Midwest Minnesota Community Development Corporation
- Assets
- $81.4m
- Revenue
- $8.3m
- Investments
- $0.0
- Employees
- 47
- Location
- Detroit Lakes, MN
- Founding
- 09/1997
- Data as of
- 12/2021
- EIN
- 41-0972298
Organization Overview
Midwest Minnesota Community Development Corporation is located in Detroit Lakes, MN. The organization was established in 1997. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Midwest Minnesota Community Development Corporation employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Minnesota Community Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Midwest Minnesota Community Development Corporation generated $8.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $5.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Midwest Minnesota Community Development Corporation has awarded 21 individual grants totaling $777,356. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF MMCDC IS TO ASSIST COMMUNITIES AND INDIVIDUALS ACHIEVE A BETTER QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS DEVELOPMENT: MMCDC PROVIDED COMMERCIAL AND NEW MARKETS TAX LOANS TOTALING $50,862,038 IN 2021. THIS INVESTMENT IS EXPECTED TO CREATE 237 NEW JOBS. IT ALSO SUPPORTS PURCHASE, CONSTRUCTION, OR IMPROVEMENT OF 686,692 SQUARE FEET OF COMMERCIAL REAL ESTATE. 86% OF THE DOLLARS WERE INVESTED IN DISADVANTAGED COMMUNITIES, 61% IN RURAL COMMUNITIES, AND 73% OF THE BORROWERS WERE MINORITY, WOMEN, OR LOW-INCOME OWNED OR CONTROLLED BUSINESSES.
AFFORDABLE HOUSING DEVELOPMENT: TOGETHER WITH THE NORTHWEST MINNESOTA HOUSING COOPERATIVE, MMCDC SOLD 9 HOMES AND LOTS IN ITS AFFORDABLE HOUSING DEVELOPMENTS. WE ALSO MANAGED 266 RENTAL UNITS (28 COMMERCIAL AND 238 RESIDENTIAL) AS WELL AS A COUNTY EDA'S HOUSING VOUCHER PROGRAM, PROVIDING 55 VOUCHERS TO PEOPLE IN NEED OF STABLE HOUSING.
AFFORDABLE HOUSING LENDING: MMCDC PROVIDED 44 FIRST TIME HOME BUYER MORTGAGE LOANS, INCLUDING SOFT-SECOND DOWN-PAYMENT ASSISTANCE LOANS PROVIDED TO LOW-INCOME PEOPLE AND PLACES. LOANS FINANCED HOME PURCHASE, RENOVATION AND REFINANCE. WE ALSO PROVIDED 33 HOME PURCHASE LOANS AND 35 ADDITIONAL DOWN-PAYMENT ASSISTANCE LOANS TO LOW-INCOME PEOPLE AND PLACES.
OTHER PROGRAMS: THESE ARE ADDITIONAL PROGRAMS WE FUND AND OPERATE. THEY INCLUDE HOMEBUYER EDUCATION, INCOME TAX SERVICES, AND OTHER PROJECTS THAT SUPPORT OUR MISSION. THEY ALSO INCLUDE ADMINISTRATIVE, FINANCIAL, AND GRANT SUPPORT TO THE ORGANIZATION.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julia Nelmark President | Officer | 50 | $377,932 |
Steve Wiebolt VP Administration | 45 | $154,467 | |
Christine Clark Former Chief Financial Officer | 50 | $144,270 | |
Nicole Kirchner VP Business Development | 45 | $132,158 | |
Jamie Marks Erickson Development Officer | 45 | $114,902 | |
Arlen Kangas Chief Economist | 30 | $114,020 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rm Thune Llc Residential Building Contractor | 12/30/21 | $218,732 |
Cohn Reznick Audit Work For Nmtc | 12/30/21 | $179,420 |
Cliftonlarsonallen Audit Work | 12/30/21 | $111,735 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $856,329 |
| All other contributions, gifts, grants, and similar amounts not included above | $450,471 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,306,800 |
| Total Program Service Revenue | $6,272,934 |
| Investment income | $62,239 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,284,111 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $125,576 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $806,145 |
| Compensation of current officers, directors, key employees. | $287,616 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,859,949 |
| Pension plan accruals and contributions | $113,873 |
| Other employee benefits | $151,367 |
| Payroll taxes | $178,209 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,410 |
| Fees for services: Accounting | $57,393 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $70,668 |
| Advertising and promotion | $26,094 |
| Office expenses | $83,781 |
| Information technology | $75,771 |
| Royalties | $0 |
| Occupancy | $227,716 |
| Travel | $26,916 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $37,345 |
| Interest | $103,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $373,582 |
| Insurance | $41,651 |
| All other expenses | $27,669 |
| Total functional expenses | $5,228,981 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $72,346 |
| Savings and temporary cash investments | $20,423,928 |
| Pledges and grants receivable | $500,000 |
| Accounts receivable, net | $124,131 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $41,079,633 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,051 |
| Net Land, buildings, and equipment | $5,663,560 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,568,056 |
| Intangible assets | $53,581 |
| Other assets | $2,880,273 |
| Total assets | $81,373,559 |
| Accounts payable and accrued expenses | $1,606,769 |
| Grants payable | $0 |
| Deferred revenue | $1,860,296 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,755,444 |
| Unsecured mortgages and notes payable | $728,125 |
| Other liabilities | $0 |
| Total liabilities | $7,950,634 |
| Net assets without donor restrictions | $73,422,925 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $81,373,559 |
Grants Awarded
Over the last fiscal year, Midwest Minnesota Community Development Corporation has awarded $123,333 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Ogema, MN PURPOSE: OPERATING FUND | $55,000 |
Detroit Lakes, MN PURPOSE: BALLROOM AND EVENT CENTER RENOVATION | $25,000 |
Detroit Lakes, MN PURPOSE: OPERATING FUND | $20,000 |
Ogema, MN PURPOSE: IRS TAX SITE | $15,000 |
Detroit Lakes, MN PURPOSE: CAPITAL CAMPAIGN FOR MUSEUM | $8,333 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Midwest Minnesota Community Development Corporation has recieved totaling $500,000.
| Awarding Organization | Amount |
|---|---|
Otto Bremer Trust St Paul, MN PURPOSE: CBFC EMERGENCY FUND | $500,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Initiative Foundation Little Falls, MN | $95,633,483 | $21,753,358 |
Southwest Initiative Foundation Hutchinson, MN | $108,678,960 | $12,722,630 |
Midwest Minnesota Community Development Corporation Detroit Lakes, MN | $81,373,559 | $8,284,111 |
The International Joint Commission On Allied Health Personnel In Opht St Paul, MN | $4,513,334 | $4,493,708 |
American Academy Of Emergency Medicine Inc Milwaukee, WI | $5,226,963 | $3,404,237 |
Better Business Bureau Of Wisconsin Inc Milwaukee, WI | $5,171,220 | $3,579,852 |
Forward Community Investments Inc Madison, WI | $29,361,508 | $3,745,420 |
Leading Edge Alliance Inc Eden Prairie, MN | $746,108 | $1,886,367 |
Better Business Bureau Of Des Moines Inc Des Moines, IA | $2,552,903 | $1,796,362 |
Itasca Economic Development Corporation Grand Rapids, MN | $3,743,708 | $1,851,180 |
Dubuque Area Convention And Visitors Bureau Dubuque, IA | $1,438,467 | $1,624,966 |
Ypo Global One Chapter Inc Minneapolis, MN | $1,165,032 | $1,027,097 |