2021-11-15T16:09:37-06:00 2020-12-31 042917204 ANSTISS & CO PC 6 OMNI WAY SUITE 201 CHELMSFORD MA 018244141 990 2020-01-01 043571892 LOWELL COMMUNITY LOAN FUND INC LOWE 9782582772 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 GREGG DAVIS INTERIM CEO BEG 7/13 9782582772 2021-11-10 true GREGG DAVIS 999009999 BRENDAN E TOOLIN P01323447 9784522500 2021-11-10 2020 2022-09-23 18:48:47Z KRISTEN HAROL 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 1121359 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 11 7 29 0 2391746 890073 179475 231215 1187 71 0 2572408 1121359 1813145 179847 0 678775 572912 0 0 313112 518606 2805032 1271365 -232624 -150006 4519662 5666466 3159135 4456456 1360527 1210010 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 871129 179847 214683 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. 871129 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 false false false false false false false false false false false false false false false false false false false false true 11 0 true 7 true false false false false false false false false false false false false X 11 11 false false false false false false false true true false false true true true true false false true false false MA X VIVIAN HAYDER 9782582772 50 ISLAND STREET SUITE 103 LAWRENCE MA 01840 KRISTEN HAROL PRESIDENT 10.00 X X 0 0 0 LISA KOZOL V.P. AND TRE 5.00 X X 0 0 0 VIVIAN HAYDER DIRECTOR 5.00 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 FRANCISCO CARVALHO EXEC. DIR. T 35.00 X 77122 0 0 GREGG DAVIS INTERIM CEO 35.00 X 111329 0 0 188451 1 false false false AAFCPAS ACCOUNTING 112980 GREGG DAVIS INT CEO BEG 7/1 111329 2 890073 890073 INTEREST INCOME ON NOTES RECE 522298 162204 162204 LOAN SERVICE FEES 522298 69011 69011 231215 71 71 1121359 231215 71 X 179847 179847 59541 59541 388538 336059 52479 88253 66190 22063 36580 27435 9145 11564 8673 2891 171565 171565 154804 116103 38701 6307 4730 1577 85229 63922 21307 35104 26328 8776 39271 29453 9818 4388 3291 1097 2815 2111 704 ALLOWANCE FOR LOAN LOSSES 5271 5271 LOAN DOCUMENT FEES 2288 1716 572 1271365 871129 400236 0 942937 1286279 109175 134800 3144342 3947807 2916 10135 36199 28008 12579 8191 9431 8992 298282 270262 4519662 5666466 729578 709977 75036 60868 2322934 3644987 31587 40624 3159135 4456456 X 758362 773257 602165 436753 1360527 1210010 4519662 5666466 -150006 -511 X false true X true false X 301436 623094 1185189 2391746 890073 5391538 301436 623094 1185189 2391746 890073 5391538 5391538 27 1647 54 1187 71 2986 5394524 797979 0.99940 0.99930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 36199 28008 8191 8191 ACCRUED VACATION 23014 ACCRUED WAGES 17610 40624 X 1120848 -511 -511 1121359 1121359 1271365 1271365 1271365 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. 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 110,908 36,969 0 CONTRACTED SERVICES 5,195 1,732 0 TOTAL 116,103 38,701 0