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Nonprofiteer
← FORTIS CAPITAL

Form 990 for tax year 2024

Filed by FORTIS CAPITAL.

Totals

Total revenue
$1,335,019
Total expenses
$589,408
Contributions and grants received
$1,127,311
Grants paid
$0
Program service revenue
$143,669
Investment income
$64,039
Other revenue
$0
Total assets, end of year
$4,119,853
Total liabilities, end of year
$2,623,451
Net assets or fund balances, end of year
$1,496,402
Program services expenses (Part IX)
$400,104
Management and general expenses
$152,061
Fundraising expenses
$37,243
Program service expenses (Part III)
$400,104

Program services were 67.9% 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)

    $300,000

  • 1f · All other contributions, gifts and grants

    $827,311

  • 2a · Program service revenue: INTEREST ON NOTES

    total $136,527 · related or exempt $136,527

  • 2b · Program service revenue: LOAN ORIGINATION FEES

    total $3,942 · related or exempt $3,942

  • 2c · Program service revenue: OTHER LOAN FEES

    total $3,200 · related or exempt $3,200

  • 3 · Investment income

    total $64,039 · excluded $64,039

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $274,193 · program services $164,515 · management and general $82,258 · fundraising $27,420

  • 10 · Payroll taxes

    total $18,797 · program services $11,278 · management and general $5,639 · fundraising $1,880

  • 11b · Fees: legal

    total $30,025 · management and general $30,025

  • 11c · Fees: accounting

    total $11,088 · management and general $11,088

  • 12 · Advertising and promotion

    total $448 · management and general $448

  • 13 · Office expenses

    total $15,322 · management and general $7,379 · fundraising $7,943

  • 14 · Information technology

    total $10,998 · management and general $10,998

  • 17 · Travel

    total $4,226 · management and general $4,226

  • 20 · Interest

    total $109,311 · program services $109,311

  • 24a · Other expenses: LOAN REC CREDIT LOSS

    total $115,000 · program services $115,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $692,271 · end of year $33,937

  • 2 · Savings and temporary cash investments

    beginning of year $202,647 · end of year $1,580,476

  • 3 · Pledges and grants receivable

    beginning of year $300,000 · end of year $325,000

  • 4 · Accounts receivable

    beginning of year $11,240 · end of year $20,585

  • 7 · Other notes and loans receivable

    beginning of year $1,789,012 · end of year $2,159,855

  • 19 · Deferred revenue

    beginning of year $18,154 · end of year $28,023

  • 24 · Unsecured notes and loans payable

    beginning of year $2,226,225 · end of year $2,595,428

  • 27 · Net assets without donor restrictions

    beginning of year $177,016 · end of year -$10,080

  • 28 · Net assets with donor restrictions

    beginning of year $573,775 · end of year $1,506,482

Mission and programs · 2024

Mission

OUR CHARITABLE PURPOSE AND MISSION IS TO FOSTER AND SUPPORT ECONOMIC DEVELOPMENT IN CHALLENGED COMMUNITIES AND FOR DISADVANTAGED PERSONS, PRIMARILY IN THE MINNEAPOLIS - SAINT PAUL METRO AREA, IN THE STATE OF MINNESOTA.

Activities or mission (Part I)

FORTIS CAPITAL IS ENGAGED IN ECONOMIC DEVELOPMENT FINANCE IN THE AREA OF MINNEAPOLIS - SAINT PAUL, MINNESOTA, WITH AN EMPHASIS ON PROVIDING ACCESS TO CAPITAL FOR BUSINESSES OWNED BY PERSONS OF COLOR AND IN CHALLENGED COMMUNITIES.

  • FORTIS CAPITAL PARTICIPATION LOAN PROGRAM:THROUGH THIS PROGRAM, THE ORGANIZATION CAN REACH BORROWERS THAT WOULD NOT QUALIFY FOR LOANS OTHERWISE. THE ORGANIZATION DOES THIS BY PURCHASING UP TO 75% PARTICIPATION IN PARTNER APPROVED LOANS. THIS STRATEGY MITIGATES RISK AND ALLOWS THE ORGANIZATION'S LENDING PARTNERS TO PROVIDE AFFORDABLE DEBT CAPITAL THAT WOULD OTHERWISE BE UNAVAILABLE TO THESE ECONOMICALLY CHALLENGED BUSINESSES. OUR ACTIVITIES CONSIST OF MAKING PARTICIPATION LOANS AND MANAGING OUR PORTFOLIO, AS WELL AS WORKING WITH OUR LOAN CAPITAL FUNDERS AND OTHER FUNDERS.

    Expenses $400,104 · Revenue $143,669

As filed on the 2024 return.

Listed in Part VII

  • Brian K Smith

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $132,968
    From this org
    $125,000
    From related orgs
    $0
    Other
    $7,968
    Hours/week
    35

  • James E Terrell

    PRESIDENT & COO

    Total calculated
    $141,992
    From this org
    $125,000
    From related orgs
    $0
    Other
    $16,992
    Hours/week
    35

  • Shawn G Huckleby

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Andrea L Larson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202543219349315159

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