Community Concepts Finance Corporation

“The Board of a related organization, Community Concepts, Inc. has the power to appoint two members of the Organization's Board of Directors.”

“The Organization's budget is subject to approval by the Board of Directors of Community Concepts, Inc.”

“The Form 990 was prepared by the Organization's public accountant and reviewed by the Organization's finance committee, and then provided to the Board of Directors prior to submission.”

“The conflict of interest policy is monitored for compliance by multiple funding sources during their reviews of the Agency and also self-monitored by the Board of Directors. All employees occupy a position of trust with Community Concepts Finance Corporation and, as a result, have a duty of loyalty to the Agency, both during and after the employment relationship. Employees are required to avoid any relationship or activity that might create or give the appearance of a conflict between their personal or family interests and the interests of the Agency. A "conflict of interest" occurs when an individual's private interest interferes or appears to interfere with the interests of the Agency. A conflict of interest can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or her Agency work objectively and effectively. Employees must disclose any relationship that appears to create a conflict of interest to the Director of Human Resources or the CEO. Employees must also obtain written pre-approval before proceeding with any transaction, conduct or investment that creates or appears to create a conflict of interest.”

“The compensation of the CEO is determined based on comparable salary studies for the non-profit industry.”

“The Organization's governing documents, conflict of interest policy and financial statements are available upon request.”

“Section 1.263(a)-3(n) Election: Community Concepts Finance Corporation 240 Bates Street Lewiston, ME 04240 EIN: 01-0540981 Section 1.263(a)-3(n) Election: Community Concepts Finance Corporation is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”

“The Organization adopted Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after October 1, 2023 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The Organization recognized a decrease to net assets of $236,572 as of October 1, 2023 for the cumulative effect of adopting Topic 326. The transition adjustment includes an increase of $258,572 to the allowance for loan losses (now called the ACL on loans) and a decrease of $22,000 to remove the allowance for deferred loans receivable.”