2012-08-14T15:00:18-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 818 SECOND ST SO SUITE 320 WAITE PARK MN 56387 990 2011-01-01 410972298 MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION MIDW 2188473191 119 GRAYSTONE PLAZA NO 100 DETROIT LAKES MN 565020623 ARLEN KANGAS 2188473191 2012-08-14 1 CHRISTINE M STANZ P01319765 3202035500 2012-08-13 2011 2016-02-24 21:20:13Z ARLEN KANGAS 119 GRAYSTONE PLAZA NO 100 DETROIT LAKES MN 565020623 9913925 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 22 0 0 0 1563567 1274002 5050753 7803867 39686 21384 619863 814672 7273869 9913925 242071 559659 0 0 1945603 2120146 0 0 152321 2886073 2893782 5073747 5573587 2200122 4340338 43140955 57308237 16177423 26308869 26963532 30999368 THE MISSION OF MMCDC IS TO ASSIST COMMUNITIES AND INDIVIDUALS ACHIEVE A BETTER QUALITY OF LIFE. 0 0 3265705 559659 7225412 BUSINESS DEVELOPMENT: INCLUDING NEW MARKETS TAX CREDIT-RELATED LENDING (OFF-BALANCE SHEET), MMCDC EXTENDED $69,599,001 IN CAPITAL FOR BUSINESS DEVELOPMENT. THIS FINANCING SUPPORTED RETENTION OF 1,941 EXISTING JOBS AND CREATION OF 1,328 NEW JOBS. IT ALSO SUPPORTED THE CONSTRUCTION OR IMPROVEMENT OF 656,980 SQUARE FEET OF COMMERCIAL MANUFACTURING, OFFICE AND RETAIL SPACE. THE MAJORITY OF FINANCING OCCURRED IN LOW-INCOME COMMUNITIES. 807783 369775 AFFORDABLE HOUSING DEVELOPMENT: TOGETHER WITH ITS AFFILIATE, THE NORTHWEST MINNESOTA HOUSING COOPERATIVE, MMCDC PROVIDED 10 UNITS OF AFFORDABLE SINGLE-FAMILY HOUSING AT A TOTAL SALE PRICE OF $1,702,020, INCLUDING A TWIN HOME DEVELOPED ON THE WHITE EARTH INDIAN RESERVATION. ONE HUNDRED PERCENT OF THESE UNITS WERE PURCHASED BY LOW- AND MODERATE-INCOME BUYERS, HELPING MEET THE DEMAND FOR WORKFORCE HOUSING IN SMALL, RURAL COMMUNITIES. 805814 1023352 AFFORDABLE HOUSING LENDING: MMCDC PROVIDED 239 MORTGAGE LOANS TOTALING $29,207,480 THROUGHOUT RURAL MINNESOTA. LOANS FINANCED HOME PURCHASE AND HOME REFINANCE. SEVENTY-THREE PERCENT OF HOME PURCHASE LOANS WERE MADE TO LOW-INCOME BUYERS, 68 PERCENT WERE FIRST-TIME HOMEBUYERS, AND 17 PERCENT WERE FEMALE HEADS OF HOUSEHOLD. 4879302 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 1 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 1 0 0 1 51 0 22 1 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 1 1 MN X STEVE WIEBOLT 2188477011 119 GRAYSTONE PLAZA STE 100 DETROIT LAKES MN 56502 KATHY HENRY 2.00 X X 7150 0 0 MIKE HERZOG 2.00 X X 3200 0 0 CHARLENE OLSON 2.00 X X 4100 0 0 BRENDA LUNDON 2.00 X X 4600 0 0 TERRY STALLMAN 2.00 X 4600 0 0 KAREN AHMANN 2.00 X 2200 0 0 DALE MACKLANBERG 2.00 X 3200 7100 0 JOAN LAVOY 2.00 X 1800 600 0 RON LINDBERG 2.00 X 2400 0 0 LARRY LEPIER 2.00 X 2400 0 0 GEMMA DREES 2.00 X 2500 0 0 DAN STEVENS 2.00 X 3000 600 0 ARLEN KANGAS 50.00 X 323929 0 69691 KEITH KICKER 45.00 X 184788 0 13784 JOHN KING 45.00 X 101500 0 4060 JULIA NELMARK 45.00 X 112138 0 15226 KEVIN SHIPLEY 1.00 X 0 105040 36857 763505 113340 139618 4 0 1 0 REZNICK GROUP PC SUITE 200 500 EAST PRATT STREET BALTIMORE MD 21202 AUDIT WORK FOR NMTC ENTITIES 153800 1 1133190 140812 1274002 NEW MARKET TAX CREDIT 525990 4520460 4520460 INTEREST INC./LOAN 522291 1394592 1394592 LOAN FEES 525990 969826 969826 RENTAL INCOME 531110 745468 745468 OTHER PROGRAM SERVICE 531310 173521 173521 7803867 21384 21384 