2016-09-07T16:27:07-05:00 2015-12-31 200553370 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2015-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA EXECUTIVE DIRECTOR 6123334772 2016-08-22 1 MARC A KOTSONAS P00544551 6512276695 2016-08-22 2015 2016-12-15 16:53:06Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 829570 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. 8 8 8 39 0 0 693593 531208 93331 296671 1479 1691 -12287 0 776116 829570 1029 2882 0 0 335680 349344 9293 0 36182 315622 287586 661624 639812 114492 189758 3851584 3845480 2607803 2411941 1243781 1433539 X THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 0 0 540195 2882 296671 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 6 START-UP BUSINESS WORKSHOPS IN THE TWIN CITIES AND GREATER MINNESOTA(WILLMAR/ST. CLOUD AND ROCHESTER) IN 2015. IN 2015, MORE THAN 60 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 2015, ADC MADE 19 PROJECTS; 29 LOANS; LEVERAGED OVER $414K WITH A TOTAL PROJECT COST OF ALMSOT $877,983, CREATED 45 JOBS AND RETAINED 64.5. 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. ADC CONDUCTED 28 WORKSHOPS THROUGHOUT THE YEAR IN MINNESOTA. IN 2015, ALMOST 291 FAMILIES SUCCESSFULLY COMPLETED THESE WORKSHOPS AND FINANCIAL COUNSELING. 540195 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 8 1 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X X AFRICAN DEVELOPMENT CENTER 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 JO ANN VANO PRESIDENT 1.00 X X 0 0 0 FELICIA RAVELOMANANTSOA DIRECTOR 1.00 X 0 0 0 LEAH MTEGHA SECRETARY 1.00 X X 0 0 0 ABDIKAFAR ADEN TREASUER 1.00 X 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 ABDULKADIR SULEYMAN DIRECTOR 1.00 X 0 0 0 NASIBU SAREVA EXECUTIVE DIRECTOR 40.00 X 91729 0 4301 91729 0 4301 0 0 0 0 0 221820 309388 531208 INCOME FROM SUBSIDIARI 900099 149573 149573 PROGRAM SERVICE FEES 900099 83231 83231 INTEREST INCOME-LOANS 900099 60482 60482 MISCELLANEOUS INCOME 900099 3385 3385 296671 1691 1691 829570 296671 0 1691 2882 2882 96030 76824 19206 203752 170478 5649 27625 15030 9909 1920 3201 34532 28623 2770 3139 1046 1046 27898 23694 4204 4466 2082 415 1969 1691 1457 234 32144 27913 4231 1888 1640 248 115368 99734 15634 10971 8378 2345 248 10465 9701 764 32668 31656 1012 22285 18937 3348 7787 6659 1128 PROVISION FOR LOAN LOSS 12861 12861 LOAN/LOAN-RELATED EXPEN 4254 4254 MISCELLANEOUS 1794 1467 327 639812 540195 63435 36182 160797 232580 1206978 1135095 305000 305072 128387 66456 1499267 1410499 242376 211382 43944 30994 507211 664784 3851584 3845480 38257 43309 6500 1614569 1651319 954977 710813 2607803 2411941 X 898781 1151039 345000 282500 1243781 1433539 3851584 3845480 189758 0 X X 0 1 X 1 0 X 1000686 589813 1024100 693593 531208 3839400 1000686 589813 1024100 693593 531208 3839400 1388704 2450696 8248 3148 560 1479 1691 15126 3854526 710751 0.63580 0.69870 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4933 1426 3507 237443 209956 27487 30994 INVESTMENT IN SUBSIDIARIES 605110 F INVESTMENT IN AFROUNIVERSAL STUDIO, NET 59674 F 664784 FUNDS HELD FOR LOANS 32416 LOAN PARTICIPATIONS 551810 DUE TO STATE OF MINNESOTA 126587 710813 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 2015 OR 2014. 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 11 THE EXECUTIVE, FINANCE, AND AUDIT COMMITTEES REVIEW 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 534 56748 1.00000 0 ADC COMMERCIAL REAL ESTATE INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN N/A C 456521 1870555 1.00000 0 AFROUNIVERSAL STUDIO 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 TELEVISION STUDIO MN N/A C 124 0.51000 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.