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Nonprofiteer
← MONTANA COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by MONTANA COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$20,160,998
Total expenses
$9,817,635
Contributions and grants received
$6,591,235
Grants paid
$561,000
Program service revenue
$13,469,288
Investment income
$96,945
Other revenue
$3,530
Total assets, end of year
$89,408,341
Total liabilities, end of year
$34,949,752
Net assets or fund balances, end of year
$54,458,589
Program services expenses (Part IX)
$8,280,240
Management and general expenses
$1,537,395
Fundraising expenses
$0
Program service expenses (Part III)
$8,280,240

Program services were 84.3% 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.

  • 1e · Government grants (contributions)

    $4,966,470

  • 1f · All other contributions, gifts and grants

    $1,624,765

  • 2a · Program service revenue: LOAN INTEREST & FEES - PPP

    total $5,649,288 · related or exempt $5,649,288

  • 2b · Program service revenue: NMTC FEES

    total $4,412,209 · related or exempt $4,412,209

  • 2c · Program service revenue: LOAN INTEREST & FEES

    total $3,190,400 · related or exempt $3,190,400

  • 2d · Program service revenue: LOAN INTEREST & FEES - DOWN PAYME

    total $217,391 · related or exempt $217,391

  • 3 · Investment income

    total $96,945 · excluded $96,945

  • 11d · All other revenue

    total $3,530 · related or exempt $3,530

  • 11e · Other revenue, total

    $3,530

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $561,000 · program services $561,000

  • 5 · Compensation of officers, directors and key employees

    total $1,489,825 · program services $1,260,987 · management and general $228,838

  • 7 · Other salaries and wages

    total $4,211,034 · program services $3,564,219 · management and general $646,815

  • 8 · Pension plan contributions

    total $236,787 · program services $200,417 · management and general $36,370

  • 9 · Other employee benefits

    total $384,124 · program services $325,123 · management and general $59,001

  • 10 · Payroll taxes

    total $329,640 · program services $279,007 · management and general $50,633

  • 11b · Fees: legal

    total $7,092 · program services $6,003 · management and general $1,089

  • 11c · Fees: accounting

    total $85,128 · program services $72,052 · management and general $13,076

  • 11d · Fees: lobbying

    total $28,079 · program services $28,079

  • 11g · Fees: other

    total $765,751 · program services $744,527 · management and general $21,224

  • 12 · Advertising and promotion

    total $440,813 · program services $440,813

  • 13 · Office expenses

    total $184,636 · program services $156,276 · management and general $28,360

  • 14 · Information technology

    total $714,760 · program services $604,973 · management and general $109,787

  • 16 · Occupancy

    total $703,651 · program services $595,571 · management and general $108,080

  • 17 · Travel

    total $352,552 · program services $298,400 · management and general $54,152

  • 20 · Interest

    total $490,423 · program services $490,423

  • 22 · Depreciation, depletion and amortization

    total $442,910 · program services $374,879 · management and general $68,031

  • 23 · Insurance

    total $151,439 · program services $128,178 · management and general $23,261

  • 24a · Other expenses: STAFF DEVELOPMENT

    total $542,672 · program services $459,318 · management and general $83,354

  • 24b · Other expenses: LOAN EXPENSE

    total $71,378 · program services $71,378

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $22,111 · program services $18,715 · management and general $3,396

  • 24d · Other expenses: LOAN LOSS PROVISION

    total -$2,410,724 · program services -$2,410,724

  • 24e · All other expenses

    total $12,554 · program services $10,626 · management and general $1,928

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $291,370 · end of year $348,391

  • 2 · Savings and temporary cash investments

    beginning of year $41,969,410 · end of year $36,251,465

  • 4 · Accounts receivable

    beginning of year $1,623,405 · end of year $595,228

  • 7 · Other notes and loans receivable

    beginning of year $81,585,674 · end of year $49,416,696

  • 9 · Prepaid expenses and deferred charges

    beginning of year $57,309 · end of year $44,553

  • 10a · Land, buildings and equipment: cost or other basis

    $4,860,852

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,276,353

  • 10c · Land, buildings and equipment, net

    beginning of year $2,539,904 · end of year $2,584,499

  • 13 · Investments: program-related

    beginning of year $40,890 · end of year $38,083

  • 14 · Intangible assets

    end of year $129,426

  • 17 · Accounts payable and accrued expenses

    beginning of year $754,915 · end of year $1,845,486

  • 19 · Deferred revenue

    beginning of year $1,873,400 · end of year $2,427,849

  • 23 · Secured mortgages and notes payable

    beginning of year $22,639,568 · end of year $25,111,035

  • 25 · Other liabilities

    beginning of year $58,724,853 · end of year $5,565,382

  • 27 · Net assets without donor restrictions

    beginning of year $39,423,759 · end of year $50,508,471

  • 28 · Net assets with donor restrictions

    beginning of year $4,691,467 · end of year $3,950,118

Mission and programs · 2022

Mission

MONTANA COMMUNITY DEVELOPMENT CORPORATION (DBA "MOFI") PROVIDES FINANCING AND CONSULTING THAT TRANSFORM LIVES AND COMMUNITIES.

