Civic Intelligence

Fortis Capital

990 • Fiscal year 2021 • EIN 84-2716465

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

Organization ProfileWWW.FORTISCAP.ORG
333 Washington Avenue N 300Minneapolis, MN 55401

(612) 389-1800

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.95x

Higher debt load relative to assets than 93% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

100th percentile

38.78x

Higher debt load relative to revenue than 100% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

31st percentile

2.6%

Higher net margin than 31% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Balance Sheet
Liabilities / Assets93rd percentile

Assets

$1,275,270

No earlier filing loaded for comparison.

Net Assets

$69,291

No earlier filing loaded for comparison.

Liabilities

$1,205,979

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin31st percentile

Revenue

$31,097

No earlier filing loaded for comparison.

Expenses

$30,279

No earlier filing loaded for comparison.

Net Income

$818

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$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

2021

Assets$1,275,270
Liabilities$1,205,979
Net Assets$69,291
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this 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

2021

Revenue$31,097
Expenses$30,279
Net Income$818
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.2
Gross Receipts
$31,097
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 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net-$741,920-
Cash and Non-Interest-Bearing Accounts$500,205$526,675▲ $26,470
Accounts Receivable-$5,675-
Loans From Officers Directors$2,000$4,000▲ $2,000
Pledges and Grants Receivable-$1,000-
Total Assets$500,205$1,275,270▲ $775,065
Liabilities
Unsecured Notes Loans Payable$0$750,000▲ $750,000
Other Liabilities$429,732$445,016▲ $15,284
Tax Exempt Bond Liabilities$0$6,963▲ $6,963
Total Liabilities$431,732$1,205,979▲ $774,247
Net Assets / Fund Balance
Net Assets With Donor Restrictions$70,268$55,984▼ $14,284
Net Assets Without Donor Restrictions$-1,795$13,307▲ $15,102
Total Net Assets Fund Balance$68,473$69,291▲ $818
Total Liabilities and Net Assets / Fund Balance$500,205$1,275,270▲ $775,065
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
James E TerrellPresident & Chief Operating Officer
Andrea L LarsonDirector
Shawn G HucklebyDirector
Brian K SmithChief Executive Officer
Revenue and Support

Revenue Composition

Contributions and Grants
$16,000
Program Service Revenue
$15,026
Investment Income
$71
Other Revenue
$0
All Other Contributions
$16,000
Change in Net Assets
$818

Audited Revenue Reconciliation

Revenue per Audited Statements
$31,097
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$115,000
Total Revenue per Audited Statements
$146,097
Total Revenue per Form 990
$31,097
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$30,279
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$28,774--$28,774
Office Expenses-$1,505-$1,505
Total Functional Expenses$28,774$1,505$0$30,279

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$145,279
Expenses Not Reported on Form 990$115,000
Expenses per Audited Statements$30,279
Total Expenses per Form 990$30,279
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$2,000$4,000▲ $2,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Loan Agreement$445,016
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
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 B, Line 11B

“Fortis capital's form 990 is made available to the board of directors for comment prior to filing.”

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
James E Terrell
Title
Chief Financial Officer
Phone
6123891800
Signed
2022-11-14
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
0
Volunteers
2

Preparer

Firm
Baker Tilly US Llp
Address
225 S 6TH ST 2300, MINNEAPOLIS, MN 55402
Preparer
Lawrence H Mohr CPA
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 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, 2021 and 2020. The organization's tax returns are subject to review and examination by federal and state authorities.”

Raw XML Appendix352 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.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NEITHER THE OVERSIGHT PROCESS OF THE AUDIT OR THE SELECTION PROCESS OF THE INDEPENDENT ACCOUNTANT CHANGED DURING THE CURRENT TAX YEAR.
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01505
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt028774
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JAMES E TERRELL
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ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,275,270
Liabilities
$1,205,979
Net assets
$69,291
Revenue
$31,097
Expenses
$30,279
Net income
$818
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
2021Detailed filing. Detailed filing data is available for this year.$1.28$1.21$0.07$0.03$0.03$0.00