Minnesota Business Finance Corporation
- Assets
- $6.7m
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 20
- Location
- St Cloud, MN
- Founding
- 09/1997
- Data as of
- 09/2023
- 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 09/2023, Minnesota Business Finance Corporation employed 20 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 09/2023, Minnesota Business Finance Corporation generated $4.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $3.9m during the year ending 09/2023. While expenses have increased by 6.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE SMALL BUSINESS & JOBS
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 |
|---|---|---|---|
Dusten Johnson Board Member | Trustee | 1 | $4,800 |
James Vrchota Board Member | Trustee | 1 | $3,600 |
Nancy Hoffman Board Member | Trustee | 1 | $3,600 |
Dan Nygaard Board Member | Trustee | 1 | $3,600 |
Mark Schik Board Member | Trustee | 1 | $3,600 |
Chad Syltie Board Member | Trustee | 1 | $3,600 |
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 | $4,170,655 |
| Investment income | $117,561 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$42,873 |
| 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 | $4,245,343 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $68,711 |
| 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. | $659,347 |
| Compensation of current officers, directors, key employees. | $147,262 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,512,317 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $447,590 |
| Payroll taxes | $140,250 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $110,786 |
| Fees for services: Accounting | $34,484 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $88,836 |
| Office expenses | $222,706 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $138,705 |
| Travel | $138,432 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,795 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,915 |
| Insurance | $39,056 |
| All other expenses | $0 |
| Total functional expenses | $3,921,562 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $600,643 |
| Savings and temporary cash investments | $2,125,089 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,464 |
| 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 | $96,655 |
| Net Land, buildings, and equipment | $1,604,524 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,238,933 |
| Total assets | $6,667,308 |
| Accounts payable and accrued expenses | $52,637 |
| 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 | $898,504 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $324,451 |
| Total liabilities | $1,275,592 |
| Net assets without donor restrictions | $5,336,945 |
| Net assets with donor restrictions | $54,771 |
| 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 | $6,667,308 |