Activities or mission (Part I)

MONTANA COMMUNITY DEVELOPMENT CORPORATION (DBA "MOFI") PROVIDES FINANCING AND CONSULTING SERVICES THAT TRANSFORM LIVES AND COMMUNITIES.

  • FOUNDED IN 1986, MONTANA COMMUNITY DEVELOPMENT CORPORATION, DOING BUSINESS AS MOFI ("MOFI"), IS A 501(C)(3) NONPROFIT ORGANIZATION WITH A MISSION TO PROVIDE FINANCING AND CONSULTING THAT TRANSFORMS LIVES AND COMMUNITIES. MOFI IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION ("CDFI") AND NEW MARKETS TAX CREDIT ("NMTC'") LENDER PROVIDING ACCESS TO CAPITAL AND FREE FINANCIAL CONSULTING SERVICES FOR PEOPLE WHO HAVE BEEN LEFT OUT OF THE FINANCIAL MAINSTREAM. MOFI IS INSPIRED BY ONE VISION: TRANSFORMING THE FINANCIAL SYSTEM TO WORK FOR EVERYONE.MOFI WORKS IN THE ROCKY MOUNTAIN WEST AND HAS TWO PRIMARY LENDING PROGRAMS: (1) PROVIDING LOANS TO SMALL AND MICROBUSINESSES THAN CANNOT SECURE CONVENTIONAL FINANCING, AND (2) PROVIDING NMTC ENHANCED LOANS TO CATALYTIC PROJECTS THAT CREATE JOBS, PROVIDE CRITICAL COMMUNITY SERVICES, AND TRANSFORM ECONOMIES IN THE REGION'S MOST IMPOVERISHED AREAS.

    Expenses $8,280,240 · Grants $561,000 · Revenue $13,296,934

  • IN ADDITION TO ITS TWO CORE PROGRAMS, MOFI OFFERS TWO SMALLER HOME LOAN PROGRAMS IN MONTANA, A STATE CHARACTERIZED BY HIGH HOUSING COSTS AND LOW WAGES. THESE PROGRAMS INCLUDE HOMENOW, A DOWN PAYMENT ASSISTANCE PROGRAM OFFERING DOWN PAYMENT GRANTS AND LOANS, AND EHRL (EMERGENCY HOME REPAIR LOAN) A CONSUMER LOAN FOR URGENT HOME REPAIRS FOR PEOPLE LIVING IN MANUFACTURED HOUSING.

    Revenue $175,884

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ALLISON JOHNSTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BOB GAUTHIER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DAVID GLASER

    PRESIDENT

    Total calculated
    $558,919
    From this org
    $520,859
    From related orgs
    $0
    Other
    $38,060
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $376,460
    Bonus
    $143,574
    Other
    $825
    Deferred
    $12,638
    Nontaxable benefits
    $25,422
    Filer's total
    $558,919

  • DON KING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KALLI RYTI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LISA COOPER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NANCY QUIST

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • NATALIE CAMACHO MENDOZA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SARA SMITH

    VICE-CHAIRPERSON & TREASUR

    Total calculated
    $0
    Hours/week
    1

  • SERENA RUNDBERG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TOM SERVERSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • HEIDI DEARMENT

    VP & CFO

    Total calculated
    $559,321
    From this org
    $515,389
    From related orgs
    $0
    Other
    $43,932
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $369,770
    Bonus
    $143,574
    Other
    $2,045
    Deferred
    $12,638
    Nontaxable benefits
    $31,294
    Filer's total
    $559,321

  • GREG ASTLE

    DIRECTOR OF TAX CREDIT LEN

    Total calculated
    $371,585
    From this org
    $345,106
    From related orgs
    $0
    Other
    $26,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,138
    Bonus
    $96,888
    Other
    $1,080
    Deferred
    $8,400
    Nontaxable benefits
    $18,079
    Filer's total
    $371,585

  • ALYSSA PETERMAN

    BUSINESS DEVELOPMENT MANAGER

    Total calculated
    $135,756
    From this org
    $119,177
    From related orgs
    $0
    Other
    $16,579
    Hours/week
    40

