2024-05-10T07:25:35-05:00 2023-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-01-01 410977257 Metropolitan Economic Development Association METR 6123326332 1256 Penn Avenue North 4800 Minneapolis MN 55411 Dorothy Bridges President & CEO 6123326332 2024-05-09 1 Dorothy Bridges 999009999 1 Deb Nelson CPA P01264758 6122536500 2024-05-09 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Dorothy Bridges 1256 Penn Avenue North 4800 Minneapolis MN 55411 9598712 0 X www.meda.net X 1971 MN Helping minority entrepreneurs succeed. 24 23 43 250 0 0 5219088 7558087 1589214 1892072 270 5153 -241834 -164214 6566738 9291098 389427 367240 0 0 3746919 3330118 0 0 925214 5382238 4377333 9518584 8074691 -2951846 1216407 38713139 42978022 28348723 31397199 10364416 11580823 X Helping minority entrepreneurs succeed. 0 0 5645391 367240 1892072 Meda's mission is to Help BIPOC Entrepreneurs Succeed. Our theory of communities of color is a primary strategy to build a more just and fair economy. To fulfil our mission, Meda provides integrated, wrap-around services in the areas all entrepreneurs need to be successful to grow and scale their businesses- Management Education, Money, and Market. Meda's services and products are available to Black, Indigenous, People of Color (BIPOC) Entrepreneurs exclusively. Continued on Schedule OIn 2023, Meda focused on helping BIPOC Entrepreneurs with the tools to succeed in this ever-changing Economic Environment. We provided emergency and sophisticated business consulting and volunteering to help BIPOC Entrepreneurs and Businesses.Our CDFI provided Paycheck Protection Program funding, lines of credit and other term debt products to fund hiring, inventory, and equipment. Meda's Minnesota MBDA Business Center and Ascend Twin Cities connected BIPOC contractors to secure contracts that lead to sustainable growth. In all, Meda served 799 BIPOC Entrepreneurs, helping them secure $18.7 million in finance and securing 18 contracts worth $33.1 million. These results led to the creation or maintenance of 1,316 jobs in these businesses. 5645391 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 85 0 1 43 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X Nelly Chick 6122596572 1256 Penn Ave N Ste 4800 Minneapolis MN 55411 Hoyt Hsaio Chair 5.00 X X 0 0 0 John Stout Secretary 5.00 X X 0 0 0 Jeffrey Payne Treasurer / Vice Chair 5.00 X X 0 0 0 Craig Veurink Chair (Jan-Jun) 5.00 X X 0 0 0 Kevin Besikof Director 1.00 X 0 0 0 Andrea Burns Director 1.00 X 0 0 0 Sara Idle Director 1.00 X 0 0 0 Al Mendoza Director 1.00 X 0 0 0 Andrea Novak Director 1.00 X 0 0 0 Hayes Bukata Director 1.00 X 0 0 0 Darren Moquist Director 1.00 X 0 0 0 Joel Lebewitz Director 1.00 X 0 0 0 Jashan Eison Director 1.00 X 0 0 0 David Rudolph Director 1.00 X 0 0 0 John JT Taylor Director 1.00 X 0 0 0 Joseph Wallace Director 1.00 X 0 0 0 Laura Helmueller Director 1.00 X 0 0 0 Matthew Lyons Director 1.00 X 0 0 0 Natalie McGrady Director 1.00 X 0 0 0 Steven Singer Director 1.00 X 0 0 0 Jacob Rider Director (June-Dec) 1.00 X 0 0 0 Shawn Calabrase Director (June-Dec) 1.00 X 0 0 0 Stefan Michno Director (June-Dec) 1.00 X 0 0 0 Suzanne Murphy Director (June-Dec) 1.00 X 0 0 0 Mimi Bekele Director (Jan-June) 1.00 X 0 0 0 Gloria Contreras Edin Director (Jan-June) 1.00 X 0 0 0 Martha Currea Director (Jan-June) 1.00 X 0 0 0 Gloria Freeman Director (Jan-June) 1.00 X 0 0 0 Amelia Hardy Director (Jan-June) 1.00 X 0 0 0 Michael Mathews Director (Jan-June) 1.00 X 0 0 0 Brad Pomerleau Director (Jan-June) 1.00 X 0 0 0 John Rasmussen Director (Jan-Mar) 1.00 X 0 0 0 Vicki Stute Director (Jan-June) 1.00 X 0 0 0 Dorothy Bridges President & CEO 40.00 X X 298784 0 17306 Kevin AmbrusVP of Finance and Operations (Jan-Feb) 40.00 X 50900 0 5905 Pamela Cannon Chief People Officer 40.00 X 250392 0 15561 Adrian RuddockVP of Lending & Business Consulting Services 40.00 X 150645 0 9254 Robert HarperSenior Director Consulting Services (Jan-Nov) 40.00 X 110697 0 0 George JacobsonProgram Mgr MBDA Business Center 40.00 X 103455 0 20028 Nelly Chick Controller 40.00 X 109700 0 6773 1074573 0 74827 6 0 1 0 The Financial Services Consulting Group 121 North Washington Avenue Minneapolis MN 55401 Innovative Capital Solutions CDFI Lendin 148643 Fredrikson & Byron PA 2200 South 6th Street Minneapolis MN 55402 Legal 110132 2 299338 3448583 3810166 7558087 Interest From PRI 900099 1811113 1811113 Client Service Revenue 611430 62674 62674 