Midwest Minnesota Community Development Corporation
- Assets
- $79.3m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 42
- Location
- Detroit Lakes, MN
- Founding
- 09/1997
- Data as of
- 12/2022
- 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 12/2022, Midwest Minnesota Community Development Corporation employed 42 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 12/2022, Midwest Minnesota Community Development Corporation generated $6.3m 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 (4.1%) each year. All expenses for the organization totaled $5.4m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Midwest Minnesota Community Development Corporation has awarded 26 individual grants totaling $930,689. 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
2022
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 CREDIT LOANS TOTALING $49,148,276 IN 2022. THIS INVESTMENT IS EXPECTED TO CREATE 304 NEW JOBS. IT ALSO SUPPORTS PURCHASE, CONSTRUCTION, OR IMPROVEMENT OF 393,755 SQUARE FEET OF COMMERCIAL REAL ESTATE. 98% OF THE DOLLARS WERE INVESTED IN DISADVANTAGED COMMUNITIES, 72% IN RURAL COMMUNITIES, AND 83% OF THE BORROWERS WERE MINORITY, WOMEN, OR LOW-INCOME OWNED OR CONTROLLED BUSINESSES.
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.
AFFORDABLE HOUSING DEVELOPMENT: TOGETHER WITH THE NORTHWEST MINNESOTA HOUSING COOPERATIVE, MMCDC SOLD 3 HOMES AND 2 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 32 FIRST TIME HOME BUYER MORTGAGE LOANS. WE ALSO PROVIDED 29 HOME PURCHASE LOANS, 2 REFINANCING LOANS, AND 42 ADDITIONAL DOWN-PAYMENT ASSISTANCE LOANS TO LOW-INCOME PEOPLE AND PLACES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julia Nelmark President | Officer | 50 | $331,309 |
Scott Omlid Chief Financial Officer | Officer | 50 | $194,361 |
Steve Wiebolt VP Administration | 45 | $140,201 | |
Nicole Kirchner VP Business Development | 45 | $117,030 | |
Jamie Marks Erickson Development Officer | 45 | $106,073 | |
Tim Swenson Mgr New Market Tax Credit | 45 | $104,046 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cohn Reznick Audit Work For Nmtc | 12/30/22 | $136,760 |
Mark Stone Construction Company General Contractor | 12/30/22 | $116,517 |
Network Center Inc It Work | 12/30/22 | $101,315 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,335,897 |
| All other contributions, gifts, grants, and similar amounts not included above | $83,368 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,419,265 |
| Total Program Service Revenue | $5,853,179 |
| Investment income | $51,765 |
| 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 | $6,318,095 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $179,737 |
| 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. | $675,605 |
| Compensation of current officers, directors, key employees. | $275,578 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,923,823 |
| Pension plan accruals and contributions | $110,845 |
| Other employee benefits | $184,875 |
| Payroll taxes | $166,236 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,367 |
| Fees for services: Accounting | $62,633 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $127,114 |
| Advertising and promotion | $30,856 |
| Office expenses | $75,360 |
| Information technology | $75,164 |
| Royalties | $0 |
| Occupancy | $258,176 |
| Travel | $56,295 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,616 |
| Interest | $104,023 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $357,170 |
| Insurance | $57,781 |
| All other expenses | $0 |
| Total functional expenses | $5,398,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $72,599 |
| Savings and temporary cash investments | $15,716,536 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $104,991 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,435,046 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,387 |
| Net Land, buildings, and equipment | $5,919,401 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,389,201 |
| Intangible assets | $50,917 |
| Other assets | $2,599,204 |
| Total assets | $79,318,282 |
| Accounts payable and accrued expenses | $1,822,752 |
| Grants payable | $0 |
| Deferred revenue | $154,749 |
| 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 | $2,948,332 |
| Unsecured mortgages and notes payable | $49,955 |
| Other liabilities | $0 |
| Total liabilities | $4,975,788 |
| Net assets without donor restrictions | $74,342,494 |
| 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 | $79,318,282 |
Grants Awarded
Over the last fiscal year, Midwest Minnesota Community Development Corporation has awarded $153,333 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
DETROIT LAKES COMMUNITY & CULTURAL CENTER PURPOSE: BALLROOM AND EVENT CENTER RENOVATION | $20,000 |
WHITE EARTH INVESTMENT INITIATIVE PURPOSE: IRS TAX SITE | $20,000 |
WHITE EARTH INVESTMENT INITIATIVE PURPOSE: OPERATING FUND | $55,000 |
BECKER COUNTY HISTORICAL SOCIETY PURPOSE: CAPITAL CAMPAIGN FOR MUSEUM | $8,333 |
OWATONNA ISD FOUNDATION 761 PURPOSE: 25 $2,000 SCHOLARSHIPS | $50,000 |