The Genesis Community Loan Fund
Legal name: The Genesis Fund
Nonprofit profile at a glance
- EIN
- 010461436
- IRS 990 coverage
- 2010–2025
- Official website data refreshed
- Aug 2026
- Forms available
- Form 990 2025
- Location
- Brunswick, ME, United States
- Phone
- 207 844 2035
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Christianity
- Affiliation
- Christianity
Reported finances
- Revenue
- $5,428,902
- Expenses
- $4,028,935
- Assets
- $68,327,582
- Liabilities
- $49,026,965
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
19 people listed
Executive titles in this filing
- Julie Wagoner (President)
- Diane Small (Vice-President)
- Elizabeth Fleming-Ives (Executive Director)
Highest reported compensation
- Elizabeth Fleming-Ives (Executive Director): $276,904 total reported compensation
- Jennifer Rottmann (Deputy Director & CFO): $221,227 total reported compensation
- Erica Quin-Easter (Director of Lending): $166,151 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Genesis is a caring, creative, flexible lender that works throughout Maine and Northern New England to make flexible loans, deliver expert project guidance, and promote policy solutions and systemic change; it offers impact investing for individuals and institutions. In 1992, neighbors in Midcoast Maine learned about a family unable to afford housing and living in the hollow of a nearby bridge. They began organizing support with local faith communities, creating a pooled loan fund that ultimately helped finance more than a dozen new affordable and energy-efficient local homes. That’s how concerned individuals launched the Genesis Fund—working together from a kitchen table to meet need in their community. Community Development.
What it reported doing in 2025
In FY26, the Genesis Fund closed 27 loans for over $10 million, increasing the outstanding loan portfolio to more than $50 million. Through this lending, 815 units of housing were created or preserved. In addition, the Genesis Fund's lending reached over 7,500 additional people through support of preserved and expanded food pantries, recovery services, and community development. The Genesis Fund also provided over 2,700 hours of professional guidance to dozens of projects in FY26, helping to create affordable housing and community facilities by sharing professional knowledge to develop these projects.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 79
- Transparency & Controls: 74
- Accountability: 95
- Sustainability: 66
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 73.4%; rating input score 73
- Program expense ratio: 93.6%; rating input score 94
- Fundraising efficiency: $25.72 raised per $1 spent on fundraising; rating input score 66; 66th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- 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: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- 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: 25.8%; rating input score 78; 78th percentile among comparable filings
- Total-asset coverage ratio: 16.96; rating input score 93; 93rd percentile among comparable filings
- Liabilities to assets ratio: 0.72; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 29.3%; rating input score 8; 8th percentile among comparable filings
Growth
- Program expense growth: 15.5% per year; rating input score 100; 76th percentile among comparable filings
- Revenue growth: 14.7% per year; rating input score 100; 79th percentile among comparable filings
- Asset growth: 14.2% per year; rating input score 100; 72nd percentile among comparable filings
Details
- What they do: 1 operating location identified
- Where the money goes: 73.4% of revenue deployed · 93.6% of spending went to programs
- Governance: 12 of 12 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $3.8M in reported program spending
- Leadership: top reported pay $277K · 19 people listed · 2 of 6 pay-setting controls reported
- Consistency: 34 of 34 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 16 filing years from 2010 to 2025
- Contacts: How to reach this organization
- Money network: 8 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- High — Sustainability: Officer compensation ratio scored 8/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.