2019-10-30T09:32:24-05:00 2018-12-31 221478099 COHNREZNICK LLP 4 BECKER FARM ROAD ROSELAND NJ 07068 990 2018-01-01 810500256 MONTANA COMMUNITY DEVELOPMENT CORP MONT 4067289234 229 EAST MAIN STREET MISSOULA MT 59802 DAVID GLASER PRESIDENT 4067289234 2019-10-29 1 LORI ROTHE YOKOBOSKY CPA P01273422 9732283500 2019-10-29 209.59.242.22 2019-10-29 15:07:11 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 238159564A7F207AC3E2D33505B4833284B8AC6F 2018 2019-02-21 02:37:17Z TOM MCMAKIN 229 EAST MAIN STREET MISSOULA MT 59802 9655449 0 X WWW.MOFI.ORG X 1995 MT MONTANA COMMUNITY DEVELOPMENT CORPORATION (DBA "MOFI") PROVIDES FINANCING AND CONSULTING SERVICES THAT TRANSFORM LIVES AND COMMUNITIES. 12 11 41 0 0 0 2500005 1988247 5461528 7418342 47895 72169 91424 176691 8100852 9655449 21000 100 0 0 3148579 3555413 0 0 0 3130861 3228132 6300440 6783645 1800412 2871804 42346054 47372721 15051974 17206837 27294080 30165884 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 5392365 7449777 MOFI PROVIDES DIRECT LOANS AND RELATED CONSULTING SERVICES TO BORROWERS AND LOAN APPLICANTS. MOFI'S BUSINESS LOANS SERVE ENTREPRENEURS WHO ARE UNABLE TO QUALIFY FOR TRADITIONAL BANK FINANCING. MOFI'S BORROWERS ALSO RECEIVE FREE, COMPREHENSIVE CONSULTING SERVICES DESIGNED TO HELP THEM BUILD SKILLS IN THE AREAS OF MONEY, MARKETING AND MANAGEMENT. LOAN CLIENTS RECEIVE ASSISTANCE TAILORED TO THEIR UNIQUE NEEDS, WITH THE GOAL OF PROVIDING THEM THE TOOLS AND GUIDANCE TO INCREASE THE SPEED AT WHICH THEY CAN ENTER THE FINANCIAL MAINSTREAM. THIS PROGRAM IS FUNDED BY GRANTS AND LOAN EARNINGS.MOFI'S PROGRAMS ARE FUNDED BY A VARIETY OF SOURCES, BOTH FEDERAL AND LOCAL, PUBLIC AND PRIVATE. IN 1996, MOFI OBTAINED CERTIFICATION FROM THE UNITED STATES DEPARTMENT OF TREASURY ("U.S. TREASURY") AS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION ("CDFI"), ENABLING IT TO ACCESS LOANS AND GRANTS FROM THE U.S. TREASURY. THESE FUNDS, ALONG WITH FUNDING FROM THE UNITED STATES SMALL BUSINESS ADMINISTRATION ("SBA"), UNITED STATES DEPARTMENT OF AGRICULTURE, UNITED STATES DEPARTMENT OF COMMERCE, UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES, FINANCIAL INSTITUTIONS, LOCAL AND STATE GOVERNMENTS, AND PRIVATE ORGANIZATIONS ARE USED FOR LOANS TO SMALL BUSINESSES. BUSINESS CONSULTING SERVICES ARE FUNDED BY GRANTS AND LOAN EARNINGS. 429646 100 145256 DOWN PAYMENT ASSISTANCE SERVICES PROVIDE DOWN PAYMENT ASSISTANCE TO INDIVIDUALS AND FAMILIES WHO ARE OTHERWISE ELIGIBLE FOR EITHER A CONVENTIONAL MORTGAGE OR GOVERNMENT-BACKED MORTGAGE BUT DO NOT HAVE THE DOWN PAYMENT NEEDED TO SECURE THEIR MORTGAGE. THESE SERVICES ARE FUNDED THROUGH MOFI'S NET ASSETS WITHOUT RESTRICTIONS AND GRANTS. 5822011 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 0 0 1 41 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 11 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 291470 0 40966 LISA COOPER DIRECTOR 1.00 X 0 0 0 NANCY QUIST DIRECTOR 1.00 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 STEPHEN MILLER DIRECTOR 1.00 X 0 0 0 TINA BEGAY DIRECTOR 1.00 X 0 0 0 TOM MCMAKIN VICE CHAIR 1.00 X X 0 0 0 TOM SERVERSON DIRECTOR 1.00 X 0 0 0 RICK ENEAS CONTROLLER 40.00 X 115644 0 13065 BETSY BEAUVAIS DIRECTOR OF LENDING 40.00 X 140693 0 34848 CATHERINE JONES DIRECTOR OF DEVELOPMENT 40.00 X 117388 0 17622 GREGORY ASTLE NMTC DIRECTOR 40.00 X 105027 0 13921 HEIDI DEARMENT VICE PRESIDENT 40.00 X 290948 0 34830 SARAH FITZGERALD NMTC DIRECTOR 40.00 X 164369 0 20562 1225539 0 175814 7 0 1 0 0 798815 1189432 1988247 