2025-11-06T10:03:39-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 4150 2ND STREET SOUTH SUITE 400 ST CLOUD MN 56301 990 2024-01-01 010732253 WHITE EARTH INVESTMENT INITIATIVE WHIT 2188473191 407 MAIN STREET OGEMA MN 56569 JULIA NELMARK CHIEF EXECUTIVE OFFICER 2188473191 2025-11-03 1 0 JASON R NEUMANN P01690179 3202035500 2025-11-03 2024 2025-03-06 01:10:19Z JULIA NELMARK 407 MAIN STREET OGEMA MN 56569 3279259 0 X WWW.WHITEEARTHINVESTMENTINITIATIVE.COM X 2002 MN TO ENGAGE IN COMMUNITY, ECONOMIC AND HOUSING DEVELOPMENT ON THE WHITE EARTH INDIAN RESERVATION, WITH THE AIM OF ALLEVIATING POVERTY AND ENHANCING THE STANDARD OF LIVING FOR RESIDENTS THERE. 7 6 4 11 0 0 485162 2639550 397441 532436 3169 101661 7325 5612 893097 3279259 0 0 0 0 301470 389179 0 0 14791 492022 405708 793492 794887 99605 2484372 12262515 16520578 4185080 5958771 8077435 10561807 X TO ENGAGE IN COMMUNITY, ECONOMIC, AND HOUSING DEVELOPMENT ON THE WHITE EARTH INDIAN RESERVATION, WITH THE AIM OF HELPING TO ALLEVIATE POVERTY AND ENHANCING THE STANDARD OF LIVING FOR THE RESIDENTS THERE. 0 0 261767 385166 BUSINESS LOAN FUND: THE WHITE EARTH INVESTMENT INITIATIVE ENGAGES IN COMMUNITY ECONOMIC DEVELOPMENT SERVICES, TARGETING RESIDENTS OF THE WHITE EARTH RESERVATION AND OTHER NATIVE AMERICANS STATEWIDE. IN 2024, 4 COMMERCIAL LOANS TOTALING $842,920 WERE PROVIDED FOR NATIVE COMMUNITY BUSINESSES AND FACILITIES. 48 JOBS WERE RETAINED WITH THESE FUNDS. 256308 128370 CONSUMER LOAN FUND: 230 CONSUMER LOANS TOTALING $1,047,559WERE CLOSED IN 2024. THE VAST MAJORITY WERE NATIVE AMERICAN CLIENTS LIVING WITHIN THE BOUNDARIES OF THE WHITE EARTH RESERVATION. COMMON USES OF FUNDS INCLUDED DEBT CONSOLIDATION OR PAYOFF OF HIGH RATE LOANS, CAR REPAIR OR PURCHASE, CHRISTMAS AND BACK-TO-SCHOOL LOANS. CONSUMERS MAY FACE BARRIERS TO MAINSTREAM CREDIT AND MAY HAVE TOO MUCH DEBT, HAVE DEBT THAT IS POORLY STRUCTURED OR MAY HAVE PROBLEMS MANAGING THEIR DEBT; FAVORABLE TERMS MAY INCLUDE LOWER-THAN STANDARD DOWN-PAYMENT, HIGHER LOAN-TO-VALUE RATIO, ETC. THEY ALSO ORIGINATED 3 MORTGAGE LOANS IN 2024 IN THE AMOUNT OF $255,000 AND 4 CLOSING COST ASSISTANCE LOANS TOTALING $33,500. 198786 DEVELOPMENT SERVICES: WEII DEVELOPMENT SERVICES OFFERS HOMEBUYER EDUCATION, HOUSING COUNSELING AND TAXPAYER ASSISTANCE TO RESIDENTS OF THE WHITE EARTH RESERVATION AND SURROUNDING COMMUNITIES TO SUPPORT FINANCIAL LITERACY AND ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND SERVICES AND HOMEOWNERSHIP. IN 2024, 651 FEDERAL TAX RETURNS WERE FILED FREE OF CHARGE THROUGH THE TAX PREPARATION PROGRAM, A SUBSTANTIAL INCREASE (96 RETURNS) OVER THE NUMBER OF FEDERAL RETURNS FILED IN 2023. IN 2024, 49 HOUSEHOLDS RECEIVED CLASSROOM-INSTRUCTED HOMEBUYER EDUCATION AND 10 HOUSEHOLDS RECEIVED ONE-ON-ONE COUNSELING. HOMEBUYER EDUCATION NUMBERS WERE OVER TRIPLE THE NUMBERS SEEN THE YEAR PRIOR. 2024 COUNSELING OUTCOMES WERE LOWER THAN IN 2023. 18900 OTHER RENTAL INCOME 18900 716861 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 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 23 0 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 6 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X MATT NELSON 2188447021 119 GRAYSTONE PLAZA STE 100 DETROIT LAKES MN 56501 JESSICA JOHNSON BOARD CHAIRWOMAN 0.50 X X 7600 0 0 ROBERT AITKIN III VICE-CHAIR 0.50 X 3250 0 0 DEAN JOHNSON SECRETARY 0.50 X 3250 0 0 BARBARA FABRE DIRECTOR 0.50 X 1200 0 0 DOUG FABRE DIRECTOR 0.50 X 1600 0 0 MELINDA IVERSON DIRECTOR 0.50 X 2800 0 0 JULIA NELMARK CHIEF EXECUTIVE OFFICER 5.00 50.00 X 0 293087 65250 19700 293087 65250 0 0 1 0 0 55000 414550 2170000 2639550 LOAN INTEREST INCOME 522291 502226 502226 RENTAL INCOME 531120 18900 18900 LOAN ORIGINATION FEES 522291 11310 11310 532436 101661 101661 OTHER INCOME 900099 5612 5612 5612 3279259 532436 0 107273 19700 17139 1970 591 292267 257195 29227 5845 14394 12667 1439 288 41838 36817 4184 837 20980 18462 2098 420 21560 16170 5390 10476 10476 19321 19321 20713 18228 2071 414 45397 39495 4540 1362 66788 58773 5343 2672 29651 25796 2965 890 5347 4652 535 160 62210 62210 17011 14970 1361 680 PROVISION FOR LOAN LOSS 83483 83483 DONATIONS 2630 2630 MAINTENANCE CONTRACTS 2003 1743 200 60 BANK SERVICE CHARGES 100 87 10 3 19018 16547 1902 569 794887 716861 63235 14791 1190768 2369650 1625256 4591116 10000 760000 130 150 9064189 8443048 5682 2262 562547 276379 303179 286168 63311 68184 12262515 16520578 42948 69165 865400 911900 626732 581561 2650000 4396145 4185080 5958771 X 8077435 9811807 750000 8077435 10561807 12262515 16520578 2484372 0 X 0 1 X 1 1 1 X 1298469 561578 1834655 485162 2639550 6819414 1298469 561578 1834655 485162 2639550 6819414 511060 6308354 614 793 1686 3169 101661 107923 122 4657 1969 7325 5612 19685 6947022 1808102 0.90810 0.99290 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 122. 