2026-03-11T09:44:58-05:00 2025-09-30 411334380 MILLER WELLE HEISER & CO LTD 4170 THIELMAN LANE PO BOX 159 ST CLOUD MN 563020159 990 2024-10-01 411846655 MIDWEST BUSINESS FINANCE CORPORATION MIDW 3202585000 616 ROOSEVELT RD 200 ST CLOUD MN 56301 NADENE KRUIZE PRESIDENT & CEO 3202585000 2026-03-11 1 1 TRINA PEETERS CPA P01625727 3202539505 2026-03-11 2024 2025-03-06 01:10:19Z X NADENE KRUIZE 616 ROOSEVELT RD 200 ST CLOUD MN 56301 4784088 0 X WWW.MBFC.ORG X 1996 MN TO PROMOTE SMALL BUSINESS & JOBS 12 11 17 0 -17999 0 0 0 4185234 4270385 169524 205908 -51333 -43901 4303425 4432392 86138 88639 0 0 2476890 2334326 0 0 0 982158 914247 3545186 3337212 758239 1095180 7238812 8029828 1088857 784693 6149955 7245135 TO PROMOTE SMALL BUSINESS & JOBS 0 0 2588839 88639 4476293 TO PROMOTE SMALL BUSINESS & JOB CREATION IN MINESOTA THROUGH THE U.S. SMALL BUSINESS ADMINISTRATION, ZERO SUBSIDY, SECTION 504 LOAN PROGRAM AUTHORIZED BY TITLE V OF THE SMALL BUSINESS INVESTMENT ACT, TITLE 15 U.S.C. CHAPTER 14B. 2588839 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 21 0 1 17 1 1 1 0 0 0 0 0 0 0 0 0 X 12 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X NADENE KRUIZE 3202585000 616 ROOSEVELT RD 200 ST CLOUD MN 56301 DUSTEN JOHNSON BOARD MEMBER 1.00 X 4800 0 0 MATTHEW DOROTHY BOARD MEMBER 1.00 X 3600 0 0 CHAD SYLTIE BOARD MEMBER 1.00 X 3600 0 0 MARK SCHIK BOARD MEMBER 1.00 X 3600 0 0 DAN NYGAARD VICE CHAIR 1.00 X 3900 0 0 NANCY HOFFMAN BOARD MEMBER 1.00 X 3600 0 0 JAMES VRCHOTA BOARD MEMBER 1.00 X 2700 0 0 JOSHUAA LAFFEN VICE PRESIDENT BUSINESS DE 40.00 X 137108 0 34530 JENNIFER FITZPATRICK VICE PRESIDENT, LOAN PORTF 40.00 X 120591 0 33239 CAROL ANDERSON CHAIRMAN 1.00 X 5400 0 0 BOB PALMQUIST TREASURER 1.00 X 4800 0 0 SARAH BORGMAN CHIEF CREDIT OFFICER 40.00 X 130779 0 26730 DALE UMLAUF SECRETARY 1.00 X 4800 0 0 NADENE KRUIZE PRESIDENT & CEO 40.00 X 317546 0 49672 MAURICE DURHEIM BOARD MEMBER 1.00 X 6300 0 0 JOSEPH KAMMERMEIER VICE PRESIDENT BUSINESS DE 40.00 X 174797 0 30921 TERRY STEIN VICE PRESIDENT BUSINESS DE 40.00 X 162965 0 38945 MICHAEL STEARNS VICE PRESIDENT BUSINESS DE 40.00 X 149923 0 43197 1240809 0 257234 7 0 1 0 0 LOAN SERVICING FEES 3791178 3791178 INTEREST ON ESCROW 479207 479207 4270385 145079 145079 89900 133801 -43901 -43901 -17999 -25902 278724 217895 60829 60829 60829 4432392 4476293 -17999 -25902 88639 88639 382759 297021 85738 1417332 1099850 317482 411032 312385 98647 123203 93634 29569 88355 72897 15458 44564 36096 8468 47814 47814 176846 145347 31499 129773 106414 23359 120877 120877 24900 24900 15775 12936 2839 33347 27345 6002 REPAIRS AND MAINTENANCE 117094 117094 OUTSIDE SERVICES 67880 55662 12218 MEALS 47022 47022 3337212 2588839 748373 0 524741 631223 3338332 3946438 2841 0 70750 71791 3358250 2018566 1542810 1339684 1759338 2040692 7238812 8029828 30434 37991 710375 529084 348048 217618 1088857 784693 X 6094562 7189217 55393 