2015-09-22T15:31:42-05:00 2014-12-31 200553370 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2014-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA EXECUTIVE DIRECTOR 6123334772 2015-09-11 1 DANIEL J FLICEK P00076153 6512276695 2015-09-11 2014 2016-03-07 17:11:31Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 801343 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. 6 6 6 25 0 0 1024100 693593 98874 93331 560 1479 0 -12287 1123534 776116 425 1029 0 0 531832 335680 0 9293 36860 431239 315622 963496 661624 160038 114492 4432037 3851584 2935398 2607803 1496639 1243781 X THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 0 0 498778 1029 93331 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 OFFERS AT LEAST THREE START-UP BUSINESS WORKSHOPS EACH YEAR IN THE TWIN CITIES AND AT LEAST TWO IN GREATER MINNESOTA IN 2012 (WILLMAR/ST. CLOUD AND ROCHESTER). IN 2013, MORE THAN 100 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 2014, ADC MADE 15 PROJECTS; 28 LOANS; LEVERAGED OVER $480K WITH A TOTAL PROJECT COST OF ALMSOT $1M, CREATED 38 JOBS AND RETAINED 78. ADDITIONALLY, ADC HOLDS "HOMESTRETCH" WORKSHOPS THE FIRST SATURDAY OF EACH MONTH FOR FIRST-TIME HOME BUYERS IN THE TWIN CITIES AS WELL AS FINANCIALLY CONSULTING. ABOUT 16 WORKSHOPS WERE HELD THROUGHOUT THE YEAR IN MINNESOTA. IN 2013, ALMOST 400 FAMILIES SUCCESSFULLY COMPLETED THESE WORKSHOPS AND FINANCIAL COUNSELING. 498778 1 1 0 1 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 9 0 1 6 1 0 0 0 0 0 0 0 0 0 0 X 6 6 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 NASIBU SAREVA EXECUTIVE DIRECTOR 40.00 X 87257 0 6912 87257 0 6912 0 0 0 0 0 31000 298112 364481 693593 INTEREST INCOME-LOANS 900099 63256 63256 PROGRAM SERVICE FEES 900099 28074 28074 MISCELLANEOUS INCOME 900099 11515 11515 ROOM RENTALS 900099 50 50 LOSS FROM SUBSIDIARIES 900099 -9564 -9564 93331 1479 1479 12940 31000 25227 -12287 -12287 776116 93331 0 -10808 1029 1029 94169 35784 44259 14126 188716 172942 5842 9932 26614 23262 2210 1142 26181 19225 4589 2367 2367 2367 22587 11000 11587 9293 9293 37490 16946 20544 1462 1293 169 30976 25837 5139 2593 1355 1238 118081 99878 18203 8724 5451 3273 8924 7219 1705 32954 32101 853 24936 21196 3740 12620 12620 PROVISION FOR LOAN LOSS 4808 4808 LOAN/LOAN-RELATED EXPEN 4260 4260 MISCELLANEOUS 2840 205 2635 661624 498778 125986 36860 200045 160797 1024632 1206978 757350 305000 120997 128387 1749311 1499267 233042 189098 67717 43944 511985 507211 4432037 3851584 76590 38257 1621984 1614569 1236824 954977 2935398 2607803 X 569289 898781 927350 345000 1496639 1243781 4432037 3851584 114492 -367350 X X 0 1 X 1 0 X 1345554 1000686 589813 1024100 693593 4653746 1345554 1000686 589813 1024100 693593 4653746 1387525 3266221 7578 8248 3148 560 1479 21013 4674759 608008 0.69870 0.67060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 10000 10000 0 PART II-B, LINE 1: THE AFRICAN DEVELOPMENT CENTER PAID $10,000 TO ALMEIDA PUBLIC AFFAIRS FOR LOBBYING THAT RESULTED IN $2.8 MILLION ON THE GOVERNOR'S BUDGET IN 2013 AND THIS YEAR FOR BUSINESS DEVELOPMENT THROUGH DEED. 233042 189098 43944 43944 INVESTMENT IN SUBSIDIARIES 447537 F INVESTMENT IN AFROUNIVERSAL STUDIO, NET 59674 F 507211 FUNDS HELD FOR LOANS 43991 LOAN PARTICIPATIONS 694644 DUE TO STATE OF MINNESOTA 216342 954977 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 2014 OR 2013. 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. GALA 43940 31000 12940 8856 800 15571 43940 31000 12940 8856 800 15571 25227 -12287 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. FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS: ON OCTOBER 10, 2014 (VIA TELEPHONE MESSAGE), THE PAT AND TOM GROSSMAN FAMILY FUND ADVISED ADC THEY HAD CANCELLED $367,500 OF A $410,000 GRANT ANNOUNCED ON MAY 15, 2013. ADC FINANCIAL SERVICES INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 260564229 MORTGAGE ORIGINATION MN N/A C 56214 1.00000 0 ADC COMMERCIAL REAL ESTATE INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN N/A C 268369 1897536 1.00000 0 AFROUNIVERSAL STUDIO 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 TELEVISION STUDIO MN N/A C 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.