2025-11-05T13:24:54-06:00 2024-12-31 411534805 CARPENTER EVERT & ASSOCIATES LTD 7760 FRANCE AVE S SUITE 940 BLOOMINGTON MN 55435 990 2024-01-01 800345712 AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS AFRI 6516469411 678 SNELLING AVENUE NORTH S-200 ST PAUL MN 55104 GENE GELGELU PRESIDENT & CEO 6516469411 2025-11-04 1 0 MARC COLIN P00560855 9528310085 2025-11-04 2024 2025-03-06 01:10:19Z X GENE GELGELU 678 SNELLING AVENUE NORTH S-200 ST PAUL MN 55104 5189587 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. 6 6 13 0 0 0 3627508 4941620 231646 228435 0 0 8981 19532 3868135 5189587 39603 66024 0 0 1062815 1165818 0 0 151360 775840 1060535 1878258 2292377 1989877 2897210 10106080 13711523 3716723 4424956 6389357 9286567 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 1915864 66024 228435 SEE SCHEDULE O.LENDING AND CREDIT BUILDING - AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS (AEDS) BUILD WEALTH WITHIN AFRICAN IMMIGRANT COMMUNITIES IN THE STATE OF MINNESOTA THROUGH ECONOMIC DEVELOPMENT ACTIVITIES. WE WORK THROUGHOUT THE TWIN CITIES METROPOLITAN AREA AND OTHER CITIES IN MINNESOTA TO CREATE WEALTH, LIFT IMMIGRANT COMMUNITIES OUT OF POVERTY BY PROVIDING BUSINESS DEVELOPMENT TRAINING AND SMALL BUSINESS CONSULTING AND HOUSING PROGRAM. IN 2024 AEDS PROVIDED $2.07 MILLION IN LOAN. CREDT BUILDING PROGRAM TARGETS CLIENTS WHO NEED PERSONALIZED ASSISTANCE TO IMPROVE THEIR CREDITWORTHINESS. THIS SERVICE IS DELIVERED THROUGH ONE-ON-ONE, IN-PERSON WEEKLY SESSIONS LASTING APPROXIMATELY 1.5 HOURS EACH. DURING THE REPORTING PERIOD, 73 CLIENTS ENROLLED, AND 61 COMPLETED THE COACHING PROCESS, ACHIEVING A COMPLETION RATE OF 84%. THIS PROGRAM HAS PROVEN PARTICULARLY EFFECTIVE IN HELPING PARTICIPANTS DEVELOP BETTER FINANCIAL HABITS AND IMPROVE THEIR ACCESS TO CAPITAL. THOSE WHO ARE CREDIT INVISIBLE OR NEED ASSISTANCE REBUILDING CREDIT CAN APPLY FOR A CREDIT BUILDER LOAN THAT HELPS THEM REBUILD THEIR CREDIT BASED ON TIMELY MONTHLY PAYMENTS ENTREPRENEURSHIP TRAINING AND BUSINESS PLAN CONSULTING - THESE CLASSES ARE OFFERED THROUGH GROUP SESSIONS CONDUCTED VIA ZOOM OVER A 6-WEEK COHORT TRAINING MODEL. IN 2024, SIX BUSINESS TRAINING COHORTS WERE CONDUCTED, EACH LASTING 2 HOURS, TWICE A WEEK. THIS STRUCTURED TRAINING ALLOWS PARTICIPANTS TO GAIN FOUNDATIONAL KNOWLEDGE IN ENTREPRENEURSHIP, BUSINESS PLANNING, MARKETING, FINANCIAL MANAGEMENT, AND COMPLIANCE. A TOTAL OF 163 CLIENTS WERE ENROLLED, WITH 124 SUCCESSFULLY COMPLETING THE TRAINING, REFLECTING A 76% COMPLETION RATE. THIS HIGH SUCCESS RATE DEMONSTRATES THE PROGRAM'S EFFECTIVENESS IN DELIVERING ACCESSIBLE AND VALUABLE ENTREPRENEURSHIP EDUCATION. THESE CONSULTATIONS ARE PROVIDED THROUGH ONE-ON-ONE, IN-PERSON SESSIONS HELD WEEKLY, WITH EACH SESSION LASTING APPROXIMATELY TWO HOURS. THIS SERVICE OFFERS INDIVIDUALIZED GUIDANCE TO ENTREPRENEURS AS THEY DRAFT, REFINE, AND FINALIZE THEIR BUSINESS PLANS. OUT OF THE 42 CLIENTS ENROLLED, 30 COMPLETED THE CONSULTING PROCESS, RESULTING IN A 71% COMPLETION RATE. THIS SERVICE IS ESSENTIAL FOR CLIENTS SEEKING TAILORED ADVICE TO ENHANCE THE CLARITY, FEASIBILITY, AND SUSTAINABILITY OF THEIR BUSINESS MODELS. UPON COMPLETION OF THEIR BUSINESS PLANS AND THE ACCOMPANYING FINANCIAL PROJECTIONS, CLIENTS PROCEED TO APPLY FOR A BUSINESS LOAN WITH AEDS'S LENDING DEPARTMENT. HOUSING - "PRE-PURCHASE EDUCATION (HOMESTRETCH): THIS IS AN INTENSIVE 8-HOUR EDUCATIONAL WORKSHOP DESIGNED TO PREPARE FIRST-TIME HOMEBUYERS FOR THE COMPLEX HOME-BUYING PROCESS. THE TRAINING COVERS TOPICS SUCH AS CREDIT READINESS, MORTGAGE OPTIONS, HOME INSPECTIONS, INSURANCE, AND FINANCIAL MANAGEMENT. A TOTAL OF 220 CLIENTS WERE