2018-09-17T08:31:31-05:00 2017-12-31 200553370 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2017-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA EXECUTIVE DIRECTOR 6123334772 2018-08-30 1 MARC A KOTSONAS P00544551 6512276695 2018-08-30 173.160.107.97 2018-08-30 15:28:29 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8FCC0AE5B5C62EA2E1ECCE65A8D774828604CBA2 2017 2018-06-14 16:35:46Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 999211 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. 11 11 7 51 0 0 728798 972790 20266 24590 1716 1831 1794 0 752574 999211 319 2040 0 0 390604 412167 0 0 30182 447112 471993 838035 886200 -85461 113011 3543536 4363024 2195458 2901935 1348078 1461089 X THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 0 0 751695 2040 24590 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 OFFERED 4 START-UP BUSINESS WORKSHOPS IN THE TWIN CITIES IN 2017. IN 2017, MORE THAN 20 BUSINESS CLASS GRADUATES PARTICIPATED IN (SPEED) COACHING SESSIONS IN THE TWIN CITIES. AFTER COMPLETION OF THE TRAININGS/WORKSHOP, CLIENTS READY TO START THEIR BUSINESSES ENGAGE IN ONE-ON-ONE GUIDANCE WITH ADC'S BUSINESS LENDERS. IN 2017, ADC MADE 42 LOANS AS PART OF 32 PROJECTS; LEVERAGED OVER $1,298,166 WITH A TOTAL PROJECT COST OF $2,594,866, CREATED 179 JOBS AND 149 RETAINED JOBS (TOTAL JOBS 328). ADDITIONALLY, ADC HELD 26 "HOMESTRETCH" WORKSHOPS THE FIRST SATURDAY OF EACH MONTH FOR FIRST-TIME HOME BUYERS. OF THOSE, 13 WERE IN THE TWIN CITIES AND 13 IN GREATER MINNESOTA/ST. CLOUD AREAS; AND WITH A GRAND TOTAL OF 211 PARTICIPANTS. IN 2017, 140 CLIENTS WERE SEEN IN RELATION TO HOMEOWNERSHIP COUNSELING - OF WHOM 50% WERE WOMEN. FINALLY, 75 CLIENTS WERE SEEN IN GROUP SETTING FOR FINANCIAL LITERACY WORKSHOPS - 42 FROM GREATER MINNESOTA AND 33 FROM THE METRO AREA. 751695 1 1 0 0 0 0 0 0 0 0 1 0 1 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 7 1 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 AFRICAN DEVELOPMENT CENTER 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 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 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 RAVAHERE NEDICH DIRECTOR 1.00 X 0 0 0 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 NASIBU SAREVA EXECUTIVE DIRECTOR 40.00 X 97131 0 8958 97131 0 8958 0 0 0 0 0 155329 817461 972790 INTEREST INCOME-LOANS 900099 84839 84839 PROGRAM SERVICE FEES 900099 64951 64951 MISCELLANEOUS INCOME 900099 3954 3954 LOSS FROM SUBSIDIARIES 900099 -129154 -129154 24590 1831 1831 999211 24590 0 1831 2040 2040 106089 84870 15914 5305 253717 235341 12097 6279 18450 16123 933 1394 33911 30194 2685 1032 2609 2609 30590 15162 15428 52113 16755 19243 16115 5136 4364 772 43773 37819 5954 7846 6348 1498 118735 100956 17779 14732 12822 1910 5961 3122 2839 29626 28791 835 9829 8353 1476 8968 8053 858 57 PROVISION FOR LOAN LOSS 131079 131079 LOAN/LOAN-RELATED EXPEN 8813 8813 MISCELLANEOUS 1823 690 1133 GRANTS AND DONATIONS 360 360 886200 751695 104323 30182 119920 264262 1091110 919622 278975 364400 116389 138159 1414026 2085460 267543 235546 27801 31997 495315 559124 3543536 4363024 60111 7926 1531367 2096675 603980 797334 2195458 2901935 X 966778 938446 381300 522643 1348078 1461089 3543536 4363024 113011 0 X X 0 1 X 0 0 X 1024100 693593 531208 728798 972790 3950489 1024100 693593 531208 728798 972790 3950489 1162045 2788444 560 1479 1691 1716 1831 7277 1794 1794 3959560 531481 0.70420 0.71000 X 4933 2084 2849 262610 233462 29148 31997 INVESTMENT IN SOCIAL VENTURES SUBSIDIARIES 559124 F 559124 FUNDS HELD FOR LOANS 29476 LOAN PARTICIPATIONS 541703 DUE TO STATE OF MINNESOTA 226155 797334 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 2017 OR 2016. 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 107 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 207773 1752305 1.00000 0 AFROUNIVERSAL STUDIO 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 TELEVISION STUDIO MN AFRICAN DEVELOPMENT CENTER C 0.51000 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 67022 CASH