2020-09-17T10:52:17-05:00 2019-12-31 221478099 COHNREZNICK LLP 4 BECKER FARM ROAD ROSELAND NJ 07068 990 2019-01-01 810500256 MONTANA COMMUNITY DEVELOPMENT CORP MONT 4067289234 229 EAST MAIN STREET MISSOULA MT 59802 DAVID GLASER PRESIDENT 4067289234 2020-09-16 1 LORI ROTHE YOKOBOSKY CPA P01273422 9732283500 2020-08-26 209.59.242.22 2020-09-16 14:17:36 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 2019 2021-01-29 14:40:06Z TOM MCMAKIN 229 EAST MAIN STREET MISSOULA MT 59802 9380489 0 X WWW.MOFI.ORG X 1995 MT MONTANA COMMUNITY DEVELOPMENT CORPORATION (DBA "MOFI") PROVIDES FINANCING AND CONSULTING SERVICES THAT TRANSFORM LIVES AND COMMUNITIES. 11 10 38 0 0 0 1988247 1072862 7418342 8189816 72169 89111 176691 26117 9655449 9377906 100 0 0 0 3555413 3194298 0 0 0 3228132 4152474 6783645 7346772 2871804 2031134 47372721 53007879 17206837 20810861 30165884 32197018 X MONTANA COMMUNITY DEVELOPMENT CORPORATION (DBA "MOFI") HELPS PEOPLE AND COMMUNITIES BY PROVIDING FLEXIBLE, RESPONSIBLE FINANCING TO PEOPLE, PROJECTS AND COMMUNITIES THAT ARE OUTSIDE THE FINANCIAL MAINSTREAM. OUR ROLE IS TO FOSTER A RESILIENT ECONOMY BUILT ON THE INHERENT STRENGTHS OF THE PEOPLE AND THE PLACE WHERE THEY LIVE. SINCE 1986, MOFI HAS SERVED HUNDREDS OF ENTREPRENEURS WITH LOANS AND CONSULTING SERVICES. THE BUSINESSES OUR CLIENTS CREATE PROVIDE JOBS AND HELP SUSTAIN THEIR LOCAL COMMUNITIES. IN ADDITION, MOFI IS A COMMUNITY DEVELOPMENT ENTITY (CDE) AND ELIGIBLE TO MAKE NEW MARKET TAX CREDIT-ENHANCED LOANS TO INCENTIVIZE CATALYTIC DEVELOPMENT PROJECTS THAT CREATE JOBS AND STIMULATE ECONOMIC ACTIVITY FOR LOW-INCOME PEOPLE AND IN LOW-INCOME PLACES. FINALLY, MOFI'S DOWN PAYMENT ASSISTANCE PROGRAM OPENS DOORS TO HOMEOWNERSHIP FOR QUALIFIED BUYERS WHO LACK THE SAVINGS FOR A DOWN PAYMENT. OUR PRIMARY SERVICE AREA INCLUDES MONTANA, IDAHO, WYOMING, EASTERN OREGON AND EASTERN WASHINGTON 0 0 5805795 8215933 FOUNDED IN 1986, MONTANA COMMUNITY DEVELOPMENT CORPORATION DBA MOFI IS A 501(C)(3) NONPROFIT, CDFI AND CDE LENDER THAT WITH A MISSION TO PROVIDE FINANCING AND CONSULTING THAT TRANSFORMS LIVES AND COMMUNITIES. MOFI HELPS PEOPLE WHO ARE TRYING TO BREAK THE CYCLE OF POVERTY BY STARTING OR GROWING A BUSINESS BUT ARE DENIED BANK FINANCING. MOFI'S SERVICES HELP PEOPLE BUILD SUCCESSFUL BUSINESSES AND FINANCIAL INDEPENDENCE. MOFI WORKS IN THE NORTHERN ROCKY MOUNTAIN REGION INCLUDING MONTANA, WYOMING, IDAHO, AND EASTERN OREGON AND WASHINGTON. THE ORGANIZATION HAS TWO PRIMARY LENDING PROGRAMS: (1) PROVIDING LOANS TO SMALL AND MICROBUSINESSES THAN CANNOT SECURE CONVENTIONAL FINANCING, AND (2) PROVIDING NEW MARKETS TAX CREDIT (NMTC) ENHANCED LOANS TO CATALYTIC PROJECTS THAT CREATE JOBS, PROVIDE CRITICAL COMMUNITY SERVICES FOR LOW INCOME PEOPLE, AND TRANSFORM ECONOMIES IN THE REGION'S MOST IMPOVERISHED AREAS. ALL OF MOFI'S BORROWERS HAVE ACCESS TO MOFI'S COMPREHENSIVE SUITE OF FREE BUSINESS CONSULTING SERVICES THAT INCLUDES BUSINESS AND FINANCIAL PLANNING, FINANCIAL EDUCATION, CREDIT BUILDING, LEGAL SERVICES, MARKETING AND BRAND DEVELOPMENT, ACCOUNTING SERVICES, ASSISTANCE WITH HUMAN RESOURCE POLICIES AND INCLUSIVE HIRING STRATEGIES, AND ULTIMATELY ASSISTANCE OBTAINING