2020-10-19T07:14:07-05:00 2019-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2019-01-01 410977257 Metropolitan Economic Development Association METR 6123326332 1256 Penn Avenue North No 4800 Minneapolis MN 55411 Alfredo V Martel CEO 6123326332 2020-09-23 1 Deb Nelson CPA P01264758 6122536500 2020-09-23 63.233.88.226 2020-09-23 09:46:25 CD P C57B3A1A47BD965C768274F1A391ACA80AAD5CDF F4E1B545B5A64400ED95821F5295FDCB6EE8A6F8 2019 2021-01-29 14:40:06Z Alfredo V Martel 1256 Penn Avenue North No 4800 Minneapolis MN 55411 6013093 0 X www.meda.net X 1971 MN Helping minority entrepreneurs succeed. 30 29 31 200 0 0 6172476 4501703 1288453 1422146 640 673 -88731 -68219 7372838 5856303 0 0 0 0 3289187 3419926 0 0 994930 3056830 3279157 6346017 6699083 1026821 -842780 24620444 26982294 16145871 19350501 8474573 7631793 X Helping minority entrepreneurs succeed. 1 0 2569362 135745 Meda achieves its mission through three main accelerator services focused on Money (access to capital), Markets (access to contracts), and Management Education (access to trusted business advising). Through these services, over 20,000 minority businesses have been able to grow and thrive and tens of thousands of jobs have been created across Minnesota. Markets (Access to contracts): In 2019, Meda connected BIPOC-owned businesses with $4 billion in government and corporate contracts. Meda has been recognized by the U.S. Department of Commerce as the top performing minority business development center in the nation for the past four consecutive years (2016 - 2019). Building on the success of Meda's minority business development center, Meda developed and launched Ascend Twin Cities, a partnership of Meda, JP Morgan Chase and the University of Minnesota Carlson School of Business designed to leverage private anchor spending to grow Twin City and Minnesota BIPOC-owned businesses. Management Education (Access to technical assistance and training): In 2019, Meda provided 9,000 hours of technical assistance to 714 clients. Meda has completed 16 mergers and acquisitions in the last two years.In partnership with Interise and leveraging their Streetwise MBA curriculum, Meda offers the Meda Mini MBA, a semi-annual cohort learning opportunity that gives owners of emerging minority businesses the skills necessary to manage and nurture a growing business. Additionally, the program provides a connection to a supportive business network and access to capital. Nationally, 70% of participants report an increase in annual revenues with an average increase of 48%. 80% of alumni business report being profitable, while the average number of employees increased by 29%. 2368085 1286972 Money (Access to capital): Meda operates a $24 million loan fund, with a portfolio that consists of 188 loans to BIPOC-owned businesses in both the Twin Cities and Greater Minnesota. This financing supports 1,986 jobs with an average wage of $21.42 per hour or $44,500 annually.In 2019, 101 loans were originated/renewed providing $11,899,968 in growth capital to minority businesses.Meda is the sponsoring organization of the Black Vision Fund, a nationwide consortium partnership of seven Community Development Financial Institutions (CDFI) committed to increasing capital for Black-owned business. The Black Vision Fund seeks to create a $80 million capital pool to support increased Black business lending by the participating CDFI lenders. In addition to these primary services, Meda has several strategic initiatives that fulfil our strategic goals of serving more minority entrepreneurs and leveraging partnerships to provide services and products at all points on the business lifecycle. These initiatives include: Junior Achievement/ Meda Fellows Program: Partnering with Junior Achievement of the Upper Midwest, Meda launched the JA/ Meda Fellows program designed to develop the entrepreneurial spirit in high school students. During the school year, participating students go through the Junior Achievement company program of starting a business and competing for customers and