MISCELLANEOUS 900099 474198 474198 GAIN FROM SUBSIDIARIES 900003 340474 340474 814672 9913925 8618539 0 21384 559659 559659 633342 365420 189198 78724 1245159 1045934 149419 49806 39834 33461 4780 1593 93653 78669 11238 3746 108158 90853 12979 4326 26588 26588 51919 51919 75548 64216 7555 3777 26204 24894 1310 68054 61929 4764 1361 51582 30949 19601 1032 151498 137863 10605 3030 45113 40151 4060 902 29112 25910 2620 582 747203 747203 438188 407515 30673 41756 37998 2923 835 HOUSING EXPENSES 384673 384673 MISC EXPENSES/PROVISION 234807 220468 11732 2607 LOSS ON SUBSUDIARIES/AS 231825 231825 BROKER EXPENSE - HOME L 154083 154083 135629 135629 5573587 4879302 541964 152321 2957240 7687003 336135 1003003 24995166 26303528 11206 13514 15563 15945371 3393591 5261217 12551780 4705110 5106264 56629 181403 4815944 4448487 43140955 57308237 862453 1351153 645092 686470 9954878 15224506 4715000 9046740 16177423 26308869 X 26594532 30580368 369000 369000 50000 26963532 30999368 43140955 57308237 X 4340338 -304502 X 0 1 1 X 1 1 X 1219547 334236 2181777 1563567 1274002 6573129 5253209 7185095 3779773 5050753 7803867 29072697 6472756 7519331 5961550 6614320 9077869 35645826 0 0 0 35645826 288159 397811 23547 39686 21384 770587 288159 397811 23547 39686 21384 770587 117048 136999 -788206 619863 814672 900376 6877963 8054141 5196891 7273869 9913925 37316789 0.95520 0.95430 0.02060 0.04240 X SCHEDULE A, PART II, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS DEBT RECOVERIES GAIN/LOSS FROM SUBSIDIARIES RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 456395 456395 11685169 2560685 9124484 3759231 823797 2935434 44576 9109 35467 12551780 PARTNERSHIPS, PROPERTY AND SECURITIES 5106264 F 5106264 INTEREST RECEIVABLE 155718 ASSETS HELD FOR SALE 742632 LEASES RECEIVABLE 1844671 OTHER RECEIVABLES (DEVELOPER FEES & TAX INCREMENT FINANCING) 1705466 4448487 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: TAX STATUS THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CORRESPONDING STATE TAX CODES. THE ORGANIZATION IS NOT A PRIVATE FOUNDATION AND CONTRIBUTIONS TO THE ORGANIZATION QUALIFY AS A CHARITABLE TAX DEDUCTION BY THE CONTRIBUTOR. THE ORGANIZATION'S 2008-2010 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE ORGANIZATION FILES AS A TAX EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENGED IN THE FUTURE, ALL YEARS SINCE INCEPTION WOULD BE SUBJECT TO REVIEW BY THE IRS. THE PARTNERSHIP TO SUPPLY AFFORDABLE HOUSINGM, ELEVENTH AVENUE APARTMENTS, BARBARA AVENUE APARTMENTS, EASTSIDE APARTMENTS, AND MAHNOMEN BAKED CHIPS LLC'S INCOME OR LOSS IS REQUIRED TO BE REPORTED BY MMCDC ON ITS FEDERAL TAX RETURN. 1 WHITE EARTH INVESTMENT INITIATIVE 407 EAST MAIN STREET OGEMA MN 56569 010732253 501(C)3 416400 ECONOMIC DEVELOPMENT ON THE WHITE EARTH INDIAN RESERVATION/SUPPORT THE MISSION OF WEII DETROIT LAKES COMMUNITY & CULTURAL CENTER 826 SUMMIT AVENUE DETROIT LAKES MN 56501 411970351 501(C)3 18100 DONATION IN SUPPORT OF THE LOCAL COMMUNITY CENTER 2 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ORGANIZATION IS INVOLVED TO THE EXTENT NECESSARY TO DETERMINE THE USE OF ANY GRANT FUNDS. X X 0 1 0 0 0 0 0 0 0 ARLEN KANGAS 220288 0 97500 0 6141 0 59800 0 9891 0 393620 0 0 0 KEITH KICKER 127288 0 57500 0 0 0 7500 0 6284 0 198572 0 0 0 PART