Totals
- Total revenue
- $2,060,835
- Total expenses
- $2,060,850
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,934,326
- Investment income
- $21,496
- Other revenue
- $105,013
- Total assets, end of year
- $1,380,868
- Total liabilities, end of year
- $1,380,889
- Net assets or fund balances, end of year
- -$21
- Program services expenses (Part IX)
- $2,006,672
- Management and general expenses
- $54,178
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,006,672
Program services were 97.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: LOAN SERVICE FEES
total $1,800,000 · related or exempt $1,800,000
-
2b · Program service revenue: OTHER FEES
total $134,326 · related or exempt $134,326
-
3 · Investment income
total $21,496 · related or exempt $21,496
-
11a · Other revenue: REIMBURSEMENT INCOME
total $105,000 · related or exempt $105,000
-
11b · Other revenue: OTHER INCOME FROM SUB-
total $13 · related or exempt $13
-
11e · Other revenue, total
$105,013
Functional expenses
Part IX, the statement of functional expenses.
-
11a · Fees: management
total $1,362,615 · program services $1,362,615
-
11b · Fees: legal
total $1,090 · management and general $1,090
-
11c · Fees: accounting
total $52,438 · management and general $52,438
-
11g · Fees: other
total $641,442 · program services $641,442
-
13 · Office expenses
total $3,229 · program services $2,579 · management and general $650
-
24a · Other expenses: OTHER DEDUCTIONS FROM S
total $36 · program services $36
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $637,377 · end of year $1,374,625
-
4 · Accounts receivable
beginning of year $73 · end of year $264
-
12 · Investments: other securities
beginning of year $2,994 · end of year $5,979
-
17 · Accounts payable and accrued expenses
beginning of year $73 · end of year $264
-
19 · Deferred revenue
end of year $17,500
-
25 · Other liabilities
beginning of year $640,377 · end of year $1,363,125
-
27 · Net assets without donor restrictions
beginning of year -$6 · end of year -$21
Mission and programs · 2023
Mission
TO SERVE AND PROVIDE PRODUCTS, SERVICES, LOANS AND/OR INVESTMENT CAPITAL FOR QUALIFIED LOW INCOME PERSONS OR LOW INCOME COMMUNITIES AND TO FURTHER THE AFFORDABLE HOUSING, NEIGHBORHOOD AND COMMUNITY REVITILAZATION AND ECONOMIC DEVELOPMENT EFFORTS.
-
NEW MARKETS TAX CREDITS (NMTC) WORKS TO ENCOURAGE AND JUMPSTART INVESTMENT IN LOW-INCOME CENSUS TRACTS TO CREATE JOBS AND BRING NEW OPPORTUNITIES TO QUALIFYING AREAS IN NORTH DAKOTA. THE GOAL OF THE NMTC AWARD IS TO FILL A FINANCING GAP FOR TRANSFORMATIVE PROJECTS WHICH BRING OPPORTUNITIES TO LOW-INCOME OR DISTRESSED AREAS.
Expenses $2,006,672 · Revenue $2,060,835
As filed on the 2023 return.
Listed in Part VII
-
Cole KeneyCOLE KENEY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Craig HansonCRAIG HANSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
John PhillipsJOHN PHILLIPS
BOARD MEMBER
- Total calculated
- $1,800
- From this org
- $0
- From related orgs
- $1,800
- Other
- $0
- Hours/week
- 1 + 1 related
-
Steve BritschSTEVE BRITSCH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Steve DusekSTEVE DUSEK
PRESIDENT, CEO, AND SECRETARY
- Total calculated
- $272,419
- From this org
- $0
- From related orgs
- $228,767
- Other
- $43,652
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $171,167 related
- Bonus
- $0
- Other
- $0 + $57,600 related
- Deferred
- $0 + $15,174 related
- Nontaxable benefits
- $0 + $28,478 related
- Filer's total
- $0 + $272,419 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 3:
- COMPENSATION IS FROM A RELATED ORGANIZATION. THE RELATED ORGANIZATION DETERMINES COMPENSATION BASED ON APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
501(C)(3) · SMALL BUSINESS FUNDING · ND
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 26 April 2024
- IRS schema version
- 2023v5.0
- Source object
- 202431229349301713
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