2022-11-08T16:50:10-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 818 SECOND STREET SOUTH SUITE 320 WAITE PARK MN 56387 990 2021-01-01 410972298 MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION MIDW 2188473191 119 GRAYSTONE PLAZA 100 DETROIT LAKES MN 565013034 JULIA NELMARK PRESIDENT 2188473191 2022-11-01 1 JULIA NELMARK 999009999 JASON NEUMANN CPA P01690179 3202035500 2022-11-01 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JULIA NELMARK 119 GRAYSTONE PLAZA 100 DETROIT LAKES MN 565013034 8284111 0 X WWW.MMCDC.COM X 1971 MN THE MISSION OF MMCDC IS TO ASSIST COMMUNITIES AND INDIVIDUALS ACHIEVE A BETTER QUALITY OF LIFE. 12 12 47 25 0 0 759300 1306800 6844359 6272934 44253 62239 914364 642138 8562276 8284111 175053 125576 0 0 3165357 3109543 0 0 160810 2413614 1993862 5754024 5228981 2808252 3055130 76745783 81373559 6377988 7950634 70367795 73422925 X THE MISSION OF MMCDC IS TO ASSIST COMMUNITIES AND INDIVIDUALS ACHIEVE A BETTER QUALITY OF LIFE. 0 0 1559993 91476 4645198 BUSINESS DEVELOPMENT: MMCDC PROVIDED COMMERCIAL AND NEW MARKETS TAX LOANS TOTALING $50,862,038 IN 2021. THIS INVESTMENT IS EXPECTED TO CREATE 237 NEW JOBS. IT ALSO SUPPORTS PURCHASE, CONSTRUCTION, OR IMPROVEMENT OF 686,692 SQUARE FEET OF COMMERCIAL REAL ESTATE. 86% OF THE DOLLARS WERE INVESTED IN DISADVANTAGED COMMUNITIES, 61% IN RURAL COMMUNITIES, AND 73% OF THE BORROWERS WERE MINORITY, WOMEN, OR LOW-INCOME OWNED OR CONTROLLED BUSINESSES. 973613 739514 AFFORDABLE HOUSING DEVELOPMENT: TOGETHER WITH THE NORTHWEST MINNESOTA HOUSING COOPERATIVE, MMCDC SOLD 9 HOMES AND LOTS IN ITS AFFORDABLE HOUSING DEVELOPMENTS. WE ALSO MANAGED 266 RENTAL UNITS (28 COMMERCIAL AND 238 RESIDENTIAL) AS WELL AS A COUNTY EDA'S HOUSING VOUCHER PROGRAM, PROVIDING 55 VOUCHERS TO PEOPLE IN NEED OF STABLE HOUSING. 614090 34100 627844 AFFORDABLE HOUSING LENDING: MMCDC PROVIDED 44 FIRST TIME HOME BUYER MORTGAGE LOANS, INCLUDING SOFT-SECOND DOWN-PAYMENT ASSISTANCE LOANS PROVIDED TO LOW-INCOME PEOPLE AND PLACES. LOANS FINANCED HOME PURCHASE, RENOVATION AND REFINANCE. WE ALSO PROVIDED 33 HOME PURCHASE LOANS AND 35 ADDITIONAL DOWN-PAYMENT ASSISTANCE LOANS TO LOW-INCOME PEOPLE AND PLACES. 999215 OTHER PROGRAMS: THESE ARE ADDITIONAL PROGRAMS WE FUND AND OPERATE. THEY INCLUDE HOMEBUYER EDUCATION, INCOME TAX SERVICES, AND OTHER PROJECTS THAT SUPPORT OUR MISSION. THEY ALSO INCLUDE ADMINISTRATIVE, FINANCIAL, AND GRANT SUPPORT TO THE ORGANIZATION. 999215 4146911 1 1 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 56 0 47 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MN CA X SCOTT OMLID 2188447021 119 GRAYSTONE PLAZA STE 100 DETROIT LAKES MN 56501 JULIA NELMARK PRESIDENT 50.00 X 377932 0 66445 STEVE WIEBOLT VP ADMINISTRATION 45.00 X 154467 0 36231 CHRISTINE CLARK FORMER CHIEF FINANCIAL OFFICER 50.00 X 144270 0 47732 SCOTT OMLID CHIEF FINANCIAL OFFICER 50.00 X 6193 0 0 NICOLE KIRCHNER VP BUSINESS DEVELOPMENT 45.00 X 132158 0 14824 JAMIE MARKS ERICKSON DEVELOPMENT OFFICER 45.00 X 114902 0 32590 ARLEN KANGAS CHIEF ECONOMIST 30.00 X 114020 0 5900 LAURA MCKNIGHT DIRECTOR OF HOUSING & RE 45.00 X 113235 0 11704 KAREN LARSON VP MORTGAGE LENDING 45.00 X 111568 0 30460 PAUL IHLE CHAIR 2.00 X X 11500 0 0 