2023-10-13T14:56:24-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2022-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA CEO 6123334772 2023-09-02 1 NASIBU SAREVA 999009999 1 DEIRDRE HODGSON P01484710 6123764500 2023-09-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 4002961 0 X WWW.ADCMINNESOTA.ORG X 2002 MN GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 12 12 10 40 0 0 4543064 3335602 791567 661014 7534 6345 0 0 5342165 4002961 100540 340456 0 0 588058 732174 0 0 70739 886854 1096153 1575452 2168783 3766713 1834178 18157519 17752149 11271997 9032449 6885522 8719700 GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 0 0 1969919 340456 661014 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 104 LOANS IN 2022 WITH A TOTAL APPROVED LOAN AMOUNT OF $4,676,500 AND THEY LEVERAGED OVER $7 MILLION. FROM OUR 2022 LOANS, 87.5 JOBS HAVE BEEN RETAINED AND 141.5 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 48% WENT TO WOMEN-OWNED BUSINESSES. 1969919 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 258 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X NASIBU SAREVA 6123334772 1931 5TH STREET SOUTH 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 ISMALL DIRECTOR 1.00 X 0 0 0 MIKE STINSON DIRECTOR 1.00 X 0 0 0 PAUL FEHRENBACH 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 170000 0 20499 FELICIA RAVELOMANATSOA CFO 50.00 X 97583 0 7548 267583 0 28047 1 0 1 0 0 2051553 1284049 3335602 INTEREST INCOME-LOANS 522291 380997 380997 PROGRAM SERVICE FEES 522291 272217 272217 OTHER PROGRAM REVENUE 522291 7800 7800 661014 6345 6345 4002961 661014 0 6345 332956 332956 7500 7500 295630 257530 38100 370182 279111 30883 60188 18326 13562 758 4006 48036 38490 4947 4599 21527 19301 2226 96802 82513 13998 291 66559 61569 4300 690 19017 16142 2875 136663 123329 13179 155 32748 27385 5363 12668 10838 1830 152764 150165 2579 20 9286 8230 635 421 10518 9042 1127 349 BAD DEBT 476392 476392 LOAN RELATED EXPENSES 23106 23106 MEMBERSHIP DUES AND SUB 13275 11503 1772 TELEPHONE 11997 10223 1774 12831 11032 1779 20 2168783 1969919 128125 70739 10005579 7576855 1063003 463313 474421 1266035 831 4466 6583632 8421033 3174 2854 315467 297874 26879 17593 18157519 17752149 225198 95190 661933 181982 5877875 5058874 1700000 1700000 2806991 1996403 11271997 9032449 X 5243222 7860850 1642300 858850 6885522 8719700 18157519 17752149 1834178 0 X X 0 1 X 1 1 1 X 1135790 1156301 2983222 3678064 3335602 12288979 1135790 1156301 2983222 3678064 3335602 12288979 2557869 9731110 1352 4258 7967 288730 387342 689649 42509 7800 50309 13028937 0.74690 0.71810 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2021 AMOUNT: $ 42,509. 2022 AMOUNT: $ 7,800. