2017-09-07T16:45:12-05:00 2016-12-31 200553370 MahoneyUlbrichChristiansen & Russ PA 10 River Park Plaza Suite 800 Saint Paul MN 55107 990 2016-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 Nasibu Sareva EXECUTIVE DIRECTOR 6123334772 2017-08-23 1 MARC A KOTSONAS P00544551 6512276695 2017-08-21 173.160.107.97 2017-08-23 11:32:34 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8FCC0AE5B5C62EA2E1ECCE65A8D774828604CBA2 2016 2021-01-29 14:40:06Z Nasibu Sareva 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 760919 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. 9 9 8 50 0 0 531208 728798 296671 20266 1691 1716 0 1794 829570 752574 2882 319 0 0 349344 390604 0 0 50126 287586 447112 639812 838035 189758 -85461 3845480 3543536 2411941 2195458 1433539 1348078 X The mission of ADC is to grow businesses, build wealth and increase reinvestment in the African communities of Minnesota. 0 0 684032 319 20266 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 and 2 in Greater Minnesota(Willmar/St. Cloud and Rochester) in 2016. In 2016, more than 96 business class graduates participated in workshops in the Twin Cities and Greater MN. After completion of the workshop, clients ready to start their businesses engage in one-on-one guidance with ADC's business lenders. In 2016, ADC made 28 projects; 44 loans; leveraged over $775,281 with a total project cost of $1,470,500, created 104 jobs and 491 retained jobs (Total jobs 594). Additionally, ADC holds "Homestretch" workshops the first Saturday of each month for first-time home buyers in the twin cities and in greater Minnesota as well as financial literacy consulting throughout the year in minnesota. In 2016, 291 people successfully completed these workshops and financial counseling (Homeowership education - 192, Counseling - 164, Financial Literacy - 109). 684032 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 6 0 1 8 1 0 0 0 0 0 0 0 0 0 0 X 9 9 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 ABDIKAFAR ADEN TREASURER 1.00 X X 0 0 0 LEAH MTEGHA Secretary 1.00 X X 0 0 0 Felicia Ravelomanantsoa dIRECTOR 1.00 X 0 0 0 Christine Nsajja DIRECTOR 1.00 X 0 0 0 Ubah Ali Jama 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 abdul suleyman dIRECTOR 1.00 X 0 0 0 NAsibu Sareva eXECUTIVE DIRECTOR 40.00 X 96017 0 4459 96017 0 4459 0 0 0 0 0 216385 512413 728798 Program Service Fees 900099 64004 64004 Interest Income-Loans 900099 61207 61207 Miscellaneous Income 900099 4850 4850 Loss from Subsidiaries 900999 -109795 -109795 20266 1716 1716 10139 8345 1794 1794 752574 20266 0 3510 319 319 100476 80380 15072 5024 235607 192652 12976 29979 14409 12031 741 1637 40112 32062 3259 4791 1533 1533 35184 2451 32426 307 20350 2882 9374 8094 2143 1790 353 39501 34519 4982 6116 5444 672 117437 101412 16010 15 10091 8181 1910 20049 19689 360 28149 27372 777 14337 12189 2148 9564 8104 1181 279 Provision for loan Loss 73141 73141 AfroUniversal Studio Wr 59324 59324 Loan/loan-related expen 6801 6801 miscellaneous 3392 1756 1636 838035 684032 103877 50126 232580 119920 1135095 1091110 305072 278975 66456 116389 1410499 1414026 253519 225718 30994 27801 664784 495315 3845480 3543536 43309 60111 6500 1651319 1531367 710813 603980 2411941 2195458 X 1151039 966778 282500 381300 1433539 1348078 3845480 3543536 -85461 0 X X 0 1 X 1 0 X 589813 1024100 693593 531208 728798 3567512 589813 1024100 693593 531208 728798 3567512 1021410 2546102 3148 560 1479 1691 1716 8594 7984 1794 9778 3585884 625267 0.71000 0.63580 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4933 1755 3178 248586 223963 24623 27801 INVESTMENT IN SUBSIDIARIES 495315 F 495315 Funds Held for Loans 83890 Loan Participations 403126 Due to State of Minnesota 116964 603980 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 2016 or 2015. Federal and state tax authorities generally have the right to examine the current and three previous years of income tax returns. The companies are not currently under examination by any taxing jurisdiction. 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 N/A C 1716 58464 1.00000 0 ADC COMMERCIAL REAL ESTATE INC 1808 RIVERSIDE AVENUE suite 206 mINNEAPOLIS MN 55454 264165628 commercial real estate MN N/A C 187401 1718991 1.00000 0 AfroUniversal Studio 1808 RIVERSIDE AVENUE suite 206 mINNEAPOLIS MN 55454 Television studio MN N/A C 0.51000 0 Jambo Deli & Coffee LLC 1808 RIVERSIDE AVENUE suite 206 mINNEAPOLIS MN 55454 Restaurant MN N/A C 0 0 1 0 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 ADC Commercial Real Estate Inc K 102000 actual amount paid.