Totals
- Total revenue
- $5,205,910
- Total expenses
- $1,688,397
- Contributions and grants received
- $4,252,837
- Grants paid
- $121,031
- Program service revenue
- $936,153
- Investment income
- $16,920
- Other revenue
- $0
- Total assets, end of year
- $21,723,388
- Total liabilities, end of year
- $9,486,175
- Net assets or fund balances, end of year
- $12,237,213
- Program services expenses (Part IX)
- $1,493,769
- Management and general expenses
- $147,353
- Fundraising expenses
- $47,275
- Program service expenses (Part III)
- $1,493,769
Program services were 88.5% 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.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$3,217,294
-
1f · All other contributions, gifts and grants
$1,035,543
-
2a · Program service revenue: INTEREST INCOME-LOANS
total $566,158 · related or exempt $566,158
-
2b · Program service revenue: PROGRAM SERVICE FEES
total $365,160 · related or exempt $365,160
-
2c · Program service revenue: OTHER PROGRAM REVENUE
total $4,835 · related or exempt $4,835
-
3 · Investment income
total $16,920 · excluded $16,920
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $121,031 · program services $121,031
-
5 · Compensation of officers, directors and key employees
total $327,867 · program services $287,413 · management and general $40,454
-
7 · Other salaries and wages
total $374,930 · program services $310,276 · management and general $27,614 · fundraising $37,040
-
9 · Other employee benefits
total $34,930 · program services $30,741 · management and general $777 · fundraising $3,412
-
10 · Payroll taxes
total $50,041 · program services $42,391 · management and general $4,543 · fundraising $3,107
-
11b · Fees: legal
total $30,343 · program services $25,781 · management and general $4,562
-
11c · Fees: accounting
total $97,637 · program services $83,190 · management and general $14,196 · fundraising $251
-
11g · Fees: other
total $67,118 · program services $59,722 · management and general $6,308 · fundraising $1,088
-
12 · Advertising and promotion
total $3,320 · program services $3,320
-
13 · Office expenses
total $24,026 · program services $20,973 · management and general $2,848 · fundraising $205
-
16 · Occupancy
total $140,736 · program services $119,626 · management and general $21,110
-
17 · Travel
total $50,269 · program services $37,714 · management and general $12,555
-
19 · Conferences, conventions and meetings
total $15,756 · program services $13,377 · management and general $2,379
-
20 · Interest
total $181,891 · program services $178,037 · management and general $2,220 · fundraising $1,634
-
22 · Depreciation, depletion and amortization
total $3,980 · program services $3,537 · management and general $250 · fundraising $193
-
23 · Insurance
total $10,893 · program services $9,457 · management and general $1,100 · fundraising $336
-
24a · Other expenses: BAD DEBT
total $60,000 · program services $60,000
-
24b · Other expenses: LOAN RELATED EXPENSES
total $49,258 · program services $49,258
-
24c · Other expenses: EQUIPMENT
total $17,364 · program services $14,757 · management and general $2,607
-
24d · Other expenses: TELEPHONE
total $14,825 · program services $12,606 · management and general $2,219
-
24e · All other expenses
total $12,182 · program services $10,562 · management and general $1,611 · fundraising $9
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $7,576,855 · end of year $8,530,509
-
2 · Savings and temporary cash investments
beginning of year $463,313 · end of year $263,841
-
3 · Pledges and grants receivable
beginning of year $1,266,035 · end of year $1,307,724
-
4 · Accounts receivable
beginning of year $4,466
-
7 · Other notes and loans receivable
beginning of year $8,421,033 · end of year $11,533,547
-
9 · Prepaid expenses and deferred charges
beginning of year $2,854 · end of year $74,154
-
10a · Land, buildings and equipment: cost or other basis
$315,467
-
10b · Land, buildings and equipment: accumulated depreciation
$301,854
-
10c · Land, buildings and equipment, net
beginning of year $17,593 · end of year $13,613
-
17 · Accounts payable and accrued expenses
beginning of year $95,190 · end of year $84,212
-
19 · Deferred revenue
beginning of year $181,982 · end of year $114,912
-
23 · Secured mortgages and notes payable
beginning of year $5,058,874 · end of year $5,193,677
-
24 · Unsecured notes and loans payable
beginning of year $1,700,000 · end of year $2,450,000
-
25 · Other liabilities
beginning of year $1,996,403 · end of year $1,643,374
-
27 · Net assets without donor restrictions
beginning of year $7,860,850 · end of year $11,987,213
-
28 · Net assets with donor restrictions
beginning of year $858,850 · end of year $250,000
Mission and programs · 2023
Mission
GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA
-
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 HAS AN ENTREPRENEURIAL TRAINING CLASS FOR CLIENTS LOOKING TO START A COMPLETELY NEW BUSINESS. ADC MADE 106 LOANS IN 2023 WITH A TOTAL APPROVED LOAN AMOUNT OF $13,859,546 AND THEY LEVERAGED OVER $44 MILLION. FROM OUR 2023 LOANS, 140.5 JOBS HAVE BEEN RETAINED AND 253.5 NEW JOBS HAVE BEEN CREATED. THE GREAT MAJORITY OF THESE LOANS AND JOBS CREATED AND RETAINED ARE BLACK-OWNED AND OPERATED SMALL BUSINESSES. 96% OF OUR LOAN DOLLARS WENT TO BLACK-OWNED BUSINESSES AND 47% WENT TO WOMEN-OWNED BUSINESSES.
Expenses $1,493,769 · Grants $121,031 · Revenue $936,153
As filed on the 2023 return.
Listed in Part VII
-
Jo Ann VanoJO ANN VANO
BOARD PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Leah MteghaLEAH MTEGHA
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Ubah Ali JamaUBAH ALI JAMA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daika IsmailDAIKA ISMAIL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mike StinsonMIKE STINSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kaade WallaceKAADE WALLACE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Edwin MigiroEDWIN MIGIRO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bruce W NordinBRUCE W NORDIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Damon JenkinsDAMON JENKINS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Scott BrophySCOTT BROPHY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sean WoldSEAN WOLD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Nasibu SarevaNASIBU SAREVA
CEO
- Total calculated
- $202,272
- From this org
- $174,811
- From related orgs
- $0
- Other
- $27,461
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $174,811
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $27,461
- Filer's total
- $202,272
-
Felicia RavelomanatsoaFELICIA RAVELOMANATSOA
CFO
- Total calculated
- $125,595
- From this org
- $115,040
- From related orgs
- $0
- Other
- $10,555
- Hours/week
- 50
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
Answered yes
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
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
-
GEIRE PROPERTIES INC
$18,805
TO HELP SMALL BUSINESS
-
ARWA FASHION USA CO
$15,000
TO HELP SMALL BUSINESS
-
ADDIS TRAVEL SERVICES LLC
$7,500
TO HELP SMALL BUSINESS
-
PHOTO SHOP LLC
$7,500
TO HELP SMALL BUSINESS
-
NABIL PROPERTY LLC
$7,500
TO HELP SMALL BUSINESS
-
PROCARE HEALTH CORP
$7,500
TO HELP SMALL BUSINESS
-
GODSON TRUCKING LLC
$6,000
TO HELP SMALL BUSINESS
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
ADC COMMERCIAL REAL ESTATE INC
C · COMMERCIAL REAL ESTATE · MN · 100% owned · share of income $91,745 · share of assets $1,617,999 · controlled entity
Directly controlled by AFRICAN DEVELOPMENT CENTER
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202443189349305694
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