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Nonprofiteer
← MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$6,717,967
Total expenses
$5,081,680
Contributions and grants received
$956,485
Grants paid
$167,900
Program service revenue
$4,929,636
Investment income
$258,864
Other revenue
$572,982
Total assets, end of year
$81,350,440
Total liabilities, end of year
$5,497,427
Net assets or fund balances, end of year
$75,853,013
Program services expenses (Part IX)
$3,946,572
Management and general expenses
$843,744
Fundraising expenses
$291,364
Program service expenses (Part III)
$3,946,572

Program services were 77.7% 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)

    $754,997

  • 1f · All other contributions, gifts and grants

    $201,488

  • 2a · Program service revenue: INTEREST INC./LOAN

    total $1,832,176 · related or exempt $1,832,176

  • 2b · Program service revenue: RENTAL INCOME

    total $1,362,432 · related or exempt $1,362,432

  • 2c · Program service revenue: NEW MARKET TAX CREDIT

    total $1,162,037 · related or exempt $1,162,037

  • 2d · Program service revenue: OTHER PROGRAM SERVICE

    total $462,672 · related or exempt $462,672

  • 2e · Program service revenue: LOAN FEES

    total $110,319 · related or exempt $110,319

  • 3 · Investment income

    total $258,864 · excluded $258,864

  • 11a · Other revenue: GAIN (LOSS) FROM SUBSI

    total $446,732 · related or exempt $446,732

  • 11b · Other revenue: OTHER REVENUE

    total $126,250 · related or exempt $126,250

  • 11e · Other revenue, total

    $572,982

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $167,900 · program services $167,900

  • 5 · Compensation of officers, directors and key employees

    total $1,591,388 · program services $1,177,627 · management and general $286,450 · fundraising $127,311

  • 7 · Other salaries and wages

    total $1,310,796 · program services $969,989 · management and general $235,943 · fundraising $104,864

  • 8 · Pension plan contributions

    total $122,906 · program services $90,950 · management and general $22,124 · fundraising $9,832

  • 9 · Other employee benefits

    total $14,272 · program services $10,561 · management and general $2,569 · fundraising $1,142

  • 10 · Payroll taxes

    total $183,158 · program services $135,538 · management and general $32,967 · fundraising $14,653

  • 11b · Fees: legal

    total $6,925 · management and general $6,925

  • 11c · Fees: accounting

    total $68,587 · management and general $68,587

  • 11g · Fees: other

    total $79,233 · program services $60,217 · management and general $17,431 · fundraising $1,585

  • 12 · Advertising and promotion

    total $26,008 · program services $24,968 · management and general $1,040

  • 13 · Office expenses

    total $60,251 · program services $50,610 · management and general $7,833 · fundraising $1,808

  • 14 · Information technology

    total $98,291 · program services $77,650 · management and general $16,709 · fundraising $3,932

  • 16 · Occupancy

    total $248,993 · program services $206,664 · management and general $32,369 · fundraising $9,960

  • 17 · Travel

    total $65,675 · program services $51,883 · management and general $11,165 · fundraising $2,627

  • 19 · Conferences, conventions and meetings

    total $32,952 · program services $26,032 · management and general $5,602 · fundraising $1,318

  • 20 · Interest

    total $73,117 · program services $73,117

  • 22 · Depreciation, depletion and amortization

    total $354,400 · program services $308,328 · management and general $46,072

  • 23 · Insurance

    total $61,372 · program services $50,939 · management and general $7,978 · fundraising $2,455

  • 24a · Other expenses: HOUSING EXPENSES

    total $741,041 · program services $741,041

  • 24b · Other expenses: MISCELLANEOUS EXPENSE

    total $250,339 · program services $198,482 · management and general $41,980 · fundraising $9,877

  • 24c · Other expenses: BROKER EXPENSE

    total $8,221 · program services $8,221

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total -$484,145 · program services -$484,145

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $72,599 · end of year $100,000

  • 2 · Savings and temporary cash investments

    beginning of year $15,716,536 · end of year $13,074,528

  • 3 · Pledges and grants receivable

    end of year $5,985

  • 4 · Accounts receivable

    beginning of year $104,991 · end of year $252,292

  • 7 · Other notes and loans receivable

    beginning of year $46,435,046 · end of year $50,253,152

  • 9 · Prepaid expenses and deferred charges

    beginning of year $30,387 · end of year $31,763

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

    $13,299,838

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

    $7,702,725

  • 10c · Land, buildings and equipment, net

    beginning of year $5,919,401 · end of year $5,597,113

  • 13 · Investments: program-related

    beginning of year $8,389,201 · end of year $8,817,215

  • 14 · Intangible assets

    beginning of year $50,917 · end of year $50,680

  • 15 · Other assets

    beginning of year $2,599,204 · end of year $3,167,712

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,822,752 · end of year $1,768,377

