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Nonprofiteer
← FORTIS CAPITAL

Form 990 for tax year 2022

Filed by FORTIS CAPITAL.

Totals

Total revenue
$92,915
Total expenses
$82,602
Contributions and grants received
$22,718
Grants paid
$0
Program service revenue
$69,639
Investment income
$558
Other revenue
$0
Total assets, end of year
$2,549,545
Total liabilities, end of year
$2,469,941
Net assets or fund balances, end of year
$79,604
Program services expenses (Part IX)
$66,630
Management and general expenses
$15,773
Fundraising expenses
$199
Program service expenses (Part III)
$66,630

Program services were 80.7% 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.

  • 1f · All other contributions, gifts and grants

    $22,718

  • 2a · Program service revenue: INTEREST ON NOTES

    total $63,735 · related or exempt $63,735

  • 2b · Program service revenue: OTHER LOAN FEES

    total $3,000 · related or exempt $3,000

  • 2c · Program service revenue: LOAN ORIGINATION FEES

    total $2,904 · related or exempt $2,904

  • 3 · Investment income

    total $558 · excluded $558

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $13,500 · management and general $13,500

  • 13 · Office expenses

    total $2,472 · management and general $2,273 · fundraising $199

  • 20 · Interest

    total $66,630 · program services $66,630

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $526,675 · end of year $1,043,685

  • 3 · Pledges and grants receivable

    beginning of year $1,000 · end of year $5,000

  • 4 · Accounts receivable

    beginning of year $5,675 · end of year $6,524

  • 7 · Other notes and loans receivable

    beginning of year $741,920 · end of year $1,494,336

  • 20 · Tax-exempt bond liabilities

    beginning of year $6,963 · end of year $5,096

  • 22 · Loans and payables to officers and key people

    beginning of year $4,000 · end of year $4,000

  • 24 · Unsecured notes and loans payable

    beginning of year $750,000 · end of year $2,000,000

  • 25 · Other liabilities

    beginning of year $445,016 · end of year $460,845

  • 27 · Net assets without donor restrictions

    beginning of year $13,307 · end of year $24,449

  • 28 · Net assets with donor restrictions

    beginning of year $55,984 · end of year $55,155

Mission and programs · 2022

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 AND FOR THE CITY OF MINNEAPOLIS, WITH AN EMPHASIS ON PROVIDING ACCESS TO DEBT 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 $66,630 · Revenue $69,639

As filed on the 2022 return.

Listed in Part VII

  • Brian K Smith

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $0
    Hours/week
    5

  • James E Terrell

    PRESIDENT & CHIEF OPERATING OFFICER

    Total calculated
    $0
    Hours/week
    5

  • 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
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202303179349303160

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