African Development Center
- Assets
- $21.7m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Minneapolis, MN
- Founding
- 04/2004
- Data as of
- 12/2023
- EIN
- 20-0553370
Organization Overview
African Development Center is located in Minneapolis, MN. The organization was established in 2004. According to its NTEE Classification (P40) the organization is classified as: Family Services, under the broad grouping of Human Services and related organizations. As of 12/2023, African Development Center employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. African Development Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, African Development Center generated $5.2m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 22.6% each year . All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 11.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, African Development Center has awarded 27 individual grants totaling $288,669. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jo Ann Vano Board President | OfficerTrustee | 1 | $0 |
Leah Mtegha Board Secretary | OfficerTrustee | 1 | $0 |
Ubah Ali Jama Director | Trustee | 1 | $0 |
Daika Ismail Director | Trustee | 1 | $0 |
Mike Stinson Director | Trustee | 1 | $0 |
Kaade Wallace Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,217,294 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,035,543 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,252,837 |
| Total Program Service Revenue | $936,153 |
| Investment income | $16,920 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,205,910 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $121,031 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $327,867 |
| Compensation of current officers, directors, key employees. | $40,454 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $374,930 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $34,930 |
| Payroll taxes | $50,041 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,343 |
| Fees for services: Accounting | $97,637 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,118 |
| Advertising and promotion | $3,320 |
| Office expenses | $24,026 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $140,736 |
| Travel | $50,269 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,756 |
| Interest | $181,891 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,980 |
| Insurance | $10,893 |
| All other expenses | $12,182 |
| Total functional expenses | $1,688,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,530,509 |
| Savings and temporary cash investments | $263,841 |
| Pledges and grants receivable | $1,307,724 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,533,547 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $74,154 |
| Net Land, buildings, and equipment | $13,613 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $21,723,388 |
| Accounts payable and accrued expenses | $84,212 |
| Grants payable | $0 |
| Deferred revenue | $114,912 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,193,677 |
| Unsecured mortgages and notes payable | $2,450,000 |
| Other liabilities | $1,643,374 |
| Total liabilities | $9,486,175 |
| Net assets without donor restrictions | $11,987,213 |
| Net assets with donor restrictions | $250,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $21,723,388 |
Grants Awarded
Over the last fiscal year, African Development Center has awarded $69,805 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
GEIRE PROPERTIES INC PURPOSE: TO HELP SMALL BUSINESS | $18,805 |
ARWA FASHION USA CO PURPOSE: TO HELP SMALL BUSINESS | $15,000 |
GODSON TRUCKING LLC PURPOSE: TO HELP SMALL BUSINESS | $6,000 |
ADDIS TRAVEL SERVICES LLC PURPOSE: TO HELP SMALL BUSINESS | $7,500 |
PHOTO SHOP LLC PURPOSE: TO HELP SMALL BUSINESS | $7,500 |
NABIL PROPERTY LLC PURPOSE: TO HELP SMALL BUSINESS | $7,500 |