2014-08-15T14:37:12-05:00 2013-12-31 200553370 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 30 EAST PLATO BOULEVARD SAINT PAUL MN 551071809 990 2013-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 NASIBU SAREVA EXECUTIVE DIRECTOR 6123334772 2014-08-07 1 DANIEL J FLICEK P00076153 6512276695 2014-08-06 2013 2015-11-30 17:44:51Z NASIBU SAREVA 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 1123534 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. 7 7 10 11 0 0 589813 1024100 118376 98874 3148 560 7984 0 719321 1123534 11118 425 0 0 631072 531832 0 0 96699 415478 431239 1057668 963496 -338347 160038 4055940 4432037 2719339 2935398 1336601 1496639 X THE MISSION OF ADC IS TO GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA. 0 0 704574 425 98874 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 2013, ADC MADE 19 LOANS; LEVERAGED OVER $355K WITH A TOTAL PROJECT COSTS OF $1.2M, CREATED 102 NEW JOBS AND RETAINED 10. 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 SUCCESFULLY COMPLETED THESE WORKSHOPS AND FINANCIAL COUNSELING. 704574 1 1 0 1 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 9 0 1 10 1 0 0 0 0 0 0 0 0 0 0 X 7 7 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, BEGINNING IN SEPTEMBER 1.00 X X 0 0 0 FELICIA RAVELOMANANTSOA DIRECTOR 1.00 X 0 0 0 LEAH MTEGHA DIRECTOR 1.00 X 0 0 0 SARA BARROW DIRECTOR 1.00 X 0 0 0 SARAH WALKER DIRECTOR 1.00 X 0 0 0 ABDIKAFAR ADEN TREASUER/SECRETARY 1.00 X X 0 0 0 CHRISTINE NSAJJA DIRECTOR 1.00 X 0 0 0 ABDIRASHID SHIRE DIRECTOR 1.00 X 0 0 0 BAMSON FADIPE PRESIDENT, THROUGH SEPTEMBER 1.00 X 0 0 0 NASIBU SAREVA EXECUTIVE DIRECTOR (END OF YEAR) 40.00 X 61676 0 6450 HUSSEIN SAMATAR EXECUTIVE DIRECTOR (FIRST PART OF YEAR) 40.00 X 69935 0 9593 131611 0 16043 0 0 0 0 0 134664 889436 1024100 INTEREST INCOME-LOANS 900099 65562 65562 PROGRAM SERVICE FEES 900099 49368 49368 MISCELLANEOUS INCOME 900099 11479 11479 ROOM RENTALS 900099 2251 2251 LOSS FROM SUBSIDIARIES 900099 -29786 -29786 98874 560 560 1123534 98874 0 560 X 425 425 147653 56108 69397 22148 304503 264182 25922 14399 34474 33085 39 1350 45202 32867 9101 3234 2392 2392 23107 10500 12607 40000 40000 63505 35910 19122 8473 5781 4829 853 99 50679 44112 5986 581 4513 2860 1653 102000 86700 10300 5000 5913 5002 508 403 6708 4858 838 1012 31215 30808 407 25052 21297 3755 6245 5307 938 AFROUNIVERSAL STUDIO WR 33932 33932 PROVISION FOR LOAN LOSS 21863 21863 LOAN/LOAN-RELATED EXPEN 5611 5342 269 MISCELLANEOUS 2648 2195 453 75 75 963496 704574 162223 96699 192352 200045 780918 1024632 500000 757350 83527 120997 1954817 1749311 229 231879 164162 70439 67717 473658 511985 4055940 4432037 53235 76590 1160718 1621984 1505386 1236824 2719339 2935398 X 414501 569289 922100 927350 1336601 1496639 4055940 4432037 160038 0 X X 0 1 X 1 0 X 1185189 1345554 1000686 589813 1024100 5145342 1185189 1345554 1000686 589813 1024100 5145342 1675570 3469772 9603 7578 8248 3148 560 29137 5174479 566446 0.67060 0.76780 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 40000 40000 0 PART II-B, LINE 1: THE AFRICAN DEVELOPMENT CENTER PAID $40,000 TO ALL MEDIA PUBLIC AFFAIRS FOR THE SERVICES OF A LOBBYIST THEY HIRED TO LOBBY THE STATE LEGISLATURE REGARDING FUNDING FOR THE JOBS RELATED PROGRAM. 231879 164162 67717 67717 INVESTMENT IN SUBSIDIARIES 452311 F INVESTMENT IN AFROUNIVERSAL STUDIO, NET 59674 F 511985 FUNDS HELD FOR LOANS 101231 LOAN PARTICIPATIONS 923117 DUE TO STATE OF MINNESOTA 212476 1236824 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 2013 OR 2012. 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 IX, LINE 5A THE FORMER EXECUTIVE DIRECTOR PASSED AWAY DURING 2013. THE COMPENSATION AMOUNTS INCLUDE THE FORMER AND CURRENT EXECUTIVE DIRECTORS COMPENSATION DURING 2013 AND IS THEREFORE HIGHER THAN PRIOR YEARS. 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 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 250133 1963804 1.00000 0 AFROUNIVERSAL STUDIO 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 TELEVISION STUDIO MN N/A C 0.51000 0 0 0 0 0 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.