SOUTHERN MAINE FINANCE AGENCY

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1992

Legal Domicile

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.

Program Service Accomplishments

Program 1

Expenses: $315,137 Revenue: $524,318

THE CORPORATION SERVICES LOANS MADE IN PRIOR YEARS AND MADE NEW LOANS TO COMPANIES LOCATED IN, AND THAT PROVIDED JOBS, WITHIN YORK COUNTY AND THE STATE OF MAINE.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

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

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$154,009

Total Directors

Key Employees

Highest Compensated

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