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← MONTANA COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by MONTANA COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$18,875,682
Total expenses
$13,420,404
Contributions and grants received
$8,762,349
Grants paid
$112,085
Program service revenue
$9,082,063
Investment income
$1,031,270
Other revenue
$0
Total assets, end of year
$108,692,503
Total liabilities, end of year
$48,778,636
Net assets or fund balances, end of year
$59,913,867
Program services expenses (Part IX)
$11,813,087
Management and general expenses
$1,607,317
Fundraising expenses
$0
Program service expenses (Part III)
$11,813,087

Program services were 88.0% 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)

    $7,004,701

  • 1f · All other contributions, gifts and grants

    $1,757,648

  • 2a · Program service revenue: NMTC FEES

    total $4,924,805 · related or exempt $4,924,805

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

    total $3,938,962 · related or exempt $3,938,962

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

    total $218,296 · related or exempt $218,296

  • 3 · Investment income

    total $1,031,270 · excluded $1,031,270

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $112,085 · program services $112,085

  • 5 · Compensation of officers, directors and key employees

    total $1,775,068 · program services $1,488,750 · management and general $286,318

  • 7 · Other salaries and wages

    total $4,159,980 · program services $3,488,975 · management and general $671,005

  • 8 · Pension plan contributions

    total $240,489 · program services $201,698 · management and general $38,791

  • 9 · Other employee benefits

    total $521,617 · program services $437,480 · management and general $84,137

  • 10 · Payroll taxes

    total $307,360 · program services $257,783 · management and general $49,577

  • 11b · Fees: legal

    total $21,753 · program services $18,244 · management and general $3,509

  • 11c · Fees: accounting

    total $88,508 · program services $74,232 · management and general $14,276

  • 11d · Fees: lobbying

    total $24,900 · program services $24,900

  • 11g · Fees: other

    total $668,494 · program services $658,420 · management and general $10,074

  • 12 · Advertising and promotion

    total $221,990 · program services $221,990

  • 13 · Office expenses

    total $192,852 · program services $161,745 · management and general $31,107

  • 14 · Information technology

    total $562,592 · program services $471,846 · management and general $90,746

  • 16 · Occupancy

    total $346,193 · program services $290,352 · management and general $55,841

  • 17 · Travel

    total $503,096 · program services $421,946 · management and general $81,150

  • 20 · Interest

    total $494,727 · program services $494,727

  • 22 · Depreciation, depletion and amortization

    total $393,243 · program services $329,813 · management and general $63,430

  • 23 · Insurance

    total $159,305 · program services $133,609 · management and general $25,696

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $1,880,320 · program services $1,880,320

  • 24b · Other expenses: STAFF DEVELOPMENT

    total $593,934 · program services $498,133 · management and general $95,801

  • 24c · Other expenses: LOAN EXPENSE

    total $115,576 · program services $115,576

  • 24d · Other expenses: REPAIRS & MAINTENANCE

    total $21,165 · program services $17,751 · management and general $3,414

  • 24e · All other expenses

    total $15,157 · program services $12,712 · management and general $2,445

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $348,391 · end of year $343,800

  • 2 · Savings and temporary cash investments

    beginning of year $36,251,465 · end of year $34,253,960

  • 4 · Accounts receivable

    beginning of year $595,228 · end of year $893,941

  • 7 · Other notes and loans receivable

    beginning of year $49,416,696 · end of year $70,545,124

  • 9 · Prepaid expenses and deferred charges

    beginning of year $44,553 · end of year $40,454

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

    $4,860,852

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

    $2,669,596

  • 10c · Land, buildings and equipment, net

    beginning of year $2,584,499 · end of year $2,191,256

  • 13 · Investments: program-related

    beginning of year $38,083 · end of year $39,594

  • 14 · Intangible assets

    beginning of year $129,426 · end of year $384,374

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,845,486 · end of year $2,293,648

  • 19 · Deferred revenue

    beginning of year $2,427,849 · end of year $4,054,165

  • 23 · Secured mortgages and notes payable

    beginning of year $25,111,035 · end of year $29,747,187

  • 25 · Other liabilities

    beginning of year $5,565,382 · end of year $12,683,636

  • 27 · Net assets without donor restrictions

    beginning of year $50,508,471 · end of year $57,100,824

  • 28 · Net assets with donor restrictions

    beginning of year $3,950,118 · end of year $2,813,043

Mission and programs · 2023

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 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 SERVES THIRTEEN STATES INCLUDING MONTANA, WYOMING, IDAHO, UTAH, OREGON, WASHINGTON, NEBRASKA, IOWA, MINNESOTA, NORTH DAKOTA, SOUTH DAKOTA, COLORADO, AND NEVADA. THE MAJORITY OF MOFI'S FINANCING AND SERVICES ARE PROVIDED IN ITS HISTORIC REGION OF MONTANA, IDAHO, WYOMING, UTAH, WASHINGTON, AND OREGON. THE ORGANIZATION HAS TWO PRIMARY BUSINESS LENDING AND CONSULTING PROGRAMS: (1) PROVIDING LOANS TO SMALL AND MICROBUSINESSES THAT 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. WITH EACH LOAN, MOFI PROVIDES COMPREHENSIVE, FREE TECHNICAL ASSISTANCE BOTH THROUGH ITS PRE-LOAN SERVICES AND THROUGH ITS POST LOAN PATH TO BANKABILITY PROGRAM. BORROWERS RECEIVE ASSISTANCE INCREASING PROFITABILITY, BUILDING STRONGER BALANCE SHEETS, CREDIT BUILDING, ACCOUNTING AND FINANCIAL STATEMENT PREPARATION, PREPARING LEGAL DOCUMENTS, AND STARTING OR BUILDING A RELATIONSHIP WITH A COMMERCIAL LENDER AT A BANK OR CREDIT UNION.

