2025-11-04T16:10:51-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 4150 2ND STREET SOUTH SUITE 400 ST CLOUD MN 56301 990 2024-01-01 410972298 MIDWEST MINNESOTA COMMUNITY DEVELOPMENT CORPORATION MIDW 2188473191 119 GRAYSTONE PLAZA SUITE 100 DETROIT LAKES MN 565013034 JULIA NELMARK PRESIDENT 2188473191 2025-11-03 1 0 JASON NEUMANN CPA P01690179 3202035500 2025-11-03 2024 2025-03-06 01:10:19Z JULIA NELMARK 119 GRAYSTONE PLAZA SUITE 100 DETROIT LAKES MN 565013034 25316666 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 44 25 0 0 956485 15516722 4929636 6705510 258864 334892 572982 2759542 6717967 25316666 167900 810307 0 0 3222520 3427573 0 0 308333 1691260 12398633 5081680 16636513 1636287 8680153 81350440 105429607 5497427 20896441 75853013 84533166 X THE MISSION OF MMCDC IS TO ASSIST COMMUNITIES AND INDIVIDUALS ACHIEVE A BETTER QUALITY OF LIFE. 0 0 12513174 810307 5004248 AFFORDABLE HOUSING LENDING: MMCDC PROVIDED 166 FIRST TIME HOME BUYER MORTGAGE LOANS. WE ALSO PROVIDED 6 HOME PURCHASE LOANS, 1 REFINANCING LOANS, 1 HOME IMPROVEMENT LOANS AND 160 ADDITIONAL DOWN-PAYMENT ASSISTANCE LOANS TO LOW-INCOME PEOPLE AND PLACES. 1722851 3617780 BUSINESS DEVELOPMENT: MMCDC PROVIDED COMMERCIAL AND NEW MARKETS TAX CREDIT LOANS TOTALING $5,109,460 IN 2024. THIS INVESTMENT IS EXPECTED TO CREATE 18 NEW JOBS. IT ALSO SUPPORTS PURCHASE, CONSTRUCTION, OR IMPROVEMENT OF 57,633 SQUARE FEET OF COMMERCIAL REAL ESTATE. 76% OF THE DOLLARS WERE INVESTED IN DISADVANTAGED COMMUNITIES, 56% IN RURAL COMMUNITIES, AND 27% OF THE BORROWERS WERE MINORITY, OR LOW-INCOME OWNED OR CONTROLLED BUSINESSES. 1170280 843024 AFFORDABLE HOUSING DEVELOPMENT: WE MANAGED 278 RENTAL UNITS (28 COMMERCIAL AND 250 RESIDENTIAL) AS WELL AS A COUNTY EDA'S HOUSING VOUCHER PROGRAM, PROVIDING 59 VOUCHERS TO PEOPLE IN NEED OF STABLE HOUSING. OTHER PROGRAMS: THESE ARE ADDITIONAL PROGRAMS WE FUND AND OPERATE. THEY INCLUDE HOMEBUYER EDUCATION, INCOME TAX SERVICES, AND OTHER PROJECTS THAT SUPPORT OUR MISSION. THEY ALSO INCLUDE ADMINISTRATIVE, FINANCIAL, AND GRANT SUPPORT TO THE ORGANIZATION. 15406305 1 1 0 1 0 0 0 0 0 0 1 0 1 0 0 0 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 0 0 0 1 70 0 44 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 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 PAUL IHLE DIRECTOR 2.00 X 12750 0 0 GARY THIBERT CHAIR 2.00 X X 5750 0 0 JEFF HAUKEBO TREASURER 2.00 X X 5000 0 0 BREANNA ADAMS SECRETARY 2.00 X X 5500 0 0 JIM DAGG DIRECTOR 2.00 X 5000 0 0 LORI GUENTHER VICE CHAIR 2.00 X X 5500 0 0 LESTER LILJEDAHL DIRECTOR 2.00 X 4750 0 0 LISA WEBER DIRECTOR 2.00 X 5000 0 0 MARK FINSTAD DIRECTOR 2.00 X 3750 0 0 MONICA HEDSTROM DIRECTOR 2.00 X 4500 0 0 MELINDA IVERSON DIRECTOR 2.00 X 4500 0 0 MARIA LINDSTROM DIRECTOR 2.00 X 4500 0 0 JULIA NELMARK PRESIDENT 50.00 X 358337 0 65250 MATTHEW NELSON CHIEF FINANCIAL OFFICER 50.00 X 169979 0 8499 NICOLE KIRCHNER VP BUSINESS DEVELOPMENT 45.00 X 130961 0 14548 