 823547989 6000 LOAN FORGIVENESS 13 SCHEDULE I, PAGE 1, PART I, LINE 2 THE ORGANIZATION PROVIDED SMALL LOANS TO BUSINESSES AND MEETING CERTAIN CRITERIA ALLOWED THEM TO BE FOREGIVEN. ORGANIZATION DOES NOT TRACK USE OF FORGIVEN FUNDS. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS DISTRIBUTED TO THE BOARD OF DIRECTORS, REVIEWED, AND APPROVED 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 THE CDC COMPARISON SURVEY 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 156,243 52,081 0 CONTRACTED SERVICES 38,760 12,920 0 TOTAL 195,003 65,001 0