GARY THIBERT VICE CHAIR 2.00 X X 4750 0 0 JEFF HAUKEBO TREASURER 2.00 X X 5750 0 0 BREANNA ADAMS SECRETARY 2.00 X X 6000 0 0 DAVID BURGGRAF DIRECTOR 2.00 X 3250 0 0 JIM DAGG DIRECTOR 2.00 X 5750 0 0 JANET GREEN DIRECTOR 2.00 X 3500 0 0 LORI GUENTHER DIRECTOR 2.00 X 7250 0 0 LORNA LAGUE DIRECTOR 2.00 X 5500 0 0 LESTER LILJEDAHL DIRECTOR 2.00 X 6250 0 0 DAN STEVENS DIRECTOR 2.00 X 5250 2600 0 LISA WEBER DIRECTOR 2.00 X 2625 0 0 TARA WOLFF DIRECTOR 2.00 X 6000 0 0 1342120 2600 245886 8 1 1 0 RM THUNE LLC 1221 HWY 9 BARNESVILLE MN 56514 RESIDENTIAL BUILDING CONTRACTOR 218732 COHN REZNICK 500 EAST PRATT STREET SUITE 400 BALTIMORE MD 21202 AUDIT WORK FOR NMTC 179420 CLIFTONLARSONALLEN PO BOX 776376 CHICAGO IL 60677 AUDIT WORK 111735 3 856329 450471 1306800 NEW MARKET TAX CREDIT 525990 2739370 2739370 INTEREST INC./LOAN 522291 1556820 1556820 RENTAL INCOME 531110 1253535 1253535 OTHER PROGRAM SERVICE 531310 386051 386051 LOAN FEES 525990 337158 337158 6272934 62239 62239 OTHER REVENUE 900099 576647 576647 GAIN FROM SUBSIDIARIES 900003 65491 65491 642138 8284111 6915072 0 62239 125576 125576 806145 463122 287616 55407 1859949 1469360 316191 74398 113873 89960 19358 4555 151367 119580 25732 6055 178209 140785 30296 7128 13410 13410 57393 57393 70668 53708 16253 707 26094 25050 1044 83781 70376 11729 1676 75771 59860 14396 1515 227716 191280 31882 4554 26916 21264 5114 538 37345 29503 7095 747 103904 103904 373582 321281 52301 41651 34987 5831 833 HOUSING EXPENSES 623705 623705 MISCELLANEOUS EXPENSE 134838 106522 25619 2697 PROVISION FOR LOAN LOSS 40000 40000 BROKER EXPENSE 29419 29419 27669 27669 5228981 4146911 921260 160810 72346 19561271 20423928 500000 36511 124131 37430969 41079633 10461 8051 12658119 6994559 5813292 5663560 10339781 10568056 54847 53581 3498651 2880273 76745783 81373559 1640649 1606769 232297 1860296 3276917 3755444 1228125 728125 6377988 7950634 X 70367795 73422925 70367795 73422925 76745783 81373559 3055130 0 X 0 1 X 1 1 1 X 1191887 3950264 2484154 759300 1306800 9692405 5810997 6815087 6725466 6844359 6272934 32468843 7002884 10765351 9209620 7603659 7579734 42161248 0 893076 3580605 1577337 493754 1006477 7551249 893076 3580605 1577337 493754 1006477 7551249 34609999 25100 24461 57135 44253 62239 213188 25100 24461 57135 44253 62239 213188 539987 774445 529692 914364 642138 3400626 7567971 11564257 9796447 8562276 8284111 45775062 0.75610 0.76720 0.00470 0.00360 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2017 AMOUNT: $ 313,757. 2018 AMOUNT: $ 394,078. 2019 AMOUNT: $ 37,805. 2020 AMOUNT: $ 487,425. 2021 AMOUNT: $ 576,647. GAIN/LOSS FROM SUBSIDIARIES - 2017 AMOUNT: $ 226,230. 2018 AMOUNT: $ 380,367. 2019 AMOUNT: $ 491,887. 2020 AMOUNT: $ 426,939. 2021 AMOUNT: $ 65,491. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 0 1 17000 17000 0 PART II-B, LINE 1: SOME DIRECT CONTACT WITH LEGISLATORS; CONTRACT WITH A CONSULTANT WHO PERFORMS LOBBYING ON BEHALF OF THE NON-PROFIT INDUSTRY. 