JAMIE MARKS ERICKSON DEVELOPMENT OFFICER 45.00 X 127979 0 26749 TIM SWENSON MGR NEW MARKET TAX CREDIT 45.00 X 129344 0 32026 LAURA MCKNIGHT DIRECTOR OF HOUSING & RE 45.00 X 112877 0 11644 KAREN LARSON VP MORTGAGE LENDING 45.00 X 134649 0 10252 1230626 0 168968 10 0 1 0 RM THUNE LLC 1221 HWY 9 BARNESVILLE MN 56514 GENERAL CONTRACTOR 348971 COHN REZNICK 500 EAST PRATT STREET BALTIMORE MD 21202 AUDIT WORK FOR NMTC 149120 NETWORK CENTER INC 3487 UNIVERSITY DRIVE S FARGO ND 58104 IT WORK 118685 CLIFTON LARSON ALLEN LLP 9766 FALLON AVE STE 106 MONTICELLO MN 55362 AUDIT AND ACCOUNTING WORK 114010 4 714616 14802106 15516722 INTEREST INC./LOAN 522291 2311747 2311747 NEW MARKET TAX CREDIT INCOME 525990 1467941 1467941 RENTAL INCOME 531110 1445516 1445516 LOAN FEES 525990 984826 984826 OTHER PROGRAM SERVICE REVENUE 531310 495480 495480 6705510 334892 334892 GAIN (LOSS) FROM SUBSIDIARIES 900003 2630571 2630571 OTHER REVENUE 900099 128971 128971 2759542 25316666 9465052 0 334892 810307 810307 1479031 1094483 266226 118322 1528661 1131209 275159 122293 128743 95270 23174 10299 93370 69094 16806 7470 197768 146349 35598 15821 39496 39496 78242 78242 82107 62401 18064 1642 28584 27441 1143 64079 53827 8330 1922 142937 112920 24300 5717 324425 269273 42175 12977 91917 72614 15626 3677 41439 32737 7044 1658 74752 74752 350173 304651 45522 70111 58192 9115 2804 FIRST GEN DPA LOAN EXPE 10193671 10193671 HOUSING EXPENSES 741683 741683 MISCELLANEOUS EXPENSE 95494 75908 15855 3731 BROKER EXPENSE 8223 8223 -28700 -28700 16636513 15406305 921875 308333 100000 178242 13074528 28393121 5985 0 252292 520304 50253152 55326385 31763 59819 13918385 8003120 5597113 5915265 8817215 11452437 50680 50443 3167712 3533591 81350440 105429607 1768377 1905046 708063 15413480 2971032 3511858 49955 66057 5497427 20896441 X 75853013 84533166 75853013 84533166 81350440 105429607 8680153 0 X X 0 1 X 1 0 X 759300 1306800 2419265 956485 15516722 20958572 6844359 6272934 5853179 4929636 6705510 30605618 7603659 7579734 8272444 5886121 22222232 51564190 0 493754 1006477 2105903 540320 266833 4413287 493754 1006477 2105903 540320 266833 4413287 47150903 44253 62239 51765 258864 334892 752013 44253 62239 51765 258864 334892 752013 914364 642138 -2006114 572982 2759542 2882912 8562276 8284111 6318095 6717967 25316666 55199115 0.85420 0.82730 0.01360 0.01200 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2020 AMOUNT: $ 487,425. 2021 AMOUNT: $ 576,647. 2022 AMOUNT: $ -10,890. 2023 AMOUNT: $ 126,250. 2024 AMOUNT: $ 128,971. GAIN/LOSS FROM SUBSIDIARIES - 2020 AMOUNT: $ 426,939. 2021 AMOUNT: $ 65,491. 2022 AMOUNT: $ -1,995,224. 2023 AMOUNT: $ 446,732. 2024 AMOUNT: $ 2,630,571. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 0 1 17000 17000 0 PART II-B, LINE 1: SOME DIRECT CONTACT WITH LEGISLATORS; CONTRACT WITH A CONSULTANT WHO PERFORMS LOBBYING ON BEHALF OF THE NON-PROFIT INDUSTRY. 