  • 19 · Deferred revenue

    beginning of year $154,749 · end of year $708,063

  • 23 · Secured mortgages and notes payable

    beginning of year $2,948,332 · end of year $2,971,032

  • 24 · Unsecured notes and loans payable

    beginning of year $49,955 · end of year $49,955

  • 27 · Net assets without donor restrictions

    beginning of year $74,342,494 · end of year $75,853,013

Mission and programs · 2023

Mission

THE MISSION OF MMCDC IS TO ASSIST COMMUNITIES AND INDIVIDUALS ACHIEVE A BETTER QUALITY OF LIFE.

  • BUSINESS DEVELOPMENT: MMCDC PROVIDED COMMERCIAL AND NEW MARKETS TAX CREDIT LOANS TOTALING $15,611,382 IN 2023. THIS INVESTMENT IS EXPECTED TO CREATE 162 NEW JOBS. IT ALSO SUPPORTS PURCHASE, CONSTRUCTION, OR IMPROVEMENT OF 148,765 SQUARE FEET OF COMMERCIAL REAL ESTATE. 100% OF THE DOLLARS WERE INVESTED IN DISADVANTAGED COMMUNITIES, 71% IN RURAL COMMUNITIES, AND 89% OF THE BORROWERS WERE MINORITY, WOMEN, OR LOW-INCOME OWNED OR CONTROLLED BUSINESSES.

    Expenses $1,272,387 · Grants $167,900 · Revenue $2,809,004

  • AFFORDABLE HOUSING DEVELOPMENT: WE MANAGED 266 RENTAL UNITS (28 COMMERCIAL AND 238 RESIDENTIAL) AS WELL AS A COUNTY EDA'S HOUSING VOUCHER PROGRAM, PROVIDING 57 VOUCHERS TO PEOPLE IN NEED OF STABLE HOUSING.

    Expenses $1,185,942 · Revenue $784,176

  • AFFORDABLE HOUSING LENDING: MMCDC PROVIDED 30 FIRST TIME HOME BUYER MORTGAGE LOANS. WE ALSO PROVIDED 11 HOME PURCHASE LOANS, 1 REFINANCING LOANS, 2 HOME IMPROVEMENT LOANS AND 19 ADDITIONAL DOWN-PAYMENT ASSISTANCE LOANS TO LOW-INCOME PEOPLE AND PLACES.

    Expenses $609,596 · Revenue $325,133

  • OTHER PROGRAMS: THESE ARE ADDITIONAL PROGRAMS WE FUND AND OPERATE. THEY INCLUDE HOMEBUYER EDUCATION, INCOME TAX SERVICES, AND OTHER PROJECTS THAT SUPPORT OUR MISSION. THEY ALSO INCLUDE ADMINISTRATIVE, FINANCIAL, AND GRANT SUPPORT TO THE ORGANIZATION.

    Expenses $878,647 · Revenue $1,584,305

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

Listed in Part VII

  • Paul Ihle

    DIRECTOR

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Gary Thibert

    CHAIR

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jeff Haukebo

    TREASURER

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Breanna Adams

    SECRETARY

    Total calculated
    $5,250
    From this org
    $5,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Burggraf

    DIRECTOR

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jim Dagg

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lori Guenther

    VICE CHAIR

    Total calculated
    $5,500
    From this org
    $5,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lester Liljedahl

    DIRECTOR

    Total calculated
    $5,750
    From this org
    $5,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Maria Pretzer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Dan Stevens

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lisa Weber

    DIRECTOR

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mark Finstad

    DIRECTOR

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Monica Hedstrom

    DIRECTOR

    Total calculated
    $3,250
    From this org
    $3,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Melinda Iverson

    DIRECTOR

    Total calculated
    $2,500
    From this org
    $2,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Maria Lindstrom

    DIRECTOR

    Total calculated
    $4,750
    From this org
    $4,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Julia Nelmark

    PRESIDENT

    Total calculated
    $411,022
    From this org
    $347,022
    From related orgs
    $0
    Other
    $64,000
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $272,022
    Bonus
    $75,000
    Other
    $0
    Deferred
    $39,000
    Nontaxable benefits
    $25,000
    Filer's total
    $411,022

