On February 18, 1999, at 1142 central standard time, a Mitsubishi MU-300, N110DS, operated by two commercial pilots overran runway 32 (5,680'x100') at the Columbus Municipal Airport, Columbus, Nebraska, while landing. The pilot-in-command, co-pilot, and six passengers were not injured. The airplane was substantially damaged. The 14 CFR Part 91 flight was operating in instrument meteorological conditions on an IFR flight plan. The flight originated from San Jose, California, at 0700 pacific standard time. The captain reported they flew the VOR DME RWY 32 approach to the Columbus Muncipal Airport. He stated they checked the AWOS during the approach at which time the weather was reported as a few clouds at 100', 1,000' overcast, and 1.25 miles visibility. He reported that they turned onto final at which time they applied 10 degrees of flaps. The captain reported they had ground contact during the descent from 3,400' to 2,500'. Upon reaching the DASIE Intersection, they lowered 30 degrees of flaps and slowed the airplane to Vref of 104 knots. The captain reported they descended to the circling minimums of 1,940' and circled the runway to the left to verify that the snow removal equipment was clear of the runway. He reported "As we approached I slightly over shot the final but corrected promptly by making a low turn near the runway for realignment." He reported the airplane touched down on the first 1/3 of the runway at which time he noticed the "...braking action was not very good." The airplane over ran the end of the runway and "...came to rest just a few hundred feet from the end of the runway." One of the passengers on the airplane reported the pilot made a "...low altitude..." fly-by to check the runway conditions after which they climbed back into the clouds and circled for the approach. He reported the cloud cover was low and visibility was very poor. He continued to report, "I don't believe the approach is directly in line with the runway and as we descended out of the cloud cover, we were extremely low. ... The pilot banked rather sharply at such a low altitude that I was afraid the wing tip would strike the runway as I watched the wing tip out of the window. The pilot successfully made the correction and continued to land even though he was well down the runway. I believe that we had less than half of the runway left when we touched down." The passenger estimated the airplane was traveling at 50 to 60 miles per hour at the end of the runway. A witness to the accident reported that he was in a snow plow on a connecting taxiway at a point 3,000' down runway 32. He reported seeing the airplane fly overhead and bank left at an altitude of about 400' above the ground. He then saw the airplane east of runway 32 "...banking hard left to try and line up with the runway. Then banked to the right to be in position to land." He reported the airplane touched down 200 to 300 feet from the end of the asphalt and "When the aircraft passed my position the nose gear had not touched the runway yet. The speed appeared to be around 100 knots." Another witness to the accident reported seeing the airplane east of runway 32 about 1,500 to 2,000' from the approach end of the runway. He reported the airplane was about 25 to 50' above the ground when it rolled into a "...hard left turn of about 30-45 degrees bank... ." The witness continued to report "I was concerned because it appeared to me that the left wing was going to impact the ground... ." He reported the airplane reappeared into his field of vision and subsequently touched down 3,500 to 4,000 feet down the runway. The Columbus, Nebraska, weather reported at 1335 cst was wind 20 degrees at 13 knots, visibility 1 mile, 100 feet overcast sky condition, temperature minus 2 degrees, dewpoint minus 3 degrees, altimeter 29.94. The pilot had received a weather briefing for the flight from the Oakland, California, Flight Service Station, at 0436 pacific standard time, on the morning of the accident. Runway 32 is 5,682' long. The first 3,000' of runway surface are asphalt and the remaining 2,682' are concrete. The runway was plowed just prior to the landing; however, braking action was still being reported as poor.