BANK FINANCING AND JOINING THE FINANCIAL MAINSTREAM. IN ADDITION TO THE CORE LENDING PROGRAMS, MOFI ALSO OFFERS AN URGENT HOME REPAIR PROGRAM FOR PEOPLE LIVING IN MANUFACTURED HOMES WHO ARE UNABLE TO ACCESS FINANCING TO MAKE THEIR HOMES SAFE AND LIVABLE, AND IN MONTANA AND IDAHO'S SMALLEST RURAL COMMUNITIES, TO HELP ENSURE THAT PEOPLE, ESPECIALLY THOSE IN VERY POOR AREAS, HAVE ADEQUATE ACCESS TO SOCIAL SERVICES, MOFI OFFERS COMMUNITY FACILITY LOANS TO MUNICIPALITIES AND NONPROFITS. 420647 IN MONTANA, TO COMBAT HIGH HOUSING COSTS COUPLED WITH VERY LOW WAGES, MOFI OFFERS DOWN PAYMENT ASSISTANCE FOR HOMEBUYERS THROUGH A COMMUNITY SECOND MORTGAGE PROGRAM. 6226442 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 59 0 1 38 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X RACHEL MCDONOUGH 4067289234 229 EAST MAIN STREET MISSOULA MT 59802 CHARLES RIAL DIRECTOR 1.00 X 0 0 0 DAVE BURNER CHAIR 1.00 X X 0 0 0 DAVE GLASER PRESIDENT 40.00 X X 313148 0 40259 KALLI RYTI DIRECTOR 1.00 X 0 0 0 LISA COOPER DIRECTOR 1.00 X 0 0 0 NANCY QUIST VICE CHAIR 1.00 X X 0 0 0 NATALIE CAMACHO MENDOZA DIRECTOR 1.00 X 0 0 0 PRI FERNANDO SECRETARY 1.00 X X 0 0 0 SARA SMITH TREASURER 1.00 X X 0 0 0 TINA BEGAY OUTGOING DIRECTOR 1.00 X 0 0 0 TOM MCMAKIN DIRECTOR 1.00 X X 0 0 0 TOM SERVERSON DIRECTOR 1.00 X 0 0 0 RACHEL MCDONOUGH DIRECTOR OF FINANCE 40.00 X 125803 0 25273 BEN WRIGHT DIRECTOR OF OPERATIONS 40.00 X 116702 0 37056 BETSY BEAUVAIS DIRECTOR OF LENDING 40.00 X 175986 0 30946 ELIZABETH ADDINGTON DIRECTOR OF MARKETING & BUSINESS DEVELOPMENT 40.00 X 107592 0 17653 GREGORY ASTLE DIRECTOR OF TAX CREDIT LENDING 40.00 X 132410 0 11388 HEIDI DEARMENT VICE PRESIDENT 40.00 X 310962 0 41773 1282603 0 204348 7 0 1 0 0 73062 999800 1072862 NMTC FEES 900099 5335511 5335511 LOAN INTEREST 525990 2429302 2429302 LOAN FEES 525990 322142 322142 SBA TA CONTRACT REVENU 900099 79735 79735 RMAP TA CONTRACT REVEN 900099 23126 23126 8189816 91694 91694 2583 -2583 -2583 -2583 OTHER REVENUE 900099 26117 26117 26117 9377906 8215933 0 89111 504753 406370 98383 2209529 1778863 430666 103908 83655 20253 194066 156240 37826 182042 146560 35482 48069 38700 9369 85910 69165 16745 17400 17400 196711 154980 41731 141005 141005 180314 145168 35146 661423 532503 128920 318303 256262 62041 470482 378779 91703 432982 432982 367246 297749 69497 49708 40019 9689 LOAN LOSS PROVISION 902507 902507 STAFF DEVELOPMENT 161723 130201 31522 LOAN EXPENSE 111732 111732 MISCELLANEOUS 6959 5602 1357 7346772 6226442 1120330 0 25431 65381 13839377 16309780 225000 147000 211864 270746 30557520 33583373 52337 56969 4054157 1524297 2416804 2529860 44388 44770 47372721 53007879 352737 383344 1000000 743363 15126780 18911560 727320 772594 17206837 20810861 X 27731096 30174513 2434788 2022505 30165884 32197018 47372721 53007879 2031134 0 X X 0 1 X 1 1 1 X 1769572 2331397 2500005 1988247 1072862 9662083 1769572 2331397 2500005 1988247 1072862 9662083 851228 8810855 52433 80577 123577 71769 91694 420050 17934 14612 91424 176691 26117 326778 10408911 31747610 0.84650 0.95060 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER - 2015 AMOUNT: $ 17,934. 2016 AMOUNT: $ 14,612. 2017 AMOUNT: $ 91,424. 