2024-11-13T12:33:51-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2023-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA CEO 6123334772 2024-11-12 1 1 DEIRDRE HODGSON P01484710 6123764500 2024-11-08 2023 2024-10-15 13:58:12Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 5205910 0 X WWW.ADCMINNESOTA.ORG X 2002 MN GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 11 11 11 40 0 0 3335602 4252837 661014 936153 6345 16920 0 0 4002961 5205910 340456 121031 0 0 732174 787768 0 0 47275 1096153 779598 2168783 1688397 1834178 3517513 17752149 21723388 9032449 9486175 8719700 12237213 GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 0 0 1493769 121031 936153 ADC'S CULTURALLY COMPETENT BUSINESS DEVELOPMENT SERVICES AND ITS PARTNERSHIPS WITH CRUCIAL FUNDING SOURCES HAVE DIRECTLY CONTRIBUTED TO THE SURGE IN AFRICAN-OWNED BUSINESSES THROUGHOUT MINNESOTA. IN ADDITION TO ONGOING TECHNICAL ASSISTANCE, ADC HAS AN ENTREPRENEURIAL TRAINING CLASS FOR CLIENTS LOOKING TO START A COMPLETELY NEW BUSINESS. ADC MADE 106 LOANS IN 2023 WITH A TOTAL APPROVED LOAN AMOUNT OF $13,859,546 AND THEY LEVERAGED OVER $44 MILLION. FROM OUR 2023 LOANS, 140.5 JOBS HAVE BEEN RETAINED AND 253.5 NEW JOBS HAVE BEEN CREATED. THE GREAT MAJORITY OF THESE LOANS AND JOBS CREATED AND RETAINED ARE BLACK-OWNED AND OPERATED SMALL BUSINESSES. 96% OF OUR LOAN DOLLARS WENT TO BLACK-OWNED BUSINESSES AND 47% WENT TO WOMEN-OWNED BUSINESSES. 1493769 1 1 0 0 0 0 0 0 0 0 1 0 0 0 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 0 1 0 0 0 1 19 0 1 11 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X NASIBU SAREVA 6123334772 1931 SOUTH 5TH STREET MINNEAPOLIS MN 55454 JO ANN VANO BOARD PRESIDENT 1.00 X X 0 0 0 LEAH MTEGHA BOARD SECRETARY 1.00 X X 0 0 0 UBAH ALI JAMA DIRECTOR 1.00 X 0 0 0 DAIKA ISMAIL DIRECTOR 1.00 X 0 0 0 MIKE STINSON DIRECTOR 1.00 X 0 0 0 KAADE WALLACE DIRECTOR 1.00 X 0 0 0 EDWIN MIGIRO DIRECTOR 1.00 X 0 0 0 BRUCE W NORDIN DIRECTOR 1.00 X 0 0 0 DAMON JENKINS DIRECTOR 1.00 X 0 0 0 SCOTT BROPHY DIRECTOR 1.00 X 0 0 0 SEAN WOLD DIRECTOR 1.00 X 0 0 0 NASIBU SAREVA CEO 50.00 X 174811 0 27461 FELICIA RAVELOMANATSOA CFO 50.00 X 115040 0 10555 289851 0 38016 2 0 1 0 0 3217294 1035543 4252837 INTEREST INCOME-LOANS 522291 566158 566158 PROGRAM SERVICE FEES 522291 365160 365160 OTHER PROGRAM REVENUE 522291 4835 4835 936153 16920 16920 5205910 936153 0 16920 121031 121031 327867 287413 40454 374930 310276 27614 37040 34930 30741 777 3412 50041 42391 4543 3107 30343 25781 4562 97637 83190 14196 251 67118 59722 6308 1088 3320 3320 24026 20973 2848 205 140736 119626 21110 50269 37714 12555 15756 13377 2379 181891 178037 2220 1634 3980 3537 250 193 10893 9457 1100 336 BAD DEBT 60000 60000 LOAN RELATED EXPENSES 49258 49258 EQUIPMENT 17364 14757 2607 TELEPHONE 14825 12606 2219 12182 10562 1611 9 1688397 1493769 147353 47275 7576855 8530509 463313 263841 1266035 1307724 4466 8421033 11533547 2854 74154 315467 301854 17593 13613 17752149 21723388 95190 84212 181982 114912 5058874 5193677 1700000 2450000 1996403 1643374 9032449 9486175 X 7860850 11987213 858850 250000 8719700 12237213 17752149 21723388 3517513 0 X 0 1 X 1 1 1 X 1156301 2983222 3678064 3335602 4252836 15406025 1156301 2983222 3678064 3335602 4252836 15406025 2570492 12835533 4258 7967 288730 387342 16920 705217 42509 7800 50309 16161551 1718741 0.79420 0.74690 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2021 AMOUNT: $ 42,509. 2022 AMOUNT: $ 7,800. 