502061 502061 11875084 7272913 4602171 1129560 691801 437759 411680 38406 373274 5915265 PARTNERSHIPS, PROPERTY AND SECURITIES 11452437 F 11452437 X PART X, LINE 2: TAX STATUS THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CORRESPONDING STATE TAX CODES. MMCDC IS NOT A PRIVATE FOUNDATION AND CONTRIBUTIONS TO MMCDC QUALIFY AS A CHARITABLE TAX DEDUCTION BY THE CONTRIBUTOR. MMCDC 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. 1 WHITE EARTH INVESTMNET INITIATIVE 407 EAST MAIN STREET OGEMA MN 56569 010732253 501(C)(3) 55000 0 OPERATING FUND DETROIT LAKES COMMUNITY & CULTURAL CENTER 826 SUMMIT AVENUE DETROIT LAKES MN 56501 411970351 501(C)(3) 20000 0 HOLMES THEATER SEASON SPONSOR WHITE EARTH INVESTMNET INITIATIVE 407 EAST MAIN STREET OGEMA MN 56569 010732253 501(C)(3) 40000 0 IRS VITA TAX SITE MN CDFI COALITION 1 SE MAIN STREET SUITE 600 MINNEAPOLIS MN 55414 991439461 501(C)(3) 98000 0 FISCAL SPONSORSHIP CITY OF PERHAM 125 2ND AVE NE PERHAM MN 56573 411423296 N/A 100000 0 NMTC MINNESOTA HOME OWNERSHIP CENTER 1000 PAYNE AVENUE SUITE 200 SAINT PAUL MN 55130 411741817 501(C)(3) 30000 0 DPA CAPACITY GRANT NEIGHBORHOOD HOUSING SERVICES OF DULUTH INC 12 EAST 4TH STREET DULUTH MN 55805 411465688 501(C)(3) 30000 0 DPA CAPACITY GRANT BUILD WEALTH MN INC 2121 PLYMOUTH AVENUE NORTH MINNEAPOLIS MN 55411 251918239 501(C)(3) 75000 0 DPA CAPACITY GRANT CENTRAL MN HOUSING PARTNERSHIP INC 24707 COUNTY ROAD 75 ST AUGUSTA MN 56301 411752558 501(C)(3) 20000 0 DPA CAPACITY GRANT HEADWATERS HOUSING DEVELOPMENT CORPORATION PO BOX 906 BEMIDJI MN 56619 411911558 501(C)(3) 30000 0 DPA CAPACITY GRANT COMMUNITY NEIGHBORHOOD HOUSING SERVICES 35 WATER STREET WEST SAINT PAUL MN 55107 411386089 501(C)(3) 75000 0 DPA CAPACITY GRANT PROJECT FOR PRIDE IN LIVING INC 1035 EAST FRANKLIN AVENUE MINNEAPOLIS MN 55404 237232208 501(C)(3) 50000 0 DPA CAPACITY GRANT PRG INC 2017 EAST 38TH STREET MINNEAPOLIS MN 55407 411280596 501(C)(3) 40000 0 DPA CAPACITY GRANT SOUTHWEST MINNESOTA HOUSING PARTNERSHIP 2401 BROADWAY AVENUE SLAYTON MN 56172 411721815 501(C)(3) 30000 0 DPA CAPACITY GRANT TCHFH LENDING INC 1954 UNIVERSITY AVENUE WEST SAINT PAUL MN 55104 811958719 501(C)(3) 50000 0 DPA CAPACITY GRANT THREE RIVERS COMMUNITY ACTION 1414 NORTHSTAR DRIVE ZUMBROTA MN 55992 410906178 501(C)(3) 50000 0 DPA CAPACITY GRANT 16 0 PART I, LINE 2: DOCUMENTATION IS MAINTAINED FOR THE USE OF ALL GRANT FUNDS. PROPER REVIEWS ARE PERFORMED. X X X 0 1 0 0 0 0 0 0 0 JULIA NELMARK PRESIDENT 218087 0 75000 0 65250 0 40250 0 25000 0 423587 0 0 0 MATTHEW NELSON CHIEF FINANCIAL OFFICER 141480 0 20000 0 8499 0 8499 0 0 0 178478 0 0 0 TIM SWENSON MGR NEW MARKET TAX CREDIT 129344 0 0 0 0 0 6467 0 25559 0 161370 0 0 0 JAMIE MARKS ERICKSON DEVELOPMENT OFFICER 127979 0 0 0 0 0 6399 0 20350 0 154728 0 0 0 PART I, LINE 3 THE PERSONNEL COMMITTEE, COMPRISED OF SEVERAL BOARD MEMBERS, PERFORMS THE ANNUAL REVIEW AND THE FULL BOARD OF DIRECTORS APPROVES COMPENSATION. THIS WAS LAST PERFORMED IN 2024. THE ORGANIZATION HAS