2023-11-13T09:40:24-06:00 2022-12-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2022-01-01 842716465 FORTIS CAPITAL FORT 6123891800 333 WASHINGTON AVENUE N 300 MINNEAPOLIS MN 55401 BRIAN K SMITH CHIEF EXECUTIVE OFFICER 6123891800 2023-11-08 1 BRIAN SMITH XXX-XX-XXXX 1 KAREN A GRIES P00078514 6128764500 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRIAN K SMITH 333 WASHINGTON AVENUE N 300 MINNEAPOLIS MN 55401 92915 0 X WWW.FORTISCAP.ORG X 2019 MN FORTIS CAPITAL IS ENGAGED IN ECONOMIC DEVELOPMENT FINANCE IN AND FOR THE CITY OF MINNEAPOLIS, WITH AN EMPHASIS ON PROVIDING ACCESS TO DEBT CAPITAL FOR BUSINESSES OWNED BY PERSONS OF COLOR AND IN CHALLENGED COMMUNITIES. 4 2 0 2 0 0 16000 22718 15026 69639 71 558 0 0 31097 92915 0 0 0 0 0 0 0 0 199 30279 82602 30279 82602 818 10313 1275270 2549545 1205979 2469941 69291 79604 OUR CHARITABLE PURPOSE AND MISSION IS TO FOSTER AND SUPPORT ECONOMIC DEVELOPMENT IN CHALLENGED COMMUNITIES AND FOR DISADVANTAGED PERSONS, PRIMARILY IN THE MINNEAPOLIS - SAINT PAUL METRO AREA, IN THE STATE OF MINNESOTA. 0 0 66630 69639 FORTIS CAPITAL PARTICIPATION LOAN PROGRAM:THROUGH THIS PROGRAM, THE ORGANIZATION CAN REACH BORROWERS THAT WOULD NOT QUALIFY FOR LOANS OTHERWISE. THE ORGANIZATION DOES THIS BY PURCHASING UP TO 75% PARTICIPATION IN PARTNER APPROVED LOANS. THIS STRATEGY MITIGATES RISK AND ALLOWS THE ORGANIZATION'S LENDING PARTNERS TO PROVIDE AFFORDABLE DEBT CAPITAL THAT WOULD OTHERWISE BE UNAVAILABLE TO THESE ECONOMICALLY CHALLENGED BUSINESSES. OUR ACTIVITIES CONSIST OF MAKING PARTICIPATION LOANS AND MANAGING OUR PORTFOLIO, AS WELL AS WORKING WITH OUR LOAN CAPITAL FUNDERS AND OTHER FUNDERS. 66630 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0 0 X 4 2 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MN X JAMES TERRELL 6123891800 333 WASHINGTON AVENUE N SUITE MINNEAPOLIS MN 55401 X BRIAN K SMITH CHIEF EXECUTIVE OFFICER 5.00 X X 0 0 0 JAMES E TERRELL PRESIDENT & CHIEF OPERATING OFFICER 5.00 X X 0 0 0 SHAWN G HUCKLEBY DIRECTOR 0.25 X 0 0 0 ANDREA L LARSON DIRECTOR 0.25 X 0 0 0 0 0 0 0 0 0 0 0 22718 22718 INTEREST ON NOTES 900099 63735 63735 OTHER LOAN FEES 900099 3000 3000 LOAN ORIGINATION FEES 900099 2904 2904 69639 558 558 92915 69639 0 558 13500 13500 2472 2273 199 66630 66630 82602 66630 15773 199 526675 1043685 1000 5000 5675 6524 741920 1494336 1275270 2549545 6963 5096 4000 4000 750000 2000000 445016 460845 1205979 2469941 X 13307 24449 55984 55155 69291 79604 1275270 2549545 10313 0 X X 0 1 X 1 0 X 16000 22718 38718 16000 22718 38718 18424 20294 52 71 558 681 39399 84665 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DEFERRED LOAN AGREEMENT 460845 460845 X 144915 52000 52000 92915 0 92915 134602 52000 52000 82602 0 82602 PART X, LINE 2: THE ORGANIZATION FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE ORGANIZATION FOR UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. BRIAN K SMITH CHIEF EXECUTIVE OFFICER INITIAL WORKING CAPITAL X 2000 2000 0 0 1 JAMES E TERRELL PRESIDENT & CHIEF OPERATING OFFICER INITIAL WORKING CAPITAL X 2000 2000 0 0 1 4000 FORM 990, PART VI, SECTION B, LINE 11B FORTIS CAPITAL'S FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT FOR INTERNAL REVIEW. ONCE COMPLETED, THE RETURN IS MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW AND COMMENT PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: NEITHER THE OVERSIGHT PROCESS OF THE AUDIT OR THE SELECTION PROCESS OF THE INDEPENDENT ACCOUNTANT CHANGED DURING THE CURRENT TAX YEAR.