2023-06-29T11:46:16-05:00 2022-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2022-01-01 410977257 Metropolitan Economic Development Association METR 6123326332 1256 Penn Avenue North 4800 Minneapolis MN 55411 Dorothy Bridges President & CEO 6123326332 2023-06-29 1 Dorothy Bridges 999009999 1 Deb Nelson CPA P01264758 6122536500 2023-06-28 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Dorothy Bridges 1256 Penn Avenue North 4800 Minneapolis MN 55411 6824209 0 X www.meda.net X 1971 MN Helping minority entrepreneurs succeed. 29 28 41 250 0 0 10049179 5219088 2009557 1589214 275 270 5845 -241834 12064856 6566738 490000 389427 0 0 3159526 3746919 0 0 1381864 4285154 5382238 7934680 9518584 4130176 -2951846 45113584 38713139 31797322 28348723 13316262 10364416 X Helping minority entrepreneurs succeed. 0 0 6495021 389427 1590324 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. 6495021 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 709 0 1 41 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X Nelly Chick 6122596572 1256 Penn Ave N Ste 4800 Minneapolis MN 55411 Alfredo V Martel President & CEO (Jan-Sept) 40.00 X X 378030 0 31495 Craig Veurink Chair of the Board 5.00 X X 0 0 0 Hoyt Hsaio Vice Chair/Treasurer 5.00 X X 0 0 0 John Stout Secretary 5.00 X X 0 0 0 Al Mendoza Director 1.00 X 0 0 0 Amelia Hardy Director 1.00 X 0 0 0 Andrea Burns Director 1.00 X 0 0 0 Andrea Novak Director 1.00 X 0 0 0 Binh Tran Director 1.00 X 0 0 0 Brad Pomerleau Director 1.00 X 0 0 0 Camille Helou Director (Jan-June) 1.00 X 0 0 0 Darren Moquist Director 1.00 X 0 0 0 David Rudolph Director 1.00 X 0 0 0 Gloria Contreras Edin Director 1.00 X 0 0 0 Gloria Freeman Director 1.00 X 0 0 0 James Garness Director (Jan-June) 1.00 X 0 0 0 Jashan Eison Director 1.00 X 0 0 0 Jeffrey Payne Director 1.00 X 0 0 0 Jim Collins Director (Jan-June) 1.00 X 0 0 0 Joel Lebewitz Director 1.00 X 0 0 0 John Rasmussen Director 1.00 X 0 0 0 John JT Taylor Director 1.00 X 0 0 0 Joseph Wallace Director (Jun-Dec) 1.00 X 0 0 0 Kevin Besikof Director 1.00 X 0 0 0 Laura Helmueller Director 1.00 X 0 0 0 Martha Currea Director 1.00 X 0 0 0 Matthew Lyons Director 1.00 X 0 0 0 Megan Selby Director (Jan-June) 1.00 X 0 0 0 Michael Mathews Director 1.00 X 0 0 0 Mimi Bekele Director 1.00 X 0 0 0 Sara Idle Director 1.00 X 0 0 0 Steven Singer Director 1.00 X 0 0 0 Vicki Stute Director 1.00 X 0 0 0 Hayes Bukata Director (June-Dec) 1.00 X 0 0 0 Natalie McGrady Director (June-Dec) 1.00 X 0 0 0 Dorothy Bridges President & CEO (Sept-Dec) 40.00 X X 77367 0 2328 Daniel Holmquist Controller 40.00 X 182600 0 40692 Keven Ambrus - VP of Finance & Operations (Mar-Dec) 40.00 X 123733 0 22093 Pamela Cannon Chief People Officer 40.00 X 226296 0 9508 Patrick Pariseau - VP of Lending & Client Services 40.00 X 136781 0 17678 Andrew J O'Leary Chief Advancement Officer 40.00 X 139376 0 24621 Robert Harper Director Of Supplier Development 40.00 X 100067 0 3735 Kari Swan - Director of Philanthropy & Investments 40.00 X 105955 0 24072 1470205 0 176222 8 0 1 0 Financial Services Consulting Group LLC 100 South Fifth St Ste 1900 Minneapolis MN 55402 Management Consulting 349186 Fredrikson & Byron PA PO Box 1484 Minneapolis MN 55480 Legal Services 229875 2 415911 2262259 2540918 5219088 Interest From PRI 900099 1057088 1057088 Client Service Revenue 611430 532126 532126 1589214 270 270 14527 415911 257471 -242944 -242944 Miscellaneous 900099 1110 1110 1110 6566738 1590324 0 -242674 X 344427 344427 45000 45000 871062 310241 389594 171227 2268811 1450562 324787 493462 67775 42882 9209 15684 328464 213844 29708 84912 210807 140345 40838 29624 294615 7614 287001 41732 41732 1539974 1351078 17506 171390 106672 59311 13650 33711 670955 75908 400290 194757 147701 103391 22155 22155 103060 65946 6795 30319 27225 15343 2648 9234 545417 545417 110589 77413 16588 16588 66082 46258 9912 9912 Bad Debt/Loan Loss Rese 1497009 1497009 Educational Workshops 114203 17134 97069 Bank Fees 95648 82907 12741 Memberships 17235 990 16110 135 4121 2001 435 1685 9518584 6495021 1641699 