2024-10-23T08:45:36-05:00 2023-12-31 411534805 CARPENTER EVERT & ASSOCIATES LTD 7760 FRANCE AVE S SUITE 940 BLOOMINGTON MN 55435 990 2023-01-01 800345712 AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS AFRI 6516469411 1821 UNIVERSITY AVENUE WEST S145 ST PAUL MN 55104 GENE GELGELU PRESIDENT & CEO 6516469411 2024-10-22 1 0 MARC COLIN P00560855 9528310085 2024-10-22 2023 2024-10-15 13:58:12Z GENE GELGELU 1821 UNIVERSITY AVENUE WEST S145 ST PAUL MN 55104 3868135 0 X WWW.AEDS-MN.ORG X 2008 MN AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS (AEDS) BUILDS WEALTH WITHIN AFRICAN IMMIGRANT COMMUNITIES IN THE TWIN CITIES THROUGH ECONOMIC DEVELOPMENT ACTIVITIES. 8 8 15 0 0 0 3543104 3627508 228986 231646 0 0 12664 8981 3784754 3868135 1155000 39603 0 0 855231 1062815 0 0 119795 1103053 775840 3113284 1878258 671470 1989877 6521701 10106080 2122221 3716723 4399480 6389357 X AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS (AEDS) BUILDS WEALTH WITHIN AFRICAN IMMIGRANT COMMUNITIES IN THE TWIN CITIES THROUGH ECONOMIC DEVELOPMENT ACTIVITIES. WE WORK THROUGHOUT THE TWIN CITIES METROPOLITAN AREA TO CREATE WEALTH, LIFT IMMIGRANT COMMUNITIES OUT OF POVERTY, AND CONTRIBUTE TO AND BENEFIT FROM THE REGION'S VIBRANT ECONOMY. 0 0 1555255 39603 231646 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. 1555255 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X THE ORGANIZATION 6516469411 1821 UNIVERSITY AVENUE WEST S145 ST PAUL MN 55104 GENE GELGELU PRESIDENT & CEO 40.00 X 133436 0 23408 KATE SPEED CHAIR 1.00 X X 0 0 0 REBECCA COOPER SECRETARY 1.00 X X 0 0 0 GEBI TUFAA TREASURER 1.00 X X 0 0 0 ANTHONY J ISUBIKALU DIRECTOR 1.00 X 0 0 0 GROVER JONES DIRECTOR 1.00 X 0 0 0 OMER KISSI DIRECTOR 1.00 X 0 0 0 NONKULUEKO SHONGWE DIRECTOR 1.00 X 0 0 0 EBISSO UKA DIRECTOR 1.00 X 0 0 0 133436 0 23408 1 0 1 0 0 593888 3033620 3627508 LOAN INCOME 900099 154375 154375 PROGRAM FEES 900099 77271 77271 231646 OTHER 900099 8981 8981 8981 3868135 231646 0 8981 39603 39603 897891 763208 71831 62852 99022 84168 7922 6932 65902 56017 5272 4613 172384 103884 37300 31200 30988 29438 620 930 65529 3343 62186 1120 952 90 78 55236 46950 4419 3867 53220 45237 4258 3725 210076 210076 17963 17963 15425 13111 1234 1080 24124 20505 1930 1689 LOAN LOSS EXPENSE 91674 91674 OTHER EXPENSES 18008 15306 1441 1261 BANK CHARGES AND FEES 15685 9412 4705 1568 PROGRAM EXPENSES 4408 4408 1878258 1555255 203208 119795 3411954 5421256 350284 274399 2279728 3499289 236 32354 940574 61792 478872 878782 627 0 6521701 10106080 85527 80213 100000 0 1140000 2431425 796694 1205085 2122221 3716723 X 3156357 3708692 1243123 2680665 4399480 6389357 6521701 10106080 1989877 0 X X 0 1 X 1 0 X 1170326 4973600 2396539 3543104 3627508 15711077 1170326 4973600 2396539 3543104 3627508 15711077 15711077 22871 15 22886 12664 8981 21645 15755608 460632 0.99720 0.99690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 94642 94642 794513 30205 764308 51419 31587 19832 878782 DUE TO MN DEED 660667 DUE TO MN INCLUSIVE GROWTH FUND 544418 1205085 X 3868135 0 3868135 0 3868135 1878258 0 1878258 0 1878258 PART X, LINE 2: THE ORGANIZATION HAS A TAX-EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS ADOPTED ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, ASC 740-10. THE ORGANIZATION'S POLICY IS TO EVALUATE UNCERTAIN TAX POSITIONS, AT LEAST ANNUALLY, FOR THE POTENTIAL FOR INCOME TAX EXPOSURE FROM UNRELATED BUSINESS INCOME OR FROM LOSS OF NONPROFIT STATUS. THE ORGANIZATION CONTINUES TO OPERATE CONSISTENT WITH ITS ORIGINAL EXEMPTION APPLICATION AND EACH YEAR TAKES THE NECESSARY ACTIONS TO MAINTAIN ITS EXEMPT STATUS. IT HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER THE INTERNAL REVENUE CODE AND CHARITABLE CONTRIBUTIONS BY DONORS ARE TAX DEDUCTIBLE. IN COMPLIANCE WITH ITS EXEMPT STATUS, THE ORGANIZATION ANNUALLY FILES A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990). 1 SMALL BUSINESS GRANTS 15 39603 PART I, LINE 2: NO MONITORING SINCE THE GRANTS ARE ALL FOR GENERAL SUPPORT OF THE GRANTEES; THE GRANTS ARE NOT RESTRICTED FOR A PARTICULAR PURPOSE. 0 0 0 0 0 0 0 0 0 GENE GELGELU PRESIDENT & CEO 133436 0 0 0 0 0 0 0 23408 0 156844 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B BOARD REVIEWS THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REGULARLY MONITORS THE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 BOARD DECIDES THE EXECUTIVE DIRECTOR'S SALARY AFTER DOING MARKET COMPARISON AND DETERMINING THE ORGANIZATION'S RESOURCES AVAILABLE FOR COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 PROVIDED UPON REQUEST. FORM 990, PART XII, LINE 2C NO CHANGE FROM PRIOR YEAR.