2011-06-24T11:58:18-05:00 2010-12-31 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 30 EAST PLATO BOULEVARD SAINT PAUL MN 551071809 990 2010-01-01 200553370 AFRICAN DEVELOPMENT CENTER AFRI 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 HUSSEIN SAMATAR 6123334772 2011-05-31 1 DANIEL J FLICEK 6512276695 2011-05-31 2010 2016-02-24 21:20:13Z HUSSEIN SAMATAR 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 1547110 0 X WWW.ADCMINNESOTA.ORG X 2002 MN ADC WORKS WITHIN THE AFRICAN COMMUNITIES OF MINNESOTA TO START AND SUSTAIN SUCCESSFUL BUSINESSES, BUILD ASSETS, AND PROMOTE COMMUNITY REINVESTMENT. 6 6 8 12 0 0 1185189 1345554 51719 193978 9603 7578 0 0 1246511 1547110 0 0 0 0 452563 524108 9000 5890 59985 408522 476621 870085 1006619 376426 540491 3391795 4492647 2387942 2948303 1003853 1544344 X ADC'S MISSION IS TO WORK WITHIN AFRICAN COMMUNITIES IN MINNESOTA TO START AND SUSTAIN SUCCESSFUL BUSINESSES, BUILD ASSETS, AND PROMOTE COMMUNITY REINVESTMENT. 0 0 792561 193978 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 THREE START-UP BUSINESS WORKSHOPS EACH YEAR. MORE THAN 88 BUSINESS CLASS GRADUATES PARTICIPATED IN WORKSHOPS IN 2010. AFTER COMPLETION OF THE WORKSHOP, CLIENTS READY TO START THEIR BUSINESSES ENGAGE IN ONE-ON-ONE GUIDANCE WITH ADC'S BUSINESS LENDERS. IN 2010, ADC HAS MADE 59 LOANS; LEVERAGED 1.14M. FOR THE THIRD YEAR IN A ROW, ADC WAS SELECTED AS THE NUMBER ONE SMALL BUSINESS LENDER IN THE CITY OF MINNEAPOLIS IN 2010, OUTPERFORMING EVEN LARGER BANKING INSTITUTIONS. ADDITIONALLY, ADC HOLDS "HOMESTRETCH" WORKSHOPS FOR FIRST TIME HOME BUYERS IN THE TWIN CITIES AND GREATER MINNESOTA. IN 2009, 362 FIRST TIME HOME BUYERS FAMILIES TRAINED. ADC HAS 42% SUCCESSFUL HOME PURCHASES AMONG HOMESTRETCH GRADUATES- THREE TIMES THE HOMESTRETCH AVERAGE FOR THE U.S.IN 2009, 71 FAMILIES COMPLETED THE HOMESTRETCH WORKSHOPS. 792561 1 1 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 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 12 0 1 8 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 0 0 1 1 0 MN X X X AFRICAN DEVELOPMENT CENTER 6123334772 1931 5TH STREET SOUTH MINNEAPOLIS MN 55454 FATUMA ELMI 1.00 X 0 0 0 VERGE GRANGER 1.00 X X 0 0 0 JO ANN VANO 1.00 X X 0 0 0 BAMSON FADIPE 1.00 X X 0 0 0 BRUCK NERAYO 1.00 X 0 0 0 SARA STENBERG 1.00 X 0 0 0 HUSSEIN SAMATAR 40.00 X 91418 0 5506 HUSSEIN FARAH 40.00 X 67894 0 5751 STEPHEN WREH-WILSON 40.00 X 58552 0 3448 NASIBU SAREVA 40.00 X 54121 0 2594 91418 0 5506 0 0 0 0 0 841400 504154 1345554 PROGRAM SERVICE FEES 900099 154895 154895 INTEREST INCOME-LOANS 900099 48471 48471 MISCELLANEOUS INCOME 900099 24302 24302 RENTAL REVENUE 900099 550 550 LOSS FROM AFFILIATES 900099 -34240 -34240 193978 7578 7578 1547110 193978 0 7578 96924 50886 33923 12115 360631 296798 46644 17189 28385 