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Nonprofiteer
← NORTHWEST MINNESOTA COMMUNITY IMPACT CORPORATION

Form 990 for tax year 2023

Filed by NORTHWEST MINNESOTA COMMUNITY IMPACT CORPORATION.

Totals

Total revenue
$9,202
Total expenses
$83,884
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,247
Investment income
$3,955
Other revenue
$0
Total assets, end of year
$505,491
Total liabilities, end of year
$116,143
Net assets or fund balances, end of year
$389,348
Program services expenses (Part IX)
$83,884
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$83,884

Program services were 100.0% 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.

  • 2a · Program service revenue: INTEREST REVENUE - LOA

    total $5,247 · related or exempt $5,247

  • 3 · Investment income

    total $3,955 · excluded $3,955

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $72,348 · program services $72,348

  • 14 · Information technology

    total $1,384 · program services $1,384

  • 17 · Travel

    total $250 · program services $250

  • 19 · Conferences, conventions and meetings

    total $1,607 · program services $1,607

  • 24a · Other expenses: LOAN EXPENSES

    total $736 · program services $736

  • 24e · All other expenses

    total $7,559 · program services $7,559

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $194,485 · end of year $188,956

  • 2 · Savings and temporary cash investments

    beginning of year $201,263 · end of year $205,218

  • 7 · Other notes and loans receivable

    beginning of year $100,488 · end of year $111,317

  • 25 · Other liabilities

    beginning of year $32,206 · end of year $116,143

  • 27 · Net assets without donor restrictions

    beginning of year $464,030 · end of year $389,348

Mission and programs · 2023

Mission

THE CORPORATION'S (CIC) PURPOSE IS TO BUILD BETTER LIVES BY REVITALIZING COMMUNITIES, EMPOWERING INDIVIDUALS, AND CREATING ECONOMIC OPPORTUNITIES. AS A COMMUNITY DEVELOPMENT ORGANIZATION, THE CORPORATION WILL PROVIDE CAPITAL SOLUTIONS TO PROJECTS THAT MAY NOT OTHERWISE RECEIVE SUPPORT FROM TRADITIONAL FINANCIAL INSTITUTIONS. THE CORPORATION WILL HELP COMMUNITIES AND INDIVIDUALS ACCOMPLISH GOALS IN UNDERSERVED AREAS, BY BRINGING EXPERTISE AND FILLING GAPS IN FUNDING.

Activities or mission (Part I)

NMCIC'S MISSION IS TO PROVIDE CAPITAL FOR COMMUNITY REVITALIZATION.THE NORTHWEST MINNESOTA COMMUNITY IMPACT CORPORATION WAS FORMED TO EXPAND NORTHWEST MINNESOTA FOUNDATION'S MISSION IN BUILDING BETTER LIVES FOR EVERYONE IN THE NORTHWEST MINNESOTA REGION. THE NMCIC ALLOWS FOR FINANCING AND EXPERTISE TO BETTER SERVE THE COMMUNITIES AND INDIVIDUALS WHO HAVE BEEN HISTORICALLY UNDERSERVED. THE NMCIC SUPPORTS A MORE PURPOSEFUL APPROACH IN THE COMMUNITIES AND POPULATIONS THAT HAVE HAD DIFFICULT TIME ACCESSING FUNDING AND CONTINUE SUPPORTING COMMUNITY REVITALIZATION. SINCE 1996, THE NORTHWEST MINNESOTA FOUNDATION HAS BEEN A CERTIFIED CDFI, A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, THROUGH THE U.S. DEPARTMENT OF THE TREASURY. THE PROGRAM PROVIDES FINANCING INTENDED TO SUPPORT COMMUNITY REVITALIZATION. THE CREATION OF THE NMCIC ALLOWS THE ORGANIZATION TO CONTINUE OUR WORK AS A CDFI WITH A DIFFERENT APPROACH.

  • IN 2024, NMCIC OPERATIONS INCREASED TO OVERSEE 5 LOANS TO BUSINESSES. THE APPLICATION PROCESS IS UNDERWAY TO BECOME A CERTIFIED CDFI, A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION.

    Expenses $83,884 · Revenue $5,247

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

Listed in Part VII

  • Karen White

    PRESIDENT

    Total calculated
    $200,273
    From this org
    $0
    From related orgs
    $190,736
    Other
    $9,537
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,736 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,537 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $200,273 related

  • Deb Zak

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Jason Carlson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Todd Beckel

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Cheri Gunvalson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Antonio Franklin

    DIRECTOR (THRU 7/23)

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Kaitlyn Grenier

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Jill Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Mike Laroque

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Connie Lindstrom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Michelle Paquin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Bruce Reeves

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Jack Swanson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Kristi Thorfinnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 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 1B
THE PRESIDENT'S RELATED COMPENSATION IS SUBJECT TO ANNUAL REVIEW BY THE BOARD OF THE NORTHWEST MINNESOTA FOUNDATION, WHO THEN DETERMINES THE SALARY. THE DETERMINATION IS ALSO BASED ON EXTERNAL COMPENSATION DATA.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
3 April 2025
IRS schema version
2023v6.0
Source object
202540979349300019

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