498534 498534 11236377 6463502 4772875 901770 518725 383045 21438 12332 9106 5663560 PARTNERSHIPS, PROPERTY AND SECURITIES 10568056 F 10568056 X PART X, LINE 2: TAX STATUS THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CORRESPONDING STATE TAX CODES. MMCDC IS NOT A PRIVATE FOUNDATION AND CONTRIBUTIONS TO MMCDC QUALIFY AS A CHARITABLE TAX DEDUCTION BY THE CONTRIBUTOR. MMCDC FILES AS A TAX EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENDED IN THE FUTURE, ALL YEARS SINCE INCEPTION WOULD BE SUBJECT TO REVIEW BY THE IRS. 1 DETROIT LAKES COMMUNITY & CULTURAL CENTER 826 SUMMIT AVENUE DETROIT LAKES MN 56501 411970351 501(C)(3) 20000 0 OPERATING FUND WHITE EARTH INVESTMENT INITIATIVE 407 EAST MAIN STREET OGEMA MN 56569 010732253 501(C)(3) 55000 0 OPERATING FUND DETROIT LAKES COMMUNITY & CULTURAL CENTER 826 SUMMIT AVENUE DETROIT LAKES MN 56501 411970351 501(C)(3) 25000 0 BALLROOM AND EVENT CENTER RENOVATION WHITE EARTH INVESTMENT INITIATIVE 407 EAST MAIN STREET OGEMA MN 56569 010732253 501(C)(3) 15000 0 IRS TAX SITE BECKER COUNTY HISTORICAL SOCIETY 714 SUMMIT AVE DETROIT LAKES MN 56501 410873609 501(C)(3) 8333 0 CAPITAL CAMPAIGN FOR MUSEUM PART I, LINE 2: DOCUMENTATION IS MAINTAINED FOR THE USE OF ALL GRANT FUNDS. PROPER REVIEWS ARE PERFORMED. X X X 0 1 0 0 0 0 0 0 0 JULIA NELMARK PRESIDENT 302932 0 75000 0 0 0 39500 0 26945 0 444377 0 0 0 STEVE WIEBOLT VP ADMINISTRATION 136467 0 18000 0 0 0 14823 0 21408 0 190698 0 0 0 CHRISTINE CLARK FORMER CHIEF FINANCIAL OFFICER 136770 0 7500 0 0 0 6839 0 40893 0 192002 0 0 0 PART I, LINE 4B IN 2014, THE ORGANIZATION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT TO PAY COMPENSATION TO KEVIN SHIPLEY VIA A 457(F) PLAN AND A 457(B) PLAN. WHEN HE RETIRED IN 2019, HE RECEIVED THE FULL VALUE OF HIS 457(F) PLAN, AND CHOSE TO DEFER THE PAYOUT OF HIS 457(B) PLAN. IN 2019, THE ORGANIZATION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT TO PAY COMPENSATION TO JULIE NELMARK IN THE AMOUNT $24K FOR THE 457(F) PLAN AND $26K FOR THE 457(B) PLAN, TOTALING $50K PER YEAR UNTIL THE EXECUTIVE'S SEPARATION FROM SERVICE. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS HAS AN EXECUTIVE COMMITTEE CONSISTING ENTIRELY OF VOTING MEMBERS OF THE BOARD. DURING THE INTERVALS BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, THE EXECUTIVE COMMITTEE POSSESSES AND MAY EXERCISE ALL THE POWERS OF THE BOARD OF DIRECTORS IN ALL CASES IN WHICH SPECIFIC DIRECTION HAS NOT BEEN GIVEN BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 6 ANY NATURAL PERSON IS ELIGIBLE FOR MEMBERSHIP IN THE CORPORATION IF (1) THEY ARE A RESIDENT OF THE IMPACT AREA, (2) THEY ARE OF THE AGE OF EIGHTEEN YEARS OR OLDER, (3) THEY INDICATE AN INTEREST AND DESIRE IN BECOMING A MEMBER BY SIGNING AND RETURNING TO THE SECRETARY OF THE ORGANIZATION A MEMBERSHIP APPLICATION FORM WHICH SPECIFIES THEIR RESIDENCE, AND (4) THEY CERTIFY ANNUALLY ON A FORM TO BE SENT TO THEIR LAST ADDRESS THAT THEY STILL DESIRE TO MAINTAIN THEIR MEMBERSHIP IN MMCDC. PAYMENT OF A REASONABLE MEMBERSHIP FEE IS REQUIRED AT INCEPTION OF MEMBERSHIP. THERE IS NO DIFFERENCE IN CLASSES OF MEMBERS; ALL MEMBERS ARE EQUIVALENT. