2019-10-09T13:36:28-05:00 2018-12-31 200553370 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2018-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA EXECUTIVE DIRECTOR 6123334772 2019-10-09 1 MARC A KOTSONAS P00544551 6512276695 2019-10-09 173.160.107.97 2019-10-09 10:34:42 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8FCC0AE5B5C62EA2E1ECCE65A8D774828604CBA2 2018 2019-02-21 02:37:17Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 1169121 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 7 53 0 0 972790 1135790 24590 29941 1831 1352 0 -9285 999211 1157798 2040 272 0 0 412167 465247 0 0 34245 471993 486759 886200 952278 113011 205520 4363024 6072582 2901935 4405974 1461089 1666608 X THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 0 0 817306 272 29941 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 62 GRADUATES IN THE TWIN CITIES AND 18 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 2018, ADC MADE PROJECTS; LOANS; LEVERAGED OVER $1,293,696 WITH A TOTAL PROJECT COST OF $2,282,696, CREATED 90.5 JOBS AND 70 RETAINED JOBS (TOTAL JOBS 160.5). ADDITIONALLY, ADC HELD 28 "HOMESTRETCH" WORKSHOPS: OF THOSE 15 FROM METRO AREA AND 13 FROM GREATER MINNESOTA/ST CLOUD AREAS; AND WITH A GRAND TOTAL OF 240 PARTICIPANTS. MOREOVER, 140 CLIENTS WERE SEEN IN RELATION TO HOMEOWNERSHIP COUNSELING OF WHOM, 60 WERE WOMEN. FINALLY, 146 CLIENTS WERE SEEN IN GROUP SETTING ON FINANCIAL LITERACY WORKSHOPS - 83 FROM GREATER MINNESOTA, AND 63 FROM METRO AREA. 817306 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 8 0 1 7 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 FEHRENBACK 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 STEPHANIE LEE DIRECTOR 1.00 X 0 0 0 NASIBU SAREVA EXECUTIVE DIRECTOR 40.00 X 106712 0 11393 106712 0 11393 1 0 0 0 0 15100 968828 151862 1135790 INTEREST INCOME-LOANS 900099 143833 143833 PROGRAM SERVICE FEES 900099 95390 95390 MISCELLANEOUS INCOME 900099 3528 3528 LOSS FROM SUBSIDIARIES 900099 -212810 -212810 29941 1352 1352 2038 15100 11323 -9285 -9285 1157798 29941 0 -7933 272 272 118105 94484 15354 8267 288985 273671 11169 4145 21143 20833 218 92 37014 33827 2617 570 7401 7401 38292 17471 20821 57595 17077 20831 19687 524 331 193 44087 39382 3831 874 1997 1817 120 60 111057 94401 16656 20322 16641 3485 196 7385 6209 1176 38334 37802 532 11094 9430 1664 9507 8446 707 354 PROVISION FOR LOAN LOSS 115410 115410 LOAN/LOAN-RELATED EXPEN 21573 21573 MISCELLANEOUS 2181 828 1353 952278 817306 100727 34245 264262 1129336 919622 922578 364400 900000 138159 82584 2085460 2635875 574 274249 246640 31997 27609 559124 374026 4363024 6072582 7926 17563 2096675 3456139 797334 932272 2901935 4405974 X 938446 1342238 522643 324370 1461089 1666608 4363024 6072582 205520 0 X X 0 1 X 1 1 1 X 693593 531208 728798 972790 1135790 4062179 693593 531208 728798 972790 1135790 4062179 925295 3136884 1479 1691 1716 1831 1352 8069 1794 1794 4072042 464799 0.77030 0.70420 X 4933 2413 2520 269316 244227 25089 27609 INVESTMENT IN SOCIAL VENTURES SUBSIDIARIES 374026 F 374026 FUNDS HELD FOR LOANS 81672 LOAN PARTICIPATIONS 446524 DUE TO STATE OF MINNESOTA 404076 932272 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 2018 OR 2017. AWARDS LUNCHEAN 17138 15100 2038 11323 17138 15100 2038 11323 11323 -9285 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 58571 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 229213 1419321 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 0 ADC COMMERCIAL REAL ESTATE INC K 102000 ACTUAL AMOUNT PAID. JAMBO DELI AND COFFEE LLC D 57390 CASH