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Nonprofiteer
← MIDWEST HOUSING DEVELOPMENT FUND INC

Form 990 for tax year 2024

Filed by MIDWEST HOUSING DEVELOPMENT FUND INC.

Totals

Total revenue
$11,801,333
Total expenses
$2,423,869
Contributions and grants received
$7,817,020
Grants paid
$43,633
Program service revenue
$3,106,533
Investment income
$877,780
Other revenue
$0
Total assets, end of year
$96,332,678
Total liabilities, end of year
$59,235,806
Net assets or fund balances, end of year
$37,096,872
Program services expenses (Part IX)
$2,369,027
Management and general expenses
$54,842
Fundraising expenses
$0
Program service expenses (Part III)
$2,369,027

Program services were 97.7% 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)

    $1,297,020

  • 1f · All other contributions, gifts and grants

    $6,520,000

  • 2a · Program service revenue: INTEREST INCOME - LOAN RECEIVABLE

    total $2,968,315 · related or exempt $2,968,315

  • 2b · Program service revenue: ORIGINATION FEE INCOME

    total $124,908 · related or exempt $124,908

  • 2c · Program service revenue: MISCELLANEOUS

    total $13,310 · related or exempt $13,310

  • 3 · Investment income

    total $877,780 · excluded $877,780

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $43,633 · program services $43,633

  • 5 · Compensation of officers, directors and key employees

    total $690,270 · program services $690,270

  • 7 · Other salaries and wages

    total $199,435 · program services $199,435

  • 8 · Pension plan contributions

    total $79,903 · program services $79,903

  • 9 · Other employee benefits

    total $52,162 · program services $52,162

  • 10 · Payroll taxes

    total $45,203 · program services $45,203

  • 11b · Fees: legal

    total $1,629 · program services $1,629

  • 11c · Fees: accounting

    total $8,395 · program services $6,212 · management and general $2,183

  • 11g · Fees: other

    total $44,241 · management and general $44,241

  • 13 · Office expenses

    total $24,228 · program services $17,929 · management and general $6,299

  • 17 · Travel

    total $40,479 · program services $40,120 · management and general $359

  • 20 · Interest

    total $952,134 · program services $952,134

  • 22 · Depreciation, depletion and amortization

    total $4,773 · program services $4,773

  • 23 · Insurance

    total $1,760 · management and general $1,760

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $233,803 · program services $233,803

  • 24b · Other expenses: FINANCIAL EXPENSE

    total $1,821 · program services $1,821

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,348,931 · end of year $7,325,707

  • 2 · Savings and temporary cash investments

    beginning of year $12,650,400 · end of year $22,000,000

  • 4 · Accounts receivable

    beginning of year $687,882 · end of year $694,731

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,606 · end of year $3,016

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

    $27,297

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

    $22,003

  • 10c · Land, buildings and equipment, net

    beginning of year $9,828 · end of year $5,294

  • 12 · Investments: other securities

    beginning of year $556,600 · end of year $717,600

  • 15 · Other assets

    beginning of year $58,447,548 · end of year $65,586,330

  • 17 · Accounts payable and accrued expenses

    beginning of year $335,573 · end of year $255,269

  • 19 · Deferred revenue

    beginning of year $9,437,648 · end of year $17,787,725

  • 23 · Secured mortgages and notes payable

    beginning of year $12,110,842 · end of year $14,694,733

  • 24 · Unsecured notes and loans payable

    beginning of year $27,007,674 · end of year $25,998,079

  • 25 · Other liabilities

    beginning of year $500,000 · end of year $500,000

  • 27 · Net assets without donor restrictions

    beginning of year $25,312,058 · end of year $37,096,872

Mission and programs · 2024

Mission

THE MISSION OF MIDWEST HOUSING DEVELOPMENT FUND IS TO PROMOTE SUSTAINABLE COMMUNITY DEVELOPMENT AND QUALITY OF LIFE IN THE MIDWEST BY PROVIDING RESOURCES FOR THE DEVELOPMENT OF AFFORDABLE HOUSING.

Activities or mission (Part I)

TO PROMOTE SUSTAINABLE COMMUNITY DEVELOPMENT AND QUALITY OF LIFE IN THE MIDWEST UNITED STATES.

