2021-10-27T08:45:33-05:00 2020-12-31 200553370 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2020-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA EXECUTIVE DIRECTOR 6123334772 2021-10-13 1 NASIBU SAREVA 999009999 MARC A KOTSONAS P00544551 6512276695 2021-10-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 3230798 0 X WWW.ADCMINNESOTA.ORG X 2002 MN THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 14 14 8 30 0 0 1156301 2983222 82504 239609 4258 7967 0 0 1243063 3230798 147 39959 0 0 463474 540568 0 0 63074 576772 571739 1040393 1152266 202670 2078532 6193772 11261326 4324494 7313516 1869278 3947810 THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 0 0 895258 39959 239609 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, OR CLIENTS COMING IN WITH AN EXISTING BUSINESS ARE READY TO ENGAGE IN ONE-ON-ONE GUIDANCE WITH ADC'S BUSINESS LENDERS. IN 2020, ADC MADE 70 PROJECTS; 74 LOANS, LEVERAGED OVER $2.1 MILLION WITH A TOTAL PROJECT COST OF $2,801,967, CREATED 50 JOBS, AND RETAINED 386.8 JOBS (TOTAL JOBS 436.8). 895258 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 10 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X AFRICAN DEVELOPMENT CENTER 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 JO ANN VANO PRESIDENT 1.00 X X 0 0 0 LEAH MTEGHA SECRETARY 1.00 X X 0 0 0 ABDIKAFAR ADEN TREASURER 1.00 X X 0 0 0 FELICIA RAVELOMANANTSOA VICE PRESIDENT 1.00 X 0 0 0 MIKE STINSON DIRECTOR 1.00 X 0 0 0 DAIKA ISMAIL DIRECTOR 1.00 X 0 0 0 ANTHONY WATTS 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 VERNON DOSWELL DIRECTOR 1.00 X 0 0 0 UBAH ALI JAMA DIRECTOR 1.00 X 0 0 0 BRUCE NORDIN DIRECTOR 1.00 X 0 0 0 DAMON JENKINS DIRECTOR 1.00 X 0 0 0 NASIBU SAREVA EXECUTIVE DIRECTOR 50.00 X 124371 0 11498 124371 0 11498 1 0 0 0 0 165000 1564931 1253291 2983222 INTEREST INCOME-LOANS 900099 225205 225205 PROGRAM SERVICE FEES 900099 39716 39716 MISCELLANEOUS INCOME 900099 8301 8301 LOSS FROM SUBSIDIARIES 900099 -33613 -33613 239609 7967 7967 3230798 239609 0 7967 X 39959 39959 135869 108695 27174 341314 263871 23943 53500 29801 27867 1512 422 33584 26670 2992 3922 45597 20991 24606 119672 39713 79603 356 715 164 551 72421 62686 6127 3608 1505 1174 150 181 136137 116682 19455 2774 1664 1110 3610 2792 818 70890 70237 653 16201 13773 2428 9038 7049 904 1085 PROVISION FOR LOAN LOSS 60000 60000 LOAN/LOAN-RELATED EXPEN 30604 30604 MISCELLANEOUS 2575 667 1908 1152266 895258 193934 63074 797192 3045912 1474520 3040805 287944 212413 121974 172152 3318329 4569786 2781 2611 305641 275434 30357 30207 160675 187440 6193772 11261326 48543 65940 26500 1781481 2859024 1707578 2334185 786892 2027867 4324494 7313516 X 992578 2825527 876700 1122283 1869278 3947810 6193772 11261326 2078532 0 X X 0 1 X 1 1 1 X 728798 972790 1135790 1156301 2983222 6976901 728798 972790 1135790 1156301 2983222 6976901 1395269 5581632 1716 1831 1352 4258 7967 17124 1794 1794 6995819 396910 0.79790 0.66690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4933 3071 1862 300708 272363 28345 30207 FUNDS HELD FOR LOANS 415265 LOAN PARTICIPATIONS 185571 DUE TO STATE OF MINNESOTA 1318603 DUE TO CPED 108428 2027867 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 AND IS EXEMPT FROM PRIVATE FOUNDATION STATUS UNDER SECTION 509(A)(1) OF THE INTERNAL REVENUE CODE AND IS SUBJECT TO INCOME TAXES ONLY ON NET UNRELATED BUSINESS INCOME. ADC DID NOT HAVE ANY UNRELATED BUSINESS INCOME IN 2020 OR 2019. 1 HOPE HAIR BRAIDING LLC 7710 BROOKLYN BLVD 103 MINNEAPOLIS MN 55443 5000 TO HELP SMALL BUSINESS DURING COVID-19 MINNESOTA SWAHILI CHRISTIAN CONGREGATION 2703 E 31ST ST MINNEAPOLIS MN 55406 5000 TO HELP SMALL BUSINESSES DURING COVID-19 2 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 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 BOARD MEMBERS SIGN A DOCUMENT TO DISCLOSE ANNUAL INTERESTS THAT COULD GIVE RISE TO CONFLICTS. 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 EXECUTIVE DIRECTOR'S COMPENSATION INCREMENT. THE EXECUTIVE DIRECTOR EVALUATES EMPLOYEE'S PERFORMANCES AND DETERMINES THE COMPENSATION BASED ON THEIR PERFORMANCES AND COMPARABILITY DATA. FORM 990, PART VI, SECTION C, LINE 18 ADC HAS ITS FORM 990 PUBLICLY AVAILABLE AND IT IS ALWAYS POSTED ON THE ORGANIZATION'S WEBSITE. 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 IX, LINE 11G CONSULTANTS: PROGRAM SERVICE EXPENSES 33,851. MANAGEMENT AND GENERAL EXPENSES 75,754. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 109,605. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 5,862. MANAGEMENT AND GENERAL EXPENSES 3,849. FUNDRAISING EXPENSES 356. TOTAL EXPENSES 10,067. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ADC COMMERCIAL REAL ESTATE INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN AFRICAN DEVELOPMENT CENTER C 181218 1294777 1.00000 0 JAMBO DELI & COFFEE LLC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 364857916 RESTAURANT MN N/A C 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 111060 ACTUAL AMOUNT PAID. JAMBO DELI AND COFFEE LLC D 57390 CASH