2025-08-07T15:51:22-05:00 2024-09-30 010523282 Berry Dunn McNeil & Parker LLC 2211 Congress St Portland ME 04102 990 2023-10-01 010540981 Community Concepts Finance Corporation COMM 2077396545 240 Bates Street Lewiston ME 04240 Laura Gormley Chief Financial Officer 2077396545 2025-08-06 1 1 Barbara J McGuan CPA P00219457 2077752387 2025-08-06 2023 2025-03-06 01:10:19Z James Martin 240 Bates Street Lewiston ME 04240 2349550 0 X N/A X 2000 ME To encourage, stimulate and promote housing development and home ownership within Maine. 7 7 0 7 0 0 1211095 1042855 843203 1304881 1546 1814 0 0 2055844 2349550 108440 53457 0 0 0 0 0 0 0 1892774 2354198 2001214 2407655 54630 -58105 12510089 12924570 8137105 8846263 4372984 4078307 X To encourage, stimulate and promote housing development and home ownership within Maine, targeting low income families; To provide alternative financial resources for affordable housing development and low income homeownership; To provide education, training and other services supporting the development of low income housing; And to provide education and financial resources, including loans, for business and economic development activities in urban and rural low-income areas. 0 0 2237974 53457 1304881 Housing - Creates homeowners through lending and home building and seeks development of affordable multi-family housing through various funding mechanisms. Services include lending services, credit and home ownership education. Similar services provided in the areas of small business lending and economic development. 2237974 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 32 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Laura Gormley 2077954065 240 Bates Street Lewiston ME 04240 Travis Frautten Chair 2.00 0.00 X X 0 0 0 Dennis Lajoie Vice Chair 2.00 0.00 X X 0 0 0 Lincoln Jeffers Secretary 2.00 0.00 X X 0 0 0 Jennifer Corbet Director 2.00 0.00 X 0 0 0 Steven Davis Director 2.00 0.00 X 0 0 0 Peter Garcia Director 2.00 2.00 X 0 0 0 Fowsia Musse Director 2.00 2.00 X 0 0 0 James Martin CEO - CCI 10.00 30.00 X 0 193515 27238 Laura Gormley CFO - CCI 10.00 30.00 X 0 139233 28897 Nathan Libby Past President 40.00 0.00 X 0 109013 14329 Natalie Beale President 40.00 0.00 X 0 0 0 0 441761 70464 0 0 1 0 Community Concepts Inc 240 Bates Street Lewiston ME 04240 Management Services 979148 1 391592 651263 1042855 Interest Income, Loans 525990 940290 940290 Fees, Private 525990 208105 208105 Other Income 525990 156486 156486 1304881 1814 1814 2349550 1304881 0 1814 53457 53457 979148 979148 16591 16591 128374 128374 1375 1375 9323 9323 139488 139488 51680 51680 18589 18589 365103 365103 1490 1490 Loan Loss Reserves 374911 374911 Indirect G&A Costs 169681 169681 Miscellaneous 74331 74331 Equipment Expense 24114 24114 2407655 2237974 169681 0 X 3691357 3794068 545077 439584 7977165 8436481 67984 5807 46649 46649 0 0 41138 39262 187368 209368 12510089 12924570 156777 254053 75790 75949 22022 42988 5320704 5853082 2100000 2100000 461812 520191 8137105 8846263 X -89306 -337317 4462290 4415624 4372984 4078307 12510089 12924570 X -58105 -236572 0 X 0 1 X 1 1 1 X 663591 823894 761802 1211095 1042855 4503237 663591 823894 761802 1211095 1042855 4503237 24528 4478709 4740 3040 1319 1546 1814 12459 4515696 4687630 0.99180 0.99620 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 46649 46649 0 0 Due to Affiliate 511454 Loan Payment Reserve 8737 520191 X 2349550 0 2349550 0 2349550 2407655 0 2407655 0 2407655 Part IV, Line 2b: From time to time the Organization holds loan proceeds on behalf of homeownership clients. Part X, Line 2: The Organization follows the provisions of FASB Accounting Standards Codification (ASC) Topic 740-10, Income Taxes - Overall, including those related to uncertain tax positions. This guidance clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in an entity's financial statements. It also prescribes a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. There was no effect on the Organization's consolidated financial statements related to following these provisions, and no interest or penalties related to uncertain tax positions were accrued. The Organization is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for years ended September 30, 2021 through 2024. 1 Provision of soft-second financing subsidies and related assistance to eligible homeowners. 