  • BEN WRIGHT

    DIRECTOR OF OPERATIONS

    Total calculated
    $321,502
    From this org
    $284,521
    From related orgs
    $0
    Other
    $36,981
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,514
    Bonus
    $78,807
    Other
    $1,200
    Deferred
    $8,383
    Nontaxable benefits
    $28,598
    Filer's total
    $321,502

  • BETSY BEAUVAIS

    DIRECTOR OF LENDING

    Total calculated
    $344,690
    From this org
    $302,826
    From related orgs
    $0
    Other
    $41,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,585
    Bonus
    $89,241
    Other
    $0
    Deferred
    $8,920
    Nontaxable benefits
    $32,944
    Filer's total
    $344,690

  • LEAH KNICKERBOCKER

    CHIEF LENDING OFFICER

    Total calculated
    $165,765
    From this org
    $142,886
    From related orgs
    $0
    Other
    $22,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,707
    Bonus
    $20,979
    Other
    $1,200
    Deferred
    $4,800
    Nontaxable benefits
    $18,079
    Filer's total
    $165,765

  • RACHEL MCDONOUGH

    DIRECTOR OF FINANCE

    Total calculated
    $286,373
    From this org
    $253,481
    From related orgs
    $0
    Other
    $32,892
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,169
    Bonus
    $74,462
    Other
    $850
    Deferred
    $7,189
    Nontaxable benefits
    $25,703
    Filer's total
    $286,373

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 5a · Pay contingent on this organization's revenues
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
MOFI PROVIDES A BENEFIT FOR ALL EMPLOYEES TO PAY GYM MEMBERSHIP DUES. THESE DUES ARE TREATED AS TAXABLE INCOME. THESE AMOUNTS ARE INCLUDED ON SCHEDULE J, PART II, COLUMN B(III) AND INCLUDED IN THE INDIVIDUALS 2022 W-2S.
PART I, LINE 5
IN 2022, MOFI ESTABLISHED AN EXECUTIVE BONUS PLAN.
PART I, LINE 7
INCLUDED IN SCHEDULE J, PART II COLUMN B(II) ARE AMOUNTS REPRESENTING BONUSES. THESE AMOUNTS WERE INCLUDED IN THE INDIVIDUALS 2022 W-2 AND APPROVED BY THE BOARD.

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

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • ARAPAHO SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $5 · share of assets $4,920 · general or managing partner

  • BLACKFEET CC SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $3 · share of assets $10,725 · general or managing partner

  • BUTTE HARDWARE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $20 · share of assets $10,675 · general or managing partner

  • CAPEHON BILLINGS SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $20 · general or managing partner

  • CD2 SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $5 · share of assets $11,959 · general or managing partner

  • CDA YOUTH CENTER SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $11,969 · general or managing partner

  • COBBLESTONE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $10,666 · general or managing partner

  • COPPER KING SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $24 · share of assets $10,964 · general or managing partner

  • FAMILY SERVICE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $10,667 · general or managing partner

  • FOOD COOP SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $29 · share of assets $11,170 · general or managing partner

  • FORT PECK SUB CDE

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$6 · general or managing partner

  • FRESCA MEXICAN SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $31 · share of assets $12,656 · general or managing partner

  • GF RESCUE MISSION SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$7 · general or managing partner

  • GROCERY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $11,285 · general or managing partner

  • HELENA ARMORY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $45 · share of assets $11,571 · general or managing partner

  • HEMMING CEDARS SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $53 · share of assets $13,128 · general or managing partner

  • MFB SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $10,634 · general or managing partner

  • MOSCOW SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $1 · share of assets $11,973 · general or managing partner

  • NWE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$27 · general or managing partner

  • OSBORNE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $31 · share of assets $10,999 · general or managing partner

  • RSVP RAINBOW SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $18 · share of assets $10,935 · general or managing partner

  • UNIVERSAL SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$8 · general or managing partner

  • WESTERN STATES SUB

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$1,355 · general or managing partner

  • YWMSO SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $11,187 · general or managing partner

  • AVERY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $12 · share of assets $11,412 · general or managing partner

  • IMH SUB CD

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · general or managing partner

  • INDEPENDENT SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $10,635 · general or managing partner

  • ONESIXTY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $30 · share of assets $11,296 · general or managing partner

  • ONE HEALTH SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $10,958 · general or managing partner

  • PREMIER SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · general or managing partner

  • WELLNESS CENTER SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $10 · share of assets $12,171 · general or managing partner

  • WYOTECH SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $11,801 · general or managing partner

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202323139349300147

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