sales. During summer break, participating students are provided internships with Meda's minority businesses. The internships further develop entrepreneurial skills while matching students with mentors. Meda launched this program in Minneapolis' Patrick Henry High School in the 2017-18 school year and has expanded to Saint Paul in 2019. Catalyst: Meda is a founding organization of Catalyst, a consortium of seven Minnesota-based organizations that support minority entrepreneurs and their businesses. Our partners are the African Development Center, African Economic Development Solutions, Asian Economic Development Association, Community Reinvestment Fund, Latino Economic Development Center and the Northside Economic Opportunity Network. Catalyst's mission is to bring minority businesses to scale by increasing and strengthening stage appropriate supports that are available to them. Minority Business Support Platform: Meda is developing a cutting-edge, online platform designed to serve as a single point of entry for minority entrepreneurs into the support ecosystem. The platform will perform intake and assessment to be shared by partners. It will offer online lending, training modules and match-making for corporate and government contract opportunities. 4937447 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 37 0 1 31 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X Daniel Holmquist 6122596572 1256 Penn Ave N Ste 4800 Minneapolis MN 55411 Gary L Cunningham President/CEO (Jan-June) 40.00 X X 286358 0 21957 Daniel Holmquist Vice President - Finance 40.00 X 148695 0 32872 Joanna Barrett VP - Business Solutions (Jan-Aug) 40.00 X 144231 0 22043 Patrick PariseauDirector of Financing Solutions 40.00 X 124053 0 17508 Andrew O'Leary Chief Development Officer 40.00 X 114272 0 19335 Susan Gall Chief of Operations 40.00 X 112201 0 15671 Uri Camerena-MichaelDirector of Consulting/Business Solutions 40.00 X 106460 0 30273 Alfredo V Martel President/CEO (Nov-Dec) 40.00 X X 25090 0 0 Barbara Butts Williams Chair 4.00 X X 0 0 0 Craig Veurink Vice Chair 4.00 X X 0 0 0 Matthew Lyons Vice Chair 4.00 X X 0 0 0 Maria Reitan Vice Chair 4.00 X X 0 0 0 Nancy Brooks Vice Chair 4.00 X X 0 0 0 John Stout Secretary 4.00 X X 0 0 0 Hoyt Hsiao Treasurer 4.00 X X 0 0 0 Jashan Eison Director 4.00 X 0 0 0 Mimi Bekele Director 4.00 X 0 0 0 Laura Helmueller Director 4.00 X 0 0 0 Al Mendoza Director 4.00 X 0 0 0 Darren Moquist Director 4.00 X 0 0 0 Andrea Novak Director 4.00 X 0 0 0 Gene Sieve Director 4.00 X 0 0 0 Steven Singer Director 4.00 X 0 0 0 Vicki Stute Director 4.00 X 0 0 0 Rich Tofte Director 4.00 X 0 0 0 Kevin Besikof Director 4.00 X 0 0 0 Marrha Currea Director 4.00 X 0 0 0 Gloria Freeman Director 4.00 X 0 0 0 Camille Helou Director 4.00 X 0 0 0 Sara Idle Director 4.00 X 0 0 0 Jeffrey Payne Director 4.00 X 0 0 0 Brad Pomerleau Director 4.00 X 0 0 0 Shawn Quant Director 4.00 X 0 0 0 Megan Selby Director 4.00 X 0 0 0 Binh Tran Director 4.00 X 0 0 0 Joel Lebewitz Director 4.00 X 0 0 0 David Rudolph Director (Sep-Dec) 4.00 X 0 0 0 Peter Glass Director (Jan-Mar) 4.00 X 0 0 0 Ravi Norman Director (Jan-June) 4.00 X 0 0 0 Carlton Weatherby Director (Jan-June) 4.00 X 0 0 0 1061360 0 159659 7 0 1 0 Nextstreet Financial 135 S LaSalle St 2120 Chicago IL 60603 Strategic Planning Advisory Service 218000 Fredrikson & Byron PA 200 South 6th St 4000 Minneapolis MN 55402 Government Regulations and Legal Service 177096 2 317050 1989571 2195082 4501703 Interest From PRI 900099 869889 869889 Client Service Revenue 611430 352257 352257 $1MM Challenge 900099 200000 200000 1422146 673 673 88000 317050 156790 -68790 -68790 Miscellaneous 900099 571 571 571 5856303 1422717 0 -68117 X 681509 271061 293729 116719 1979651 1668653 61072 249926 100727 64870 22159 13698 448833 308228 71165 69440 209206 153920 32766 22520 52795 44096 8699 28230 28230 42250 42250 1531633 1271947 43968 215718 196265 23982 6406 165877 174013 108530 36938 28545 66537 40479 17077 8981 159714 97165 40991 21558 154843 108508 34168 12167 61948 49509 7337 5102 282718 