SOUTHERN MAINE FINANCE AGENCY

EIN: 010472964 501(c)(3) Community Improvement

BIDDEFORD, ME

Total Revenue
$719,081
Total Expenses
$757,888
Total Assets
$7,492,339
Net Assets
$5,050,390
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1992
Legal Domicile
ME
Principal Officer
WILLIAM O ARMITAGE II
Phone
2072821748
Tax Period
2022-07-01 to 2023-06-30

SOUTHERN MAINE FINANCE AGENCY, founded in 1992, is a small nonprofit in the Community Improvement sector that reported $719K in total revenue in fiscal year 2022. Revenue grew 9% year-over-year, indicating healthy expansion. Net assets of $5.1M represent 84 months of operating reserves.

Mission

TO PROMOTE SUSTAINABLE ECONOMIC PROSPERITY THROUGH REGIONAL BUSINESS LENDING, TARGETING UNDERSERVED MARKETS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $157,948
Program Service Revenue $524,318
Investment Income $36,815
Other Revenue $0
TOTAL REVENUE $719,081

Expense Breakdown

Grants Paid $0
Salaries & Benefits $392,617
Fundraising Expenses $0
Program Expenses $315,137
Other Expenses $365,271
TOTAL EXPENSES $757,888

Year-over-Year Comparison

2022 2021 Change
Revenue $719,081 $658,421 +0.1%
Expenses $757,888 $618,482 +0.2%
Net Income $-38,807 $39,939 -2.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
16
Independent Members
16
Employees
5
Volunteers
21

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$154,009
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WILLIAM O ARMITAGE II PRESIDENT 40.00
Officer
$122,444 $31,565 $154,009
JAN WILLIAMS CHAIR 1.00
Officer Director
$0 $0 $0
LORRAINE BOSTON VICE-CHAIR 1.00
Officer Director
$0 $0 $0
RICK OLSEN TREASURER 0.50
Officer Director
$0 $0 $0
KEITH JACQUES SECRETARY 1.00
Officer Director
$0 $0 $0
ALAN CASAVANT DIRECTOR 0.50
Director
$0 $0 $0
MARSHALL ARCHER DIRECTOR 0.50
Director
$0 $0 $0
GREG MITCHELL DIRECTOR 0.50
Director
$0 $0 $0
BETTY OLSEN DIRECTOR 0.50
Director
$0 $0 $0
ANDY KANY DIRECTOR 0.50
Director
$0 $0 $0
PAUL SCHUMACHER DIRECTOR 0.50
Director
$0 $0 $0
AYN HANSELMANN DIRECTOR 0.50
Director
$0 $0 $0
BOB GEORGITIS DIRECTOR 0.50
Director
$0 $0 $0
DICK HODGDON DIRECTOR 0.50
Director
$0 $0 $0
TRACEY DESJARDINS DIRECTOR 0.50
Director
$0 $0 $0
REBECCA JACOBS DIRECTOR 1.00
Director
$0 $0 $0
KEITH MCBRIDE DIRECTOR 0.50
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 No data No data No data No data
2023 $719,081 $757,888 $7,492,339 $-38,807
2022 $658,421 $618,482 $7,727,125 $39,939
2021 $753,911 $584,411 $7,914,539 $169,500
2020 $828,928 $676,749 $7,936,623 $152,179
2019 $924,416 $1,014,294 $7,991,541 $-89,878
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