Civic Intelligence

Biddeford-Saco Area Economic Development Corporation

EIN 01-0472964 • 501(c)3 • Biddeford, ME

Profile

To promote sustainable economic prosperity through regional business lending, targeting underserved markets.

20 Pomerleau StreetBiddeford, ME 04005

smfamaine.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

66th percentile

0.28x

Higher debt load relative to assets than 66% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

89th percentile

1.56x

Higher debt load relative to revenue than 89% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

88th percentile

46%

Higher net margin than 88% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

51st percentile

5.1%

Faster asset growth than 51% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

92nd percentile

95%

Faster revenue growth than 92% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets66th percentile

Assets

Up

$7,874,799

Up $382,460 (+5.1%) from 2023

Liabilities

Down

$2,185,041

Down $256,908 (-11%) from 2023

Net Assets

Up

$5,689,758

Up $639,368 (+13%) from 2023

Operations
Liabilities / Revenue89th percentileNet Margin88th percentile

Revenue

Up

$1,401,365

Up $682,284 (+95%) from 2023

Expenses

Up

$761,997

Up $4,109 (+0.5%) from 2023

Net Income

Up

$639,368

Up $678,175 (+1748%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth51st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $4,399,608Liabilities 2010: $1,326,988Net Assets 2010: $3,072,6202010Assets 2011: $4,053,538Liabilities 2011: $1,087,288Net Assets 2011: $2,966,2502011Assets 2012: $4,505,415Liabilities 2012: $1,639,095Net Assets 2012: $2,866,3202012Assets 2013: $4,569,976Liabilities 2013: $1,665,812Net Assets 2013: $2,904,1642013Assets 2014: $4,790,274Liabilities 2014: $1,698,319Net Assets 2014: $3,091,9552014Assets 2015: $5,380,503Liabilities 2015: $2,200,397Net Assets 2015: $3,180,1062015Assets 2016: $6,412,893Liabilities 2016: $2,188,131Net Assets 2016: $4,224,7622016Assets 2017: $6,769,398Liabilities 2017: $2,359,050Net Assets 2017: $4,410,3482017Assets 2018: $7,101,713Liabilities 2018: $2,230,116Net Assets 2018: $4,871,5972018Assets 2019: $7,991,541Liabilities 2019: $3,209,822Net Assets 2019: $4,781,7192019Assets 2020: $7,936,623Liabilities 2020: $3,002,725Net Assets 2020: $4,933,8982020Assets 2021: $7,914,539Liabilities 2021: $2,855,153Net Assets 2021: $5,059,3862021Assets 2022: $7,727,125Liabilities 2022: $2,632,864Net Assets 2022: $5,094,2612022Assets 2023: $7,492,339Liabilities 2023: $2,441,949Net Assets 2023: $5,050,3902023Assets 2024: $7,874,799Liabilities 2024: $2,185,041Net Assets 2024: $5,689,7582024

Highlighted filing

2024

Assets$7,874,799
Liabilities$2,185,041
Net Assets$5,689,758
Open 2024 Filing

Operations Trend

Revenue Growth92nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2010: $321,6922010Revenue 2011: $290,084Expenses 2011: $396,454Net Income 2011: -$106,3702011Expenses 2012: $440,0062012Revenue 2013: $408,515Expenses 2013: $370,671Net Income 2013: $37,8442013Revenue 2014: $577,392Expenses 2014: $389,601Net Income 2014: $187,7912014Revenue 2015: $477,931Expenses 2015: $389,780Net Income 2015: $88,1512015Revenue 2016: $1,436,094Expenses 2016: $391,438Net Income 2016: $1,044,6562016Revenue 2017: $849,904Expenses 2017: $664,318Net Income 2017: $185,5862017Revenue 2018: $987,877Expenses 2018: $526,628Net Income 2018: $461,2492018Revenue 2019: $924,416Expenses 2019: $1,014,294Net Income 2019: -$89,8782019Revenue 2020: $828,928Expenses 2020: $676,749Net Income 2020: $152,1792020Revenue 2021: $753,911Expenses 2021: $584,411Net Income 2021: $169,5002021Revenue 2022: $658,421Expenses 2022: $618,482Net Income 2022: $39,9392022Revenue 2023: $719,081Expenses 2023: $757,888Net Income 2023: -$38,8072023Revenue 2024: $1,401,365Expenses 2024: $761,997Net Income 2024: $639,3682024

