Housing, Shelter

GENESIS FUND

  • Brunswick, ME
  • www.genesisfund.org

Mission Statement

Since 1992, the Genesis Community Loan Fund has served as a critical link in providing opportunities for underserved people and communities across Maine. The Genesis Fund provides innovative financing by soliciting low-interest loans from individuals, churches, corporations and foundations, and then re-lending the money to nonprofit organizations working to develop affordable housing and community facilities. The Genesis Fund also provides substantial technical assistance and help in leveraging additional sources of state, federal or foundation funding. It has made over $20 million in loans to more than 218 projects. These projects have created or improved affordable housing for Maine's most vulnerable populations: single mothers and their children, low-income working families, the elderly and disabled, the chronically mentally ill and the homeless.

Main Programs

  1. Lending and Technical Assistance
  2. Genesis Community Loan Fund
Service Areas

Self-reported

Maine

State of Maine

ruling year

1992

Principal Officer

Self-reported

William Floyd

Keywords

Self-reported

affordable housing, housing, community development, loan fund, socially responsible investing, maine,

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Also Known As

Genesis Community Loan Fund

EIN

01-0461436

 Number

7442886950

Contact

Cause Area (NTEE Code)

Fund Raising and/or Fund Distribution (L12)

Senior Citizens' Housing/Retirement Communities (L22)

Financial Institutions/Services (Non-Government Related) (W60)

IRS Filing Requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Programs + Results

How does this organization make a difference?

Programs

Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Program 1

Lending and Technical Assistance

The major operating programs of the Genesis Community Loan fund include: making below-market loans to nonprofit organizations across Maine that are engaged in creating affordable housing or other social or economic community development; providing technical assistance to borrower organizations as well as those nonprofits and community groups in the preliminary stages of project development; helping organizations we work with leverage additional funds from federal sources, foundations and other venues. Additionally, since, 2004, the Genesis Fund has worked in collaboration with other groups and agencies to develop strategies and projects to help sustain Maine?s vulnerable year-round island communities by offering grants, loans and technical assistance.

Category

None

Population(s) Served

Poor/Economically Disadvantaged, Indigent, General

None

None

Budget

Program 2

Genesis Community Loan Fund

Genesis Community Loan Fund Operating Budget

Category

Community Development

Population(s) Served

Poor/Economically Disadvantaged, Indigent, General

Budget

$560,683.00

Service Areas

Self-reported

Maine

State of Maine

Social Media

Funding Needs

Donations to the Genesis Fund allow us to continue to provide technical assistance to small nonprofit groups that are creating affordable housing and vital community facilities all across Maine.  Gifts to the Elizabeth McPherson Permanent Capital Fund helps build our pool of revolving capital.  The Genesis Fund then lends this money with flexible terms and interest rates to a variety of affordable housing and community facility projects throughout Maine

External Reviews

Source: greatnonprofits.org

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Financials

Financial information is an important part of gauging the short- and long-term health of the organization.

The Genesis Fund
Fiscal year: Apr 01-Mar 31
Yes, financials were audited by an independent accountant.

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  • Address, phone, website and contact information
  • Forms 990 for 2015, 2014 and 2014
  • Board Chair and Board Members
  • Access to the GuideStar Community
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Operations

The people, governance practices, and partners that make the organization tick.

GENESIS FUND

Leadership

NEED MORE INFO ON THIS NONPROFIT?

Free: Gain immediate access to the following:
  • Address, phone, website and contact information
  • Forms 990 for 2015, 2014 and 2014
  • Board Chair and Board Members
  • Access to the GuideStar Community
Need the ability to download nonprofit data and more advanced search options? Consider a Premium or Pro Search subscription.

Principal Officer

William Floyd

BIO

William Floyd joined the Genesis Fund as Executive Director in June 2007, coming from Portland based Shalom House. With Shalom House since 1999, Floyd developed and managed their housing and facilities.  Prior to his work with Shalom House, Floyd worked for the State of Maine in developing housing and services in the Department of Mental Health, Mental Retardation and Substance Abuse Services. As a consultant he has also provided technical assistance to many nonprofit organizations across Maine seeking to develop supported employment for those with disabilities. Throughout his long and varied career, Floyd has brought enormous amounts of energy, enthusiasm, and creativity to every project he has worked on. From 1999 to 2005 he volunteered as a member of the Genesis Fund's board of directors, serving as president for the last two years.

Governance

BOARD CHAIR

Erin Cooperrider

Community Housing of Maine

BOARD LEADERSHIP PRACTICES

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section, which enables organizations and donors to transparently share information about essential board leadership practices. Self-reported by organization

Yes

BOARD ORIENTATION & EDUCATION

Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations?

Yes

CEO OVERSIGHT

Has the board conducted a formal, written assessment of the chief executive within the past year?

Yes

ETHICS & TRANSPARENCY

Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year?

Yes

BOARD COMPOSITION

Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership?

No

BOARD PERFORMANCE

Has the board conducted a formal, written self-assessment of its performance within the past three years?