1381864 22799451 13561578 623169 382256 15565 9046 327114 273931 770508 494524 386574 275984 116610 116738 650000 750000 19900674 23134162 294427 209444 45113584 38713139 777552 610417 1275265 150000 26323085 25977538 3421420 1610768 31797322 28348723 X 11201096 8869643 2115166 1494773 13316262 10364416 45113584 38713139 -2951846 0 X 0 1 X 1 1 1 X 6172476 4501703 5600139 10049179 5219088 31542585 6172476 4501703 5600139 10049179 5219088 31542585 6123335 25419250 640 673 56283 275 270 58141 9393 571 8996 5845 1110 25915 31626641 8162025 0.80370 0.78980 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous - 2018 Amount: $ 9,393. 2019 Amount: $ 571. 2020 Amount: $ 8,996. 2021 Amount: $ 5,845. 2022 Amount: $ 1,110. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 39000 0 0 39000 0 Part II-B, Line 1: Provided activity and economic impact information to State legislators in support of State appropriated funds to support services and programs. 174050 111849 62201 596458 382675 213783 275984 Program-Related Loans 23134162 C 23134162 Due to Third Party Loan Participants 1227668 Lease Liabilities 383100 1610768 X 6669071 0 6669071 -102333 -102333 6566738 9620917 102333 102333 9518584 0 9518584 Part X, Line 2: Management believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. Meda undergoes an annual analysis of its various tax positions, assessing the likelihood of those positions being upheld upon examination with relevant tax authorities. As of December 31, 2022 and 2021, no amounts were recorded as a result of this analysis. If Meda is subject to interest or penalties on underpaid income taxes, they will be recorded as income tax expense in the period in which they are incurred. Part XI, Line 4b - Other Adjustments: Special Event Expenses in Revenue for Tax Purposes -102,333. Part XII, Line 2d - Other Adjustments: Special Event Expenses in Revenue for Tax Purposes 102,333. Gala 430438 415911 14527 4308 94988 118738 9400 30037 430438 415911 14527 4308 94988 118738 9400 30037 257471 -242944 1 Taste of Rondo 976 Concordia Ave Saint Paul MN 55103 814547603 25000 0 General Operations Fit Studio 4905 36th Street Saint Louis Park MN 55416 872973949 10000 0 General Operations The FIT Laboratory 1583 Hamline Ave N Falcon Heights MN 55108 465004445 10000 0 General Operations Gramskeys Sandwiches LLC 30 8th Ave S Hopkins MN 55343 461953844 10000 0 General Operations Woodbury Spanish Immersion Early Learning Academy LLC 8420 City Center Drive Woodbury MN 55125 843482713 10000 0 General Operations La Fusion Restaurant LLC 360 Sherman Street Unit 165 Saint Paul MN 55102 821550442 10000 0 General Operations Next Global Security 5123 W 98th Street Bloomington MN 55437 844873364 10000 0 General Operations Hour Kids Walk-in Child Care dba Little Feet 1981 Silver Bell Rd Eagan MN 55211 464925253 10000 0 General Operations I A Z Corporation dba Minuteman Press Uptown 4026 Washington Ave N Minneapolis MN 55412 472277062 14500 0 General Operations Midwest Recovery Inc 2626 East 82nd Street Suite No 305 Bloomington MN 55425 471990135 10000 0 General Operations BW Limited Holdings dba Olu's Home 1315 North 12th Ave Minneapolis MN 55411 873441322 10000 0 General Operations Christina Childcare 5510 West Broadway Crystal MN 55428 800501443 15500 0 General Operations Howard's Bar Inc 302 Main Street South Stillwater MN 55082 882033106 20000 0 General Operations Hair Beauty & Wellness 614 Willoughby Way W Minnetonka MN 55305 880917960 10000 0 General Operations Fitz Realestate 355 Hwy 36 West Bonestroo Suite 49 Roseville MN 55113 874833483 10427 0 General Operations Tacos El Kevin 3425 Elliot Ave S Minneapolis MN 55407 371871589 15000 0 General Operations Group Balboa LLC dba Guacaya Bistreaux 918 N 3rd Street Unit 201 Minneapolis MN 55401 845117069 10000 0 General Operations Hire Up Staff LLC 1901 Glenwood Avenue Minneapolis MN 55405 872916669 10000 0 General Operations Performance Athletix 7000 Washington Avenue South Eden Prairie MN 55344 465503563 10000 0 General Operations Sab Company LLC 365 Nicollet Mall