Overview
What is Montana Community Development Corp?
Montana Community Development Corp, operating under the name MOFI, is a 501(C)(3) nonprofit organization based in Missoula, Montana. Established in 1986, MOFI functions as a Community Development Financial Institution (CDFI) and New Markets Tax Credit (NMTC) lender. With a mission to transform lives and communities, MOFI offers financing and free consulting services to individuals who have been excluded from traditional financial avenues. MOFI's primary lending programs focus on providing loans to small and microbusinesses unable to secure conventional financing and on NMTC enhanced loans to catalytic projects that create jobs, deliver essential community services, and stimulate economies in underprivileged areas within the Rocky Mountain West region.
Official website here: www.mofi.org
What are the reviews and ratings of this charity?
96% rating from Charity Navigator indicates that Montana Community Development Corp has achieved a Four-Star out of Four Star rating, reflecting its strong performance in accountability and finance as well as in community engagement. This high score suggests that the organization is effectively managing its resources and is dedicated to transparency.
The organization boasts an impressive program expense ratio of 87.87%, meaning that a significant portion of its funds directly supports its programs. Additionally, it has a high level of independent board members and maintains excellent practices in governance, including a whistleblower policy and conflict of interest guidelines, which further strengthens its accountability.
While the ratings reveal robust practices and successful feedback mechanisms, the strong focus on financial and operational health does not highlight specific program outcomes or impact narratives. Overall, Montana Community Development Corp stands out for its sound management and commitment to community involvement.
This AI summary has been generated from information found on Charity Navigator.
Is Montana Community Development Corp legitimate?
Montana Community Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Montana Community Development Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,489,825
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,211,034
For more financial information, click here
Official website here: www.mofi.org
What is the mission statement of Montana Community Development Corp?
Montana Community Development Corporation, also known as MOFI, is a nonprofit organization with a mission to provide financing and consulting services that transform lives and communities. Established in 1986, this 501(c)(3) organization functions as a Community Development Financial Institution (CDFI) and New Markets Tax Credit (NMTC) lender. MOFI aims to broaden the financial system's reach to individuals who have been excluded from the mainstream. With two primary lending programs, MOFI extends loans to small and microbusinesses that struggle to secure conventional financing and enhances loans for catalytic projects that generate jobs, offer essential community services, and rejuvenate economies in underprivileged areas. MOFI's objective is to transform the financial landscape, ensuring equitable access to capital and resources for all.
Official website here: www.mofi.org
Who is the CEO of Montana Community Development Corp?
Nancy Quist is the Chairperson of Montana Community Development Corp.
Official website here: www.mofi.org
What is the revenue of Montana Community Development Corp?
Montana Community Development Corp's revenue in 2022 was $20,160,998.
Official website here: www.mofi.org
Who are the executives of Montana Community Development Corp and what are their salaries?
The average compensation at Montana Community Development Corp during 2022 was $139,045. There are 41 employees and 10 volunteers at Montana Community Development Corp.
Here are 18 key members and their salaries:
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- Compensation: $520,859
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- Other: $38,060
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- Compensation: $515,389
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- Other: $43,932
- Compensation: $345,106
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- Other: $26,479
- Compensation: $119,177
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- Other: $16,579
- Compensation: $284,521
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- Other: $36,981
- Compensation: $302,826
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- Other: $41,864
- Compensation: $142,886
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- Other: $22,879
- Compensation: $253,481
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- Other: $32,892
Official website here: www.mofi.org
Where can I find the form 990 for Montana Community Development Corp?
Montana Community Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mofi.org
Learn more at the official website: www.mofi.org
Mission Statement of Montana Community Development Corp
Montana Community Development Corporation, known as MOFI, is a 501(c)(3) nonprofit organization with a mission to provide financing and consulting services that transform lives and communities. Founded in 1986, this Montana-based organization operates as a Community Development Financial Institution (CDFI) and New Markets Tax Credit (NMTC) lender, offering access to capital and free financial consulting services for individuals who have been excluded from the financial mainstream.
MOFI's vision extends beyond the traditional financial system, aiming to transform it to benefit everyone. The organization's primary lending programs focus on two key areas. First, they provide loans to small and microbusinesses that cannot secure conventional financing. Second, they offer NMTC enhanced loans to catalytic projects that create jobs, provide essential community services, and revitalize economies in the most impoverished areas.
By offering financing and consulting, MOFI enables individuals and communities to overcome financial barriers and build a stronger future. Their work is rooted in the belief that access to capital and expert guidance can lead to lasting change, ultimately improving the lives of those they serve. Through innovative financial solutions, MOFI is dedicated to creating a more equitable financial landscape, one transformation at a time.
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Impact
October, 2024
Montana Community Development Corp, operating as MOFI, plays a crucial role in enhancing economic opportunities and improving community well-being in the Rocky Mountain West. By providing financing and consulting services, MOFI empowers individuals and businesses that have historically faced barriers in accessing traditional financial systems.
With a focus on small and microbusinesses, MOFI offers loans that enable entrepreneurs to launch or expand their enterprises, even when conventional financing options are unavailable. This support not only fosters innovation and growth but also helps create jobs and stimulate local economies.
Additionally, MOFI's New Markets Tax Credit lending program targets catalytic projects that generate significant community benefits, such as essential services and long-term economic revitalization in underserved areas. By addressing the unique needs of these communities, MOFI contributes to their resilience and transformation.
Ultimately, MOFI's work catalyzes positive change, ensuring that the financial system is accessible and beneficial for everyone, particularly those in impoverished regions. Through their efforts, they drive meaningful progress, uplift lives, and foster sustainable community development.
This information is meant to be a general summary of Montana Community Development Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $96,945
- Program Service Revenue: $13,469,288
- Gross Receipts: $20,160,998
Assets and Liabilities:
- Total Assets: $89,408,341
- Total Liabilities: $34,949,752
- Net Assets: $54,458,589
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST & FEES - PPP
Revenue
$5,649,288
NMTC FEES
Revenue
$4,412,209
LOAN INTEREST & FEES
Revenue
$3,190,400
LOAN INTEREST & FEES - DOWN PAYME
Revenue
$217,391
Organization Details
Founding Year
1995
Phone
(406) 728-9234Principal Officer
Nancy Quist
Main Address
229 EAST MAIN STREET, MISSOULA, MT, 59802
Website
www.mofi.orgNTEE Category
Code: S20 - Community improvement
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