Metropolitan Economic Development Association
- Assets
- $38.7m
- Revenue
- $6.6m
- Investments
- $750.0k
- Employees
- 41
- Location
- Minneapolis, MN
- Founding
- 11/1971
- Data as of
- 12/2022
- EIN
- 41-0977257
Organization Overview
Metropolitan Economic Development Association is located in Minneapolis, MN. The organization was established in 1971. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Metropolitan Economic Development Association employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Metropolitan Economic Development Association 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 12/2022, Metropolitan Economic Development Association generated $6.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $9.5m during the year ending 12/2022. While expenses have increased by 13.1% per year over the past 8 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 2016, Metropolitan Economic Development Association has awarded 61 individual grants totaling $859,927. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HELPING MINORITY ENTREPRENEURS SUCCEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDA'S MISSION IS TO HELP BIPOC ENTREPRENEURS SUCCEED. OUR THEORY OF CHANGE IS THAT SUCCESSFUL BIPOC ENTREPRENEURSHIP CREATES WEALTH IN COMMUNITIES OF COLOR WHICH IS A PRIMARY STRATEGY TO BUILD A MORE JUST AND FAIR ECONOMY. TO FULFIL OUR MISSION, MEDA PROVIDES INTEGRATED, WRAP-AROUND SERVICES IN THE AREAS ALL ENTREPRENEURS NEED TO BE SUCCESSFUL TO GROW AND SCALE THEIR BUSINESSES- MANAGEMENT EDUCATION, MONEY AND MARKET. MEDA'S SERVICES AND PRODUCTS ARE AVAILABLE TO BLACK, INDIGENOUS, PEOPLE OF COLOR (BIPOC) ENTREPRENEURS EXCLUSIVELY. IN 2022, MEDA FOCUSED AGAIN ON HELPING BIPOC ENTREPRENEURS RESPOND TO, RECOVER AND RETOOL FROM THE COVID-19 PANDEMIC AND THE EVER-CHANGING ECONOMIC ENVIRONMENT. WE PROVIDED EMERGENCY AND SOPHISTICATED BUSINESS CONSULTING TO HELP BIPOC ENTREPRENEURS AND BUSINESSES. OUR CDFI PROVIDED PAYCHECK PROTECTION PROGRAM FUNDING, LINES OF CREDIT AND OTHER TERM DEBT PRODUCTS TO FUND HIRING, INVENTORY, AND EQUIPMENT. MEDA SERVED AS THE ADMINISTRATOR ON BEHALF OF THE MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT, TO ISSUE OVER FIVE HUNDRED AND NINETY $10,000 GRANTS TO BUSINESSES AFFECTED BY THE COVID-19 PANDEMIC. MEDA'S MINNESOTA MBDA BUSINESS CENTER AND ASCEND TWIN CITIES CONNECTED BIPOC CONTRACTORS TO SECURE CONTRACTS THAT LEAD TO SUSTAINABLE GROWTH.IN ALL, MEDA SERVED 628 BIPOC ENTREPRENEURS, HELPING THEM SECURE $13.2 MILLION IN FINANCE AND SECURING 18 CONTRACTS WORTH $40.9 MILLION. THESE RESULTS LED TO THE CREATION OR MAINTENANCE OF 1,936 JOBS IN THESE BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alfredo V Martel President & CEO (jan-Sept) | OfficerTrustee | 40 | $378,030 |
Craig Veurink Chair Of The Board | OfficerTrustee | 5 | $0 |
Hoyt Hsaio Vice Chair/treasurer | OfficerTrustee | 5 | $0 |
John Stout Secretary | OfficerTrustee | 5 | $0 |
Al Mendoza Director | Trustee | 1 | $0 |
Amelia Hardy Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Financial Services Consulting Group Llc Management Consulting | 12/30/22 | $349,186 |
Fredrikson & Byron Pa Legal Services | 12/30/22 | $229,875 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $415,911 |
| Related organizations | $0 |
| Government grants | $2,262,259 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,540,918 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,219,088 |
| Total Program Service Revenue | $1,589,214 |
| Investment income | $270 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$242,944 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,566,738 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $344,427 |
| Grants and other assistance to domestic individuals. | $45,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $871,062 |
| Compensation of current officers, directors, key employees. | $389,594 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,268,811 |
| Pension plan accruals and contributions | $67,775 |
| Other employee benefits | $328,464 |
| Payroll taxes | $210,807 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $294,615 |
| Fees for services: Accounting | $41,732 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,539,974 |
| Advertising and promotion | $0 |
| Office expenses | $106,672 |
| Information technology | $670,955 |
| Royalties | $0 |
| Occupancy | $147,701 |
| Travel | $103,060 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,225 |
| Interest | $545,417 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $110,589 |
| Insurance | $66,082 |
| All other expenses | $4,121 |
| Total functional expenses | $9,518,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $13,561,578 |
| Pledges and grants receivable | $382,256 |
| Accounts receivable, net | $9,046 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $273,931 |
| Net Land, buildings, and equipment | $275,984 |
| Investments—publicly traded securities | $116,738 |
| Investments—other securities | $750,000 |
| Investments—program-related | $23,134,162 |
| Intangible assets | $0 |
| Other assets | $209,444 |
| Total assets | $38,713,139 |
| Accounts payable and accrued expenses | $610,417 |
| Grants payable | $0 |
| Deferred revenue | $150,000 |
| 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 | $25,977,538 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,610,768 |
| Total liabilities | $28,348,723 |
| Net assets without donor restrictions | $8,869,643 |
| Net assets with donor restrictions | $1,494,773 |
| 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 | $38,713,139 |
Grants Awarded
Over the last fiscal year, Metropolitan Economic Development Association has awarded $295,427 in support to 24 organizations.
| Grant Recipient | Amount |
|---|---|
TASTE OF RONDO PURPOSE: General Operations | $25,000 |
FIT STUDIO PURPOSE: General Operations | $10,000 |
THE FIT LABORATORY PURPOSE: General Operations | $10,000 |
GRAMSKEYS SANDWICHES LLC PURPOSE: General Operations | $10,000 |
WOODBURY SPANISH IMMERSION EARLY LEARNING ACADEMY LLC PURPOSE: General Operations | $10,000 |
LA FUSION RESTAURANT LLC PURPOSE: General Operations | $10,000 |