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Nonprofiteer
← MONTANA COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by MONTANA COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$35,080,929
Total expenses
$19,074,018
Contributions and grants received
$23,571,343
Grants paid
$83,317
Program service revenue
$10,199,383
Investment income
$1,310,203
Other revenue
$0
Total assets, end of year
$147,958,538
Total liabilities, end of year
$72,037,760
Net assets or fund balances, end of year
$75,920,778
Program services expenses (Part IX)
$16,842,212
Management and general expenses
$2,231,806
Fundraising expenses
$0
Program service expenses (Part III)
$16,842,212

Program services were 88.3% 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)

    $12,300,491

  • 1f · All other contributions, gifts and grants

    $11,270,852

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

    total $6,072,931 · related or exempt $6,072,931

  • 2b · Program service revenue: NMTC FEES

    total $3,949,541 · related or exempt $3,949,541

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

    total $176,911 · related or exempt $176,911

  • 3 · Investment income

    total $1,310,203 · excluded $1,310,203

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $83,317 · program services $83,317

  • 5 · Compensation of officers, directors and key employees

    total $2,952,701 · program services $2,464,620 · management and general $488,081

  • 7 · Other salaries and wages

    total $5,990,642 · program services $5,000,389 · management and general $990,253

  • 8 · Pension plan contributions

    total $268,108 · program services $223,790 · management and general $44,318

  • 9 · Other employee benefits

    total $659,687 · program services $550,640 · management and general $109,047

  • 10 · Payroll taxes

    total $365,403 · program services $305,002 · management and general $60,401

  • 11b · Fees: legal

    total $37,776 · program services $31,532 · management and general $6,244

  • 11c · Fees: accounting

    total $116,472 · program services $97,219 · management and general $19,253

  • 11d · Fees: lobbying

    total $70,425 · program services $70,425

  • 11g · Fees: other

    total $368,741 · program services $356,050 · management and general $12,691

  • 12 · Advertising and promotion

    total $371,652 · program services $371,652

  • 13 · Office expenses

    total $180,422 · program services $150,598 · management and general $29,824

  • 14 · Information technology

    total $654,267 · program services $546,117 · management and general $108,150

  • 16 · Occupancy

    total $441,466 · program services $368,492 · management and general $72,974

  • 17 · Travel

    total $595,958 · program services $497,446 · management and general $98,512

  • 20 · Interest

    total $760,016 · program services $760,016

  • 22 · Depreciation, depletion and amortization

    total $360,674 · program services $301,055 · management and general $59,619

  • 23 · Insurance

    total $150,630 · program services $125,731 · management and general $24,899

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $3,819,322 · program services $3,819,322

  • 24b · Other expenses: STAFF DEVELOPMENT

    total $587,229 · program services $490,160 · management and general $97,069

  • 24c · Other expenses: LOAN EXPENSE

    total $175,266 · program services $175,266

  • 24d · Other expenses: REPAIRS & MAINTENANCE

    total $26,915 · program services $22,466 · management and general $4,449

  • 24e · All other expenses

    total $36,929 · program services $30,907 · management and general $6,022

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $343,800 · end of year $168,502

  • 2 · Savings and temporary cash investments

    beginning of year $34,253,960 · end of year $50,698,272

  • 4 · Accounts receivable

    beginning of year $893,941 · end of year $1,663,969

  • 7 · Other notes and loans receivable

    beginning of year $70,545,124 · end of year $93,025,182

  • 9 · Prepaid expenses and deferred charges

    beginning of year $40,454 · end of year $94,738

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

    $4,951,778

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

    $3,001,836

  • 10c · Land, buildings and equipment, net

    beginning of year $2,191,256 · end of year $1,949,942

  • 13 · Investments: program-related

    beginning of year $39,594 · end of year $37,902

  • 14 · Intangible assets

    beginning of year $384,374 · end of year $320,031

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,293,648 · end of year $4,313,960

  • 19 · Deferred revenue

    beginning of year $4,054,165 · end of year $1,778,558

  • 23 · Secured mortgages and notes payable

    beginning of year $29,747,187 · end of year $44,853,302

  • 25 · Other liabilities

    beginning of year $12,683,636 · end of year $21,091,940

  • 27 · Net assets without donor restrictions

    beginning of year $57,100,824 · end of year $73,441,157

  • 28 · Net assets with donor restrictions

    beginning of year $2,813,043 · end of year $2,479,621

Mission and programs · 2024

Mission

MOFI'S MISSION IS TO PROVIDE FINANCING AND ADVISORY SERVICES FOR ECONOMICALLY UNDERSERVED AND DISTRESSED POPULATIONS AND AREAS, TRANSFORMING LIVES AND COMMUNITIES.

