Civic Intelligence

Fortis Capital

EIN 84-2716465 • 501(c)3 • Minneapolis, MN

Profile

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.

333 Washington Avenue N 300Minneapolis, MN 55401

www.fortiscap.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.64x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

92nd percentile

1.97x

Higher debt load relative to revenue than 92% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

91st percentile

56%

Higher net margin than 91% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

87th percentile

38%

Faster asset growth than 87% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

28th percentile

-4.1%

Faster revenue growth than 28% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$4,119,853

Up $1,124,683 (+38%) from 2023

Liabilities

Up

$2,623,451

Up $379,072 (+17%) from 2023

Net Assets

Up

$1,496,402

Up $745,611 (+99%) from 2023

Operations
Liabilities / Revenue92nd percentileNet Margin91st percentile

Revenue

Down

$1,335,019

Down $57,709 (-4.1%) from 2023

Expenses

Down

$589,408

Down $132,133 (-18%) from 2023

Net Income

Up

$745,611

Up $74,424 (+11%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth87th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2021: $1,275,270Liabilities 2021: $1,205,979Net Assets 2021: $69,2912021Assets 2022: $2,549,545Liabilities 2022: $2,469,941Net Assets 2022: $79,6042022Assets 2023: $2,995,170Liabilities 2023: $2,244,379Net Assets 2023: $750,7912023Assets 2024: $4,119,853Liabilities 2024: $2,623,451Net Assets 2024: $1,496,4022024

Highlighted filing

2024

Assets$4,119,853
Liabilities$2,623,451
Net Assets$1,496,402
Open 2024 Filing

Operations Trend

Revenue Growth28th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0Revenue 2021: $31,097Expenses 2021: $30,279Net Income 2021: $8182021Revenue 2022: $92,915Expenses 2022: $82,602Net Income 2022: $10,3132022Revenue 2023: $1,392,728Expenses 2023: $721,541Net Income 2023: $671,1872023Revenue 2024: $1,335,019Expenses 2024: $589,408Net Income 2024: $745,6112024

Highlighted filing

2024

Revenue$1,335,019
Expenses$589,408
Net Income$745,611
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$4,119,853
Liabilities
$2,623,451
Net assets
$1,496,402
Revenue
$1,335,019
Expenses
$589,408
Net income
$745,611
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.12$2.62$1.50$1.34$0.59$0.75
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.00$2.24$0.75$1.39$0.72$0.67
2022Detailed filing. Detailed filing data is available for this year.$2.55$2.47$0.08$0.09$0.08$0.01
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.28$1.21$0.07$0.03$0.03$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$1,335,019
Mission and Program Overview

Mission

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.

Fortis capital is engaged in economic development finance in the area of minneapolis - saint paul, minnesota, with an emphasis on providing access to capital for businesses owned by persons of color and in challenged communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,789,012$2,159,855▲ $370,843
Savings and Temporary Cash Investments$202,647$1,580,476▲ $1,377,829
Pledges and Grants Receivable$300,000$325,000▲ $25,000
Cash and Non-Interest-Bearing Accounts$692,271$33,937▼ $658,334
Accounts Receivable$11,240$20,585▲ $9,345
Total Assets$2,995,170$4,119,853▲ $1,124,683
Liabilities
Unsecured Notes Loans Payable$2,226,225$2,595,428▲ $369,203
Deferred Revenue$18,154$28,023▲ $9,869
Total Liabilities$2,244,379$2,623,451▲ $379,072
Net Assets / Fund Balance
Net Assets With Donor Restrictions$573,775$1,506,482▲ $932,707
Net Assets Without Donor Restrictions$177,016$-10,080▼ $187,096
Total Net Assets Fund Balance$750,791$1,496,402▲ $745,611
Total Liabilities and Net Assets / Fund Balance$2,995,170$4,119,853▲ $1,124,683
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
James E TerrellPresident & COOFT$125,000$16,992$141,992
Brian K SmithChief Executive OfficerFT$125,000$7,968$132,968

Board Members and Trustees

NameTitle
Andrea L LarsonDirector
Shawn G HucklebyDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$1,127,311
Program Service Revenue
$143,669
Investment Income
$64,039
Other Revenue
$0
All Other Contributions
$827,311
Change in Net Assets
$745,611

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,335,019
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,000
Total Revenue per Audited Statements
$1,336,019
Total Revenue per Form 990
$1,335,019
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$296,418
Salaries, Compensation, and Employee Benefits$292,990
Total Fundraising Expense$37,243
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$164,515$82,258$27,420$274,193
Other Expenses$115,000--$115,000
Interest$109,311--$109,311
Fees for Services Legal-$30,025-$30,025
Payroll Taxes$11,278$5,639$1,880$18,797
Office Expenses-$7,379$7,943$15,322
Fees for Services Accounting-$11,088-$11,088
Information Technology-$10,998-$10,998
Travel-$4,226-$4,226
Advertising-$448-$448
Total Functional Expenses$400,104$152,061$37,243$589,408

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$590,408
Expenses per Audited Statements$589,408
Total Expenses per Form 990$589,408
Expenses Not Reported on Form 990$1,000
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
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“The organization does not have a committee that has the authority to act on behalf of the governing body.”

