2025-11-07T08:40:20-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2024-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA CEO 6123334772 2025-11-06 1 0 DEIRDRE HODGSON P01484710 6123764500 2025-11-06 2024 2025-03-06 01:10:19Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 4603972 0 X WWW.ADCMINNESOTA.ORG X 2002 MN GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 11 11 11 40 0 0 4252837 3057277 936153 1434968 16920 111727 0 0 5205910 4603972 121031 0 0 0 787768 906599 0 0 49747 779598 932653 1688397 1839252 3517513 2764720 21723388 24797186 9486175 9795253 12237213 15001933 GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA 0 0 1619958 0 1434968 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 74 LOANS IN 2024 WITH A TOTAL APPROVED LOAN AMOUNT OF $7,439,029 AND THEY LEVERAGED OVER $10 MILLION. FROM OUR 2024 LOANS, 178.5 JOBS HAVE BEEN RETAINED AND 133 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 47% WENT TO WOMEN-OWNED BUSINESSES. 1619958 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 19 0 1 11 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 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 SOUTH 5TH STREET 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 ISMAIL DIRECTOR 1.00 X 0 0 0 MIKE STINSON 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 201711 0 28881 FELICIA RAVELOMANATSOA CFO 50.00 X 123725 0 13488 325436 0 42369 2 0 1 0 0 2435568 621709 3057277 INTEREST INCOME-LOANS 522291 1215573 1215573 PROGRAM SERVICE FEES 522291 190382 190382 OTHER PROGRAM REVENUE 522291 29013 29013 1434968 111727 111727 4603972 1434968 0 111727 367805 321687 46118 452925 385977 26490 40458 35209 30944 489 3776 50660 43796 4294 2570 46579 39591 6988 88846 75789 12847 210 68580 60979 7300 301 11307 10325 982 29369 26834 2513 22 211965 180171 31794 96961 78448 18513 14680 12623 2057 189151 184225 3146 1780 5828 5189 360 279 11336 9878 1107 351 BAD DEBT 62000 62000 LOAN RELATED EXPENSES 36751 36751 EQUIPMENT 27920 27920 TELEPHONE 16915 14296 2619 14465 12535 1930 1839252 1619958 169547 49747 8530509 10628244 263841 264691 1307724 1408722 11533547 11703245 74154 12732 350762 307681 13613 43081 736471 21723388 24797186 84212 137679 114912 193171 5193677 5707118 2450000 2350000 1643374 1407285 9486175 9795253 X 11987213 14991933 250000 10000 12237213 15001933 21723388 24797186 2764720 0 X 0 1 X 1 1 1 X 2983222 3678064 3335602 4252836 3057277 17307001 2983222 3678064 3335602 4252836 3057277 17307001 2645500 14661501 7967 288730 387342 16920 111727 812686 42509 7800 4835 29013 84157 18203844 3153709 0.80540 0.79420 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2021 AMOUNT: $ 42,509. 2022 AMOUNT: $ 7,800. 2023 AMOUNT: $ 4,835. 2024 AMOUNT: $ 29,013. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14759 5175 9584 336003 302506 33497 43081 CURRENT PORTION OF DUE TO CPED 567465 LOAN PARTICIPATIONS 51671 CURRENT PORTION DUE TO STATE OF MINNESOTA 693735 FUNDS HELD FOR GRANTS AND LOANS 94414 1407285 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 2024 OR 2023. MANAGEMENT BELIEVES THAT ADC AND ITS SUBSIDIARIES HAVE NO UNCERTAIN INCOME TAX POSITIONS. X X 0 0 0 0 0 0 0 0 0 NASIBU SAREVA CEO 201711 0 0 0 0 0 0 0 28881 0 230592 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 BOARD REVIEWS AND APPROVES THE 990 BEFORE IT IS FILED. 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. 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 1931 SOUTH 5TH STREET MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN AFRICAN DEVELOPMENT CENTER C 308233 1687927 1.00000 1 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 ADC COMMERCIAL REAL ESTATE INC K 123600 CASH PAID