Activities or mission (Part I)

SEE FORM 990, PART III, LINE 1.

  • 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 ADVISORY SERVICES FOR ECONOMICALLY UNDERSERVED AND DISTRESSED POPULATIONS AND AREAS, TRANSFORMING 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.(CONTINUED ON SCHEDULE O)MOFI WORKS PRIMARILY IN MONTANA, WYOMING, IDAHO, UTAH, OREGON, AND WASHINGTON. MOFI ALSO PROVIDES SMALL BUSINESS LOANS IN NEBRASKA, IOWA, MINNESOTA, NORTH DAKOTA, SOUTH DAKOTA, COLORADO, AND NEVADA. 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 $16,842,212 · Grants $83,317 · Revenue $10,199,383

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

Listed in Part VII

  • Heidi Dearment

    PRESIDENT & CEO (FROM 2/24)

    Total calculated
    $878,343
    From this org
    $836,302
    From related orgs
    $0
    Other
    $42,041
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $419,235
    Bonus
    $413,722
    Other
    $3,345
    Deferred
    $13,800
    Nontaxable benefits
    $28,241
    Filer's total
    $878,343

  • David Glaser

    OUTGOING PRESIDENT (THROUGH 5/24)

    Total calculated
    $468,883
    From this org
    $454,772
    From related orgs
    $0
    Other
    $14,111
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,843
    Bonus
    $0
    Other
    $279,929
    Deferred
    $7,089
    Nontaxable benefits
    $7,022
    Filer's total
    $468,883

  • Nancy Quist

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Tom Severson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Allison Johnston

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Kalli Ryti

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sara Smith

    OUTGOING DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Villareal

    DIRECTOR (FROM 3/24)

    Total calculated
    $0
    Hours/week
    1

  • Natalie Camacho Mendoza

    OUTGOING DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lisa Cooper

    OUTGOING DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Serena Rundberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jose Villalobos

    DIRECTOR (FROM 3/24)

    Total calculated
    $0
    Hours/week
    1

  • Don King

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bob Gauthier

    OUTGOING DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jordan Ruiz

    DIRECTOR (FROM 9/24)

    Total calculated
    $0
    Hours/week
    1

  • Greg Astle

    CFO

    Total calculated
    $623,888
    From this org
    $598,295
    From related orgs
    $0
    Other
    $25,593
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $303,394
    Bonus
    $293,701
    Other
    $1,200
    Deferred
    $9,370
    Nontaxable benefits
    $16,223
    Filer's total
    $623,888

  • Ben Wright

    VICE PRESIDENT (FROM 11/24)

    Total calculated
    $526,602
    From this org
    $491,789
    From related orgs
    $0
    Other
    $34,813
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,823
    Bonus
    $243,766
    Other
    $1,200
    Deferred
    $10,172
    Nontaxable benefits
    $24,641
    Filer's total
    $526,602

  • Leah Knickerbocker

    CHIEF LENDING OFFICER

    Total calculated
    $232,049
    From this org
    $209,369
    From related orgs
    $0
    Other
    $22,680
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,008
    Bonus
    $27,161
    Other
    $1,200
    Deferred
    $7,100
    Nontaxable benefits
    $15,580
    Filer's total
    $232,049

  • Alyssa Peterman

    CHIEF SALES OFFICER

    Total calculated
    $237,310
    From this org
    $217,293
    From related orgs
    $0
    Other
    $20,017
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,249
    Bonus
    $102,272
    Other
    $5,772
    Deferred
    $4,437
    Nontaxable benefits
    $15,580
    Filer's total
    $237,310

  • Betsy Beauvais

    CHIEF LEARNING AND DEVELOP

    Total calculated
    $514,221
    From this org
    $475,995
    From related orgs
    $0
    Other
    $38,226
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,040
    Bonus
    $221,755
    Other
    $1,200
    Deferred
    $10,485
    Nontaxable benefits
    $27,741
    Filer's total
    $514,221

  • Rachel McDonough

    CONTROLLER

    Total calculated
    $283,184
    From this org
    $247,873
    From related orgs
    $0
    Other
    $35,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,873
    Bonus
    $41,800
    Other
    $1,200
    Deferred
    $8,570
    Nontaxable benefits
    $26,741
    Filer's total
    $283,184

  • Kandra Roberts

    DIRECTOR OF IMPACT & COMPLIANCE

    Total calculated
    $210,133
    From this org
    $179,573
    From related orgs
    $0
    Other
    $30,560
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,696
    Bonus
    $14,745
    Other
    $1,132
    Deferred
    $6,699
    Nontaxable benefits
    $23,861
    Filer's total
    $210,133

