2020-07-13T17:47:38-05:00 2019-12-31 200553370 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2019-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA EXECUTIVE DIRECTOR 6123334772 2020-06-29 1 MARC A KOTSONAS P00544551 6512276695 2020-06-29 97.127.38.239 2020-06-29 06:35:42 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7B85E2DAFD6C55447C2E455C2EBDAFE0D75B4F6 2019 2020-09-23 17:36:50Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 1243063 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. 13 13 9 30 0 0 1135790 1156301 29941 82504 1352 4258 -9285 0 1157798 1243063 272 147 0 0 465247 463474 0 0 31364 486759 576772 952278 1040393 205520 202670 6072582 6193772 4405974 4324494 1666608 1869278 THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 0 0 875276 147 82504 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'S ENTREPRENEURSHIP WORKSHOPS HAD 23 GRADUATES IN THE TWIN CITIES AND 58 GRADUATES IN GREATER MINNESOTA. AFTER COMPLETION OF THE TRAININGS/WORKSHOPS, CLIENTS READY TO START THEIR BUSINESSES ENGAGE IN ONE-ON-ONE GUIDANCE WITH ADC'S BUSINESS LENDERS. IN 2019, ADC MADE 27 PROJECTS; 40 LOANS; LEVERAGED OVER $1.8 MILLION WITH A TOTAL PROJECT COST OF $3,003,483, CREATED 93 JOBS AND RETAINED 52.5 JOBS (TOTAL JOBS 145.5). 875276 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 7 0 1 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 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 VERNON DOSWELL DIRECTOR 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 FELICIA RAVELOMANANTSOA DIRECTOR 1.00 X 0 0 0 UBAH ALI JAMA DIRECTOR 1.00 X 0 0 0 RAVAHERE NEDICH DIRECTOR 1.00 X 0 0 0 NASIBU SAREVA EXECUTIVE DIRECTOR 50.00 X 111802 0 11498 111802 0 11498 1 0 0 0 0 359758 796543 1156301 INTEREST INCOME-LOANS 900099 196187 196187 PROGRAM SERVICE FEES 900099 40582 40582 MISCELLANEOUS INCOME 900099 1981 1981 LOSS FROM SUBSIDIARIES 900099 -156246 -156246 82504 4258 4258 1243063 82504 0 4258 147 147 123300 98640 24660 285036 243840 15235 25961 25683 23676 1825 182 29455 24834 2655 1966 3705 3705 40310 16411 23899 50805 24722 25909 174 802 681 121 46573 37266 7011 2296 1974 1658 178 138 108603 92277 16326 29221 18522 10699 11290 9591 1699 79798 79576 222 12593 10702 1891 9241 7762 832 647 PROVISION FOR LOAN LOSS 152382 152382 LOAN/LOAN-RELATED EXPEN 27347 27347 MISCELLANEOUS 2128 1537 591 1040393 875276 133753 31364 1129336 797192 922578 1474520 900000 287944 82584 121974 2635875 3318329 574 2781 289590 259233 27609 30357 374026 160675 6072582 6193772 17563 48543 1748561 1781481 1707578 1707578 932272 786892 4405974 4324494 X 1342238 992578 324370 876700 1666608 1869278 6072582 6193772 202670 0 X X 0 1 X 1 1 1 X 531208 728798 972790 1135790 1156301 4524887 531208 728798 972790 1135790 1156301 4524887 1498745 3026142 1691 1716 1831 1352 4258 10848 1794 1794 4537529 453972 0.66690 0.77030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4933 2742 2191 284657 256491 28166 30357 FUNDS HELD FOR LOANS 74212 LOAN PARTICIPATIONS 373123 DUE TO STATE OF MINNESOTA 339557 786892 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 2019 OR 2018. 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 XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ADC FINANCIAL SERVICES INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 260564229 MORTGAGE ORIGINATION MN AFRICAN DEVELOPMENT CENTER C 1.00000 0 ADC COMMERCIAL REAL ESTATE INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN AFRICAN DEVELOPMENT CENTER C 176426 1284173 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 102000 ACTUAL AMOUNT PAID. JAMBO DELI AND COFFEE LLC D 57390 CASH ADC FINANCIAL SERVICES S 58571 CASH