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION'S BOARD OF DIRECTORS ARE APPOINTED BY A MAJORITY VOTE OF THE MEMBERS. ADDITIONALLY, ONE OF THESE BOARD MEMBER MUST BE APPROVED BY THE WHITE EARTH RESERVATION TRIBAL COUNCIL. FORM 990, PART VI, SECTION A, LINE 7B THE ORGANIZATION'S MEMBERS MUST APPROVE AMENDMENTS TO THE ARTICLES OF INCORPORATION AND THE BOARD OF DIRECTORS APPROVE AMENDMENTS TO THE BYLAWS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWED THE FORM 990 BEFORE IT WAS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS, OFFICERS, COMMITTEE MEMBERS AND STAFF ARE REQUIRED TO ATTEST ANNUALLY TO THEIR FAMILIARITY WITH MMCDC'S CONFLICT OF INTEREST POLICY. A CONFLICT OF INTEREST QUESTIONNAIRE IS REQUIRED TO BE COMPLETED ANNUALLY. ANY BUSINESS AND PROFESSIONAL ACTIVITIES IN WHICH THE INDIVIDUAL, OR A FAMILY MEMBER, IS ASSOCIATED WITH IS DISCLOSED. IF ANY CONFLICT OF INTEREST HAS OCCURRED IT IS TO BE NOTED AND DESCRIBED ON THE QUESTIONNAIRE. MMCDC'S VP/ADMINISTRATION ASSURES QUESTIONNAIRES ARE COMPLETED BY ALL DIRECTORS, OFFICERS, COMMITTEE MEMBERS AND STAFF. THE PRESIDENT OF MMCDC MAKES THE DETERMINATION OF WHETHER A CONFLICT EXISTS, WITH INPUT FROM OTHER MMCDC MANAGEMENT STAFF. IF A CONFLICT EXISTS, RESTRICTIONS MAY INCLUDE MAKING SURE THAT THAT INDIVIDUAL, IF A BOARD MEMBER, ABSTAINS ON VOTES WHICH CONCERN THE CONFLICT. INDIVIDUALS MAY ALSO BE ASKED TO NOT BE PRESENT DURING CERTAIN DISCUSSIONS OR PRESENTATIONS. FAILURE TO DISCLOSE CONFLICTS IS GROUNDS FOR TERMINATION OF A DIRECTOR OR COMMITTEE MEMBER, AND DISCIPLINE OR TERMINATION OF A STAFF PERSON. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE, COMPRISED OF SEVERAL BOARD MEMBERS, PERFORMS THE ANNUAL REVIEW AND THE FULL BOARD OF DIRECTORS APPROVES COMPENSATION. THIS WAS LAST PERFORMED IN 2021. THE ORGANIZATION HAS REVIEWED DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS WHEN DETERMINING COMPENSATION LEVELS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. ZEPHYR ESTATES 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 416164697 RESIDENTIAL RENTAL MN 43359 269780 N/A ELEVENTH AVENUE APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411731046 RESIDENTIAL RENTAL MN 122069 366995 N/A BARBARA AVENUE APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411797905 RESIDENTIAL RENTAL MN 81901 147940 N/A EASTSIDE PARTNERS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 450435687 RESIDENTIAL RENTAL MN 62233 50362 N/A MEADOW RUN APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411825316 RESIDENTIAL RENTAL MN 93901 191554 N/A WHITE EARTH INVESTMENT INITIATIVE 407 EAST MAIN STREET OGEMA MN 56569 010732253 COMMUNITY, ECONOMIC, AND HOUSING DEVELOPMENT MN 501(C)(3) LINE 7 N/A 0 MMCDC BLACKDUCK LP 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 204703096 RESIDENTIAL RENTAL MN BLACKDUCK TOWNHOMES LLC RELATED 139 0 1 0.00010 GRAYSTONE ANNEX LP 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 412012930 RESIDENTIAL RENTAL MN N/A RELATED -13 137 0 1 0.00010 CDC BANCSHARES 516 MAIN STREET OGEMA MN 56569 412004916 BANK HOLDING COMPANY MN N/A C 4071082 131243082 0.61330 1 COMMUNITY DEVELOPMENT BANK FSB 516 MAIN STREET OGEMA MN 56569 410455130 SAVINGS BANK MN CDC BANCSHARES C 4063780 131009248 0.61330 1 BLACKDUCK TOWNHOMES LLC 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 262177359 RESIDENTIAL RENTAL MN N/A C 5000 289738 1.00000 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 WHITE EARTH INVESTMENT INIATIVE B 70000 WAGES PAID FOR TAX SITE PERSONNEL