18285 18285 1892072 5153 5153 143400 299338 307614 -164214 -164214 9291098 1892072 0 -159061 X 367240 367240 798164 382988 304545 110631 1952521 972490 813381 166650 33613 26189 3586 3838 360009 258538 61220 40251 185811 127574 38415 19822 118730 66237 52493 54854 54854 56400 56400 1217293 974353 58573 184367 70561 19370 29963 21228 180443 991 179452 178349 124845 33886 19618 50465 42737 125 7603 77490 27497 3235 46758 582126 582126 115274 80692 21902 12680 81308 56947 15429 8932 Uncollectable Loan Loss 1324692 1324692 Event Production 39399 15093 17761 6545 Memberships 28896 4280 12917 11699 Educational Programs 22735 13970 1907 6858 178318 122679 33757 21882 8074691 5645391 1504086 925214 13561578 12335294 382256 1714734 9046 26620 273931 172045 797497 609798 275984 187699 116738 750000 750000 23134162 27650561 209444 141069 38713139 42978022 610417 549712 150000 2523304 25977538 26497333 1610768 1826850 28348723 31397199 X 8869643 8278649 1494773 3302174 10364416 11580823 38713139 42978022 1216407 0 X 0 1 X 1 1 1 X 4501703 5600139 10049179 5219088 7558087 32928196 4501703 5600139 10049179 5219088 7558087 32928196 5574118 27354078 673 56283 275 270 5153 62654 571 8996 5845 1110 16522 33007372 8644064 0.82870 0.80370 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous - 2019 Amount: $ 571. 2020 Amount: $ 8,996. 2021 Amount: $ 5,845. 2022 Amount: $ 1,110. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 0 1 56400 56400 0 Part II-B, Line 1: This expenditure represents the fees paid to an independent contractor to provide lobbying to state and local government to receive grants and program related funding support for MEDA programs and consulting services. 174050 136704 37346 623447 473094 150353 187699 Program-Related Loans 27650561 C 27650561 Due to Third Party Loan Participants 1547710 Lease Liabilities 279140 1826850 X 9467283 0 9467283 -176185 -176185 9291098 8250876 176185 176185 8074691 0 8074691 Part X, Line 2: Management believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. Meda undergoes an annual analysis of its various tax positions, assessing the likelihood of those positions being upheld upon examination with relevant tax authorities. As of December 31, 2023 and 2022, no amounts were recorded as a result of this analysis. If Meda is subject to interest or penalties on underpaid income taxes, they will be recorded as income tax expense in the period in which they are incurred. Part XI, Line 4b - Other Adjustments: Fundraising Event Expenses Reclassed for Tax Purposes -176,185. Part XII, Line 2d - Other Adjustments: Special Event Expenses Reclassed for Tax Purposes 176,185. Gala 442738 299338 143400 119513 115230 7895 64976 442738 299338 143400 119513 115230 7895 64976 307614 -164214 1 Howard's Bar Inc 302 Main Street South Stillwater MN 55082 882012266 15000 0 General Operations Planting People Growing Justice LLC PO Box 131894 St Paul MN 55113 474833750 10000 0 General Operations Joy Catering 14999 Tiger St NW Ramsey MN 55303 462629037 10000 0 General Operations Park Salon LLC 7908 Xerxesct N Brooklyn Park MN 55444 464848578 10000 0 General Operations BKB Luxury Transportation 719 Marshall Ave 1 St Paul MN 55104 430333498 10000 0 General Operations Privilage Cuts and Grooming 900 7th St W St Paul MN 55102 823168650 8500 0 General Operations Novart Media 9800 Cove Dr Minnetonka MN 55305 833581784 10000 0 General Operations T Will Sports Inc 1650 West End Blvd Saint Louis Park MN 55416 831214868 10000 0 General Operations Irie Vibes 76 Northtown Dr NE Blaine MN 55434 832819242 10000 0 General Operations DG Pilot LLC 270 4th Street East Unit 106 St Paul MN 55101 474552126 10000 0 General Operations H2overhaul Inc 15124 Southwind Drive Burnsville MN 55306 824803822 15000 0 General Operations Code White Teeth Whitening 8251 Flying Cloud Dr Eden Prairie MN 55344 832459237 10000 0 General Operations Introspect Mental Health 22130 Typo Creek Dr NE Wyoming MN 55092 811551479 10000 0 General Operations Keyhubs LLC 5244 Zenith Ave S Minneapolis MN 55410 262352933 10000 0 General Operations Faithful Consulting LLC 2332 Eagle Trace Ln Woodbury MN 55129 474393552 10000 0 General Operations JNT Social Enterprise 9250 Rosewood Ln Maple Grove MN 55369 10000 0 General Operations Eggroll Queen 1093 Edgerton St St Paul MN 55130 475625356 15000 0 General Operations Boss Lady Shoetique LLC 1015 44 1/2 Ave NE Minneapolis MN 55421 7740 0 General Operations 4 