I, LINE 4B THE ORGANIZATION HAS ENTERED INTO A DEFERRED COMPENSATION AGREEMENT TO PAY COMPENSATION TO ARLEN KANGAS IN THE AMOUNT OF $50,000 PER YEAR FOR FIVE YEARS STARTING ON DECEMBER 31, 2005 OR UPON RETIREMENT, WHICHEVER IS LATER. FOR EACH ADDITIONAL YEAR OF SERVICE, $50,000 PER YEAR WILL BE PAID. FORM 990, PART VI, SECTION A, LINE 1 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 AMMENDMENTS TO THE ARTICLES AND BYLAWS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11 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 MCMDC 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. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE, COMPRISED OF SEVERAL BOARD MEMBERS, DETERMINES COMPENSATION FOR THE PRESIDENT. THE PRESIDENT, WITH REVIEW BY THE PERSONNEL COMMITTEE, DETERMINES COMPENSATION FOR OTHER OFFICERS AND STAFF. THE PROCESS WAS LAST PERFORMED IN 2010. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: ACQUISITION OF NON-CONTROLLING INTEREST -304,502. TOTAL TO FORM 990, PART XI, LINE 5: -304,502. BOARD MEMBERS WHO SERVE RELATED ORGANIZATIONS FORM 990, PART VII SOME OF THE ORGANIZATION'S BOARD MEMBERS SERVE RELATED ORGANIZATIONS. ARLEN KANGAS, PRESIDENT OF MMCDC, SERVES ON THE WHITE EARTH INVESTMENT INITIATIVE BOARD FOR 2 HOURS PER WEEK. JOAN LAVOY SERVES THE WHITE EARTH INVESTMENT INITIATIVE BOARD FOR .5 HOURS PER WEEK. DAN STEVENS SERVES THE WHITE EARTH INVESTMENT INITIATIVE BOARD FOR .5 HOURS PER WEEK. DALE MACKLANBURG SERVES THE COMMUNITY DEVELOPMENT BANK BOARD FOR 1 HOUR PER WEEK. PARTNERSHIP TO SUPPLY AFFORDABLE HOUSING 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411877604 RENTAL MANAGEMENT MN 138826 9070 N/A ELEVENTH AVENUE APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411731046 RESIDENTIAL RENTAL MN 100657 325807 N/A MAHNOMEN BAKED CHIPS LLC 850 EAST ADAMS AVENUE MAHNOMEN MN 56557 260646172 MANUFACTURING MN 26678 6789740 N/A BARBARA AVENUE APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411797905 RESIDENTIAL RENTAL MN 69489 209279 N/A EASTSIDE APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 450435687 RESIDENTIAL RENTAL MN 53171 140197 N/A WHITE EARTH INVESTMENT INITIATIVE 516 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 12 2270168 0 1 0.00010 GRAYSTONE ANNEX LP 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 412012930 RESIDENTIAL RENTAL MN N/A RELATED 10 1922408 0 1 0.00010 BLACKDUCK TOWNHOMES LLC 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 262177359 RESIDENTIAL RENTAL MN N/A RELATED 57444 0 1 1.00000 MEADOW RUN LLC 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411825316 RESIDENTIAL RENTAL MN N/A RELATED 757 274174 1 0 0.01000 CDC BANCSHARES 516 MAIN STREET OGEMA MN 56569 412004916 BANK HOLDING COMPANY MN N/A C 2049252 70974299 0.61330 COMMUNITY DEVELOPMENT BANK FSB 516 MAIN STREET OGEMA MN 56569 410455130 SAVINGS BANK MN CDC BANCSHARES C 2012302 70915369 0.61330 COMMUNITY DEVELOPMENT INSURANCE SERVICES LLC 516 MAIN STREET OGEMA MN 56569 205313010 INSURANCE AGENCY MN CDC BANCSHARES C 36950 58930 0.61330 1 1 1 1 0 0 0 0 1 0 1 0 0 0 1 0 0 1 WHITE EARTH INVESTMENT INITIATIVE B 416400 FAIR MARKET VALUE CDC BANCSHARES B 500000 FAIR MARKET VALUE EASTSIDE APARTMENTS R 224082 FAIR MARKET VALUE BARBARA AVENUE APARTMENTS R 78986 FAIR MARKET VALUE