African Economic Development Solutions
- Assets
- $10.1m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 15
- Location
- St Paul, MN
- Founding
- 11/2009
- Data as of
- 12/2023
- EIN
- 80-0345712
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 12/2023, African Economic Development Solutions employed 15 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 12/2023, African Economic Development Solutions generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 32.2% each year . All expenses for the organization totaled $1.9m during the year ending 12/2023. While expenses have increased by 29.3% 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 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
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 2023. 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.HOMEOWNERSHIP AND FINANCIAL LITERACY WORKSHOP PROGRAM PROVIDED TO 114 FAMILIES IN WORKSHOPS AND COUNSELING IN 2023. 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 2023. 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) | Role | Hours | Compensation |
|---|---|---|---|
Gene Gelgelu President & CEO | Officer | 40 | $133,436 |
Kate Speed Chair | OfficerTrustee | 1 | $0 |
Rebecca Cooper Secretary | OfficerTrustee | 1 | $0 |
Gebi Tufaa Treasurer | OfficerTrustee | 1 | $0 |
Anthony J Isubikalu Director | Trustee | 1 | $0 |
Grover Jones Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $593,888 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,033,620 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,627,508 |
| Total Program Service Revenue | $231,646 |
| 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 | $3,868,135 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $39,603 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $897,891 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $99,022 |
| Payroll taxes | $65,902 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $172,384 |
| Advertising and promotion | $30,988 |
| Office expenses | $65,529 |
| Information technology | $1,120 |
| Royalties | $0 |
| Occupancy | $55,236 |
| Travel | $53,220 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $210,076 |
| Interest | $17,963 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,425 |
| Insurance | $24,124 |
| All other expenses | $0 |
| Total functional expenses | $1,878,258 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,421,256 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $274,399 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,499,289 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $32,354 |
| Net Land, buildings, and equipment | $878,782 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,106,080 |
| Accounts payable and accrued expenses | $80,213 |
| 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 | $2,431,425 |
| Other liabilities | $1,205,085 |
| Total liabilities | $3,716,723 |
| Net assets without donor restrictions | $3,708,692 |
| Net assets with donor restrictions | $2,680,665 |
| 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 | $10,106,080 |
Grants Awarded
Over the last fiscal year, African Economic Development Solutions has awarded $2,630,000 in support to 203 organizations.
| Grant Recipient | Amount |
|---|---|
2RHAWKINS LLC PURPOSE: COVID-19 Assistance | $10,000 |
7TH STREET BEER COMPANY LLC PURPOSE: COVID-19 Assistance | $10,000 |
A1 CUTS BARBERSHOP LLC PURPOSE: COVID-19 Assistance | $10,000 |
ABDIKARIM ALI PURPOSE: COVID-19 Assistance | $10,000 |
AL MADIINA PURPOSE: COVID-19 Assistance | $10,000 |
AKWUBA LAW OFFICE PURPOSE: COVID-19 Assistance | $10,000 |