55918 6149955 7245135 7238812 8029828 1095180 0 X 0 1 X 1 0 X 3027157 3657206 4170655 4185234 4270385 19310637 3027157 3657206 4170655 4185234 4270385 19310637 0 0 0 19310637 138408 133617 239357 276824 234979 1023185 138408 133617 239357 276824 234979 1023185 3165565 3790823 4410012 4462058 4505364 20333822 0.94970 0.95040 0.05030 0.04960 X 217235 144823 362058 1320419 880280 1248400 952299 49158 49158 0 746335 721008 25327 1339684 INTEREST RECEIVABLE 245455 CERTIFICATES OF DEPOSIT 1276866 NOTES RECEIVABLE, NET 494245 ESCROW 24126 2040692 ACCRUED WAGES AND PAYROLL TAXES 187395 REIMBURSABLE FEES 13702 SECURITY DEPOSIT 1500 ACCRUED ITNEREST 2746 REAL ESTATE TAXES PAYABLE 12275 217618 X PART X, LINE 2: THE ORGANIZATION IS SUBJECT TO THE ACCOUNTING STANDARDS ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENT. UNDER THIS GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS THE GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE TAX POSITIONS FOR THE ORGANIZATION AND CONCLUDED THAT THE ORGANIZATION HAD TAKEN NO UNCERTAIN INCOME TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2020, WHICH IS THE STANDARDS STATUTE OF LIMITATIONS LOOK-BACK PERIOD. 1 ND SMALL BUSINESS DEVELOPMENT CENTERS 1854 NDSU RESEARCH CIR N STE 7 FARGO ND 58102 10000 0 TO ASSIST ND SBDC WITH FUNDING PART I, LINE 2: THE GRANTS ARE UNRESTRICTED AND UNMONITORED. X X 0 0 0 0 0 0 0 0 0 NADENE KRUIZE PRESIDENT & CEO 317546 0 0 0 0 0 0 19053 0 30619 317546 49672 0 0 JOSEPH KAMMERMEIER VICE PRESIDENT BUSINESS DE 174797 0 0 0 0 0 0 10488 0 20433 174797 30921 0 0 TERRY STEIN VICE PRESIDENT BUSINESS DE 162965 0 0 0 0 0 0 9778 0 29167 162965 38945 0 0 MICHAEL STEARNS VICE PRESIDENT BUSINESS DE 149923 0 0 0 0 0 0 8995 0 34202 149923 43197 0 0 JOSHUAA LAFFEN VICE PRESIDENT BUSINESS DE 137108 0 0 0 0 0 0 8226 0 26304 137108 34530 0 0 SARAH BORGMAN CHIEF CREDIT OFFICER 130779 0 0 0 0 0 0 7847 0 18883 130779 26730 0 0 JENNIFER FITZPATRICK VICE PRESIDENT, LOAN PORTF 120591 0 0 0 0 0 0 7235 0 26004 120591 33239 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE EXECUTIVE DIRECTOR PRESENTS THE 990 TO THE BOARD MEMBERS. THE BOARD REVIEWS THE 990 AS A GROUP. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES ALL EMPLOYEES TO SIGN A CONFLICT OF INTEREST POLICY. THE SIGNED COPIES ARE KEPT AT THE ST CLOUD OFFICE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS APPROVES THE CEO'S COPMENSATION. THE BOARD HAS AVAILABLE THE COMPENSATION SURVEY FROM THE MINNESOTA BANKERS ASSOCIATION AND ALSO THE SALARY SURVEY FROM NADCO. OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED BY THEIR DIRECT SUPERVISOR OR MANAGER. THE CEO, BASED ON THE REVIEWS AND THE APPROVED BUDGET FOR COMPENSATION, APPROVES CHANGES IN COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST MINNESOTA CENTER FOR BUSINESS DEVELOPMENT LLC 616 ROOSEVELT ROAD 200 ST CLOUD MN 56301 411966562 RENTAL REAL ESTATE MN N/A