Central Minnesota Development Company
- Assets
- $3.1m
- Revenue
- $999.2k
- Investments
- $0.0
- Employees
- 8
- Location
- Andover, MN
- Founding
- 04/1979
- Data as of
- 09/2022
- EIN
- 41-1345544
Organization Overview
Central Minnesota Development Company is located in Andover, MN. The organization was established in 1979. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Central Minnesota Development Company employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Minnesota Development Company is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2022, Central Minnesota Development Company generated $999.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $1.1m during the year ending 09/2022. While expenses have increased by 6.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROCESS AND MONITOR SBA LOAN PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A SBA CERTIFIED DEVELOPMENT COMPANY ORGANIZED FOR THE PURPOSE OF PROMOTING ECONOMIC VIABILITY WITHIN CENTRAL MINNESOTA BY CULTIVATING A FINANCING ENVIRONMENT THAT ALLOWS SMALL BUSINESSES TO PROSPER.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Mulrooney Executive Director | Officer | 40 | $223,000 |
Julie Lux Secretary | OfficerTrustee | 2 | $0 |
Timothy Walker Treasurer | OfficerTrustee | 2 | $0 |
David Rymanowski Vice Chairman | OfficerTrustee | 2 | $0 |
Jerry Teeson Chairman | OfficerTrustee | 2 | $0 |
Marty Fisher Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $963,586 |
| Investment income | $30,658 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,922 |
| 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 | $999,166 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $212,566 |
| Other salaries and wages | $484,811 |
| Pension plan accruals and contributions | $39,694 |
| Other employee benefits | $78,598 |
| Payroll taxes | $56,648 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $85,477 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,045 |
| Office expenses | $28,863 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,916 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,074 |
| Interest | $6,174 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,611 |
| Insurance | $10,907 |
| All other expenses | $10,010 |
| Total functional expenses | $1,105,515 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,160,815 |
| Savings and temporary cash investments | $609,614 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $76,976 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,923 |
| Net Land, buildings, and equipment | $429,506 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $827,610 |
| Total assets | $3,109,444 |
| Accounts payable and accrued expenses | $445,941 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $677,191 |
| Other liabilities | $220,318 |
| Total liabilities | $1,343,450 |
| Net assets without donor restrictions | $1,765,994 |
| 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 | $3,109,444 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Consortium Of Community Developers Minneapolis, MN | $14,565,346 | $14,747,823 |
Wisconsin Womens Business Initiative Corporation Milwaukee, WI | $42,014,379 | $10,583,804 |
Women Venture St Paul, MN | $7,708,341 | $8,474,014 |
Urban Ventures Leadership Foundation Minneapolis, MN | $23,559,763 | $6,521,879 |
Bioconnect Iowa Des Moines, IA | $1,127,931 | $1,803,790 |
Startingblock Madison Inc Madison, WI | $3,788,993 | $962,585 |
Lakota Fund Kyle, SD | $17,004,625 | $4,059,450 |
Central Minnesota Development Company Andover, MN | $3,109,444 | $999,166 |
Northeast South Dakota Economic Corporation Sisseton, SD | $28,795,164 | $2,763,514 |
Beta Group Minneapolis, MN | $157,595 | $502,721 |
Women In Progress Inc Minneapolis, MN | $458,547 | $441,350 |
Iowa Community Capital Boone, IA | $2,471,585 | $1,776,388 |