23378 2710 2297 38168 29098 6639 2431 31905 15359 16546 5890 5890 69549 57757 11792 2416 2131 285 72978 54758 10854 7366 63737 63737 18806 18086 720 31385 10627 8336 12422 24323 24028 295 27396 23284 4112 5112 3835 1002 275 PROVISION FOR LOAN LOSS 89131 89131 PROGRAM EXPENSES 24313 24313 SUBCONTRACT FEES 11947 2639 9308 MISCELLANEOUS 3623 2716 907 1006619 792561 154073 59985 25624 198338 893552 1326446 125000 75000 3026 36267 1345 27664 164081 88893 90353 75188 2252045 2753744 850 0 3391795 4492647 58356 42043 13500 10000 750000 1000000 1566086 1896260 2387942 2948303 X 410853 702444 593000 841900 1003853 1544344 3391795 4492647 540491 X X 0 1 1 X 0 X 614917 653165 533044 1185189 1345554 4331869 614917 653165 533044 1185189 1345554 4331869 615064 3716805 11816 18860 15578 9603 7578 63435 4395304 602345 0.84560 0.78740 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: THE AFRICAN DEVELOPMENT CENTER PAID $100 TO THE MINNEAPOLIS CONSORTIUM OF COMMUNITY DEVELOPERS FOR THE SERVICES OF A LOBBYIST THEY HIRED TO LOBBY THE STATE LEGISLATURE REGARDING FUNDING FOR THE URBAN INITIATIVE PROGRAM. 164081 88893 75188 75188 INVESTMENT IN AFFILIATES 327781 F LOANS RECEIVABLE 2425963 C 2753744 FUNDS HELD FOR LOANS 95726 LOAN PARTICIPATIONS 1342035 DUE TO STATE OF MINNESOTA 458499 1896260 1547110 1006619 540491 0 540491 1678432 11686 119636 131322 1547110 0 1547110 1137941 11686 119636 131322 1006619 0 1006619 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF INCOME TAX RETURNS. THE ORGANIZATION IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. ANY INTEREST OR PENALTIES ASSESSED IS REPORTED IN MANAGEMENT AND GENERAL EXPENSES. THERE WERE NO INTEREST OR PENALTIES RECORDED IN 2010. PART XII, LINE 2D - OTHER ADJUSTMENTS: ELIMINATION OF CONSOLIDATED ENTITY 119,636. PART XIII, LINE 2D - OTHER ADJUSTMENTS: ELIMINATION OF CONSOLIDATED ENTITY 119,636. BRUCK NERAYO BUSINESS LOAN X 21589 0 1 1 21589 FORM 990, PART VI, SECTION B, LINE 11 THE EXECUTIVE AND FINANCE COMMITTEE REVIEWS THE FORM 990, AND THEN THE BOARD ACCEPTS THE RECOMMENDATION OF THE COMMITTEE. NEXT YEAR AFRICAN DEVELOPMENT CENTER WILL BE FORMING AN AUDIT COMMITTEE, AND THEY WILL BE INVOLVED IN REVIEWING THE 990 AS WELL. 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 ORGRNIZATION'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 XI, 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 -476 55202 1.00000 ADC COMMERCIAL REAL ESTATE INC 1808 RIVERSIDE AVENUE SUITE 206 MINNEAPOLIS MN 55454 264165628 COMMERCIAL REAL ESTATE MN N/A C -33764 1923886 1.00000 MGM COMMUNITY PARTNERS LLC 663 UNIVERSITY AVENUE SAINT PAUL MN 55104 203436698 COMMERCIAL REAL ESTATE MN N/A C 50068 60772 0.25000 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 ADC COMMERCIAL REAL ESTATE INC J 63498 ACTUAL AMOUNT PAID.