Nonprofit · EIN 41-1345544
CENTRAL MINNESOTA DEVELOPMENT COMPANY
Tax-exempt · ANDOVER, MN 55304
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $1,403,050 | $1,308,802 | $94,248 | $3,431,925 | $1,153,731 | $2,278,194 |
| September 30, 2024 | 990 | $1,271,694 | $1,148,535 | $123,159 | $3,012,170 | $828,224 | $2,183,946 |
| September 30, 2023 | 990 | $1,198,809 | $967,894 | $230,915 | $3,077,135 | $1,080,226 | $1,996,909 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $1,320,055
- Investment income
- $108,968
- Net rental income
- -$25,973
- Other revenue
- -$25,973
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $196,563
- Other salaries and wages
- $678,197
- Salaries, compensation and benefits (total)
- $1,054,028
- Professional fundraising fees
- $0
- Accounting fees
- $52,892
- Travel
- $5,585
- Depreciation
- $2,607
- Program services (functional)
- $1,166,038
- Management and general (functional)
- $142,764
Balance sheet and other
- Total assets, start of year
- $3,012,170
- Total assets, end of year
- $3,431,925
- Total liabilities, end of year
- $1,153,731
- Net assets, end of year
- $2,278,194
- Land, buildings and equipment
- $374,127
- Net assets without donor restrictions
- $2,278,194
- Gross unrelated business income
- -$25,973
- Gross receipts
- $1,429,023
- Employees
- 6
- Volunteers
- 14
- Year formed
- 1978
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIM WALKER | EXECUTIVE DIRECTOR Officer | 40 | $179,321 | $25,971 |
| JOE PETERSON | CHAIRMAN Trustee or director, Officer | 2 | $0 | $0 |
| JULIE LUX | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| ERIK HEGG | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| DAVID RYMANOWSKI | VICE CHAIRMAN Trustee or director, Officer | 2 | $0 | $0 |
| MARTY FISHER | DIRECTOR Trustee or director | 2 | $0 | $0 |
| STEVEN KALINA | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MAUREEN STEINWALL | DIRECTOR Trustee or director | 2 | $0 | $0 |
| CLARK ARNESON | DIRECTOR Trustee or director | 2 | $0 | $0 |
| CHRISTINE COSTELLO | DIRECTOR Trustee or director | 2 | $0 | $0 |
| LARRY CRANE | DIRECTOR Trustee or director | 2 | $0 | $0 |
| DEAN SUCHY | DIRECTOR Trustee or director | 2 | $0 | $0 |
| SEAN SULLIVAN | DIRECTOR Trustee or director | 2 | $0 | $0 |
| PERRY RASSLER | DIRECTOR Trustee or director | 2 | $0 | $0 |
| KRAIG KLIBER | DIRECTOR Trustee or director | 2 | $0 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CHRIS RANDALL | DIRECTOR Trustee or director | 2 | $0 |
990 for the year ended September 30, 2024: 15 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| TIM WALKER | EXECUTIVE DIRECTOR Officer | 40 | $164,107 |
| CHRIS RANDALL | CHAIRMAN Trustee or director, Officer | 2 | $0 |
| JULIE LUX | SECRETARY Trustee or director, Officer | 2 | $0 |
| JOE PETERSON | TREASURER Trustee or director, Officer | 2 | $0 |
| DAVID RYMANOWSKI | VICE CHAIRMAN Trustee or director, Officer | 2 | $0 |
| MARTY FISHER | DIRECTOR Trustee or director | 2 | $0 |
| STEVEN KALINA | DIRECTOR Trustee or director | 2 | $0 |
| MAUREEN STEINWALL | DIRECTOR Trustee or director | 2 | $0 |
| CLARK ARNESON | DIRECTOR Trustee or director | 2 | $0 |
| CHRISTINE COSTELLO | DIRECTOR Trustee or director | 2 | $0 |
| LARRY CRANE | DIRECTOR Trustee or director | 2 | $0 |
| ERIK HEGG | DIRECTOR Trustee or director | 2 | $0 |
| SEAN SULLIVAN | DIRECTOR Trustee or director | 2 | $0 |
| PERRY RASSLER | DIRECTOR Trustee or director | 2 | $0 |
| KRAIG KLIBER | DIRECTOR Trustee or director | 2 | $0 |
990 for the year ended September 30, 2023: 12 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MIKE MULROONEY | EXECUTIVE DIRECTOR Officer | 40 | $161,668 |