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14759 4019 10740 300708 293855 6853 17593 CURRENT PORTION OF LOAN PROCEEDS 35213 CURRENT PORTION OF DUE TO CPED 64049 LOAN PARTICIPATIONS, LESS CURRENT PORTION 43078 DUE TO CPED, LESS CURRENT PORTION 264911 CURRENT PORTION DUE TO STATE OF MINNESOTA 163925 DUE TO STATE OF MINNESOTA, LESS CURRENT PORTION 867767 FUNDS HELD FOR GRANTS AND LOANS 557460 1996403 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 JAMBO AFRICA INC 1601 FREEWAY BLVD BROOKLYN CENTER MN 55430 475538126 12500 0 N/A N/A TO HELP SMALL BUSINESS ARWA FASHION USA CO 129 W LAKE STREET MINNEAPOLIS MN 55405 841836818 10000 0 N/A N/A TO HELP SMALL BUSINESS KIDS CENTER ST PAUL LTD 1026 FRONT AVE ST PAUL MN 55103 811638970 10000 0 N/A N/A TO HELP SMALL BUSINESS OASIS MEDITERRANEAN GRILL 1939 S 5TH STREET MINNEAPOLIS MN 55454 853167088 30000 0 N/A N/A TO HELP SMALL BUSINESS THE CURL LOFT LLP DBA UPTOWN CURL 2006 HENNEPIN AVE MINNEAPOLIS MN 55406 471028952 10000 0 N/A N/A TO HELP SMALL BUSINESS HAJI'S LOCKSMITH LLC 10521 NASSAU STREET NE BLAINE MN 55449 843147458 15000 0 N/A N/A TO HELP SMALL BUSINESS TIME MOTOR SALES INC 1101 E LAKE STREET MINNEAPOLIS MN 55406 410773386 10000 0 N/A N/A TO HELP SMALL BUSINESS VOICES LLC DBA VOICES MAGAZINE 7691 CENTRAL AVE FRIDLEY MN 55432 471299643 6500 0 N/A N/A TO HELP SMALL BUSINESS JETSSTAR LLC 1905 PARKWOOD DR ST PAUL MN 55075 854242544 8864 0 N/A N/A TO HELP SMALL BUSINESS THE PARK LIQUOR OUTLET CORP 6315 ZANE AVENUE N BROOKLYN PARK MN 55429 873377479 6000 0 N/A N/A TO HELP SMALL BUSINESS GEIRE PROPERTIES INC 1929 S 5TH STREET SUITE 200 MINNEAPOLIS MN 55454 883031076 15000 0 N/A N/A TO HELP SMALL BUSINESS HAIDARS LOGISTICS LLC 15051 GREENHAVEN DR APT 206 BURNSVILLE MN 55306 854085218 14000 0 N/A N/A TO HELP SMALL BUSINESS GOODLAND PROPERTIES INC DBA BEZALEL AND LELO LLC 772 NORTH CONCORD STREET SOUTH ST PAUL MN 55075 478254346 20000 0 N/A N/A TO HELP SMALL BUSINESS ILHAM TRADING COMPANY L L C 5017 BOONE AVE N NEW HOPE MN 55428 811941388 10000 0 N/A N/A TO HELP SMALL BUSINESS HOPE HAIR BRAIDING LLC 7714 BROOKLYN PARK 102 BROOKLYN PARK MN 55443 843298374 7500 0 N/A N/A TO HELP SMALL BUSINESS MIDWEST DEVELOPERS INC 620 16TH AVE S MINNEAPOLIS MN 55454 874070097 10000 0 N/A N/A TO HELP SMALL BUSINESS TWINS HALAL MEAT LLC 1919 RIVERSIDE STREET MINNEAPOLIS MN 55454 882962056 6500 0 N/A N/A TO HELP SMALL BUSINESS SANAG RESTAURANT 2 LLC 1201 EAST LAKE STREET MINNEAPOLIS MN 55407 872123137 7000 0 N/A N/A TO HELP SMALL BUSINESS 0 26 MONICA'S KITCHEM 1 7500 N/A N/A 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 170000 0 0 0 0 0 0 0 20499 0 190499 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 EXECUTIVE COMMITTEE REVIEWS THE FORM 990, AND THEN THE BOARD ACCEPTS THE RECOMMENDATION OF THE COMMITTEE. 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. THIS PROCESS LAST TOOK PLACE DECEMBER 2022. 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. FORM 990 PART XII LINE 2C THE AUDIT OVERSIGHT PROCESS HAS NOT CHANGED FROM PRIOR YEAR. ADC COMMERCIAL REAL ESTATE INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN AFRICAN DEVELOPMENT CENTER C -45907 1776628 1.00000 0 0 1 0 1 0 0 0 0 0 0 1 1 0 1 1 0 1 0 1 ADC COMMERCIAL REAL ESTATE INC K 1298450