Form 990 for tax year 2024
Filed by NORTHWEST MINNESOTA COMMUNITY IMPACT CORPORATION.
Totals
- Total revenue
- $311,726
- Total expenses
- $101,958
- Contributions and grants received
- $300,000
- Grants paid
- $0
- Program service revenue
- $5,824
- Investment income
- $4,919
- Other revenue
- $983
- Total assets, end of year
- $800,677
- Total liabilities, end of year
- $201,561
- Net assets or fund balances, end of year
- $599,116
- Program services expenses (Part IX)
- $101,958
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $101,958
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.
-
1e · Government grants (contributions)
$300,000
-
2a · Program service revenue: INTEREST REVENUE - LOA
total $5,824 · related or exempt $5,824
-
3 · Investment income
total $4,919 · excluded $4,919
-
11d · All other revenue
total $983 · excluded $983
-
11e · Other revenue, total
$983
Functional expenses
Part IX, the statement of functional expenses.
-
11g · Fees: other
total $94,154 · program services $94,154
-
24a · Other expenses: LOAN EXPENSES
total $304 · program services $304
-
24e · All other expenses
total $7,500 · program services $7,500
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $188,956 · end of year $302,164
-
2 · Savings and temporary cash investments
beginning of year $205,218 · end of year $210,136
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $200,000
-
7 · Other notes and loans receivable
beginning of year $111,317 · end of year $88,377
-
25 · Other liabilities
beginning of year $116,143 · end of year $201,561
-
27 · Net assets without donor restrictions
beginning of year $389,348 · end of year $599,116
Mission and programs · 2024
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 2025, NMCIC OPERATIONS INCREASED TO OVERSEE 6 LOANS TO BUSINESSES. WE HAVE RECEIVED CONDITIONAL APPROVAL OF OUR CDFI CERTIFICATION, PENDING RECEIPT OF THE OFFICIAL AGREEMENT FROM THE CDFI FUND, A DEPARTMENT OF THE U.S. TREASURY.
Expenses $101,958 · Revenue $5,824
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Jason CarlsonJASON CARLSON
CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Bruce ReevesBRUCE REEVES
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Connie LindstromCONNIE LINDSTROM
TREASURER
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Cheri GunvalsonCHERI GUNVALSON
SECRETARY
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Todd BeckelTODD BECKEL
DIRECTOR (THRU JULY 24')
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Alisha EverwindALISHA EVERWIND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Kaitlyn GrenierKAITLYN GRENIER
DIRECTOR (THRU JULY 24')
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Christine ImbraCHRISTINE IMBRA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Jill JohnsonJILL JOHNSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Mike LaroqueMIKE LAROQUE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Kyle LarsonKYLE LARSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Michelle PaquinMICHELLE PAQUIN
DIRECTOR (THRU JULY 24')
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Jack SwansonJACK SWANSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Kristi ThorfinnsonKRISTI THORFINNSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Deb ZakDEB ZAK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Karen WhiteKAREN WHITE
PRESIDENT
- Total calculated
- $205,483
- From this org
- $0
- From related orgs
- $195,698
- Other
- $9,785
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $195,698 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $9,785 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $205,483 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.
-
NORTHWEST MINNESOTA FOUNDATION
501(C)(3) · PHILANTHROPY · MN
-
501(C)(3) · HOUSING · MN · controlled entity
Directly controlled by NORTHWEST MINNESOTA FOUNDATION
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 17 February 2026
- IRS schema version
- 2024v5.5
- Source object
- 202640659349300819
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