2022-11-15T13:55:32-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2021-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA CEO 6123334772 2022-11-14 1 NASIBU SAREVA 999009999 DEIRDRE HODGSON P01484710 6123764500 2022-11-14 0 AAL1 IAL1 2021 2022-09-23 18:48:47Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 5342165 0 X WWW.ADCMINNESOTA.ORG X 2002 MN GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 10 10 10 40 0 0 2983222 4543064 239609 791567 7967 7534 0 0 3230798 5342165 39959 100540 0 0 540568 588058 0 0 61525 571739 886854 1152266 1575452 2078532 3766713 11261326 18157519 7313516 11271997 3947810 6885522 X GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 0 0 1382221 100540 791567 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. AFTER THE COMPLETION OF THE WORKSHOP, CLIENTS COMING IN WITH AN EXISTING BUSINESS ARE READY TO ENGAGE IN ONE-ON-ONE GUIDANCE WITH ADC'S BUSINESS LENDERS. IN 2021, ADC MADE 107 PROJECTS; 127 LOANS, LEVERAGED $4,100,484 WITH A TOTAL PROJECT COST OF $9,614,069, CREATED 126 JOBS AND RETAINED 265 JOBS (TOTAL JOBS 391). IN 2021 ADC'S HOMEOWNERSHIP AND FINANCIAL LITERACY PROGRAMS SERVED 381 PEOPLE. 1382221 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 51 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 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 5TH STREET SOUTH MINNEAPOLIS MN 55454 JO ANN VANO BOARD PRESIDENT 1.00 X X 0 0 0 FELICIA RAVELOMANATSOA BOARD VICE PRESIDENT (THROUGH 12/21) 1.00 X X 0 0 0 LEAH MTEGHA BOARD SECRETARY 1.00 X X 0 0 0 ABDIKAFAR ADEN BOARD TREASURER (THROUGH 12/21) 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 NASIBU SAREVA CEO 50.00 X 128577 0 11498 128577 0 11498 1 0 0 0 DENISE FAVORS 18215 WACO STREET NW ANOKA MN 55303 SBA CA LOANS 143156 1 501579 4041485 4543064 PROGRAM SERVICE FEES 900099 467862 467862 INTEREST INCOME-LOANS 900099 281196 281196 MISCELLANEOUS INCOME 900099 42509 42509 791567 7534 7534 5342165 791567 0 7534 78540 78540 22000 22000 140075 112060 28015 377794 287957 35277 54560 33152 30652 2208 292 37037 28581 4467 3989 11543 10895 648 62985 53796 8862 327 143156 140443 2713 1006 426 580 18765 16501 2264 131929 111587 20342 9045 8278 767 6929 6106 806 17 117866 114732 1720 1414 13153 11637 945 571 9565 8207 1046 312 BAD DEBT 267192 267192 MISCELLANEOUS 30044 29637 377 30 EQUIPMENT 22376 13984 8392 LOAN RELATED EXPENSES 17663 8112 9551 23637 20898 2726 13 1575452 1382221 131706 61525 3045912 10005579 3040805 1063003 212413 474421 172152 831 4569786 6583632 2611 3174 315467 288588 30207 26879 187440 0 0 11261326 18157519 65940 225198 26500 661933 2859024 5877875 2334185 1700000 2027867 2806991 7313516 11271997 X 2825527 5243222 1122283 1642300 3947810 6885522 11261326 18157519 3766713 -829001 0 X 0 1 X 1 1 1 X 972790 1135790 1156301 2983222 3678064 9926167 972790 1135790 1156301 2983222 3678064 9926167 2549273 7376894 1831 1352 4258 7967 288730 304138 42509 42509 10272814 0.71810 0.79790 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14759 3441 11318 300708 285147 15561 26879 CURRENT PORTION OF LOAN PROCEEDS 19960 CURRENT PORTION OF DUE TO CPED 25798 LOAN PARTICIPATIONS, LESS CURRENT PORTION 42916 DUE TO CPED, LESS CURRENT PORTION 64495 CURRENT PORTION DUE TO STATE OF MINNESOTA 224270 DUE TO STATE OF MINNESOTA, LESS CURRENT PORTION 1109949 FUNDS HELD FOR GRANTS AND LOANS 1319603 2806991 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 2021 OR 2020. MANAGEMENT BELIEVES THAT ADC AND ITS SUBSIDIARIES HAVE NO UNCERTAIN INCOME TAX POSITIONS. 1 0 4 TO HELP SMALL BUSINESS DURING COVID-19 7 22000 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. 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 EXSTS, THE INTERESTED PERSON MUST DISCLOSE THE MATTER TO THE DIRECTORS AND MEMBERS OF CMMITTEES WITH BOARD-DELEGAED 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 2021. 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 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN AFRICAN DEVELOPMENT CENTER C -64535 1471436 1.00000 0 JAMBO DELI & COFFEE LLC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 364857916 RESTAURANT MN N/A C -506 87298 1.00000 0 0 1 0 1 0 0 0 0 0 0 1 1 0 1 1 0 1 0 1 JAMBO DELI AND COFFEE LLC D 57390 ADC COMMERCIAL REAL ESTATE INC K 105060