Form 990 for tax year 2024

Totals

Total revenue

$5,189,587

Total expenses

$2,292,377

Contributions and grants received

$4,941,620

Grants paid

$66,024

Program service revenue

$228,435

Investment income

$0

Other revenue

$19,532

Total assets, end of year

$13,711,523

Total liabilities, end of year

$4,424,956

Net assets or fund balances, end of year

$9,286,567

Program services expenses (Part IX)

$1,915,864

Management and general expenses

$225,153

Fundraising expenses

$151,360

Program service expenses (Part III)

$1,915,864

Program services were 83.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2024

• SEE SCHEDULE O.LENDING AND CREDIT BUILDING - AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS (AEDS) BUILD WEALTH WITHIN AFRICAN IMMIGRANT COMMUNITIES IN THE STATE OF MINNESOTA THROUGH ECONOMIC DEVELOPMENT ACTIVITIES. WE WORK THROUGHOUT THE TWIN CITIES METROPOLITAN AREA AND OTHER CITIES IN MINNESOTA TO CREATE WEALTH, LIFT IMMIGRANT COMMUNITIES OUT OF POVERTY BY PROVIDING BUSINESS DEVELOPMENT TRAINING AND SMALL BUSINESS CONSULTING AND HOUSING PROGRAM. IN 2024 AEDS PROVIDED $2.07 MILLION IN LOAN. CREDT BUILDING PROGRAM TARGETS CLIENTS WHO NEED PERSONALIZED ASSISTANCE TO IMPROVE THEIR CREDITWORTHINESS. THIS SERVICE IS DELIVERED THROUGH ONE-ON-ONE, IN-PERSON WEEKLY SESSIONS LASTING APPROXIMATELY 1.5 HOURS EACH. DURING THE REPORTING PERIOD, 73 CLIENTS ENROLLED, AND 61 COMPLETED THE COACHING PROCESS, ACHIEVING A COMPLETION RATE OF 84%. THIS PROGRAM HAS PROVEN PARTICULARLY EFFECTIVE IN HELPING PARTICIPANTS DEVELOP BETTER FINANCIAL HABITS AND IMPROVE THEIR ACCESS TO CAPITAL. THOSE WHO ARE CREDIT INVISIBLE OR NEED ASSISTANCE REBUILDING CREDIT CAN APPLY FOR A CREDIT BUILDER LOAN THAT HELPS THEM REBUILD THEIR CREDIT BASED ON TIMELY MONTHLY PAYMENTS ENTREPRENEURSHIP TRAINING AND BUSINESS PLAN CONSULTING - THESE CLASSES ARE OFFERED THROUGH GROUP SESSIONS CONDUCTED VIA ZOOM OVER A 6-WEEK COHORT TRAINING MODEL. IN 2024, SIX BUSINESS TRAINING COHORTS WERE CONDUCTED, EACH LASTING 2 HOURS, TWICE A WEEK. THIS STRUCTURED TRAINING ALLOWS PARTICIPANTS TO GAIN FOUNDATIONAL KNOWLEDGE IN ENTREPRENEURSHIP, BUSINESS PLANNING, MARKETING, FINANCIAL MANAGEMENT, AND COMPLIANCE. A TOTAL OF 163 CLIENTS WERE ENROLLED, WITH 124 SUCCESSFULLY COMPLETING THE TRAINING, REFLECTING A 76% COMPLETION RATE. THIS HIGH SUCCESS RATE DEMONSTRATES THE PROGRAM'S EFFECTIVENESS IN DELIVERING ACCESSIBLE AND VALUABLE ENTREPRENEURSHIP EDUCATION. THESE CONSULTATIONS ARE PROVIDED THROUGH ONE-ON-ONE, IN-PERSON SESSIONS HELD WEEKLY, WITH EACH SESSION LASTING APPROXIMATELY TWO HOURS. THIS SERVICE OFFERS