3500 53457 Part I, Line 2: The Organization monitors use of grant funds through continuing relationships with recipients. Amounts granted are non-cash in nature - funds are paid directly to vendor, financial institution, etc. 0 0 0 0 0 0 0 0 0 James Martin CEO - CCI 0 193515 0 0 0 0 0 955 0 26283 0 220753 0 0 Laura Gormley CFO - CCI 0 139233 0 0 0 0 0 8574 0 20323 0 168130 0 0 Form 990, Schedule J, Part I, Line 3: Compensation for the Organization's CEO and CFO is paid through a related organization, Community Concepts, Inc., and is based on a written employment contract, compensation survey data and is approved by that organization's Board of Directors. Form 990, Part VI, Section A, line 7a The Board of a related organization, Community Concepts, Inc. has the power to appoint two members of the Organization's Board of Directors. Form 990, Part VI, Section A, line 7b The Organization's budget is subject to approval by the Board of Directors of Community Concepts, Inc. Form 990, Part VI, Section B, line 11b The Form 990 was prepared by the Organization's public accountant and reviewed by the Organization's finance committee, and then provided to the Board of Directors prior to submission. Form 990, Part VI, Section B, line 12c The conflict of interest policy is monitored for compliance by multiple funding sources during their reviews of the Agency and also self-monitored by the Board of Directors. All employees occupy a position of trust with Community Concepts Finance Corporation and, as a result, have a duty of loyalty to the Agency, both during and after the employment relationship. Employees are required to avoid any relationship or activity that might create or give the appearance of a conflict between their personal or family interests and the interests of the Agency. A "conflict of interest" occurs when an individual's private interest interferes or appears to interfere with the interests of the Agency. A conflict of interest can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or her Agency work objectively and effectively. Employees must disclose any relationship that appears to create a conflict of interest to the Director of Human Resources or the CEO. Employees must also obtain written pre-approval before proceeding with any transaction, conduct or investment that creates or appears to create a conflict of interest. Form 990, Part VI, Section B, line 15 The compensation of the CEO is determined based on comparable salary studies for the non-profit industry. Form 990, Part VI, Section C, line 19 The Organization's governing documents, conflict of interest policy and financial statements are available upon request. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: Community Concepts Finance Corporation 240 Bates Street Lewiston, ME 04240 EIN: 01-0540981 Section 1.263(a)-3(n) Election: Community Concepts Finance Corporation is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, Line 8: Prior Period Adjustment The Organization adopted Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after October 1, 2023 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The Organization recognized a decrease to net assets of $236,572 as of October 1, 2023 for the cumulative effect of adopting Topic 326. The transition adjustment includes an increase of $258,572 to the allowance for loan losses (now called the ACL on loans) and a decrease of $22,000 to remove the allowance for deferred loans receivable. Community Concepts Inc 240 Bates Street Lewiston ME 04240 010424969 Community-action agency serving lower income families ME 501(c)(3) Line 7 N/A 0 Lewiston Auburn Community Housing Inc 240 Bates Street Lewiston ME 04240 202341500 Low-Income Housing Development and Financing ME 501(c)(3) Line 7 N/A 0 Community Concepts Development Corporation 240 Bates Street Lewiston ME 04240 364510585 Low Income Housing Development ME 501(c)(3) Line 12a, I Community Concepts Inc 0 Oxford County Mental Health Service 240 Bates Street Lewiston ME 04240 010466967 Behavioral Health Services and Education ME 501(c)(3) Line 7 Community Concepts Inc 0 Mount David Housing Inc 240 Bates Street Lewiston ME 04240 010485193 Low Income Housing Development ME 501(c)(3) Line 7 Community Concepts Inc 0 Mount Blue Housing Inc 240 Bates Street Lewiston ME 04240 010504708 Low Income Housing Development ME 501(c)(3) Line 7 Community Concepts Inc 0 Stony Brook Housing Inc 240 Bates Street Lewiston ME 04240 010532000 Low Income Housing Development ME 501(c)(3) Line 7 Community Concepts Inc 0 Court Street Senior Housing Association 247 Commercial Street Rockport ME 048565964 010467910 Low Income Housing Development ME N/A 0 0 Blake & Pine LP 240 Bates Street Lewiston ME 04240 320578654 Low Income Housing Development ME N/A 0 0 Bates Street Senior Housing LP 240 Bates Street Lewiston ME 04240 203851906 Low Income Housing Development ME N/A 0 0 Community Concepts Housing Corporation 240 Bates Street Lewiston ME 04240 262063441 Low Income Housing Development ME N/A C 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0