2018 AMOUNT: $ 176,691. 2019 AMOUNT: $ 26,117. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 17400 17400 7329372 7346772 517339 129335 0 0 361731 383204 489182 517339 1751456 2627184 13900 23900 21550 17400 76750 90433 95801 122296 129335 437865 656798 300000 300000 2006398 396769 1609629 1632254 1018333 613921 115505 109195 6310 2529860 DUE TO OTHER AGENCIES 772594 772594 X 9380489 0 9380489 -2583 -2583 9377906 7349355 2583 2583 7346772 0 7346772 PART X, LINE 2: MOFI IS EXEMPT FROM INCOME TAX UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEAR ENDED DECEMBER 31, 2019. MOFI IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS. MOFI HAS ALSO ELECTED TO BE GOVERNED BY SECTION 501(H) OF THE INTERNAL REVENUE CODE. SECTION 501(H) LIMITS MOFI'S LOBBYING EXPENDITURES TO SPENDING CEILINGS BASED ON A PERCENTAGE OF MOFI'S TOTAL EXEMPT PURPOSE EXPENDITURES WITH A MAXIMUM OF $1 MILLION DOLLARS PER YEAR. MOFI'S TOTAL LOBBYING EXPENDITURES WERE $17,400 FOR THE YEAR ENDED DECEMBER 31, 2019. MOFI IS NO LONGER SUBJECT TO EXAMINATIONS BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2016. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS -2,583. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS 2,583. X 1 1 X X X 0 0 0 0 0 0 0 1 0 DAVE GLASER PRESIDENT 295466 0 16270 0 1412 0 11200 0 29059 0 353407 0 0 0 RACHEL MCDONOUGH DIRECTOR OF FINANCE 117606 0 6541 0 1656 0 5083 0 20190 0 151076 0 0 0 BEN WRIGHT DIRECTOR OF OPERATIONS 108426 0 6804 0 1472 0 4888 0 32168 0 153758 0 0 0 BETSY BEAUVAIS DIRECTOR OF LENDING 164407 0 8505 0 3074 0 3578 0 27368 0 206932 0 0 0 HEIDI DEARMENT VICE PRESIDENT 291216 0 17595 0 2151 0 11200 0 30573 0 352735 0 0 0 PART I, LINE 1A MONTANA CDC PROVIDES A BENEFIT FOR ALL EMPLOYEES WHERE IT WILL PAY GYM MEMBERSHIP DUES. THE PAYMENT OF THESE DUES ARE TREATED AS TAXABLE INCOME. THESE AMOUNTS ARE INCLUDED ON SCHEDULE J, PART II, COLUMN B(III) AND INCLUDED IN THE INDIVIDUALS 2019 W-2S. PART I, LINE 7 INCLUDED IN SCHEDULE J, PART II COLUMN B(II) ARE AMOUNTS REPRESENTING BONUSES. THESE AMOUNTS WERE INCLUDED IN THE INDIVIDUALS 2019 W-2 AND APPROVED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS MADE UP OF COMMUNITY MEMBERS AS APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE REVIEWS THE FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD AND STAFF ANNOUNCE POTENTIAL CONFLICTS OF INTEREST AT APPROPRIATE MEETINGS (LOAN COMMITTEE & BOARD MEETINGS) AS WELL AS ANNUALLY DISCLOSING CONFLICTS ON OUR CONFLICT OF INTEREST FORMS. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DETERMINES COMPENSATION FOR ALL MANAGEMENT STAFF AND FOR THE MAJORITY OF THE OTHER STAFF MEMBERS BY CONDUCTING STAFF AND POSITION SPECIFIC SALARY SURVEYS, INDUSTRY INTERVIEWS, AND REVIEWS OF 990'S FOR INDUSTRY AND OTHER PEER ORGANIZATIONS. THE CEO'S COMPENSATION IS ESTABLISHED ANNUALLY BY THE EXECUTIVE COMMITTEE BASED ON THE SURVEY RESULTS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990 XII LINE 2C: THE ORGANIZATION HAS A COMMITTEE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AS WELL AS THE SELECTION OF THE INDEPENDENT ACCOUNTANT. 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