African Economic Development Solutions

Organization Overview

African Economic Development Solutions is located in St Paul, MN. The organization was established in 2009. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 12/2021, African Economic Development Solutions employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. African Economic Development Solutions 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 12/2021, African Economic Development Solutions generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 34.3% each year . All expenses for the organization totaled $983.3k during the year ending 12/2021. While expenses have increased by 26.9% per year over the past 7 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 Economic Development Solutions has awarded 203 individual grants totaling $2,630,000. 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS (AEDS) BUILDS WEALTH WITHIN AFRICAN IMMIGRANT COMMUNITIES IN THE TWIN CITIES THROUGH ECONOMIC DEVELOPMENT ACTIVITIES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

BUSINESS DEVELOPMENT TRAINING AND SMALL BUSINESS CONSULTING PROGRAM PROVIDED SERVICE TO 1286 CLIENTS IN 2021. THE PROGRAM EQUIPS AFRICAN IMMIGRANTS AND MEMBERS CLIENTS OF OTHER MARGINALIZED COMMUNITIES IN THE TWIN CITIES AND GREATER MINNESOTA WITH PERTINENT BUSINESS SKILLS INDISPENSABLE FOR THEIR SUCCESS AS ENTREPRENEURS OF COLOR. THE TRAINING CONSISTS OF CLASSES, WORKSHOPS, FIELD WORK, AND ONE-ON-ONE SESSIONS. SOME OF THE AREAS THE PROGRAM PROVIDES BUSINESS CONSULTING TO EXISTING OR ASPIRING ENTREPRENEURS IN ARE LICENSING AND LEASE REVIEW, FINANCE, AND ACCOUNTING SERVICES, AND CRAFTING EFFECTIVE GROWTH STRATEGIES AND ORGANIZATIONAL STRUCTURES. THIS PROGRAM ALSO INCLUDES THE MICRO LOANS, WHICH ARE TO HELP PROVIDE ACCESS TO THE CAPITAL THAT HELPS LAUNCH THEIR BUSINESSES, IN ADDITION TO COVID-19 GRANTS TO BUSINESSES AND MALLS.HOMEOWNERSHIP AND FINANCIAL LITERACY WORKSHOP PROGRAM PROVIDED TO 114 FAMILIES IN WORKSHOPS AND COUNSELING IN 2021. THE PROGRAM HELPS DISADVANTAGED FAMILIES AND FIRST-TIME HOMEBUYERS MAKE INFORMED DECISIONS AS THEY FULLY REALIZE THEIR SLICE OF THE AMERICAN DREAM, AND TO HELP INDIVIDUALS OR FAMILIES DEVELOP THE SKILLS NECESSARY TO SUCCEED IN THE COMPLEX WORLD OF FINANCE. HOUSING COUNSELORS CAN REVIEW YOUR FINANCES, CREDIT REPORT, AND PROVIDE INFORMATION ON CURRENT MORTGAGE LOAN PROGRAMS, INCLUDING DOWN PAYMENT AND CLOSING COST ASSISTANCE. WORKSHOPS WILL ALSO ASSIST IN LEARNING TO MAKE EDUCATED FINANCIAL DECISIONS AND ACHIEVE FINANCIAL GOALS.LITTLE AFRICA ENGAGED WITH AN ESTIMATED 10,000 PEOPLE THROUGH OUR VIRTUAL LITTLE AFRICAN ANNUAL FESTIVAL AND NATIONAL AFRICAN LEADERSHIP CONFERENCE EVENTS IN 2021. THIS PROGRAM IS DESIGNED TO ENGAGE WITH ARTISTS AND COMMUNITIES TO BUILD LOCAL ECONOMY THROUGH ARTS AND BUILDING LEADERSHIP CAPACITY IN THE COMMUNITY.


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Board, Officers & Key Employees

Name (title)Compensation
Gene Gelegelu
President & CEO
$102,960
Rebecca Cooper
Secretary
$0
Phillip Hampton
Treasurer
$0
Kate Speed
Chair
$0
Abraham Dalu
Director
$0
Anthony J Isubikalu
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $458,300
All other contributions, gifts, grants, and similar amounts not included above$1,938,239
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,396,539
Total Program Service Revenue$78,638
Investment income $0
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 $2,479,243

Grants Awarded

Over the last fiscal year, African Economic Development Solutions has awarded $2,630,000 in support to 203 organizations.

Grant RecipientAmount

ALKARAMA MALL INC

PURPOSE: COVID-19 Assistance

$187,500

MADINA MANAGEMENT GROUP

PURPOSE: COVID-19 Assistance

$177,500

RIVERSIDE MALL

PURPOSE: COVID-19 Assistance

$157,500

JIGJIGA MALL

PURPOSE: COVID-19 Assistance

$117,500

ABDIKARIM ALI

PURPOSE: COVID-19 Assistance

$10,000

7TH STREET BEER COMPANY LLC

PURPOSE: COVID-19 Assistance

$10,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 15 grants that African Economic Development Solutions has recieved totaling $1,719,321.

Awarding OrganizationAmount
Saint Paul & Minnesota Foundation

Saint Paul, MN

PURPOSE: MULTIPLE GRANTS FOR MULTIPLE PURPOSES

$310,000
Northwest Area Foundation

St Paul, MN

PURPOSE: SUPPORTING AFRICAN IMMIGRANT OWNED AND MINORITY OWNED SMALL BUSINESSES

$250,000
Reinvestment Fund Inc

Philadelphia, PA

PURPOSE: FUNDING TO EXPAND OR PRESERVE THE AVAILABILITY OF STAPLE AND PERISHABLE FOODS IN UNDERSERVED AREAS WITH LOW AND MODERATE INCOME POPULATIONS BY MAINTAINING OR INCREASING THE NUMBER OF RETAIL OUTLETS THAT OFFER AN ASSORTMENT OF PERISHABLE AND STAPLE FOODS IN THOSE AREAS

$200,000
Northwest Area Foundation

St Paul, MN

PURPOSE: SUPPORTING AFRICAN IMMIGRANT OWNED AND MINORITY OWNED SMALL BUSINESSES

$125,000
Mcknight Foundation

Minneapolis, MN

PURPOSE: FOR GENERAL OPERATING SUPPORT

$100,000
Hardenbergh Foundation

St Paul, MN

PURPOSE: GENERAL OPERATING

$100,000
View Grant Recipient Profile

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