ENROLLED, WITH 192 SUCCESSFULLY COMPLETING THE TRAINING, REFLECTING A 87% COMPLETION RATE. THIS HIGH COMPLETION RATE DEMONSTRATES A STRONG COMMITMENT FROM PARTICIPANTS TO ENHANCE THEIR KNOWLEDGE AND READINESS FOR HOMEOWNERSHIP.PRE-PURCHASE ADVISING: THIS SERVICE FOCUSES ON HELPING CLIENTS BECOME MORTGAGE-READY WITHIN A RELATIVELY SHORT TIMEFRAME (LESS THAN 45 DAYS). IT INVOLVES ASSESSING FINANCIAL READINESS, INCLUDING INCOME, CREDIT, DEBT, AND SAVINGS, AND DEVELOPING TAILORED SAVINGS PLANS TO ENHANCE MORTGAGE READINESS. DURING THE REPORTING PERIOD, 52 CLIENTS WERE ENROLLED, WITH 30 COMPLETING THE PROCESS, ACHIEVING A 58% COMPLETION RATE. THE MODERATE COMPLETION RATE SUGGESTS ONGOING CHALLENGES FACED BY CLIENTS IN ACHIEVING IMMEDIATE MORTGAGE READINESS, NECESSITATING ENHANCED SUPPORT AND RESOURCES.FINANCIAL WELLNESS COACHING: THIS SERVICE PROVIDES ONGOING SUPPORT FOCUSED ON CREDIT BUILDING, DEBT MANAGEMENT, SAVINGS IMPROVEMENT, AND OVERALL FINANCIAL CAPABILITY. CLIENTS ENGAGE IN A LONGER-TERM PROCESS TO ESTABLISH FINANCIAL STABILITY AND WORK TOWARDS HOMEOWNERSHIP GOALS. THE SERVICE IS DELIVERED THROUGH WEEKLY, ONE-ON-ONE, IN-PERSON SESSIONS LASTING APPROXIMATELY 1.5 HOURS EACH. DURING THE REPORTING PERIOD,34 CLIENTS WERE ENROLLED, WITH 12 SUCCESSFULLY COMPLETING THE PROCESS, RESULTING IN A 35% COMPLETION RATE. THIS SERVICE EMPHASIZES SUSTAINABILITY AND CONSISTENT PROGRESS OVER TIME, WITH CLIENTS OFTEN REQUIRING MORE IN-DEPTH GUIDANCE." 1915864 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 1 13 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 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 678 SNELLING AVENUE NORTH S-200 ST PAUL MN 55104 REBECCA COOPER CHAIR 1.00 X X 0 0 0 GROVER JONES 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 NONKULUEKO SHONGWE DIRECTOR 1.00 X 0 0 0 EBISSO UKA DIRECTOR 1.00 X 0 0 0 GENE GELGELU PRESIDENT & CEO 40.00 X 146780 0 23408 146780 0 23408 1 0 1 0 0 3360997 1580623 4941620 LOAN INCOME 900099 141278 141278 PROGRAM FEES 900099 87157 87157 228435 OTHER 900099 19532 19532 19532 5189587 228435 0 19532 X 66024 66024 965385 820577 77231 67577 122236 103900 9779 8557 78197 66467 6256 5474 267902 184756 31876 51270 29948 28451 599 898 75267 75267 12037 10231 963 843 62975 53529 5038 4408 51720 43962 4138 3620 291562 291562 22698 22698 46948 39906 3756 3286 22927 19488 1834 1605 LOAN LOSS EXPENSE 131284 131284 OTHER EXPENSES 23475 19954 1878 1643 BANK CHARGES AND FEES 21792 13075 6538 2179 2292377 1915864 225153 151360 5421256 3207124 274399 1367698 3499289 3099055 32354 49582 6096804 108740 878782 5988064 10106080 13711523 80213 23477 2431425 3642107 1205085 759372 3716723 4424956 X 3708692 7346793 2680665 1939774 6389357 9286567 10106080 13711523 2897210 0 X X 0 1 X 1 0 X 4973600 2396539 3543104 3627508 4941620 19482371 4973600 2396539 3543104 3627508 4941620 19482371 19482371 15 15 12664 8981 19532 41177 19523563 689067 0.99790 0.99720 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 94642 94642 5793129 77153 5715976 209033 31587 177446 5988064 DUE TO MN DEED 685458 DUE TO MN INCLUSIVE GROWTH FUND 73914 759372 X 5189587 0 5189587 0 5189587 2292377 0 2292377 0 2292377 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 33 66024 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 146780 0 0 0 0 0 0 0 23408 0 170188 0 0 0 FORM 990, PART V, LINE 13A MN 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 IX, LINE 11G PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 184,756. MANAGEMENT AND GENERAL EXPENSES 31,876. FUNDRAISING EXPENSES 51,270. TOTAL EXPENSES 267,902. FORM 990, PART XII, LINE 2C NO CHANGE FROM PRIOR YEAR.