Montana Community Development Corporation
- Assets
- $108.7m
- Revenue
- $18.9m
- Investments
- $0.0
- Employees
- 44
- Location
- Missoula, MT
- Founding
- 06/1995
- Data as of
- 12/2023
- EIN
- 81-0500256
Organization Overview
Montana Community Development Corporation, operating under the name Mofi, is located in Missoula, MT. The organization was established in 1995. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Mofi employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mofi 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 12/2023, Mofi generated $18.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $13.4m during the year ending 12/2023. While expenses have increased by 13.4% per year over the past 9 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.
Since 2022, Mofi has awarded 69 individual grants totaling $621,000. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MONTANA COMMUNITY DEVELOPMENT CORPORATION (DBA "MOFI") PROVIDES FINANCING AND CONSULTING SERVICES THAT TRANSFORM LIVES AND COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDED IN 1986, MONTANA COMMUNITY DEVELOPMENT CORPORATION, DOING BUSINESS AS MOFI ("MOFI"), IS A 501(C)(3) NONPROFIT ORGANIZATION WITH A MISSION TO PROVIDE FINANCING AND CONSULTING THAT TRANSFORMS LIVES AND COMMUNITIES. MOFI IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION ("CDFI") AND NEW MARKETS TAX CREDIT ("NMTC") LENDER PROVIDING ACCESS TO CAPITAL AND FREE CONSULTING SERVICES FOR PEOPLE WHO HAVE BEEN LEFT OUT OF THE FINANCIAL MAINSTREAM. MOFI IS INSPIRED BY ONE VISION: TRANSFORMING THE FINANCIAL SYSTEM TO WORK FOR EVERYONE. MOFI SERVES THIRTEEN STATES INCLUDING MONTANA, WYOMING, IDAHO, UTAH, OREGON, WASHINGTON, NEBRASKA, IOWA, MINNESOTA, NORTH DAKOTA, SOUTH DAKOTA, COLORADO, AND NEVADA. THE MAJORITY OF MOFI'S FINANCING AND SERVICES ARE PROVIDED IN ITS HISTORIC REGION OF MONTANA, IDAHO, WYOMING, UTAH, WASHINGTON, AND OREGON. THE ORGANIZATION HAS TWO PRIMARY BUSINESS LENDING AND CONSULTING PROGRAMS: (1) PROVIDING LOANS TO SMALL AND MICROBUSINESSES THAT CANNOT SECURE CONVENTIONAL FINANCING, AND (2) PROVIDING NMTC ENHANCED LOANS TO CATALYTIC PROJECTS THAT CREATE JOBS, PROVIDE CRITICAL COMMUNITY SERVICES, AND TRANSFORM ECONOMIES IN THE REGION'S MOST IMPOVERISHED AREAS. WITH EACH LOAN, MOFI PROVIDES COMPREHENSIVE, FREE TECHNICAL ASSISTANCE BOTH THROUGH ITS PRE-LOAN SERVICES AND THROUGH ITS POST LOAN PATH TO BANKABILITY PROGRAM. BORROWERS RECEIVE ASSISTANCE INCREASING PROFITABILITY, BUILDING STRONGER BALANCE SHEETS, CREDIT BUILDING, ACCOUNTING AND FINANCIAL STATEMENT PREPARATION, PREPARING LEGAL DOCUMENTS, AND STARTING OR BUILDING A RELATIONSHIP WITH A COMMERCIAL LENDER AT A BANK OR CREDIT UNION.
IN ADDITION TO ITS TWO CORE PROGRAMS, MOFI OFFERS TWO SMALLER HOME LOAN PROGRAMS IN MONTANA, A STATE CHARACTERIZED BY HIGH HOUSING COSTS AND LOW WAGES. THESE PROGRAMS INCLUDE HOMENOW, A DOWN PAYMENT ASSISTANCE PROGRAM OFFERING DOWN PAYMENT GRANTS AND LOANS, AND EHRL (EMERGENCY HOME REPAIR LOAN) A CONSUMER LOAN FOR URGENT HOME REPAIRS FOR PEOPLE LIVING IN MANUFACTURED HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allison Johnston Treasurer | OfficerTrustee | 1 | $0 |
Bob Gauthier Director | Trustee | 1 | $0 |
David Glaser President | OfficerTrustee | 40 | $621,504 |
Don King Director | Trustee | 1 | $0 |
Kalli Ryti Director | Trustee | 1 | $0 |
Lisa Cooper Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alter Enterprises It Services | 12/30/15 | $347,720 |
Jackson Contractor Group Inc Contracting Services | 12/30/15 | $158,395 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,004,701 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,757,648 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,762,349 |
| Total Program Service Revenue | $9,082,063 |
| Investment income | $1,031,270 |
| 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 | $18,875,682 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $112,085 |
| 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. | $1,775,068 |
| Compensation of current officers, directors, key employees. | $286,318 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,159,980 |
| Pension plan accruals and contributions | $240,489 |
| Other employee benefits | $521,617 |
| Payroll taxes | $307,360 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,753 |
| Fees for services: Accounting | $88,508 |
| Fees for services: Lobbying | $24,900 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $668,494 |
| Advertising and promotion | $221,990 |
| Office expenses | $192,852 |
| Information technology | $562,592 |
| Royalties | $0 |
| Occupancy | $346,193 |
| Travel | $503,096 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $494,727 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $393,243 |
| Insurance | $159,305 |
| All other expenses | $15,157 |
| Total functional expenses | $13,420,404 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $343,800 |
| Savings and temporary cash investments | $34,253,960 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $893,941 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $70,545,124 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $40,454 |
| Net Land, buildings, and equipment | $2,191,256 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $39,594 |
| Intangible assets | $384,374 |
| Other assets | $0 |
| Total assets | $108,692,503 |
| Accounts payable and accrued expenses | $2,293,648 |
| Grants payable | $0 |
| Deferred revenue | $4,054,165 |
| 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 | $29,747,187 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,683,636 |
| Total liabilities | $48,778,636 |
| Net assets without donor restrictions | $57,100,824 |
| Net assets with donor restrictions | $2,813,043 |
| 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 | $108,692,503 |
Grants Awarded
Over the last fiscal year, Montana Community Development Corporation has awarded $60,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
HUIZAR LLC PURPOSE: CLOSING COSTS | $11,337 |
NACDC FINANCIAL SERVICES PURPOSE: YOUTH MATCHED SAVINGS PROGRAM | $21,000 |
SUAZO BUSINESS CENTER PURPOSE: HISPANIC OUTREACH | $27,663 |