Overview
What is African Development Center?
The African Development Center is a Minneapolis, Minnesota-based nonprofit organization that specializes in business development services. Their culturally competent approach has been instrumental in fostering a significant increase in African-owned businesses within the state. Offering ongoing technical assistance and an entrepreneurial training class, they assist entrepreneurs looking to establish new businesses. In 2022 alone, ADC made 104 loans, totaling $4,676,500. These loans resulted in the retention of 87.5 existing jobs and the creation of an additional 141.5 new jobs. The majority of these businesses are Black-owned and operated, with 96% of the loan dollars and 48% going to women-owned businesses. Their mission is to grow businesses, build wealth, and increase reinvestment within the African communities of Minnesota.
Official website here: www.adcminnesota.org
Is African Development Center legitimate?
African Development Center is a legitimate nonprofit organization registered as a 501(c)(3) entity. African Development Center submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $295,630
Professional Fundraising Fees: $0
Other Salaries and Wages: $370,182
For more financial information, click here
Official website here: www.adcminnesota.org
What is the mission statement of African Development Center?
The African Development Center's mission is focused on promoting business growth, wealth accumulation, and increased reinvestment within African communities in an unspecified location. Their activities include offering culturally competent business development services and forming partnerships with crucial funding sources, which have led to a significant increase in African-owned businesses. The center provides ongoing technical assistance and offers an entrepreneurial training class for individuals looking to start new businesses. In 2022, the African Development Center made 104 loans with a total approved amount of $4,676,500, which led to the retention of 87.5 jobs and the creation of 141.5 new jobs. A large majority of these loans, jobs created, and jobs retained are from black-owned and operated small businesses. The center's loan dollars predominantly went to black-owned businesses, with 48% allocated to women-owned businesses.
Official website here: www.adcminnesota.org
Who is the CEO of African Development Center?
Nasibu Sareva is the Board President of African Development Center. The CEO's salary of African Development Center is $170,000 and their total compensation is $190,499.
Official website here: www.adcminnesota.org
What is the revenue of African Development Center?
African Development Center's revenue in 2022 was $4,002,961.
Official website here: www.adcminnesota.org
Who are the executives of African Development Center and what are their salaries?
The average compensation at African Development Center during 2022 was $66,581. There are 10 employees and 40 volunteers at African Development Center.
Here are 14 key members and their salaries (African Development Center's CEO's salary is $170,000 and their total compensation is $190,499):
- Nasibu Sareva (Ceo)
- Felicia Ravelomanatsoa (Cfo)
- Jo Ann Vano (Board President) [Trustee/Director]
- Leah Mtegha (Board Secretary) [Trustee/Director]
- Ubah Ali Jama (Director)
- Daika Ismall (Director)
- Mike Stinson (Director)
- Paul Fehrenbach (Director)
- Kaade Wallace (Director)
- Edwin Migiro (Director)
- Bruce W Nordin (Director)
- Damon Jenkins (Director)
- Scott Brophy (Director)
- Sean Wold (Director)
Official website here: www.adcminnesota.org
Where can I find the form 990 for African Development Center?
The African Development Center’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.adcminnesota.org
Learn more at the official website: www.adcminnesota.org
Mission Statement of African Development Center
The African Development Center, an organization dedicated to serving African communities in Minnesota, is committed to fostering business growth, accumulating wealth, and encouraging reinvestment within these communities. Through culturally competent business development services and strategic partnerships with crucial funding sources, the center has played a significant role in the surge of African-owned businesses in the state. In addition to providing ongoing technical assistance, the African Development Center offers an entrepreneurial training class for individuals seeking to establish new ventures. The organization demonstrated its impact in 2022 by making 104 loans with a total approved amount of $4,676,500. Leveraging over $7 million, these loans have led to the retention of 87.5 jobs and the creation of an additional 141.5 jobs. The majority of these loans, jobs created, and jobs retained are associated with black-owned and operated small businesses. In total, 96% of the loan dollars were allocated to black-owned businesses, and 48% were designated for women-owned enterprises.
Impact
This information is meant to be a general summary of African Development Center. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
African Development Center's impact is significant in the African communities of Minnesota. Through culturally competent business development services and crucial funding partnerships, ADC has directly contributed to the surge in African-owned businesses throughout the state. In 2022 alone, ADC made 104 loans totaling $4,676,500 and leveraged over $7 million.
These loans have not only retained 87.5 jobs but also created 141.5 new jobs, primarily within black-owned and operated small businesses. An impressive 96% of the loan dollars went to black-owned businesses, and 48% to women-owned businesses. With an entrepreneurial training class for clients looking to start new businesses, ADC is playing a vital role in growing businesses, building wealth, and increasing reinvestment in African communities. Overall, the impact of African Development Center extends beyond financial support to job creation and economic empowerment in Minnesota.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME-LOANS
Revenue
$380,997
PROGRAM SERVICE FEES
Revenue
$272,217
OTHER PROGRAM REVENUE
Revenue
$7,800
Organization Details
Founding Year
2002
Phone
(612) 333-4772
Principal Officer
Nasibu Sareva
Main Address
1931 5TH STREET SOUTH, MINNEAPOLIS, MN, 55454
Website
www.adcminnesota.org
NTEE Category
Code: P40 - Human services
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