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Nonprofiteer
← COMMUNITY CONCEPTS FINANCE CORP

Form 990 for tax year 2023

Filed by COMMUNITY CONCEPTS FINANCE CORP.

Totals

Total revenue
$2,349,550
Total expenses
$2,407,655
Contributions and grants received
$1,042,855
Grants paid
$53,457
Program service revenue
$1,304,881
Investment income
$1,814
Other revenue
$0
Total assets, end of year
$12,924,570
Total liabilities, end of year
$8,846,263
Net assets or fund balances, end of year
$4,078,307
Program services expenses (Part IX)
$2,237,974
Management and general expenses
$169,681
Fundraising expenses
$0
Program service expenses (Part III)
$2,237,974

Program services were 93.0% 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.

  • 1e · Government grants (contributions)

    $391,592

  • 1f · All other contributions, gifts and grants

    $651,263

  • 2a · Program service revenue: Interest Income, Loans

    total $940,290 · related or exempt $940,290

  • 2b · Program service revenue: Fees, Private

    total $208,105 · related or exempt $208,105

  • 2c · Program service revenue: Other Income

    total $156,486 · related or exempt $156,486

  • 3 · Investment income

    total $1,814 · excluded $1,814

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $53,457 · program services $53,457

  • 11a · Fees: management

    total $979,148 · program services $979,148

  • 11b · Fees: legal

    total $16,591 · program services $16,591

  • 11g · Fees: other

    total $128,374 · program services $128,374

  • 12 · Advertising and promotion

    total $1,375 · program services $1,375

  • 13 · Office expenses

    total $9,323 · program services $9,323

  • 14 · Information technology

    total $139,488 · program services $139,488

  • 16 · Occupancy

    total $51,680 · program services $51,680

  • 17 · Travel

    total $18,589 · program services $18,589

  • 20 · Interest

    total $365,103 · program services $365,103

  • 23 · Insurance

    total $1,490 · program services $1,490

  • 24a · Other expenses: Loan Loss Reserves

    total $374,911 · program services $374,911

  • 24b · Other expenses: Indirect G&A Costs

    total $169,681 · management and general $169,681

  • 24c · Other expenses: Miscellaneous

    total $74,331 · program services $74,331

  • 24d · Other expenses: Equipment Expense

    total $24,114 · program services $24,114

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,691,357 · end of year $3,794,068

  • 4 · Accounts receivable

    beginning of year $545,077 · end of year $439,584

  • 7 · Other notes and loans receivable

    beginning of year $7,977,165 · end of year $8,436,481

  • 8 · Inventories for sale or use

    beginning of year $67,984

  • 9 · Prepaid expenses and deferred charges

    end of year $5,807

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

    $46,649

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

    $46,649

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $41,138 · end of year $39,262

  • 15 · Other assets

    beginning of year $187,368 · end of year $209,368

  • 17 · Accounts payable and accrued expenses

    beginning of year $156,777 · end of year $254,053

  • 19 · Deferred revenue

    beginning of year $75,790 · end of year $75,949

  • 21 · Escrow or custodial account liability

    beginning of year $22,022 · end of year $42,988

  • 23 · Secured mortgages and notes payable

    beginning of year $5,320,704 · end of year $5,853,082

  • 24 · Unsecured notes and loans payable

    beginning of year $2,100,000 · end of year $2,100,000

  • 25 · Other liabilities

    beginning of year $461,812 · end of year $520,191

  • 27 · Net assets without donor restrictions

    beginning of year -$89,306 · end of year -$337,317

  • 28 · Net assets with donor restrictions

    beginning of year $4,462,290 · end of year $4,415,624

Mission and programs · 2023

Mission

To encourage, stimulate and promote housing development and home ownership within Maine, targeting low income families; To provide alternative financial resources for affordable housing development and low income homeownership; To provide education, training and other services supporting the development of low income housing; And to provide education and financial resources, including loans, for business and economic development activities in urban and rural low-income areas.

Activities or mission (Part I)

To encourage, stimulate and promote housing development and home ownership within Maine.

  • Housing - Creates homeowners through lending and home building and seeks development of affordable multi-family housing through various funding mechanisms. Services include lending services, credit and home ownership education. Similar services provided in the areas of small business lending and economic development.

    Expenses $2,237,974 · Grants $53,457 · Revenue $1,304,881

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Travis Frautten

    Chair

    Total calculated
    $0
    Hours/week
    2

  • Dennis Lajoie

    Vice Chair

    Total calculated
    $0
    Hours/week
    2

  • Lincoln Jeffers

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Jennifer Corbet

    Director

    Total calculated
    $0
    Hours/week
    2

  • Steven Davis

    Director

    Total calculated
    $0
    Hours/week
    2

  • Peter Garcia

    Director

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Fowsia Musse

    Director

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • James Martin

    CEO - CCI

    Total calculated
    $220,753
    From this org
    $0
    From related orgs
    $193,515
    Other
    $27,238
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $193,515 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $955 related
    Nontaxable benefits
    $0 + $26,283 related
    Filer's total
    $0 + $220,753 related

  • Laura Gormley

    CFO - CCI

    Total calculated
    $168,130
    From this org
    $0
    From related orgs
    $139,233
    Other
    $28,897
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $139,233 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,574 related
    Nontaxable benefits
    $0 + $20,323 related
    Filer's total
    $0 + $168,130 related

  • Nathan Libby

    Past President

    Total calculated
    $123,342
    From this org
    $0
    From related orgs
    $109,013
    Other
    $14,329
    Hours/week
    40

  • Natalie Beale

    President

    Total calculated
    $0
    Hours/week
    40

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

The filer's explanations (Part III)

Form 990, Schedule J, Part I, Line 3:
Compensation for the Organization's CEO and CFO is paid through a related organization, Community Concepts, Inc., and is based on a written employment contract, compensation survey data and is approved by that organization's Board of Directors.

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.

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.

  • Court Street Senior Housing Association

    Low Income Housing Development · ME

  • Blake & Pine LP

    Low Income Housing Development · ME

  • Bates Street Senior Housing LP

    Low Income Housing Development · ME

Related corporations and trusts

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

  • Community Concepts Housing Corporation

    C · Low Income Housing Development · ME

Provenance

Return type
form_990
Tax year
2023
Filed
6 August 2025
IRS schema version
2023v6.0
Source object
202502199349301680

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