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Nonprofiteer
← FORTIS CAPITAL

Form 990 for tax year 2023

Filed by FORTIS CAPITAL.

Totals

Total revenue
$1,392,728
Total expenses
$721,541
Contributions and grants received
$1,279,288
Grants paid
$0
Program service revenue
$106,193
Investment income
$7,247
Other revenue
$0
Total assets, end of year
$2,995,170
Total liabilities, end of year
$2,244,379
Net assets or fund balances, end of year
$750,791
Program services expenses (Part IX)
$651,064
Management and general expenses
$53,718
Fundraising expenses
$16,759
Program service expenses (Part III)
$651,064

Program services were 90.2% 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)

    $500,000

  • 1f · All other contributions, gifts and grants

    $779,288

  • 2a · Program service revenue: INTEREST ON NOTES

    total $97,018 · related or exempt $97,018

  • 2b · Program service revenue: OTHER LOAN FEES

    total $4,700 · related or exempt $4,700

  • 2c · Program service revenue: LOAN ORIGINATION FEES

    total $4,475 · related or exempt $4,475

  • 3 · Investment income

    total $7,247 · excluded $7,247

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $110,784 · program services $66,470 · management and general $33,235 · fundraising $11,079

  • 10 · Payroll taxes

    total $7,980 · program services $4,788 · management and general $2,394 · fundraising $798

  • 11b · Fees: legal

    total $11,732 · management and general $11,732

  • 11g · Fees: other

    total $25 · management and general $25

  • 12 · Advertising and promotion

    total $617 · management and general $617

  • 13 · Office expenses

    total $7,528 · management and general $2,646 · fundraising $4,882

  • 17 · Travel

    total $3,069 · management and general $3,069

  • 20 · Interest

    total $119,806 · program services $119,806

  • 24a · Other expenses: CECL CREDIT LOSS ALLOWA

    total $460,000 · program services $460,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,043,685 · end of year $692,271

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $202,647

  • 3 · Pledges and grants receivable

    beginning of year $5,000 · end of year $300,000

  • 4 · Accounts receivable

    beginning of year $6,524 · end of year $11,240

  • 7 · Other notes and loans receivable

    beginning of year $1,494,336 · end of year $1,789,012

  • 20 · Tax-exempt bond liabilities

    beginning of year $5,096 · end of year $18,154

  • 22 · Loans and payables to officers and key people

    beginning of year $4,000 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $2,000,000 · end of year $2,226,225

  • 25 · Other liabilities

    beginning of year $460,845 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $24,449 · end of year $177,016

  • 28 · Net assets with donor restrictions

    beginning of year $55,155 · end of year $573,775

Mission and programs · 2023

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 THE AREA OF MINNEAPOLIS - SAINT PAUL, MINNESOTA, WITH AN EMPHASIS ON PROVIDING ACCESS TO 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 $651,064 · Revenue $106,193

As filed on the 2023 return.

Listed in Part VII

  • Brian K Smith

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $53,320
    From this org
    $50,000
    From related orgs
    $0
    Other
    $3,320
    Hours/week
    35

  • James E Terrell

    PRESIDENT & CHIEF OPERATING OFFICER

    Total calculated
    $57,464
    From this org
    $50,000
    From related orgs
    $0
    Other
    $7,464
    Hours/week
    35

  • 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
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202443209349316209

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