2023 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14759 4597 10162 300708 297257 3451 13613 CURRENT PORTION OF DUE TO CPED 508326 LOAN PARTICIPATIONS, LESS CURRENT PORTION 62517 CURRENT PORTION DUE TO STATE OF MINNESOTA 1019698 FUNDS HELD FOR GRANTS AND LOANS 52833 1643374 X PART X, LINE 2: ADC IS CLASSIFIED AS A TAX-EXEMPT ORGANIZATION UNDER MINNESOTA STATUTE 290.05 AND SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC), IS EXEMPT FROM PRIVATE FOUNDATION STATUS UNDER SECTION 509(A)(1) OF THE IRC AND IS SUBJECT TO INCOME TAXES ONLY ON NET UNRELATED BUSINESS INCOME. ADC DID NOT HAVE ANY UNRELATED BUSINESS INCOME IN 2022 OR 2021. MANAGEMENT BELIEVES THAT ADC AND ITS SUBSIDIARIES HAVE NO UNCERTAIN INCOME TAX POSITIONS. 1 ARWA FASHION USA CO 129 WEST LAKE STREET MINNEAPOLIS MN 55408 841836818 15000 0 N/A N/A TO HELP SMALL BUSINESS GEIRE PROPERTIES INC 117 W LAKE STREET MINNEAPOLIS MN 55408 883031076 18805 0 N/A N/A TO HELP SMALL BUSINESS GODSON TRUCKING LLC 2569 MALLARD DR WOODBURY MN 55215 823584414 6000 0 N/A N/A TO HELP SMALL BUSINESS ADDIS TRAVEL SERVICES LLC 1821 WEST UNIVERSITY AVE 143 ST PAUL MN 55104 134314759 7500 0 N/A N/A TO HELP SMALL BUSINESS PHOTO SHOP LLC 7710 BROOKLYN BLD 205 BROOKLYN PARK MN 55443 812010371 7500 0 N/A N/A TO HELP SMALL BUSINESS NABIL PROPERTY LLC 9469 OLYMPIA DR EDEN PRAIRIE MN 55347 874833150 7500 0 N/A N/A TO HELP SMALL BUSINESS PROCARE HEALTH CORP 9469 OLYMPIA DR EDEN PRAIRIE MN 55347 843737316 7500 0 N/A N/A TO HELP SMALL BUSINESS 0 7 PART I, LINE 2: FOR AWARDING GRANTS TO SMALL BUSINESSES ADC LOOKS INTO THE NEED AND STATUS OF THE BUSINESS. ALL TYPES OF BUSINESSES OF ANY SIZE ARE ELIGIBLE FOR AN ADC GRANT AS LONG AS THEY ARE LOCATED IN MINNESOTA WITH (PREFERRED) AN ACTIVE BUSINESS REGISTRATION WITH THE SECRETARY OF STATE. OTHERWISE, WE LOOKING INTO THE NEED OF THE BUSINESS INCLUDING THE FINANCIAL HARDSHIPS THE BUSINESS HAS EXPERIENCED DUE TO COVID-19 AND CIVIL UNREST COMPARED TO PAST YEARS, AND OTHER FACTORS THAT WOULD HAVE A FINANCIAL EFFECT ON THE BUSINESS. X X 0 0 0 0 0 0 0 0 0 NASIBU SAREVA CEO 174811 0 0 0 0 0 0 0 27461 0 202272 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD REVIEWS AND APPROVES THE 990 BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ANY INTERESTED PERSON THAT INCLUDES THE ADC BOARD OF DIRECTORS, OFFICERS, EMPLOYEES, OR MEMBERS OF A COMMITTEE WITH BOARD-DELEGATED POWERS. WHEN A POTENTIAL CONFLICT OF INTEREST EXISTS, THE INTERESTED PERSON MUST DISCLOSE THE MATTER TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS. AFTER DISCLOSURE, THE BOARD OR COMMITTEE SHALL EXCLUDE THE INTERESTED PERSON AND VOTE ON WHETHER A CONFLICT OF INTEREST EXISTS. PROCEEDINGS RELATED TO A POTENTIAL CONFLICT OF INTEREST ARE DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15 EMPLOYEES FILL OUT AN EVALUATION FORM THAT WILL BE DISCUSSED BY THE BOARD OF DIRECTORS FOR THE CEOS COMPENSATION INCREMENT. THE CEO EVALUATES EMPLOYEE'S PERFORMANCES AND DETERMINES THE COMPENSATION BASED ON THEIR PERFORMANCES AND COMPARABILITY DATA. AT THE END OF THE YEAR, THE BOARD MEETS AND VOTES ON THE CEO'S COMPENSATION BASED ON PERFORMANCE AND COMPARIABILITY DATA. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANICAL STATEMENTS ARE AVAILABLE TO THE PUBLIC AND ARE ALWAYS POSTED ON THE ORGANIZATION'S WEBSITE. ADC COMMERCIAL REAL ESTATE INC 1931 SOUTH 5TH STREET MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN AFRICAN DEVELOPMENT CENTER C 91745 1617999 1.00000 1 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 ADC COMMERCIAL REAL ESTATE INC D 64461 CASH PAID ADC COMMERCIAL REAL ESTATE INC K 105060 CASH PAID