  • MIDWEST HOUSING DEVELOPMENT FUND HAS PROVIDED AND/OR FACILITATED FINANCING IN CONNECTION WITH DEVELOPMENT OF LOW AND MODERATE INCOME AND WORKFORCE HOUSING. SINCE THE ORGANIZATION'S INCEPTION, IT HAS MADE 316 LOANS TOTALING OVER $249 MILLION. THESE LOANS HELPED CREATE OVER 10,000 AFFORDABLE RENTAL HOUSING UNITS FOR INDIVIDUALS AND FAMILIES ACROSS THE MIDWEST. DURING THE YEAR ENDED DECEMBER 31, 2024, THE ORGANIZATION WAS ABLE TO PROVIDE OVER $50 MILLION BETWEEN 28 NEW LOANS TO HELP FINANCE AFFORDABLE HOUSING. MIDWEST HOUSING DEVELOPMENT FUND BEGAN PROVIDING AND FACILITATING FINANCING FOR AFFORDABLE, WORKFORCE HOUSING IN 2017. IN 2020 MHDF EXPANDED THE DEVELOPMENT SERVICES IN NEBRASKA TO THE METRO OMAHA IOWA COUNTIES. THESE TECHNICAL ASSISTANCE SERVICES ARE FOR AFFORDABLE AND WORKFORCE HOUSING AND THE INITIATIVE IS NAMED MIDWEST HOUSING RESOURCE NETWORK. THE MIDWEST HOUSING RESOURCE NETWORK FUNCTIONS CONTINUE THROUGH THE COMBINED EFFORTS OF NEBRASKA STRATEGIC HOUSING COUNCIL LED BY THE NEBRASKA INVESTMENT FINANCE AUTHORITY, THE NEBRASKA HOUSING DEVELOPERS' ASSOCIATION TECHNICAL ASSISTANCE, AND MIDWEST HOUSING DEVELOPMENT FUND DIRECT DEVELOPMENT SERVICES AND TECHNICAL ASSISTANCE TO DEVELOPERS, COMMUNITY LEADERS AND HOUSING STAKEHOLDERS. MHDF PARTICIPATES AS A MEMBER OF THE NEBRASKA STRATEGIC HOUSING COUNCIL CORE TEAM AND THE NEBRASKA HOUSING DEVELOPERS' ASSOCIATION BOARD OF DIRECTORS.

    Expenses $2,369,027 · Grants $43,633 · Revenue $3,106,533

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David S Fisher

    PRESIDENT

    Total calculated
    $616,342
    From this org
    $568,436
    From related orgs
    $0
    Other
    $47,906
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,456
    Bonus
    $364,980
    Other
    $0
    Deferred
    $37,950
    Nontaxable benefits
    $9,956
    Filer's total
    $616,342

  • Mark O'Connor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Barry Sandstrom

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Matthew Cavanaugh

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Kris Saddoris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Valerie Thompson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dena Sherill

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Scott P Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tameki Grant

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kirk Kellner

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Lara Huskey

    EXECUTIVE VP/TREASURER/CFO

    Total calculated
    $252,327
    From this org
    $210,747
    From related orgs
    $16,667
    Other
    $24,913
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,189 + $16,667 related
    Bonus
    $60,558
    Other
    $0
    Deferred
    $23,080 + $1,833 related
    Nontaxable benefits
    $0
    Filer's total
    $233,827 + $18,500 related

  • Paula Kaslon

    SENIOR LOAN OFFICER

    Total calculated
    $132,415
    From this org
    $105,792
    From related orgs
    $0
    Other
    $26,623
    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

  • 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

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
DURING THE YEAR ENDING 12/31/24, THE FORMER PRESIDENT RECEIVED $100,000 OF SEVERANCE PAYMENT.
SCHEDULE J, PART 1, LINE 6A
THE CEO AND EVP RECEIVE INCENTIVE PAY BASED GENERALLY UPON NET OPERATING INCOME FOR A GIVEN YEAR. THE 2024 INCENTIVE PAY WAS BASED UPON PRECENTAGE OF BASE SALARY. SHORT-TERM INCENTIVE PAY: CEO 15% TO 25% AND EVP 15% TO 25%. LONG-TERM INCENTIVE PAY: CEO AND EVP UP TO 25%. FOR EACH EXECUTIVE, THE LOW END OF BONUS PERCENTAGE BEGINS WHEN MHDF ACHIEVES THE BUDGETED INCOME AMOUNT OF NET OPERATING INCOME AND INCREASES TO ITS HIGH POINT WHEN MHDF ACHIEVES 120% OF BUDGETED NET OPERATING INCOME. NET OPERATING INCOME IS DEFINED AS NET INCOME LESS NON-OPERATING GRANTS. THE BOARD HAS DISCRETION TO AWARD BONUSES TO EXECUTIVES REGARDLESS OF THE NET INCOME OF THE COMPANY, SO LONG AS SUCH BONUS PAYMENTS ALIGN WITH THE COMPARABILITY DATA FOR SIMILARLY SITUATED ORGANIZATIONS. BONUS PAYMENTS ARE SUBJECT TO INDIVIDUAL PERFORMANCE REVIEWS.

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

  • WASHINGTON COURT LLLP

    $42,733

    TO PROVIDE GAP FINANCING IN CONNECTION WITH THE CONSTRUCTION OF 96 UNITS OF AFFORDABLE HOUSING.

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
2024
Filed
17 June 2025
IRS schema version
2024v5.1
Source object
202522119349300307

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