Mainestream Finance

Overview

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.

What it reported doing in 2023

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.

Operating model

Revenue model
Earned-program. 74% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
010539222
IRS 990 coverage
2009–2023
Forms available
Form 990 2023
Headquarters
Bangor, ME, USA
Phone
2079733500
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Small Business Development

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 65
  • Accountability: 91
  • Sustainability: 68
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.4%; rating input score 63
  • Program expense ratio: 77%; rating input score 77
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 17.6%; rating input score 74; 74th percentile among comparable filings
  • Total-asset coverage ratio: 14.75; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.62; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 12.7%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: -6.2% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: 2.9% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 4.8% per year; rating input score 100; 38th percentile among comparable filings

Details

  • Where the money goes: 63.4% of revenue deployed · 77% of spending went to programs
  • Governance: 6 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $390K in reported program spending
  • Leadership: top reported pay $285K · 10 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 annual filings from 2009 to 2023
  • Contacts: How to reach this organization
  • Related organizations: 18 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

10 people listed

Highest reported compensation

  • KARA HAY (CHIEF EXECUTIVE OFFICER): $285,136 total reported compensation
  • DENICE CONARY (CHIEF FINANCIAL OFFICER): $209,560 total reported compensation
  • HEIDI LEBLANC (CHIEF OPERATING OFFICER): $167,786 total reported compensation

Source: IRS Form 990. Selected filing: FY2023.