    Expenses $11,781,001 · Grants $112,085 · Revenue $8,863,767

  • 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.

    Expenses $32,086 · Revenue $218,296

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Allison Johnston

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Bob Gauthier

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Glaser

    PRESIDENT

    Total calculated
    $657,381
    From this org
    $621,504
    From related orgs
    $0
    Other
    $35,877
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $407,815
    Bonus
    $203,789
    Other
    $9,900
    Deferred
    $13,200
    Nontaxable benefits
    $22,677
    Filer's total
    $657,381

  • 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

    DIRECTOR

    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

    VICE PRESIDENT

    Total calculated
    $657,738
    From this org
    $611,874
    From related orgs
    $0
    Other
    $45,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $405,390
    Bonus
    $203,789
    Other
    $2,695
    Deferred
    $13,200
    Nontaxable benefits
    $32,664
    Filer's total
    $657,738

  • Greg Astle

    CFO

    Total calculated
    $459,947
    From this org
    $432,332
    From related orgs
    $0
    Other
    $27,615
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,628
    Bonus
    $137,564
    Other
    $1,140
    Deferred
    $9,293
    Nontaxable benefits
    $18,322
    Filer's total
    $459,947

  • Ben Wright

    CHIEF OPERATING OFFICER

    Total calculated
    $389,451
    From this org
    $351,891
    From related orgs
    $0
    Other
    $37,560
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,425
    Bonus
    $115,266
    Other
    $1,200
    Deferred
    $9,696
    Nontaxable benefits
    $27,864
    Filer's total
    $389,451

  • Betsy Beauvais

    CHIEF LEARNING AND DEVELOPMENT OFFICER

    Total calculated
    $404,173
    From this org
    $361,549
    From related orgs
    $0
    Other
    $42,624
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,433
    Bonus
    $117,916
    Other
    $1,200
    Deferred
    $10,160
    Nontaxable benefits
    $32,464
    Filer's total
    $404,173

  • Leah Knickerbocker

    CHIEF LENDING OFFICER

    Total calculated
    $182,230
    From this org
    $159,217
    From related orgs
    $0
    Other
    $23,013
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,085
    Bonus
    $13,932
    Other
    $1,200
    Deferred
    $5,791
    Nontaxable benefits
    $17,222
    Filer's total
    $182,230

  • Rachel McDonough

    CONTROLLER

    Total calculated
    $345,545
    From this org
    $307,626
    From related orgs
    $0
    Other
    $37,919
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,914
    Bonus
    $96,499
    Other
    $7,213
    Deferred
    $8,305
    Nontaxable benefits
    $29,614
    Filer's total
    $345,545

  • Jodi Hubble

    DIRECTOR OF DEVELOPMENT THRU 08/23

    Total calculated
    $141,647
    From this org
    $134,174
    From related orgs
    $0
    Other
    $7,473
    Hours/week
    40

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
  • 4a · Severance or change-of-control payment
  • 6a · Pay contingent on this organization's net earnings
  • 7 · Other non-fixed payments

Answered no

  • 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
  • 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 2023 W-2S.
PART I, LINE 4A
JODI HUBBLE RECEIVED $66,667 OF SEVERANCE PAYMENT ON THE MONTH OF SEPTEMBER 2023.
PART I, LINE 6
IN 2023, 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 2023 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

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 $4,916 · general or managing partner

  • AVERY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $11,404 · general or managing partner

  • BLACKFEET CC SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $3 · share of assets $10,723 · general or managing partner

  • BUTTE HARDWARE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $20 · share of assets $10,672 · general or managing partner

  • CD2 SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $17 · share of assets $11,947 · general or managing partner

  • CDA YOUTH CENTER SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $5 · share of assets $11,957 · general or managing partner

  • COBBLESTONE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $10,662 · general or managing partner

  • COPPER KING SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$18 · general or managing partner

  • FAMILY SERVICE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $10,664 · general or managing partner

  • FOOD COOP SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $29 · share of assets $1,164 · general or managing partner

  • FRESCA MEXICAN SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $64 · share of assets $12,637 · general or managing partner

  • GROCERY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $11,278 · general or managing partner

  • HELENA ARMORY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $46 · share of assets $11,563 · general or managing partner

  • HEMMING CEDARS SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$36 · general or managing partner

  • INDEPENDENT SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $10,632 · general or managing partner

  • MFB SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $10,631 · general or managing partner

  • MOSCOW SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $1 · share of assets $11,961 · general or managing partner

  • ONE HEALTH SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $3 · share of assets $10,953 · general or managing partner

  • ONESIXTY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $30 · share of assets $11,289 · general or managing partner

  • OSBORNE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $31 · share of assets $10,992 · general or managing partner

  • RSVP RAINBOW SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $18 · share of assets $10,930 · general or managing partner

  • WELLNESS CENTER SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $8 · share of assets $12,160 · general or managing partner

  • WYOTECH SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $11,790 · general or managing partner

  • YWMSO SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $11,181 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • IMH SUB CD

    C · COMMUNITY DEVELOPMENT · MT · 0.01% owned · share of income $2,603 · share of assets $177,273

  • PREMIER SUB CDE LLC

    C · COMMUNITY DEVELOPMENT · MT · 0.01% owned · share of income $6,510 · share of assets $119,817

Provenance

Return type
form_990
Tax year
2023
Filed
18 October 2024
IRS schema version
2023v5.1
Source object
202432969349301388

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