REVIEWED DATA FROM SIMILARLY QUALIFIED PERSONS IN FUCNTIONALLY COMPARABLE POSITIONS WHEN DETERMINING COMPENSATION LEVELS. PART I, LINE 4B NAME: JULIA NELMARK, DESCRIPTION: 457(F), CURRENT YEAR AMOUNT: $27,000. PLAN DESCRIPTION: IN 2019, THE ORGANIZATION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT TO PAY COMPENSATION TO JULIA NELMARK IN THE AMOUNT OF $24K FOR THE 457(F) PLAN AND $26K FOR THE 457(B) PLAN, TOTALING $50K PER YEAR UNTIL THE EXECUTIVE'S SEPARATION FROM SERVICE. FORM 990, PART VI, SECTION A, LINE 1A 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 4 ORGANIZATION MADE UPDATES TO THEIR ARTICLES OF INCORPORATION. 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 AMENDMENTS TO THE ARTICLES OF INCORPORATION AND THE BOARD OF DIRECTORS APPROVE AMENDMENTS TO THE BYLAWS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B 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 OF COMMUNITY AND EMPLOYEE RESOURCES ASSURES QUESTIONNAIRES ARE COMPLETED BY ALL DIRECTORS, OFFICERS, COMMITTEE MEMBERS AND STAFF. THE PRESIDENT OF MMCDC 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. 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 PERSONNEL COMMITTEE, COMPRISED OF SEVERAL BOARD MEMBERS, PERFORMS THE ANNUAL REVIEW AND THE FULL BOARD OF DIRECTORS APPROVES COMPENSATION. 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. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILLITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ZEPHYR ESTATES 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 416164697 RESIDENTIAL RENTAL MN 51110 228432 N/A ELEVENTH AVENUE APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411731046 RESIDENTIAL RENTAL MN 133477 390672 N/A BARBARA AVENUE APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411797905 RESIDENTIAL RENTAL MN 96374 165886 N/A EASTSIDE PARTNERS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 450435687 RESIDENTIAL RENTAL MN 76599 63346 N/A MEADOW RUN APARTMENTS 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 411825316 RESIDENTIAL RENTAL MN 110816 245550 N/A MMCDC RE HOLDINGS LLC 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 873599378 RESIDENTIAL RENTAL MN 264256 2196027 N/A WHITE EARTH INVESTMENT INITIATIVE 407 EAST 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 -9 100 0 1 0.00010 GRAYSTONE ANNEX LP 119 GRAYSTONE PLAZA DETROIT LAKES MN 56501 412012930 RESIDENTIAL RENTAL MN N/A RELATED -3 119 0 1 0.00010 CDC BANCSHARES 516 MAIN STREET OGEMA MN 56569 412004916 BANK HOLDING COMPANY MN N/A C 8824827 13038379 0.61330 1 COMMUNITY DEVELOPMENT BANK FSB 516 MAIN STREET OGEMA MN 56569 410455130 SAVINGS BANK MN CDC BANCSHARES C 7616623 0.61330 1 BLACKDUCK TOWNHOMES LLC 119 GRAYSTONE PLAZA STE 100 DETROIT LAKES MN 56501 262177359 RESIDENTIAL RENTAL MN N/A C -17193 272529 1.00000 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 WHITE EARTH INVESTMENT INITIATIVE B 55000 WAGES PAID FOR TAX SITE PERSONNEL