Montana Community Development Corporation
- Assets
- $128.1m
- Revenue
- $17.4m
- Investments
- $0.0
- Employees
- 38
- Location
- Missoula, MT
- Founding
- 06/1995
- Data as of
- 12/2021
- 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 12/2021, Mofi employed 38 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 12/2021, Mofi generated $17.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $10.4m during the year ending 12/2021. While expenses have increased by 13.3% 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
2021
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 DBA 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 BUSINESS CONSULTING SERVICES. MOFI WORKS IN THE ROCKY MOUNTAIN WEST AND HAS TWO PRIMARY LENDING PROGRAMS: (1) LOANS TO SMALL BUSINESSES THAT CANNOT SECURE TRADITIONAL FINANCING, AND (2) NEW MARKETS TAX CREDIT LOANS. IN 2021, MOFI CONTINUED TO PARTICIPATE IN THE UNITED STATES SMALL BUSINESS ADMINISTATION'S ("SBA") PAYCHECK PROTECTION PROGRAM ("PPP"). THIS SHORT-TERM CAPITAL ACCESS PROGRAM WAS ESTABLISHED UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (THE "CARES ACT") IN RESPONSE TO THE COVID-19 PANDEMIC AND RELATED NATIONAL ECONOMIC DECLINE.
IN ADDITION TO ITS TWO CORE LENDING PROGRAMS, MOFI OFFERS TWO HOME LOAN PROGRAMS IN MONTANA: (1) DOWN PAYMENT ASSISTANCE FOR HOMEBUYERS THROUGH A COMMUNITY SECOND MORTGAGE PROGRAM AND (2) EMERGENCY HOME REPAIR LOANS TO PEOPLE LIVING IN MANUFACTURED HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heidi Dearment VP & CFO | Officer | 40 | $513,516 |
David Glaser President | OfficerTrustee | 40 | $511,266 |
Gregory Astle Director Of Tax Credit Len | 40 | $312,429 | |
Betsy Beauvais Director Of Lending | 40 | $284,530 | |
Rachel Mcdonough Director Of Finance | 40 | $259,012 | |
Ben Wright Director Of Operations | 40 | $231,756 |
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 | $2,448,240 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,491,520 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,939,760 |
| Total Program Service Revenue | $11,357,139 |
| Investment income | $115,980 |
| 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 | $17,427,104 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,000 |
| 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. | $1,384,403 |
| Compensation of current officers, directors, key employees. | $195,616 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,388,904 |
| Pension plan accruals and contributions | $188,183 |
| Other employee benefits | $284,803 |
| Payroll taxes | $282,997 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,042 |
| Fees for services: Accounting | $62,390 |
| Fees for services: Lobbying | $23,757 |
| Fees for services: Fundraising | $28,150 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,033,033 |
| Advertising and promotion | $438,767 |
| Office expenses | $181,406 |
| Information technology | $748,222 |
| Royalties | $0 |
| Occupancy | $625,281 |
| Travel | $315,263 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $674,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $380,339 |
| Insurance | $135,678 |
| All other expenses | $0 |
| Total functional expenses | $10,439,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $291,370 |
| Savings and temporary cash investments | $41,969,410 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,623,405 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $81,585,674 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $57,309 |
| Net Land, buildings, and equipment | $2,539,904 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $40,890 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $128,107,962 |
| Accounts payable and accrued expenses | $754,915 |
| Grants payable | $0 |
| Deferred revenue | $1,873,400 |
| 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 | $22,639,568 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $58,724,853 |
| Total liabilities | $83,992,736 |
| Net assets without donor restrictions | $39,423,759 |
| Net assets with donor restrictions | $4,691,467 |
| 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 | $128,107,962 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Montana Community Development Corporation has recieved totaling $2,241,026.
| Awarding Organization | Amount |
|---|---|
Otto Bremer Trust St Paul, MN PURPOSE: CBFC EMERGENCY FUND | $2,000,000 |
Northwest Area Foundation St Paul, MN PURPOSE: UPLIFT AMERICA FUND | $216,014 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $15,000 |
Washington Federal Foundation Seattle, WA PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $12 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Montana Community Development Corporation Missoula, MT | $128,107,962 | $17,427,104 |
Rocky Mountain Development Council Inc Helena, MT | $19,568,493 | $12,980,509 |
Thunder Valley Community Development Corporation Porcupine, SD | $24,786,426 | $14,048,128 |
Western South Dakota Community Action Inc Rapid City, SD | $273,358 | $4,989,303 |
Council Of Community Services Gillette, WY | $4,502,948 | $3,710,505 |
Sioux Falls Development Foundation Inc Sioux Falls, SD | $50,584,468 | $7,701,176 |
East Central Idaho Planning And Development Association Rexburg, ID | $26,888,994 | $3,244,915 |
Community Action Partnership Association Of Idaho Boise, ID | $322,492 | $2,196,059 |
Technology For Rural Enhancement Of Communities Belle Fourche, SD | $1,025,432 | $1,756,626 |
Stark Development Corporation Dickinson, ND | $9,498,776 | $1,783,751 |
Northeastern South Dakota Health Plan Milbank, SD | $31,039,303 | $1,628,510 |
Nacdc Financial Services Inc Browning, MT | $10,612,328 | $4,375,073 |