NMTC FEES 900099 4848440 4848440 LOAN INTEREST 525990 2138218 2138218 LOAN FEES 525990 376527 376527 SBA TA CONTRACT REVENU 900099 43540 43540 RMAP TA CONTRACT REVEN 900099 11617 11617 7418342 71769 71769 400 0 400 400 400 DOWNPAYMENT ASST EARNI 900099 145256 145256 OTHER REVENUE 900099 31435 31435 176691 9655449 7595033 0 72169 100 100 461145 380466 80679 2443923 2016347 427576 129361 106729 22632 316649 261249 55400 204335 168586 35749 36066 29754 6312 41376 34135 7241 21550 21550 52059 42949 9110 299841 299841 169527 139860 29667 478678 394910 83768 196937 162473 34464 235563 194339 41224 322316 322316 361706 298477 63229 43358 35770 7588 LOAN LOSS PROVISION 510325 510325 STAFF DEVELOPMENT 325686 268691 56995 LOAN EXPENSE 121800 121800 MISCELLANEOUS 11344 11344 6783645 5822011 961634 0 2078982 3642511 10939061 10222297 350000 225000 306935 211864 26029619 30557520 38369 52337 3587820 1171016 2567603 2416804 35485 44388 42346054 47372721 324857 352737 1000000 14012074 15126780 715043 727320 15051974 17206837 X 24662264 27731096 1214972 1039972 1416844 1394816 27294080 30165884 42346054 47372721 2871804 0 X X 0 1 X 1 1 1 X 4240392 1769572 2331397 2500005 1988247 12829613 4240392 1769572 2331397 2500005 1988247 12829613 12829613 38401 52433 80577 123577 71769 366757 17934 14612 91424 176691 300661 13497031 28852382 0.95060 0.96470 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. 21550 21550 6762095 6783645 489182 122296 0 0 301940 361731 383204 489182 1536057 2304086 25900 13900 23900 21550 85250 75485 90433 95801 122296 384015 576023 300000 300000 1740728 314223 1426505 1465067 856793 608274 82025 82025 2416804 DUE TO OTHER AGENCIES 727320 727320 X 9655049 0 9655049 400 400 9655449 6783245 -400 -400 6783645 0 6783645 PART X, LINE 2: MCDC HAS ALSO ELECTED TO BE GOVERNED BY SECTION 501(H) OF THE INTERNAL REVENUE CODE. SECTION 501(H) LIMITS MCDC'S LOBBYING EXPENDITURES TO SPENDING CEILINGS BASED ON A PERCENTAGE OF MCDC'S TOTAL EXEMPT PURPOSE EXPENDITURES WITH A MAXIMUM OF $1 MILLION DOLLARS PER YEAR. MCDC'S TOTAL LOBBYING EXPENDITURES WERE 0.25% OF TOTAL EXPENSES DURING 2018. MCDC IS NO LONGER SUBJECT TO EXAMINATIONS BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2015. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN ON DISPOSAL OF FIXED ASSETS 400. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON DISPOSAL OF FIXED ASSETS -400. PART X, LINE 2: MCDC 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, 2018. MCDC IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS. MCDC HAS ALSO ELECTED TO BE GOVERNED BY SECTION 501(H) OF THE INTERNAL REVENUE CODE. SECTION 501(H) LIMITS MCDC'S LOBBYING EXPENDITURES TO SPENDING CEILINGS BASED ON A PERCENTAGE OF MCDC'S TOTAL EXEMPT PURPOSE EXPENDITURES WITH A MAXIMUM OF $1 MILLION DOLLARS PER YEAR. MCDC'S TOTAL LOBBYING EXPENDITURES WERE 0.25% OF TOTAL EXPENSES DURING 2018. MCDC IS NO LONGER SUBJECT TO EXAMINATIONS BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2015. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DAVE GLASER PRESIDENT 289790 0 0 0 1680 0 11000 0 29966 0 332436 0 0 0 BETSY BEAUVAIS DIRECTOR OF LENDING 139384 0 0 0 1309 0 5217 0 29631 0 175541 0 0 0 HEIDI DEARMENT VICE PRESIDENT 290113 0 0 0 835 0 11000 0 23830 0 325778 0 0 0 SARAH FITZGERALD NMTC DIRECTOR 163994 0 0 0 375 0 6655 0 13907 0 184931 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 2018 W-2S. 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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