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Nonprofiteer
← MAINESTREAM FINANCE

Form 990 for tax year 2024

Filed by MAINESTREAM FINANCE.

Totals

Total revenue
$504,682
Total expenses
$558,012
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$486,225
Investment income
$0
Other revenue
$18,457
Total assets, end of year
$7,709,124
Total liabilities, end of year
$4,917,877
Net assets or fund balances, end of year
$2,791,247
Program services expenses (Part IX)
$257,221
Management and general expenses
$300,791
Fundraising expenses
$0
Program service expenses (Part III)
$257,221

Program services were 46.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $451,217 · related or exempt $451,217

  • 2b · Program service revenue: LOAN SERVICING

    total $35,008 · related or exempt $35,008

  • 11a · Other revenue: THIRD PARTY REIMBURSEM

    total $2,455 · excluded $2,455

  • 11d · All other revenue

    total $16,002 · excluded $16,002

  • 11e · Other revenue, total

    $18,457

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $186,378 · program services $33,857 · management and general $152,521

  • 9 · Other employee benefits

    total $72,966 · program services $13,255 · management and general $59,711

  • 11b · Fees: legal

    total $4,497 · management and general $4,497

  • 11c · Fees: accounting

    total $29,600 · management and general $29,600

  • 11g · Fees: other

    total $2,450 · program services $2,450

  • 12 · Advertising and promotion

    total $1,625 · program services $1,625

  • 13 · Office expenses

    total $38,101 · program services $32,647 · management and general $5,454

  • 14 · Information technology

    total $17,974 · program services $6,606 · management and general $11,368

  • 16 · Occupancy

    total $44,689 · program services $40,725 · management and general $3,964

  • 17 · Travel

    total $272 · management and general $272

  • 20 · Interest

    total $125,266 · program services $123,964 · management and general $1,302

  • 23 · Insurance

    total $3,484 · program services $3,484

  • 24a · Other expenses: BAD DEBT

    total -$25,521 · program services -$25,521

  • 24e · All other expenses

    total $56,231 · program services $24,129 · management and general $32,102

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $457,209 · end of year $454,551

  • 2 · Savings and temporary cash investments

    beginning of year $1,552,588 · end of year $1,852,501

  • 4 · Accounts receivable

    beginning of year $85,496 · end of year $90,383

  • 7 · Other notes and loans receivable

    beginning of year $5,230,859 · end of year $5,309,366

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,223 · end of year $2,323

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $145,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $37,363 · end of year $35,014

  • 23 · Secured mortgages and notes payable

    beginning of year $3,180,749 · end of year $3,264,159

  • 24 · Unsecured notes and loans payable

    beginning of year $1,112,213 · end of year $962,213

  • 25 · Other liabilities

    beginning of year $299,473 · end of year $656,491

  • 27 · Net assets without donor restrictions

    beginning of year $786,915 · end of year $1,782,610

  • 28 · Net assets with donor restrictions

    beginning of year $2,057,662 · end of year $1,008,637

Mission and programs · 2024

Mission

TO PROMOTE COMMUNITY DEVELOPMENT AND PERFORM ALL FUNCTIONS PERMITTED AS COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PRIMARILY THROUGH FINANCING ACTIVITIES, SERVING THE LOW INCOME TARGETED POPULATION OF THE STATE OF MAINE.

  • LOAN SERVICING: MAINESTREAM FINANCE PROVIDES LOANS, EDUCATION, AND SERVICES TO ASSIST INDIVIDUALS TO START SMALL BUSINESSES AND ASSIST EXISTING SMALL BUSINESSES TO GROW. ASSISTANCE INCLUDES FINANCE REVIEW, ASSISTANCE WITH A BUSINESS PLAN, FORECLOSURE, DEBT MANAGEMENT, BUDGET AND BUSINESS CASH FLOW COUNSELING. MAINESTREAM FINANCE LOANS FUNDS TO DAY CARE PROVIDERS THAT ARE USED TO ESTABLISH/EXPAND CHILD CARE BUSINESSES IN ORDER TO CREATE JOB OPPORTUNITIES FOR LOW-INCOME INDIVIDUALS. MAINESTREAM FINANCE ALSO OFFERS LOANS TO THOSE WHO CAN NOT QUALIFY FOR OTHER LOAN PRODUCTS AT AN AFFORDABLE RATE. FIRST MORTGAGE LOANS ARE AVAILABLE TO PURCHASE, REHABILITATE OR REFINANCE RESIDENTIAL OWNER-OCCUPIED PROPERTIES. THROUGH EDUCATION PROGRAMS, MAINESTREAM FINANCE FOSTERS SUCCESSFUL HOMEOWNERSHIP, ENTREPRENEURSHIP, AND WEALTH CREATION. FINANCIAL COUNSELING OCCURS PRE- AND POST-LOAN CLOSING. IF BORROWERS QUALIFY FOR USDA/RD LOANS AND/OR MAINE HOUSING'S LOANS, MAINESTREAM FINANCE ENCOURAGES AND ASSISTS THEM TO APPLY FOR THOSE PRODUCTS IF APPROPRIATE. CLASSES ARE OFFERED FOR INDIVIDUALS SEEKING TO PURCHASE A HOME TO LEARN THE PROCESS AND CALCULATIONS INVOLVED IN LOAN PROCESSING, HOME OWNERS INSURANCE, ESCROWS, HOME INSPECTIONS, AND ALL OTHER ASPECTS OF A HOME PURCHASE.