  • Scott Omlid

    CHIEF FINANCIAL OFFICER

    Total calculated
    $221,447
    From this org
    $200,350
    From related orgs
    $0
    Other
    $21,097
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,350
    Bonus
    $15,000
    Other
    $0
    Deferred
    $10,017
    Nontaxable benefits
    $11,080
    Filer's total
    $221,447

  • Steve Wiebolt

    VP ADMINISTRATION

    Total calculated
    $190,076
    From this org
    $150,544
    From related orgs
    $0
    Other
    $39,532
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $132,544
    Bonus
    $18,000
    Other
    $0
    Deferred
    $7,527
    Nontaxable benefits
    $32,005
    Filer's total
    $190,076

  • Nicole Kirchner

    VP BUSINESS DEVELOPMENT

    Total calculated
    $139,316
    From this org
    $124,565
    From related orgs
    $0
    Other
    $14,751
    Hours/week
    45

  • Jamie Marks Erickson

    DEVELOPMENT OFFICER

    Total calculated
    $146,262
    From this org
    $111,404
    From related orgs
    $0
    Other
    $34,858
    Hours/week
    45

  • Tim Swenson

    MGR NEW MARKET TAX CREDIT

    Total calculated
    $158,307
    From this org
    $122,832
    From related orgs
    $0
    Other
    $35,475
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $122,832
    Bonus
    $0
    Other
    $0
    Deferred
    $6,142
    Nontaxable benefits
    $29,333
    Filer's total
    $158,307

  • Laura McKnight

    DIRECTOR OF HOUSING & RE

    Total calculated
    $119,918
    From this org
    $108,493
    From related orgs
    $0
    Other
    $11,425
    Hours/week
    45

  • Karen Larson

    VP MORTGAGE LENDING

    Total calculated
    $142,540
    From this org
    $117,630
    From related orgs
    $0
    Other
    $24,910
    Hours/week
    45

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

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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
THE PERSONNEL COMMITTEE, COMPRISED OF SEVERAL BOARD MEMBERS, PERFORMS THE ANNUAL REVIEW AND THE FULL BOARD OF DIRECTORS APPROVES COMPENSATION. THIS WAS LAST PERFORMED IN 2023. THE ORGANIZATION HAS REVIEWED DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS WHEN DETERMINING COMPENSATION LEVELS
PART I, LINE 4B
NAME: JULIA NELMARK, DESCRIPTION: 457 (F), CURRENT YEAR AMOUNT: $27,500. PLAN DESCRIPTION: IN 2019, THE ORGANIZATION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT TO PAY COMPENSATION TO JULIA NELMARK IN THE AMOUNT OF $24K FOR THE 457(F) PLAN AND $26K FOR THE 457(B) PLAN, TOTALING $50K PER YEAR UNTIL THE EXECUTIVE'S SEPARATION FROM SERVICE.

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

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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ZEPHYR ESTATES

    RESIDENTIAL RENTAL · MN · income $49,869 · assets $239,516

  • ELEVENTH AVENUE APARTMENTS

    RESIDENTIAL RENTAL · MN · income $130,753 · assets $382,660

  • BARBARA AVENUE APARTMENTS

    RESIDENTIAL RENTAL · MN · income $88,924 · assets $155,645

  • EASTSIDE PARTNERS

    RESIDENTIAL RENTAL · MN · income $71,251 · assets $54,395

  • MEADOW RUN APARTMENTS

    RESIDENTIAL RENTAL · MN · income $103,026 · assets $207,544

  • MMCDC RE HOLDINGS LLC

    RESIDENTIAL RENTAL · MN · income $249,771 · assets $2,360,887

Related partnerships

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

  • MMCDC BLACKDUCK LP

    RELATED · RESIDENTIAL RENTAL · MN · 0.01% owned · share of income -$9 · share of assets $110 · general or managing partner

    Directly controlled by BLACKDUCK TOWNHOMES LLC

  • GRAYSTONE ANNEX LP

    RELATED · RESIDENTIAL RENTAL · MN · 0.01% owned · share of income -$3 · share of assets $122 · general or managing partner

Related corporations and trusts

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

  • CDC BANCSHARES

    C · BANK HOLDING COMPANY · MN · 61.33% owned · share of income $4,412,780 · share of assets $129,500,629 · controlled entity

  • COMMUNITY DEVELOPMENT BANK FSB

    C · SAVINGS BANK · MN · 61.33% owned · share of income $4,560,399 · share of assets $118,214,212 · controlled entity

    Directly controlled by CDC BANCSHARES

  • BLACKDUCK TOWNHOMES LLC

    C · RESIDENTIAL RENTAL · MN · 100% owned · share of income -$8 · share of assets $289,722

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202433139349303843

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