Overview
What is Southern Maine Finance Agency?
The Southern Maine Finance Agency, situated in Biddeford, Maine, is a nonprofit organization with a focus on promoting sustainable economic prosperity. They achieve this mission through regional business lending, specifically targeting underserved markets. The agency provides loans to companies that have previously benefited from their services and also extends new loans to businesses situated in York County, Maine, thereby contributing to job creation within the region. With a modest team of four employees, Southern Maine Finance Agency plays a significant role in fostering economic growth and development within its local community.
Official website here: www.smfamaine.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81%, Three-Star out of Four Star rating.
The Southern Maine Finance Agency has received an overall score of 81%, which indicates a decent level of accountability and finance practices. The charity's rating is strong in key areas, particularly in governance, as it has 100% independent board members and a solid structure for financial oversight. The organization demonstrates a commitment to transparency, with policies in place for conflict of interest and whistleblower protections.
However, while the agency excels in certain aspects, such as having no material diversion of assets and maintaining a reasonable liabilities to assets ratio, it falls short in its program expense ratio, which is rated at 58.18%. This suggests that a smaller proportion of its expenditures are directed towards its programs compared to administrative costs, which may raise concerns about its operational efficiency and overall impact on the community it serves.
Overall, Southern Maine Finance Agency shows commendable governance and financial practices, but potential donors and stakeholders may want to consider its program expense allocation before making contributions.
This AI summary has been generated from information found on Charity Navigator.
Is Southern Maine Finance Agency legitimate?
Southern Maine Finance Agency is a legitimate nonprofit organization registered as a 501(c)(3) entity. Southern Maine Finance Agency submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $145,337
Professional Fundraising Fees: $0
Other Salaries and Wages: $145,216
For more financial information, click here
Official website here: www.smfamaine.org
What is the mission statement of Southern Maine Finance Agency?
The Southern Maine Finance Agency's mission is centered around fostering sustainable economic growth. They achieve this goal through regional business lending, with a particular focus on underserved markets. By providing loans to companies, the agency aims to create job opportunities within the community. In summary, the Southern Maine Finance Agency strives to stimulate economic prosperity in various sectors, prioritizing areas that may not have traditionally had access to such resources.
Official website here: www.smfamaine.org
Who is the CEO of Southern Maine Finance Agency?
William O Armitage Ii is the President of Southern Maine Finance Agency.
Official website here: www.smfamaine.org
What is the revenue of Southern Maine Finance Agency?
Southern Maine Finance Agency's revenue in 2022 was $658,421.
Official website here: www.smfamaine.org
Who are the executives of Southern Maine Finance Agency and what are their salaries?
The average compensation at Southern Maine Finance Agency during 2022 was $72,638. There are 4 employees and 19 volunteers at Southern Maine Finance Agency.
Here are 15 key members and their salaries:
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Official website here: www.smfamaine.org
Where can I find the form 990 for Southern Maine Finance Agency?
Southern Maine Finance Agency's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.smfamaine.org
Learn more at the official website: www.smfamaine.org
Mission Statement of Southern Maine Finance Agency
Southern Maine Finance Agency, a notable organization, is dedicated to fostering sustainable economic prosperity through regional business lending. This mission specifically targets underserved markets. By providing loans to companies, the agency seeks to encourage job growth within the communities it serves. The agency's activities extend beyond just disbursing loans made in the previous year; it also extends new loans to businesses located in the region, creating employment opportunities. The Southern Maine Finance Agency's endeavors aim to stimulate economic growth in underserved markets, thereby contributing to the overall prosperity of the region.
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Impact
July, 2024
Southern Maine Finance Agency's impact is significant in promoting sustainable economic prosperity through regional business lending, specifically targeting underserved markets. By servicing loans made in prior years and providing new loans to companies located in York County, Maine, this agency is directly contributing to the growth of local businesses and the creation of jobs in the region. Through its efforts, Southern Maine Finance Agency is actively working towards improving the economic landscape of the community and ensuring that businesses in underserved markets have access to the necessary funding for growth and success.
This information is meant to be a general summary of Southern Maine Finance Agency. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $5,867
- Program Service Revenue: $617,255
- Gross Receipts: $658,421
Assets and Liabilities:
- Total Assets: $7,727,125
- Total Liabilities: $2,632,864
- Net Assets: $5,094,261
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$394,289
LOAN FEE INCOME
Revenue
$222,966
Organization Details
Founding Year
1992
Phone
(207) 282-1748Principal Officer
William O Armitage Ii
Main Address
20 POMERLEAU STREET, BIDDEFORD, ME, 04005
Website
www.smfamaine.orgNTEE Category
Code: S20 - Community improvement
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