| JERRY TEESON | CHAIRMAN Trustee or director, Officer | 2 | $0 |
| JULIE LUX | SECRETARY Trustee or director, Officer | 2 | $0 |
| JOE PETERSON | TREASURER Trustee or director, Officer | 2 | $0 |
| DAVID RYMANOWSKI | VICE CHAIRMAN Trustee or director, Officer | 2 | $0 |
| MARTY FISHER | DIRECTOR Trustee or director | 2 | $0 |
| STEVEN KALINA | DIRECTOR Trustee or director | 2 | $0 |
| MAUREEN STEINWALL | DIRECTOR Trustee or director | 2 | $0 |
| CLARK ARNESON | DIRECTOR Trustee or director | 2 | $0 |
| CHRIS RANDALL | DIRECTOR Trustee or director | 2 | $0 |
| LARRY CRANE | DIRECTOR Trustee or director | 2 | $0 |
| ERIK HEGG | DIRECTOR Trustee or director | 2 | $0 |
Address and contacts
- Address (IRS master file)
- 1885 STATION PKWY NW STE A, ANDOVER, MN 55304-0019
- Principal officer (990 for 2024)
- TIM WALKER, 1885 STATION PARKWAY NW, ANDOVER, MN 55304
- Signed the 990
- TIM WALKER, EXECUTIVE DIRECTOR
- Phone
- (763) 784-3337
- Website
- WWW.CMDCBUSINESSLOANS.COM
- Return prepared by
- COHNREZNICK ADVISORY LLC
Mission
CMDC IS COMMITTED TO PROMOTING ECONOMIC DEVELOPMENT BY CULTIVATING A FINANCING ENVIRONMENT THAT ALLOWS MINNESOTA SMALL BUSINESSES TO GROW AND PROSPER.
Program accomplishments
- THE ORGANIZATION IS A SBA CERTIFIED DEVELOPMENT COMPANY ORGANIZED FOR THE PURPOSE OF PROMOTING ECONOMIC VIABILITY WITHIN CENTRAL MINNESOTA BY CULTIVATING A FINANCING ENVIRONMENT THAT ALLOWS SMALL BUSINESSES TO PROSPER.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 18, 2025 | 990 on file |
IRS record
- EIN
- 41-1345544
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Donations deductible
- No
- Exempt since
- 1979
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $3,431,925
- Income (IRS master file)
- $1,429,023
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $1,403,050 | $1,308,802 | $3,431,925 | XML |
| 990 | September 2024 | $1,271,694 | $1,148,535 | $3,012,170 | XML |
| 990 | September 2023 | $1,198,809 | $967,894 | $3,077,135 | XML |
| 990 | September 2022 | – | – | – | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990 | September 2019 | – | – | – | IRS |
| 990 | September 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-1345544).
Questions about CENTRAL MINNESOTA DEVELOPMENT COMPANY
- What is the EIN of CENTRAL MINNESOTA DEVELOPMENT COMPANY?
- The employer identification number (EIN) of CENTRAL MINNESOTA DEVELOPMENT COMPANY is 41-1345544.
- Is CENTRAL MINNESOTA DEVELOPMENT COMPANY tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6) since 1979.
- Are donations to CENTRAL MINNESOTA DEVELOPMENT COMPANY tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does CENTRAL MINNESOTA DEVELOPMENT COMPANY file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CENTRAL MINNESOTA DEVELOPMENT COMPANY due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CENTRAL MINNESOTA DEVELOPMENT COMPANY last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of CENTRAL MINNESOTA DEVELOPMENT COMPANY?
- The 990 for the year ended September 30, 2025 names TIM WALKER.
- Who are the officers and directors of CENTRAL MINNESOTA DEVELOPMENT COMPANY?
- The 990 for the year ended September 30, 2025 lists 16 people; 1 received compensation from the organization, the highest $179,321 (TIM WALKER, EXECUTIVE DIRECTOR).
- How much revenue does CENTRAL MINNESOTA DEVELOPMENT COMPANY have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $1,403,050, expenses of $1,308,802 and total assets of $3,431,925 at year end.
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