Highlighted filing

2024

Revenue$1,401,365
Expenses$761,997
Net Income$639,368
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,874,799
Liabilities
$2,185,041
Net assets
$5,689,758
Revenue
$1,401,365
Expenses
$761,997
Net income
$639,368
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.87$2.19$5.69$1.40$0.76$0.64
2023Detailed filing. Detailed filing data is available for this year.$7.49$2.44$5.05$0.72$0.76$0.04
2022Detailed filing. Detailed filing data is available for this year.$7.73$2.63$5.09$0.66$0.62$0.04
2021Detailed filing. Detailed filing data is available for this year.$7.91$2.86$5.06$0.75$0.58$0.17
2020Detailed filing. Detailed filing data is available for this year.$7.94$3.00$4.93$0.83$0.68$0.15
2019Detailed filing. Detailed filing data is available for this year.$7.99$3.21$4.78$0.92$1.01$0.09
2018Summary only. Only limited summary data is available for this year.$7.10$2.23$4.87$0.99$0.53$0.46
2017Detailed filing. Detailed filing data is available for this year.$6.77$2.36$4.41$0.85$0.66$0.19
2016Detailed filing. Detailed filing data is available for this year.$6.41$2.19$4.22$1.44$0.39$1.04
2015Detailed filing. Detailed filing data is available for this year.$5.38$2.20$3.18$0.48$0.39$0.09
2014Detailed filing. Detailed filing data is available for this year.$4.79$1.70$3.09$0.58$0.39$0.19
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.57$1.67$2.90$0.41$0.37$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.51$1.64$2.87$0.44
2011Summary only. Only limited summary data is available for this year.$4.05$1.09$2.97$0.29$0.40$0.11
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.40$1.33$3.07$0.32
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 12, 2025
Return Version
2023v6.0
Gross Receipts
$1,401,365
Mission and Program Overview

Mission

To promote sustainable, long-term economic prosperity for the biddeford-saco maine area.

To promote sustainable economic prosperity through regional business lending, targeting underserved markets.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$3,769,438$5,521,532▲ $1,752,094
Savings and Temporary Cash Investments$3,417,582$2,083,064▼ $1,334,518
Cash and Non-Interest-Bearing Accounts$252,668$219,453▼ $33,215
Accounts Receivable$22,047$26,975▲ $4,928
Prepaid Expenses and Deferred Charges$4,176--
Land, Buildings, and Equipment, Net$8,406$2,113▼ $6,293
Total Assets$7,492,339$7,874,799▲ $382,460
Other Assets Total$18,022$21,662▲ $3,640
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,157,910$1,901,929▼ $255,981
Other Liabilities$263,316$269,076▲ $5,760
Accounts Payable and Accrued Expenses$20,723$14,036▼ $6,687
Total Liabilities$2,441,949$2,185,041▼ $256,908
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,491,836$5,229,033▲ $737,197
Net Assets Without Donor Restrictions$558,554$460,725▼ $97,829
Total Net Assets Fund Balance$5,050,390$5,689,758▲ $639,368
Total Liabilities and Net Assets / Fund Balance$7,492,339$7,874,799▲ $382,460

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,113$161,442$163,555
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
William O Armitage IiPresidentFT$134,443$30,466$164,909

Board Members and Trustees

NameTitle
Jan WilliamsChair
Rick OlsenVice-chair
Andy KanyDirector
Ayn HanselmannDirector
Bob GeorgitisDirector
Dick HodgdonDirector
Keith McbrideDirector
Lorraine BostonDirector
Marshall ArcherDirector
Paul SchumacherDirector
Rebecca JacobsDirector
Tracey DesjardinsDirector
Keith JacquesSecretary
Betty OlsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$685,781
Program Service Revenue
$679,479
Investment Income
$36,105
Other Revenue
$0
Change in Net Assets
$639,368

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,396,301
Revenue Not Reported on Financial Statements
$5,064
Other Revenue Adjustments
$5,064
Total Revenue per Audited Statements
$1,396,301
Total Revenue per Form 990
$1,401,365
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$440,874
Other Expenses$321,123
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$78,157$141,180-$219,337
Current Officers, Directors, Trustees, and Key Employees$67,965$101,947-$169,912
Interest$46,599--$46,599
Fees for Services Other$14,605$24,509-$39,114
All Other Expenses$8,730$19,711-$28,441
Payroll Taxes$10,272$17,238-$27,510
Other Expenses$25,000$16,288-$25,000
Other Employee Benefits$6,908$13,367-$20,275
Fees for Services Accounting$7,202$11,411-$18,613
Travel$5,793$9,722-$15,515
Office Expenses$5,483$9,202-$14,685
Insurance$5,041$8,459-$13,500
Advertising$4,850$8,138-$12,988
Depreciation Depletion$2,351$3,942-$6,293
Pension Plan Contributions$1,324$2,516-$3,840
Fees for Services Legal-$675-$675
Total Functional Expenses$343,413$418,584$0$761,997