282718 128443 78141 32965 17337 26323 16014 6756 3553 Bad Debt/Loan Loss Rese 310269 310269 Educational Workshops 26124 26124 Bank Fees 21963 11171 10792 Memberships 11186 50 9761 1375 3903 2012 1727 164 6699083 4937447 766706 994930 7331402 6271315 2725867 1649424 196887 88736 110856 141208 1596935 914834 797925 682101 115561 115865 200000 12827154 17370720 514792 462925 24620444 26982294 365737 446931 275758 397357 14086129 17447539 1418247 1058674 16145871 19350501 X 5362528 4777064 3112045 2854729 8474573 7631793 24620444 26982294 -842780 0 X 0 1 X 1 1 1 X 3061932 6633912 5284138 6172476 4501703 25654161 3061932 6633912 5284138 6172476 4501703 25654161 4057510 21596651 1846 2884 1171 640 673 7214 13502 5811 6104 9393 571 35381 25696756 5538531 0.84040 0.86270 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous - 2015 Amount: $ 13,502. 2016 Amount: $ 5,811. 2017 Amount: $ 6,104. 2018 Amount: $ 9,393. 2019 Amount: $ 571. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 42250 0 0 42250 0 Part II-B, Line 1: Provided activity and economic impact information to State legislators in support of State appropriated funds to support services and programs. 882316 656229 226087 714619 258605 456014 682101 Program-Related Loans 17370720 C 17370720 Due to Third Party Loan Participants 498955 Lease Liabilities 559719 1058674 X 5936042 79739 79739 5856303 0 5856303 6778822 79739 79739 6699083 0 6699083 Part X, Line 2: Meda has been recognized by the Internal Revenue Service (IRS) as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code (the Code) and, accordingly, is generally not subject to income taxes. Meda has been recognized by the IRS as a publicly supported charitable organization under Section 509(a)(1) of the Code and qualifies for the maximum charitable contribution deduction for donors. 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, 2019 and 2018, 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. Gala 405050 317050 88000 11823 65499 4190 75278 405050 317050 88000 11823 65499 4190 75278 156790 -68790 X X X 0 0 0 0 0 0 0 1 0 Gary L Cunningham President/CEO (Jan-June) 196128 0 85280 0 4950 0 10072 0 11963 0 308393 0 0 0 Daniel Holmquist Vice President - Finance 140695 0 8000 0 0 0 7535 0 25494 0 181724 0 0 0 Joanna Barrett VP - Business Solutions (Jan-Aug) 144231 0 0 0 0 0 3849 0 18222 0 166302 0 0 0 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. Please see Schedule J, Part II, column (B)(ii) for the bonus amounts awarded to officers during 2019. Form 990, Part III, line 2 Meda launched Ascend Twin Cities to leverage the procurement of private anchor corporations to grow and sustain BIPOC-owned businesses through increased contracting opportunities. The first co-hort of clients will launch in 2020. Form 990, Part VI, Section A, line 1 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 PEO Services: Program service expenses 27,674. Management and general expenses 3,218. Fundraising expenses 5,835. Total expenses 36,727. Client Assistance Services: Program service expenses 248,150. Management and general expenses 0. Fundraising expenses 0. Total expenses 248,150. PR/Graphics/Marketing: Program service expenses 0. Management and general expenses 0. Fundraising expenses 159,335. Total expenses 159,335. Admin: Program service expenses 94,533. Management and general expenses 39,880. Fundraising expenses 20,974. Total expenses 155,387. Loan: Program service expenses 67,028. Management and general expenses 0. Fundraising expenses 0. Total expenses 67,028. NonOperating: Program service expenses 428,402. Management and general expenses 0. Fundraising expenses 0. Total expenses 428,402. Project: Program service expenses 406,160. Management and general expenses 0. Fundraising expenses 0. Total expenses 406,160. Writing/Comm Admin: Program service expenses 0. Management and general expenses 870. Fundraising expenses 0. Total expenses 870. Other Writing/Comm Fd/Mrk: Program service expenses 0. Management and general expenses 0. Fundraising expenses 29,574. Total expenses 29,574.