2021-05-05T08:41:00-05:00 2020-06-30 010440155 RUNYON KERSTEEN OUELLETTE 20 LONG CREEK DR SOUTH PORTLAND ME 04106 990 2019-07-01 010472964 BIDDEFORD-SACO AREA ECONOMIC DEVELOPMENT CORPORATION BIDD 2072821748 20 POMERLEAU STREET BIDDEFORD ME 04005 WILLIAM O ARMITAGE II EXECUTIVE DIRECTOR 0020728217 2021-05-05 true RORY O'BRION P01874526 2077732986 2021-05-05 2019 2022-09-23 18:48:47Z SOUTHERN MAINE FINANCE AGENCY WILLIAM O ARMITAGE II 20 POMERLEAU STREET SUITE 300 BIDDEFORD ME 04005 828928 false X SMFAMAINE.ORG X 1992 ME TO PROMOTE SUSTAINABLE ECONOMIC PROSPERITY THROUGH REGIONAL BUSINESS LENDING, TARGETING UNDERSERVED MARKETS. 13 12 4 0 362183 214656 558176 602441 4057 11831 0 924416 828928 0 0 274068 315016 0 2652 740226 361733 1014294 676749 -89878 152179 7991541 7936623 3209822 3002725 4781719 4933898 TO PROMOTE SUSTAINABLE ECONOMIC PROSPERITY THROUGH REGIONAL BUSINESS LENDING, TARGETING UNDERSERVED MARKETS. false false 550732 602441 THE CORPORATION SERVICES LOANS MADE IN PRIOR YEARS AND MADE NEW LOANS TO COMPANIES LOCATED IN, AND THAT PROVIDED JOBS, WITHIN YORK COUNTY, MAINE. 550732 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 false false false false false false false false true false false false false false false false false false true 0 0 true 4 true false false false false false false false false false false false false X 13 12 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 RICHARD HODGDON PRESIDENT 0.50 X X 0 0 0 LORRAINE BOSTON VICE PRESIDE 1.00 X X 0 0 0 JAN WILLIAMS TREASURER 1.00 X X 0 0 0 KEITH JACQUES SECRETARY 1.00 X X 0 0 0 ALAN CASAVANT DIRECTOR 0.50 X 0 0 0 ALAN MINTHORN DIRECTOR 0.50 X 0 0 0 JAMES F NIMON DIRECTOR 0.50 X 0 0 0 MATHEW EDDY DIRECTOR 0.50 X 0 0 0 DENISE M CLAVETTE DIRECTOR 0.50 X 0 0 0 GARY SAMIA DIRECTOR 0.50 X 0 0 0 PAUL SCHUMACHER DIRECTOR 0.50 X 0 0 0 BRIAN HALEY DIRECTOR 0.50 X 0 0 0 CHUCK BATES DIRECTOR 0.50 X 0 0 0 WILLIAM O ARMITAGE II EXECUTIVE DI 40.00 X 106835 0 23537 106835 23537 1 false false false 206822 7834 214656 INTEREST INCOME 900099 459902 459902 LOAN FEE INCOME 900099 142539 142539 602441 11831 11831 828928 602441 11831 132613 53045 76916 2652 143203 132154 11049 2099 2099 17867 17867 19234 13423 5811 12750 8898 3852 5128 3579 1549 2175 1518 657 10652 7433 3219 4070 2840 1230 60588 60588 24788 17299 7489 9761 6812 2949 BAD DEBTS 178750 178750 ANNUAL PROGRAM FEE 24462 24462 REPAIRS AND MAINTENANCE 21801 15214 6587 MISCELLANEOUS 4779 3335 1444 2029 1416 613 676749 550732 123365 2652 226293 219516 1690082 1419924 15091 157851 5966372 6065535 2774 6804 159627 92634 90929 66993 7991541 7936623 40018 21296 2907286 2675020 47700 262518 258709 3209822 3002725 X 644503 681917 4137216 4251981 4781719 4933898 7991541 7936623 152179 X X false true X true true true X 969683 487453 445642 362183 214656 2479617 5064 5064 5064 5064 20256 969683 492517 450706 367247 219720 2499873 2499873 204 854 1462 4057 11831 18408 2518281 1971018 0.99270 0.99870 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 2652 false false 2652 false SCHEDULE C, PART I-A, LINE 1 THE EXECUTIVE DIRECTOR AND/OR OTHER EMPLOYEES ATTENDED MEETINGS OF VARIOUS STATE COMMITTEES AND/OR LEGISLATORS, CITY COUNCILS, AND OUR FEDERAL CONGRESSIONAL DELEGATION TO PRESENT REPORTS OR UPDATES ON ACTIVITIES. 159627 92634 66993 66993 CITY OF BIDDEFORD MICRO LOAN PAYABLE 246422 CAPITAL LEASE 12287 258709 X 828928 828928 828928 676749 676749 676749 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 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. KEITH JACQUES BOARD MEMBER 350000 BIDDEFORD 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 MAKES UP 1/4 OF 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. 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 BAORD, AND THE BIDDEFORD-SACO CHAMBER OF COMMERCE & INDUSTRY, THE KENNEBUNK DEVELOPMENT CORPORATION, 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 EXECUTIVE DIRECTOR 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 EXECUTIVE DIRECTOR'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, PAGE 12, PART XII, LINE 2C THE EXECUTIVE COMMITTEE ACTS AS THE AUDIT COMMITTEE. THE PROCESS FOR OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITORS HAS NOT CHANGED FROM THE PRIOR YEAR.