Midwest Business Finance Corporation

Analysis

Midwest Business Finance Corporation is a registered charity in United States, based in Saint Cloud, MN. It received its IRS tax-exemption ruling in September 1997, 29 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Midwest Business Finance Corporation reported income of $4.2m and spending of $3.9m, spending 92% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $2.8m to $4.2m (+50%), an average of +11% a year. The sharpest change came in the year to September 2022, when income rose by 21%. Over the whole period it spent 95% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Midwest Business Finance Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within MN. Charities of a similar size with the same main cause include Marimor Industries Inc ($4.2m), Trust Neighborhoods ($4.2m) and Open Avenues Foundation ($4.2m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 98% of the total. Compensation of current officers, directors and key employees was $659k (17% of expenses). Other salaries and wages came to $1.5m. At year end it held assets of $6.7m against liabilities of $1.3m, net assets of $5.4m. It reported 20 employees.