    Expenses $257,221 · Revenue $486,225

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kayla Dunn

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • William Bennett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brent Folster

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Danielle Hewes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Melissa Huston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kara Hay

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $305,093
    From this org
    $0
    From related orgs
    $261,773
    Other
    $43,320
    Hours/week
    0.01 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $251,514 related
    Bonus
    $0
    Other
    $0 + $10,259 related
    Deferred
    $0 + $23,605 related
    Nontaxable benefits
    $0 + $19,715 related
    Filer's total
    $0 + $305,093 related

  • Denice Conary

    CHIEF FINANCIAL OFFICER

    Total calculated
    $233,840
    From this org
    $0
    From related orgs
    $196,688
    Other
    $37,152
    Hours/week
    0.01 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $193,002 related
    Bonus
    $0
    Other
    $0 + $3,686 related
    Deferred
    $0 + $18,034 related
    Nontaxable benefits
    $0 + $19,118 related
    Filer's total
    $0 + $233,840 related

  • Heidi Leblanc

    CHIEF OPERATING OFFICER

    Total calculated
    $193,726
    From this org
    $0
    From related orgs
    $173,435
    Other
    $20,291
    Hours/week
    0.01 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $167,098 related
    Bonus
    $0
    Other
    $0 + $6,337 related
    Deferred
    $0 + $15,621 related
    Nontaxable benefits
    $0 + $4,670 related
    Filer's total
    $0 + $193,726 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • BROADWAY HOUSING INC

    501(C)3 · PROMOTE AND PROVIDE AFFORDABLE HOUSING FOR ELDERLY RESIDENTS · ME

    Directly controlled by PENQUIS CAP INC

  • RAPE RESPONSE SERVICES INC

    501(C)3 · PROVIDES SERVICES TO SEXUAL ASSAULT VICTIMS AND EDUCATION AND PREVENTION · ME

    Directly controlled by PENQUIS CAP INC

  • PENQUIS CAP INC

    501(C)3 · ADMINISTER HEALTH, HOUSING AND SOCIAL SERVICE PROGRAMS · ME

  • PENQUIS MENTAL HEALTH ASSOCIATION

    501(C)3 · MAINTENANCE AND DEVELOPMENT OF SERVICES TO DEVELOPMENTALLY DISABLED · ME

    Directly controlled by PENQUIS CAP INC

  • CHARLOTTE WHITE CENTER

    501(C)3 · MAINTENANCE AND DEVELOPMENT OF SERVICES TO DEVELOPMENTALLY DISABLED · ME

    Directly controlled by PENQUIS CAP INC

  • PENQUIS DEVELOPMENT INC

    501(C)3 · PROMOTES AND DEVELOPS AFFORDABLE HOUSING · ME

    Directly controlled by PENQUIS CAP INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • LAKEVIEW SENIOR HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • NORTHSIDE FAMILY HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • VEAZIE VILLAGE SENIOR HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • CORUNDEL COMMONS SENIOR HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • STRAW WAY HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • LEONARD LAKE SENIOR HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • CHAMBERLAIN PLACE SENIOR HOUSING LP

    AFFORDABLE HOUSING · ME

  • ERNST MANOR HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • GRANDVIEW HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

  • NEWTON PLACE LP

    AFFORDABLE HOUSING · ME

  • PENQUIS FAMILY HOUSING ASSOCIATES LP

    AFFORDABLE HOUSING · ME

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • PENQUIS HOUSING INC

    C · HOUSING DEVELOPMENT, ACQUIRE FINANCING · ME · 100% owned

    Directly controlled by PENQUIS CAP INC

Provenance

Return type
form_990
Tax year
2024
Filed
29 July 2026
IRS schema version
2024v5.5
Source object
202622179349301737

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