Minnesota Business Finance Corporation
- Assets
- $6.7m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 18
- Location
- St Cloud, MN
- Founding
- 09/1997
- Data as of
- 09/2022
- EIN
- 41-1846655
Organization Overview
Minnesota Business Finance Corporation is located in St Cloud, MN. The organization was established in 1997. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Minnesota Business Finance Corporation employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Business Finance 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 09/2022, Minnesota Business Finance Corporation generated $3.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $3.5m during the year ending 09/2022. While expenses have increased by 5.8% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE SMALL BUSINESS & JOBS
Describe the Organization's Program Activity:
TO PROMOTE SMALL BUSINESS & JOB CREATION IN MINESOTA THROUGH THE U.S. SMALL BUSINESS ADMINISTRATION, ZERO SUBSIDY, SECTION 504 LOAN PROGRAM AUTHORIZED BY TITLE V OF THE SMALL BUSINESS INVESTMENT ACT, TITLE 15 U.S.C. CHAPTER 14B.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Saehr Board Member | Officer | 40 | $276,645 |
Nadine Kruse Senior Vice President | Officer | 40 | $238,024 |
Michelle Mueller Vice President Business De | 40 | $151,170 | |
Joseph Kammermeier Vice President Business De | 40 | $142,398 | |
Terry Stein Vice President Business De | 40 | $139,984 | |
Michael Stearns Vice President Business De | 40 | $133,883 |
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 | $3,657,206 |
| Investment income | $8,899 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,332 |
| 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 | $3,673,437 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $37,696 |
| 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. | $639,847 |
| Compensation of current officers, directors, key employees. | $142,907 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,370,975 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $412,531 |
| Payroll taxes | $129,634 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $203,443 |
| Fees for services: Accounting | $21,477 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $71,729 |
| Office expenses | $161,533 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $127,240 |
| Travel | $95,715 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,920 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,556 |
| Insurance | $33,257 |
| All other expenses | $0 |
| Total functional expenses | $3,536,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $342,901 |
| Savings and temporary cash investments | $2,906,475 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,946 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $120,124 |
| Net Land, buildings, and equipment | $1,670,086 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,668,853 |
| Total assets | $6,710,385 |
| Accounts payable and accrued expenses | $66,577 |
| 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 | $1,077,486 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $498,387 |
| Total liabilities | $1,642,450 |
| Net assets without donor restrictions | $4,933,537 |
| Net assets with donor restrictions | $134,398 |
| 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 | $6,710,385 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Madison Development Corporation Madison, WI | $34,294,523 | $5,181,232 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Greater Madison Convention & Visitor Bureau Inc Madison, WI | $7,711,633 | $4,933,152 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |