Asian Economic Development Association
- Assets
- $1.5m
- Revenue
- $808.8k
- Investments
- $0.0
- Employees
- 7
- Location
- Saint Paul, MN
- Founding
- 07/1999
- Data as of
- 12/2022
- EIN
- 41-1911474
Organization Overview
Asian Economic Development Association is located in Saint Paul, MN. The organization was established in 1999. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2022, Asian Economic Development Association employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asian 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, Asian Economic Development Association generated $808.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.2%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Asian Economic Development Association has awarded 60 individual grants totaling $748,950. 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
TO INCREASE ECONOMIC OPPORTUNITIES FOR ASIAN AMERICANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ARTS AND CULTURE - PROVIDE CULTURAL EVENTS AND PROMOTE THE LITTLE MEKONG DISTRICT IN SAINT PAUL TO THE PUBLIC AND CREATE ACCESS TO ECONOMIC OPPORTUNITIES FOR ARTISTS OF THE TWIN CITIES' ASIAN COMMUNITIES.
LENDING AND SMALL BUSINESS DEVELOPMENT - AEDA PROVIDES LOANS AND FINANCIAL TECHNICAL ASSISTANCE TO THE TWIN CITIES' ASIAN COMMUNITIES AND OPERATES A REVOLVING LOAN POOL FINANCED BY GOVERNMENT GRANTS, CONTRIBUTIONS, REDC, AND INTEREST EARNED ON LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victor Vong Lee Chair | OfficerTrustee | 1 | $0 |
May Lee-Yang Vice-Chair | OfficerTrustee | 1 | $0 |
Erica Nguyen Member | Trustee | 1 | $0 |
Seng Ratabout Member | Trustee | 1 | $0 |
Va-Megn Thoj Executive Director | Officer | 40 | $100,051 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $161,784 |
| All other contributions, gifts, grants, and similar amounts not included above | $589,691 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $751,475 |
| Total Program Service Revenue | $33,147 |
| Investment income | $1,041 |
| 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 | $20,593 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $808,780 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $123,169 |
| Compensation of current officers, directors, key employees. | $18,476 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $291,731 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $30,950 |
| Payroll taxes | $39,182 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $480 |
| Fees for services: Accounting | $8,808 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $198,389 |
| Advertising and promotion | $651 |
| Office expenses | $5,088 |
| Information technology | $12,623 |
| Royalties | $0 |
| Occupancy | $52,224 |
| Travel | $11,368 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,239 |
| Interest | $4,324 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,101 |
| Insurance | $1,490 |
| All other expenses | $958 |
| Total functional expenses | $1,056,618 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $448,972 |
| Savings and temporary cash investments | $729,939 |
| Pledges and grants receivable | $121,412 |
| Accounts receivable, net | $17,481 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $133,039 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,623 |
| Net Land, buildings, and equipment | $10,209 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,466,675 |
| Accounts payable and accrued expenses | $39,269 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $100,000 |
| Other liabilities | $0 |
| Total liabilities | $139,269 |
| Net assets without donor restrictions | $726,907 |
| Net assets with donor restrictions | $600,499 |
| 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 | $1,466,675 |
Grants Awarded
Over the last fiscal year, Asian Economic Development Association has awarded $62,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
PEBMOOB SENIOR ENTER PURPOSE: REBUILDING AFTER UNREST IN THE TWIN CITIES | $8,000 |
BOBA & TEA PURPOSE: REBUILDING AFTER UNREST IN THE TWIN CITIES | $10,000 |
LITTLE SAIGON SUPERMARKET PURPOSE: REBUILDING AFTER UNREST IN THE TWIN CITIES | $10,000 |
GANDHI MAHAL LLC PURPOSE: REBUILDING AFTER UNREST IN THE TWIN CITIES | $8,000 |
NAIL AND SKIN CARE INC PURPOSE: REBUILDING AFTER UNREST IN THE TWIN CITIES | $8,000 |
LAKE AND NICOLLET COST CUTTERS PURPOSE: REBUILDING AFTER UNREST IN THE TWIN CITIES | $8,000 |