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$761,997
Expenses per Audited Statements$756,933
Total Expenses per Audited Statements$756,933
Expenses Not Reported on Financial Statements$5,064
Other Expense Adjustments$5,064
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Andy KanyBoard MemberSaco & Biddeford SavNo$350,000
Keith JacquesBoard MemberBiddeford SavingsNo$350,000
Rebecca JacobsBoard MemberKennebunk SavingsNo$250,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
City of Biddeford Micro Loan Payable$247,414
Right of Use Liability$21,662
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

“The cities of biddeford, me and saco, me and the sanford regional economic growth council each have two seats on the board, and the biddeford-saco chamber of commerce & industry, the kennebunk development corportation, and the southern maine planning and development commission each have one seat on the board.”

Form 990, Page 6, Part VI, Line 11B

“A copy of this form 990 was provided to the board of directors and the president for review prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“This policy is reviewed and signed by the board of directors at each annual meeting.”

Form 990, Page 6, Part VI, Line 15A

“The executive committee meets annually to review the president's performance and to approve his compensation package. Upon initial hiring and periodically over the years a more exhaustive review, including comparability data, is performed.”

Form 990, Page 6, Part VI, Line 19

“Documents are made available to the public upon request whether by email phone or in-person. Additionally, information regarding the organization can be found on the internet at guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Southern Maine Finance Agency
EIN
01-0472964
Phone
2072821748
Address
20 POMERLEAU STREET, BIDDEFORD, ME 04005

Signing Officer

Name
William O Armitage Ii
Title
President
Phone
2072821748
Signed
2025-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William O Armitage Ii
Formed
1992
Legal Domicile
Me
Voting Board Members
14
Independent Board Members
14
Employees
6
Volunteers
19

Preparer

Firm
Runyon Kersteen Ouellette
Address
20 LONG CREEK DR, SOUTH PORTLAND, ME 04106
Preparer
Amy Chasse
Phone
2077732986
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Donated use of facilities -5,064 donated use of facilities 5,064”

Financial Statement Notes

Schedule D, Page 3, Part X

“Accounting principles generally accepted in the united states of america requires management to evaluate tax positions taken by the smfa and recognize a tax liability if the smfa has taken an uncertain tax position that more likely than not would not be sustained upon examination by the internal revenue service and state taxing authorities. The smfa is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

Schedule D, Page 4, Part XI, Line 4B

“Donated use of facilities 5,064”

Schedule D, Page 4, Part XII, Line 4B

“Donated use of facilities 5,064”

Schedule D, Page 4, Part XIII

“The smfa is operating as a not-for-profit organization and has received an internal revenue service determination of being exempt from income taxes under section 501(c)(3). There has been no provision for income taxes as a result, and contributions to the smfa are generally tax deductible.”

Raw XML AppendixShowing 400 of 537 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0THE PRESIDENT AND/OR OTHER EMPLOYEES ATTEND MEETINGS OF VARIOUS STATE COMMITTEES AND/OR LEGISLATORS, CITY COUNCILS, AND OUR FEDERAL CONGRESSIONAL DELEGATION TO PRESENT REPORTS OR UPDATES ON ACTIVITIES.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE C, PART I-A, LINE 1
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE SMFA AND RECOGNIZE A TAX LIABILITY IF THE SMFA HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE AND STATE TAXING AUTHORITIES. THE SMFA IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1DONATED USE OF FACILITIES 5,064
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2DONATED USE OF FACILITIES 5,064
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3THE SMFA IS OPERATING AS A NOT-FOR-PROFIT ORGANIZATION AND HAS RECEIVED AN INTERNAL REVENUE SERVICE DETERMINATION OF BEING EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3). THERE HAS BEEN NO PROVISION FOR INCOME TAXES AS A RESULT, AND CONTRIBUTIONS TO THE SMFA ARE GENERALLY TAX DEDUCTIBLE.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 4B

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