2024-11-15T13:42:01-06:00 2023-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2023-01-01 842716465 FORTIS CAPITAL FORT 6123891800 333 WASHINGTON AVENUE N 300 MINNEAPOLIS MN 55401 BRIAN K SMITH CHIEF EXECUTIVE OFFICER 6123891800 2024-11-15 1 1 KAREN A GRIES P00078514 6128764500 2024-11-15 2023 2024-10-15 13:58:12Z BRIAN K SMITH 333 WASHINGTON AVENUE N 300 MINNEAPOLIS MN 55401 1392728 0 X WWW.FORTISCAP.ORG X 2019 MN 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. 4 2 2 4 0 0 22718 1279288 69639 106193 558 7247 0 0 92915 1392728 0 0 0 0 0 118764 0 0 16759 82602 602777 82602 721541 10313 671187 2549545 2995170 2469941 2244379 79604 750791 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. 0 0 651064 106193 FORTIS CAPITAL PARTICIPATION LOAN PROGRAM:THROUGH THIS PROGRAM, THE ORGANIZATION CAN REACH BORROWERS THAT WOULD NOT QUALIFY FOR LOANS OTHERWISE. THE ORGANIZATION DOES THIS BY PURCHASING UP TO 75% PARTICIPATION IN PARTNER APPROVED LOANS. THIS STRATEGY MITIGATES RISK AND ALLOWS THE ORGANIZATION'S LENDING PARTNERS TO PROVIDE AFFORDABLE DEBT CAPITAL THAT WOULD OTHERWISE BE UNAVAILABLE TO THESE ECONOMICALLY CHALLENGED BUSINESSES. OUR ACTIVITIES CONSIST OF MAKING PARTICIPATION LOANS AND MANAGING OUR PORTFOLIO, AS WELL AS WORKING WITH OUR LOAN CAPITAL FUNDERS AND OTHER FUNDERS. 651064 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 2 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MN X JAMES TERRELL 6123891800 333 WASHINGTON AVENUE N SUITE MINNEAPOLIS MN 55401 BRIAN K SMITH CHIEF EXECUTIVE OFFICER 35.00 X X 50000 0 3320 JAMES E TERRELL PRESIDENT & CHIEF OPERATING OFFICER 35.00 X X 50000 0 7464 SHAWN G HUCKLEBY DIRECTOR 0.25 X 0 0 0 ANDREA L LARSON DIRECTOR 0.25 X 0 0 0 100000 0 10784 0 0 0 0 0 500000 779288 1279288 INTEREST ON NOTES 900099 97018 97018 OTHER LOAN FEES 900099 4700 4700 LOAN ORIGINATION FEES 900099 4475 4475 106193 7247 7247 1392728 106193 0 7247 110784 66470 33235 11079 7980 4788 2394 798 11732 11732 25 25 617 617 7528 2646 4882 3069 3069 119806 119806 CECL CREDIT LOSS ALLOWA 460000 460000 721541 651064 53718 16759 1043685 692271 0 202647 5000 300000 6524 11240 1494336 1789012 2549545 2995170 5096 18154 4000 0 2000000 2226225 460845 0 2469941 2244379 X 24449 177016 55155 573775 79604 750791 2549545 2995170 671187 0 X X 0 1 X 1 0 X 16000 22718 1279288 1318006 16000 22718 1279288 1318006 430181 887825 52 71 558 7247 7928 1325934 190858 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 1492728 100000 100000 1392728 0 1392728 821541 100000 100000 721541 0 721541 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, 2023 AND 2022. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. 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. 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.