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.”

Filing and Contact Details

Filer

Filer Name
Fortis Capital
EIN
84-2716465
Phone
6123891800
Address
333 WASHINGTON AVENUE N 300, MINNEAPOLIS, MN 55401

Signing Officer

Name
Brian K Smith
Title
Chief Executive Officer
Phone
6123891800
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian K Smith
Formed
2019
Legal Domicile
Mn
Voting Board Members
4
Independent Board Members
2
Employees
2
Volunteers
2

Preparer

Firm
Baker Tilly Advisory Group Lp
Address
225 S 6TH ST 2300, MINNEAPOLIS, MN 55402
Preparer
Karen a Gries
Phone
6128764500
Supplemental Narrative

Additional Explanations

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.”

Financial Statement Notes

PART X, LINE 2:

“The internal revenue service has determined that the organization is exempt from federal income tax under section 501(c)(3) of the u.s. Internal revenue code. It is also exempt from state income tax. However, any unrelated business income may be subject to taxation. There was no unrelated business income tax recorded for the years ended december 31, 2024 and 2023. 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, 2024 and 2023. The organization's tax returns are subject to review and examination by federal and state authorities.”

Raw XML Appendix363 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/CollectionsOfArtInd00
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IRS990/CompensationFromOtherSrcsInd00
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IRS990/DelegationOfMgmtDutiesInd00
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IRS990/EmployeeCnt02
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IRS990/FeesForServicesLegalGrp/TotalAmt030025
IRS990/ForeignActivitiesInd00
IRS990/ForeignFinancialAccountInd00
IRS990/ForeignOfficeInd00
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IRS990/Form990PartVIISectionAGrp/PersonNm3ANDREA L LARSON
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
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IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT & COO
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
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IRS990/GrantAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt01000
IRS990ScheduleD/DonatedServicesUseFcltsAmt01000
IRS990ScheduleD/ExpensesNotReportedAmt01000
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0589408
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt01000
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01335019
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THERE WAS NO UNRELATED BUSINESS INCOME TAX RECORDED FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. 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, 2024 AND 2023. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalExpensesPerForm990Amt0589408
IRS990ScheduleD/TotalRevenuePerForm990Amt01335019
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01336019
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0590408
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DOES NOT HAVE A COMMITTEE THAT HAS THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORTIS 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NEITHER THE OVERSIGHT PROCESS OF THE AUDIT OR THE SELECTION PROCESS OF THE INDEPENDENT ACCOUNTANT CHANGED DURING THE CURRENT TAX YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XII, LINE 2C:
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02995170
IRS990/TotalAssetsEOYAmt04119853
IRS990/TotalAssetsGrp/BOYAmt02995170
IRS990/TotalAssetsGrp/EOYAmt04119853
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01127311
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt037243
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0152061
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0400104
IRS990/TotalFunctionalExpensesGrp/TotalAmt0589408
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02244379
IRS990/TotalLiabilitiesEOYAmt02623451
IRS990/TotalLiabilitiesGrp/BOYAmt02244379
IRS990/TotalLiabilitiesGrp/EOYAmt02623451
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0750791
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01496402
IRS990/TotalOtherCompensationAmt024960
IRS990/TotalProgramServiceExpensesAmt0400104
IRS990/TotalProgramServiceRevenueAmt0143669
IRS990/TotalReportableCompFromOrgAmt0250000
IRS990/TotalRevenueGrp/ExclusionAmt064039
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0143669
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01335019
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt02
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02995170
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04119853
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt04226
IRS990/TravelGrp/TotalAmt04226
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt02226225
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt02595428
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0333 WASHINGTON AVENUE N 300
IRS990/USAddress/CityNm0MINNEAPOLIS
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055401
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0WWW.FORTISCAP.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0BRIAN K SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHIEF EXECUTIVE OFFICER
ReturnHeader/BusinessOfficerGrp/PhoneNum06123891800
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FORTIS CAPITAL
ReturnHeader/Filer/BusinessNameControlTxt0FORT
ReturnHeader/Filer/EIN0842716465
ReturnHeader/Filer/PhoneNum06123891800
ReturnHeader/Filer/USAddress/AddressLine1Txt0333 WASHINGTON AVENUE N 300
ReturnHeader/Filer/USAddress/CityNm0MINNEAPOLIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055401
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0390859910
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BAKER TILLY ADVISORY GROUP LP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0225 S 6TH ST 2300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MINNEAPOLIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055402
ReturnHeader/PreparerPersonGrp/PhoneNum06128764500
ReturnHeader/PreparerPersonGrp/PreparationDt02025-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KAREN A GRIES
ReturnHeader/ReturnTs02025-11-17T14:16:12-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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