INDIVIDUALIZED GUIDANCE TO ENTREPRENEURS AS THEY DRAFT, REFINE, AND FINALIZE THEIR BUSINESS PLANS. OUT OF THE 42 CLIENTS ENROLLED, 30 COMPLETED THE CONSULTING PROCESS, RESULTING IN A 71% COMPLETION RATE. THIS SERVICE IS ESSENTIAL FOR CLIENTS SEEKING TAILORED ADVICE TO ENHANCE THE CLARITY, FEASIBILITY, AND SUSTAINABILITY OF THEIR BUSINESS MODELS. UPON COMPLETION OF THEIR BUSINESS PLANS AND THE ACCOMPANYING FINANCIAL PROJECTIONS, CLIENTS PROCEED TO APPLY FOR A BUSINESS LOAN WITH AEDS'S LENDING DEPARTMENT. HOUSING - "PRE-PURCHASE EDUCATION (HOMESTRETCH): THIS IS AN INTENSIVE 8-HOUR EDUCATIONAL WORKSHOP DESIGNED TO PREPARE FIRST-TIME HOMEBUYERS FOR THE COMPLEX HOME-BUYING PROCESS. THE TRAINING COVERS TOPICS SUCH AS CREDIT READINESS, MORTGAGE OPTIONS, HOME INSPECTIONS, INSURANCE, AND FINANCIAL MANAGEMENT. A TOTAL OF 220 CLIENTS WERE ENROLLED, WITH 192 SUCCESSFULLY COMPLETING THE TRAINING, REFLECTING A 87% COMPLETION RATE. THIS HIGH COMPLETION RATE DEMONSTRATES A STRONG COMMITMENT FROM PARTICIPANTS TO ENHANCE THEIR KNOWLEDGE AND READINESS FOR HOMEOWNERSHIP.PRE-PURCHASE ADVISING: THIS SERVICE FOCUSES ON HELPING CLIENTS BECOME MORTGAGE-READY WITHIN A RELATIVELY SHORT TIMEFRAME (LESS THAN 45 DAYS). IT INVOLVES ASSESSING FINANCIAL READINESS, INCLUDING INCOME, CREDIT, DEBT, AND SAVINGS, AND DEVELOPING TAILORED SAVINGS PLANS TO ENHANCE MORTGAGE READINESS. DURING THE REPORTING PERIOD, 52 CLIENTS WERE ENROLLED, WITH 30 COMPLETING THE PROCESS, ACHIEVING A 58% COMPLETION RATE. THE MODERATE COMPLETION RATE SUGGESTS ONGOING CHALLENGES FACED BY CLIENTS IN ACHIEVING IMMEDIATE MORTGAGE READINESS, NECESSITATING ENHANCED SUPPORT AND RESOURCES.FINANCIAL WELLNESS COACHING: THIS SERVICE PROVIDES ONGOING SUPPORT FOCUSED ON CREDIT BUILDING, DEBT MANAGEMENT, SAVINGS IMPROVEMENT, AND OVERALL FINANCIAL CAPABILITY. CLIENTS ENGAGE IN A LONGER-TERM PROCESS TO ESTABLISH FINANCIAL STABILITY AND WORK TOWARDS HOMEOWNERSHIP GOALS. THE SERVICE IS DELIVERED THROUGH WEEKLY, ONE-ON-ONE, IN-PERSON SESSIONS LASTING APPROXIMATELY 1.5 HOURS EACH. DURING THE REPORTING PERIOD,34 CLIENTS WERE ENROLLED, WITH 12 SUCCESSFULLY COMPLETING THE PROCESS, RESULTING IN A 35% COMPLETION RATE. THIS SERVICE EMPHASIZES SUSTAINABILITY AND CONSISTENT PROGRESS OVER TIME, WITH CLIENTS OFTEN REQUIRING MORE IN-DEPTH GUIDANCE."

  Expenses $1,915,864 · Grants $66,024 · Revenue $228,435

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type

form_990

Tax year

2024

Filed

4 November 2025

IRS schema version

2024v5.2

Source object

202533099349302503

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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