  • Madison Brooke

    CHIEF OPERATING OFFICER

    Total calculated
    $197,233
    From this org
    $170,195
    From related orgs
    $0
    Other
    $27,038
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,114
    Bonus
    $10,936
    Other
    $1,145
    Deferred
    $667
    Nontaxable benefits
    $26,371
    Filer's total
    $197,233

  • Katherine Lane

    CHIEF PEOPLE OFFICER

    Total calculated
    $227,140
    From this org
    $220,000
    From related orgs
    $0
    Other
    $7,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $73,333
    Bonus
    $0
    Other
    $146,667
    Deferred
    $0
    Nontaxable benefits
    $7,140
    Filer's total
    $227,140

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 2024 W-2S.
PART I, LINE 4A
DAVE GLASER (OUTGOING PRESIDENT) RECEIVED SEVERANCE PAYMENTS OF $248,105.34. KATHERINE LANE (CHIEF PEOPLE OFFICER) RECEIVED SEVERANCE PAYMENTS OF $146,667.
PART I, LINE 6
IN 2022, MOFI ESTABLISHED AN EXECUTIVE BONUS PLAN.
PART I, LINE 7
INCLUDED IN SCHEDULE J, PART I COLUMN B(II) ARE AMOUNTS REPRESENTING BONUSES. THESE AMOUNTS WERE INCLUDED IN THE INDIVIDUALS 2024 W-2 AND APPROVED BY THE BOARD AND/OR PRESIDENT.

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.

Disregarded entities

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

  • MOFI LENDING LLC

    LENDING · MT · income $1,264,658 · assets $2,514,722

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 $4,912 · general or managing partner

  • AVERY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $11,394 · general or managing partner

  • BICYCLE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $3,098 · general or managing partner

  • BLACKFEET CC SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$3 · general or managing partner

  • BUTTE HARDWARE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $20 · share of assets $10,668 · general or managing partner

  • CD2 SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $5 · share of assets $11,935 · general or managing partner

  • CDA YOUTH SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $5 · share of assets $11,945 · general or managing partner

  • CHILDCARE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $4 · share of assets $11,597 · general or managing partner

  • COBBLESTONE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $10,658 · 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

  • CSKT HEALTH SUB CDE

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $11,438 · general or managing partner

  • DESERT SAGE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $9 · share of assets $4,197 · general or managing partner

  • FAMILY SERVICE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $10,661 · general or managing partner

  • FOOD COOP SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $29 · share of assets $11,157 · general or managing partner

  • FOOD SHARE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $9 · share of assets $11,900 · general or managing partner

  • FRESCA MEXICAN SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $16 · general or managing partner

  • GROCERY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $2 · share of assets $11,270 · general or managing partner

  • HELENA ARMORY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$17 · general or managing partner

  • HOMEWARD POINT SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $13,056 · general or managing partner

  • HRDC SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $5 · share of assets $12,190 · general or managing partner

  • INDEPENDENT SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $15 · share of assets $10,629 · general or managing partner

  • MERIDIAN SIGN SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $30 · share of assets $11,942 · general or managing partner

  • MFB SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income -$5 · general or managing partner

  • MILLIGAN SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $11 · share of assets $12,820 · general or managing partner

  • MIYO SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $9 · share of assets $4,327 · general or managing partner

  • MOSCOW SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $1 · share of assets $111,949 · general or managing partner

  • ONE HEALTH SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $3 · share of assets $10,948 · general or managing partner

  • ONE SIXTY SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $30 · share of assets $11,282 · general or managing partner

  • OSBORNE SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $31 · share of assets $10,985 · general or managing partner

  • RBHC SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $7 · share of assets $11,948 · general or managing partner

  • RSVP RAINBOW SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · general or managing partner

  • TIMBER PRODUCTS SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $21 · share of assets $11,586 · general or managing partner

  • WELLNESS CENTER SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $8 · share of assets $12,149 · general or managing partner

  • WYOTECH SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $3 · share of assets $11,778 · general or managing partner

  • YWMSO SUB CDE LLC

    RELATED · PROVIDE INV CAP. · MT · 0.01% owned · share of income $5 · share of assets $11,176 · general or managing partner

Related corporations and trusts

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

  • IMH SUB CDE

    C · COMMUNITY DEVELOPMENT · MT · 0.01% owned · share of income $2,612 · share of assets $176,547

  • PREMIER SUB CDE LLC

    C · COMMUNITY DEVELOPMENT · MT · 0.01% owned · share of income $6,676 · share of assets $118,595

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.1
Source object
202531359349304033

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