2021 AMOUNT: $ 4,657. 2022 AMOUNT: $ 1,969. 2023 AMOUNT: $ 7,325. 2024 AMOUNT: $ 5,612. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 7094 7094 521089 242015 279074 34364 34364 0 286168 X 3279259 0 3279259 0 3279259 794887 0 794887 0 794887 PART X, LINE 2: WHITE EARTH INVESTMENT INITIATIVE IS A PRIVATE, NONPROFIT CORPORATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION IS NOT A PRIVATE FOUNDATION AND CONTRIBUTIONS TO THE ORGANIZATION QUALIFY AS A CHARITABLE TAX DEDUCTION BY THE CONTRIBUTOR. THE ORGANIZATION'S INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES IN ACCORDANCE WITH PRESCRIBED STATUTES. THE ORGANIZATION HAS NOT BEEN EXAMINED FOR ANY OPEN YEARS. 0 1 0 0 0 0 0 0 0 JULIA NELMARK CHIEF EXECUTIVE OFFICER 0 218087 0 75000 0 0 0 40250 0 25000 0 358337 0 0 PART I, LINE 4B JULIA NELMARK'S COMPENSATION IS DETERMINED BY MMCDC (WHITE EARTH INVESTMENT INITIATIVE'S PARENT ORGANIZATION). THE FOLLOWING DESCRIBES THE PROCESS FOR DETERMINING HER COMPENSATION: 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 2024. THE ORGANIZATION HAS REVIEWED DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS WHEN DETERMINING COMPENSATION LEVELS. FORM 990, PART VI, SECTION A, LINE 4 ORGANIZATION MADE UPDATES TO THEIR ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION A, LINE 6 MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION IS THE SOLE MEMBER OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING ACTS REQUIRE THE APPROVAL OF THE MEMBER: THE SALE, LEASE, TRANSFER, OR OTHER DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE ORGANIZATION'S PROPERTY AND ASSETS; THE MERGER OR CONSOLIDATION (EITHER IN LAW OR IN FACT) OF THE ORGANIZATION WITH ONE OR MORE OTHER ORGANIZATIONS; AND THE AMENDMENTS OF THE ARTICLES OF INCORPORATION OR THE BYLAWS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWS THE COMPLETE PREPARED FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANY DIRECTOR, PRINCIPAL, OFFICER OR MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS, WHO BY DEFINITION IS AN INTERESTED PERSON, IS COVERED UNDER THE CONFLICT OF INTEREST POLICY. THESE INDIVIDUALS MUST DISCLOSE ALL MATERIAL FACTS TO THE BOARD OF DIRECTORS REGARDING ANY FINANCIAL INTEREST. THE BOARD, OR COMMITTEE, IF APPROPRIATE, DETERMINES WHETHER ANY SUCH FINANCIAL INTEREST IS DETERMINED TO BE A CONFLICT OF INTEREST. 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 EXECUTIVE- PERSONNEL COMMITTEE OF THE BOARD OF DIRECTORS PERFORMS AN ANNUAL REVIEW OF THE PRESIDENT THAT INCLUDES EVALUATION OF PROGRESS ON DEFINED GOALS, DISCUSSIONS WITH STAFF WHO INTERACT REGULARLY WITH THE PRESIDENT, AND A REVIEW AND DISCUSSION OF THE PRESIDENT'S COMPENSATION PACKAGE. MINUTES FROM THAT MEETING ARE PREPARED CONTEMPORANEOUSLY AND APPROVED BY THE COMMITTEE. THE PRESIDENT, WITH REVIEW BY THE PERSONNEL COMMITTEE, DETERMINES COMPENSATION FOR OTHER OFFICERS AND STAFF. THE PROCESS WAS LAST PERFORMED IN 2024. THE ORGANIZATION HAS REVIEWED DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS WHEN DETERMINING COMPENSATION LEVELS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. 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. MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 410972298 COMMUNITY DEVELOPMENT MN 501(C)(3) LINE 10 N/A 0 ZEPHYR ESTATES 119 GRAYSTONE PLAZA SUITE 100 DETROIT LAKES MN 56501 416164697 RESIDENTAL MN N/A RELATED 1555 0 1 0.01000 COMMUNITY DEVELOPMENT BANK 516 MAIN STREET OGEMA MN 56569 410455130 BANKING MN N/A C 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION C 55000 WAGES PAID FOR TAX SITE PERSONNEL