Minneapolis MN 55401 872054270 10000 0 General Operations TurnSignl 1317 Marshall Street NE Minneapolis MN 55413 882096580 25000 0 General Operations NoshPosh LLC 325 Cedar Street St Paul MN 55101 862617983 10000 0 General Operations RuvaAfricWear 3804 Gauvitte Street Columbia Heights MN 55421 475685537 10000 0 General Operations Midwest Select Contracting LLC 2112 93rd Trail Brooklyn Park MN 55444 364774133 10000 0 General Operations 0 24 General Support Grants 3 45000 Part I, Line 2: The grants are to help with the general operations for these businesses. There is no post grant award monitoring. These grants were funded by Bremer Bank (Bremer grants) and Office Depot (Elevate grants). X X X 1 0 0 0 0 0 0 1 0 Alfredo V Martel President & CEO (Jan-Sept) 228030 0 50000 0 100000 0 8382 0 23113 0 409525 0 0 0 Pamela Cannon Chief People Officer 140696 0 0 0 85600 0 325 0 9395 0 236016 0 0 0 Daniel Holmquist Controller 173600 0 9000 0 0 0 9230 0 31462 0 223292 0 0 0 Andrew J O'Leary Chief Advancement Officer 131376 0 8000 0 0 0 6973 0 17905 0 164254 0 0 0 Patrick Pariseau - VP of Lending & Client Services 127781 0 9000 0 0 0 6839 0 10839 0 154459 0 0 0 Part I, Line 4a Alfredo Martel, was paid $100,000 in severance following his employment separation. Part I, Line 7 Officers are eligible for bonuses based on annual performance reviews. The bonuses are determined by the President and Board of Directors. Please see Schedule J, Part II, column (B)(ii) for the bonus amounts awarded to officers during 2022. During the CEO transition in 2022, the board negotiated a non-fixed payment to a key executive employee for retention. Form 990, Part VI, Section A, line 1a The Executive Committee is composed of three or more designated board members. Unless specified by action of the board, the Executive Committee shall have and exercise the authority of the board with respect to the business of the corporation in the intervals between meetings of the board. The Executive Committee shall at all times be subject to the control and direction of the board. Form 990, Part VI, Section B, line 11b A draft copy of the Form 990 is provided to the Finance Audit Committee. The Finance Audit Committee reviews the draft Form 990, addressing any comments or concerns, and then makes a recommendation to the Board of Directors for approval. A copy is provided to the board and upon review and approval of the draft Form 990 by the Board of Directors the form is filed. Form 990, Part VI, Section B, line 12c Conflict of interest statements are issued every year to all directors and employees. These individuals disclose applicable conflicts and sign as to compliance with the policy. The Meda Governance Committee reviews all statements to review any disclosed potential conflicts of interest. The Governance Committee documents any actions undertaken. The person with the conflict of interest is excluded from the discussion and approval of the activity. Form 990, Part VI, Section B, line 15 Meda's Personnel Committee performs an annual review on the CEO. This review involves collecting feedback from the management team and the Board of Directors. The Director of Finance and Administration provides the Personnel Committee with a salary range comprised from comparatives of similar nonprofits. The Personnel Committee recommends a compensation adjustment for approval by the board. Meda uses a similar process for other officers and all employees. Each individual undergoes an annual performance review with their supervisor. Supervisors award merit adjustments from a merit pool identified in the approved operational budget. Form 990, Part VI, Section C, line 19 These documents are made available upon request. Form 990, Part IX, line 11g Professional Services: Program service expenses 996,346. Management and general expenses 1,755. Fundraising expenses 140,769. Total expenses 1,138,870. Equipment Lease & Service Contracts: Program service expenses 354,732. Management and general expenses 15,751. Fundraising expenses 30,621. Total expenses 401,104.