Civic Intelligence

Central Minnesota Development Company

990 • Fiscal year 2015 • EIN 41-1345544

Oct 01, 2014 to Sep 30, 2015 • Filed on Mar 24, 2016

1885 Station Parkway NW No AAndover, MN 55304

(763) 784-3337

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

82nd percentile

0.52x

Higher debt load relative to assets than 82% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

97th percentile

1.77x

Higher debt load relative to revenue than 97% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2015

Net Margin

72nd percentile

9.1%

Higher net margin than 72% of similar nonprofits.

2015 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2015

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Assets

$2,592,172

No earlier filing loaded for comparison.

Net Assets

$1,243,683

No earlier filing loaded for comparison.

Liabilities

$1,348,489

No earlier filing loaded for comparison.

Revenue

$761,080

No earlier filing loaded for comparison.

Expenses

$691,538

No earlier filing loaded for comparison.

Net Income

$69,542

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2015: $2,592,172Liabilities 2015: $1,348,489Net Assets 2015: $1,243,6832015Assets 2016: $2,837,826Liabilities 2016: $1,479,111Net Assets 2016: $1,358,7152016Assets 2017: $3,213,610Liabilities 2017: $1,620,231Net Assets 2017: $1,593,3792017Assets 2018: $2,803,351Liabilities 2018: $1,254,478Net Assets 2018: $1,548,8732018Assets 2019: $2,951,679Liabilities 2019: $1,271,125Net Assets 2019: $1,680,5542019Assets 2020: $3,544,546Liabilities 2020: $1,750,952Net Assets 2020: $1,793,5942020Assets 2021: $3,772,232Liabilities 2021: $1,899,889Net Assets 2021: $1,872,3432021Assets 2022: $3,109,444Liabilities 2022: $1,343,450Net Assets 2022: $1,765,9942022Assets 2023: $3,077,135Liabilities 2023: $1,080,226Net Assets 2023: $1,996,9092023Assets 2024: $3,012,170Liabilities 2024: $828,224Net Assets 2024: $2,183,9462024Assets 2025: $3,431,925Liabilities 2025: $1,153,731Net Assets 2025: $2,278,1942025

Highlighted filing

2015

Assets$2,592,172
Liabilities$1,348,489
Net Assets$1,243,683

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2015: $761,080Expenses 2015: $691,538Net Income 2015: $69,5422015Revenue 2016: $828,436Expenses 2016: $713,404Net Income 2016: $115,0322016Revenue 2017: $997,105Expenses 2017: $762,441Net Income 2017: $234,6642017Revenue 2018: $831,035Expenses 2018: $875,541Net Income 2018: -$44,5062018Revenue 2019: $865,883Expenses 2019: $734,202Net Income 2019: $131,6812019Revenue 2020: $1,222,494Expenses 2020: $1,109,454Net Income 2020: $113,0402020Revenue 2021: $1,226,562Expenses 2021: $1,147,813Net Income 2021: $78,7492021Revenue 2022: $999,166Expenses 2022: $1,105,515Net Income 2022: -$106,3492022Revenue 2023: $1,198,809Expenses 2023: $967,894Net Income 2023: $230,9152023Revenue 2024: $1,271,694Expenses 2024: $1,148,535Net Income 2024: $123,1592024Revenue 2025: $1,403,050Expenses 2025: $1,308,802Net Income 2025: $94,2482025

Highlighted filing

2015

Revenue$761,080
Expenses$691,538
Net Income$69,542
Jump To
Filing Snapshot
Filing Period
Oct 1, 2014 to Sep 30, 2015
Signed
Mar 24, 2016
Return Version
2014v6.0
Gross Receipts
$761,578
Mission and Program Overview

Mission

Cmdc is committed to promoting economic development by cultivating a financing environment that allows minnesota small businesses to grow and prosper.