The Love LLC 4920 Aldrich Ave N Minneapolis MN 55430 834648453 10000 0 General Operations Pauls Perfume Paradise 225A Northtown Driv NE Blaine MN 55434 834507345 10000 0 General Operations Neoo Development 370 Wabasha St N St Paul MN 55102 833860361 10000 0 General Operations Happypeople LLC 1860 Adam Street Mankato MN 56001 920358797 10000 0 General Operations Shanghai Wholesale 640 Prior Ave N St Paul MN 55104 680637866 10000 0 General Operations Slice Pizza LLC 519 E Hennepin Ave Minneapolis MN 55414 842977129 10000 0 General Operations Fit LLC 4905 W 35th St Saint Louis Park MN 55416 901141491 10000 0 General Operations Midwest Bakery Inc 3654 Stinson Blvd NE Minneapolis MN 55418 350407440 10000 0 General Operations Bom Dia Treats LLC 200 Willkin Street St Paul MN 55102 863785022 10000 0 General Operations InControl LLC 8362 Tamarack Village Woodbury MN 55125 842568357 10000 0 General Operations Wugs Vending 5832 Lincoln Dr Edina MN 55436 883098272 25000 0 General Operations Onyx Coffeehouse LLC 3740 Chicago Ave S Minneapolis MN 55407 882698466 10000 0 General Operations Novart Media Group 9800 Cove Dr Minnetonka MN 55305 833581784 10000 0 General Operations Porksuit Solutions LLC 17700 80th Court N Maple Grove MN 55311 843475061 10000 0 General Operations 0 32 Part I, Line 2: The grants are to help with the general operations for these businesses. There is no post grant award monitoring. X X X 0 0 0 0 0 0 0 1 0 Dorothy Bridges President & CEO 280533 0 17051 0 1200 0 2429 0 14876 0 316089 0 0 0 Pamela Cannon Chief People Officer 155192 0 19000 0 76200 0 5249 0 10312 0 265953 0 0 0 Adrian RuddockVP of Lending & Business Consulting Services 149540 0 0 0 1105 0 0 0 9254 0 159899 0 0 0 Part I, Line 7 During the CEO transition in 2022, the board negotiated a non- fixed payment to a key executive employee for retention, that was payable over 2 years. Part I, Line 7: Officers are eligible for bonuses based on annual performance reviews. The bonuses are determined by the President and Board of Directors. Form 990, Part VI, Section A, line 1a The Executive Committee is composed of three or more designated board members. Unless specified by action of the board, the Executive Committee shall have and exercise the authority of the board with respect to the business of the corporation in the intervals between meetings of the board. The Executive Committee shall at all times be subject to the control and direction of the board. Form 990, Part VI, Section B, line 11b A draft copy of the Form 990 is provided to the Finance Audit Committee. The Finance Audit Committee reviews the draft Form 990, addressing any comments or concerns, and then makes a recommendation to the Board of Directors for approval. A copy is provided to the board and upon review and approval of the draft Form 990 by the Board of Directors the form is filed. Form 990, Part VI, Section B, line 12c Conflict of interest statements are issued every year to all directors and employees. These individuals disclose applicable conflicts and sign as to compliance with the policy. The Meda Governance Committee reviews all statements to review any disclosed potential conflicts of interest. The Governance Committee documents any actions undertaken. The person with the conflict of interest is excluded from the discussion and approval of the activity. Form 990, Part VI, Section B, line 15 Meda's Personnel Committee performs an annual review on the CEO. This review involves collecting feedback from the management team and the Board of Directors. The Director of Finance and Administration provides the Personnel Committee with a salary range comprised from comparatives of similar nonprofits. The Personnel Committee recommends a compensation adjustment for approval by the board. Meda uses a similar process for other officers and all employees. Each individual undergoes an annual performance review with their supervisor. Supervisors award merit adjustments from a merit pool identified in the approved operational budget. Form 990, Part VI, Section C, line 19 These documents are made available upon request. Form 990, Part IX, line 11g Professional Services: Program service expenses 526,982. Management and general expenses 0. Fundraising expenses 145,765. Total expenses 672,747. Equipment Lease & Maintenance: Program service expenses 447,371. Management and general expenses 58,573. Fundraising expenses 38,602. Total expenses 544,546.