Southern Maine Finance Agency

Analysis

Southern Maine Finance Agency is a registered charity in United States, based in Biddeford, ME. It received its IRS tax-exemption ruling in August 1993, 33 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Southern Maine Finance Agency reported income of $719k and spending of $758k, spending 105% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $924k to $719k (-22%), an average of -6.1% a year. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Southern Maine Finance Agency sits at the 73rd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 71st percentile within ME. Charities of a similar size with the same main cause include Shell Lake Arts Center Inc ($718k), Ashley County Skilled Work Center Inc ($719k) and Linn County Fair Association ($718k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 22% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $160k (21% of expenses). Other salaries and wages came to $186k. At year end it held assets of $7.5m against liabilities of $2.4m, net assets of $5.1m. It reported 5 employees.