To process & monitor sba loan programs

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,150,741$1,220,283▲ $69,542
Land, Buildings, and Equipment, Net$612,091$589,173▼ $22,918
Savings and Temporary Cash Investments$519,642$521,442▲ $1,800
Cash and Non-Interest-Bearing Accounts$637,771$355,409▼ $282,362
Pd in Cap Srpls Land Bldg Eqp Fund$13,300$13,300→ $0
Cap Stk Tr Prin Current Funds$9,800$10,100▲ $300
Prepaid Expenses and Deferred Charges$6,903$5,525▼ $1,378
Total Assets$2,577,624$2,592,172▲ $14,548
Other Assets Total$801,217$1,120,623▲ $319,406
Liabilities
Unsecured Notes Loans Payable$1,310,730$1,236,496▼ $74,234
Accounts Payable and Accrued Expenses$93,053$111,993▲ $18,940
Total Liabilities$1,403,783$1,348,489▼ $55,294
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,173,841$1,243,683▲ $69,842
Total Liabilities and Net Assets / Fund Balance$2,577,624$2,592,172▲ $14,548

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$468,255$208,434$676,689
Land$114,500-$114,500
Equipment$6,418$108,021$114,439
Other Land Buildings$0$2,643$2,643
Other Assets Org$45,018--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mike MulrooneyExecutive DirectorFT$113,386$19,219$132,605

Board Members and Trustees

NameTitle
Jerry TeesonChair
Jeff JohnsonVice Chair
Clark ArnesonDirector
Don McguireDirector
Duane ArensDirector
Gene GoddardDirector
Joe PetersonDirector
Larry CraneDirector
Maria KisieliusDirector
Marty FisherDirector
Timothy WalkerDirector
Julie LuxSecretary
David RymanowskiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$717,637
Investment Income
$43,443
Other Revenue
$0
Change in Net Assets
$69,542

Audited Revenue Reconciliation

Revenue per Audited Statements
$761,080
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$29
Total Revenue per Audited Statements
$761,109
Total Revenue per Form 990
$761,080
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$518,480
Other Expenses$173,058
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$292,378
Current Officers, Directors, Trustees, and Key Employees---$113,386
Other Employee Benefits---$54,917
Payroll Taxes---$31,379
Depreciation Depletion---$27,918
Pension Plan Contributions---$26,420
Interest---$23,721
All Other Expenses---$16,921
Advertising---$10,311
Conferences and Meetings---$8,896
Insurance---$8,549
Other Expenses---$8,289
Office Expenses---$6,028
Travel---$4,078
Total Functional Expenses$0$0$0$691,538

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$691,567
Expenses per Audited Statements$691,538
Total Expenses per Form 990$691,538
Expenses Not Reported on Form 990$29
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

The executive director first reviews the 990 received from the accountant, then is reviewed by the executive committee who presents it to the board for review and approval prior to mailing.

Form 990, Part VI, Section B, Line 12C

Discussed at least annually at a board meeting to keep members aware.

Form 990, Part VI, Section B, Line 15

Annual reviews are completed with consideration of accomplishments of personal and business goals. Industry standards are used in conjunction with accomplishments. All compensation rates are reviewed and approved by the board.

Form 990, Part VI, Section C, Line 19

Available at the office upon request.

Filing and Contact Details

Filer

Filer Name
Central Minnesota Development Company
EIN
41-1345544
Phone
7637843337
Address
1885 STATION PARKWAY NW NO A, ANDOVER, MN 55304

Signing Officer

Name
Michael Mulrooney
Title
Executive Director
Phone
7637843337
Signed
2016-03-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Mulrooney
Formed
1978
Legal Domicile
Mn
Voting Board Members
13
Independent Board Members
13
Employees
5
Volunteers
13

Preparer

Firm
Carlson Advisors Llp
Address
7101 NORTHLAND CIRCLE SUITE 123, MINNEAPOLIS, MN 55428
Preparer
Darren Kray
Phone
7635358150
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Additional membership units 300.

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

MISC ADJUSTMENT

PART XII, LINE 2D - OTHER ADJUSTMENTS:

MISC ADJUSTMENT

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IRS990/OtherExpensesGrp/Desc2REAL ESTATE TAXES
IRS990/OtherExpensesGrp/Desc3COMMUNICATIONS
IRS990/OtherExpensesGrp/TotalAmt029443
IRS990/OtherExpensesGrp/TotalAmt116257
IRS990/OtherExpensesGrp/TotalAmt212647
IRS990/OtherExpensesGrp/TotalAmt38289
IRS990/OtherSalariesAndWagesGrp/TotalAmt0292378
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt031379
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt013300
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt013300
IRS990/PensionPlanContributionsGrp/TotalAmt026420
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt06903
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt05525
IRS990/PrincipalOfficerNm0MICHAEL MULROONEY
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0525990
IRS990/ProgramServiceRevenueGrp/Desc0LOAN ORIGINATION & SER
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0713333
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0713333
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt033952
IRS990/PYOtherExpensesAmt0260997
IRS990/PYOtherRevenueAmt014553
IRS990/PYProgramServiceRevenueAmt0755228
IRS990/PYRevenuesLessExpensesAmt061835
IRS990/PYSalariesCompEmpBnftPaidAmt0480901
IRS990/PYTotalExpensesAmt0741898
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0803733
IRS990/ReconcilationRevenueExpnssAmt069542
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01150741
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01220283
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0519642
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0521442
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0468255
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0208434
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0676689
IRS990ScheduleD/EquipmentGrp/BookValueAmt06418
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0108021
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0114439
IRS990ScheduleD/ExpensesNotReportedAmt029
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0691538
IRS990ScheduleD/LandGrp/BookValueAmt0114500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0114500
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01075605
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt145018
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0ILP NOTES RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1RESERVE ACCOUNT
IRS990ScheduleD/OtherExpensesIncludedAmt029
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt02643
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt02643
IRS990ScheduleD/OtherRevenueAmt029
IRS990ScheduleD/RevenueNotReportedAmt029
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0761080
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MISC ADJUSTMENT
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1MISC ADJUSTMENT
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0589173
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01120623
IRS990ScheduleD/TotalExpensesPerForm990Amt0691538
IRS990ScheduleD/TotalRevenuePerForm990Amt0761080
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0761109
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0691567
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE DIRECTOR FIRST REVIEWS THE 990 RECEIVED FROM THE ACCOUNTANT, THEN IS REVIEWED BY THE EXECUTIVE COMMITTEE WHO PRESENTS IT TO THE BOARD FOR REVIEW AND APPROVAL PRIOR TO MAILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DISCUSSED AT LEAST ANNUALLY AT A BOARD MEETING TO KEEP MEMBERS AWARE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANNUAL REVIEWS ARE COMPLETED WITH CONSIDERATION OF ACCOMPLISHMENTS OF PERSONAL AND BUSINESS GOALS. INDUSTRY STANDARDS ARE USED IN CONJUNCTION WITH ACCOMPLISHMENTS. ALL COMPENSATION RATES ARE REVIEWED AND APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE AT THE OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ADDITIONAL MEMBERSHIP UNITS 300.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02577624
IRS990/TotalAssetsEOYAmt02592172
IRS990/TotalAssetsGrp/BOYAmt02577624
IRS990/TotalAssetsGrp/EOYAmt02592172
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/TotalAmt0691538
IRS990/TotalGrossUBIAmt04304
IRS990/TotalLiabilitiesBOYAmt01403783
IRS990/TotalLiabilitiesEOYAmt01348489
IRS990/TotalLiabilitiesGrp/BOYAmt01403783
IRS990/TotalLiabilitiesGrp/EOYAmt01348489
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01173841
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01243683
IRS990/TotalOtherCompensationAmt019219
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt04304
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt04304
IRS990/TotalProgramServiceRevenueAmt0717637
IRS990/TotalReportableCompFromOrgAmt0113386
IRS990/TotalRevenueGrp/ExclusionAmt043941
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0712835
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0761080
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt04304
IRS990/TotalVolunteersCnt013
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02577624
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02592172
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt04078
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt01310730
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt01236496
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01885 STATION PARKWAY NW NO A
IRS990/USAddress/CityNm0ANDOVER
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055304
IRS990/VotingMembersGoverningBodyCnt013
IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0WWW.CMDCBUSINESSLOANS.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-08-17 19:52:53Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL MULROONEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07637843337
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-03-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CENTRAL MINNESOTA DEVELOPMENT COMPANY
ReturnHeader/Filer/BusinessNameControlTxt0CENT
ReturnHeader/Filer/EIN0411345544
ReturnHeader/Filer/PhoneNum07637843337
ReturnHeader/Filer/USAddress/AddressLine1Txt01885 STATION PARKWAY NW NO A
ReturnHeader/Filer/USAddress/CityNm0ANDOVER
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN

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