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
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 99% (Four-Star out of Four Star rating)
The African Development Center (ADC) has achieved a commendable rating of 99% from Charity Navigator, reflecting strong accountability and financial practices. The organization boasts a perfect score in various categories such as independent board membership and the presence of essential policies, indicating a solid governance structure. The overall financial stability is also noteworthy, with a program expense ratio of 86.74%, suggesting a significant portion of funds directly supports its mission.
However, feedback from users paints a contrasting picture, with some expressing dissatisfaction regarding the organization's impact on the African community. A review from a client served highlights concerns about the effectiveness of the services provided, claiming that many businesses assisted by ADC face legal issues due to inadequate planning. This critical perspective raises questions about the organization's operational practices and its ability to fulfill its mission effectively.
Balancing these high ratings with user experiences is essential for potential clients and donors. While ADC exhibits excellent financial management and governance, the mixed reviews suggest the need for improved service delivery and community engagement to ensure it genuinely benefits the populations it intends to serve.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
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.
Heare 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):
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- Compensation: $170,000
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- Other: $20,499
- Compensation: $97,583
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- Other: $7,548
Official website here: www.adcminnesota.org
Where can I find the form 990 for African Development Center?
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.
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Impact
October, 2024
The African Development Center (ADC) has made a significant impact by fostering economic growth and empowerment within the African communities of Minnesota. Through culturally competent business development services, ADC has played a crucial role in the surge of African-owned businesses across the state. In 2022 alone, ADC facilitated 104 loans amounting to $4,676,500, leveraging over $7 million in funding that has directly contributed to job creation and retention.
The organization’s initiatives not only support business owners with ongoing technical assistance but also provide entrepreneurial training for those interested in launching new ventures. As a result of these efforts, 141.5 new jobs have been created, while 87.5 jobs have been retained, showcasing a strong commitment to enhancing employment opportunities in the community.
A remarkable 96% of the loan funds were directed towards Black-owned businesses, with nearly half—48%—of the funding supporting women-owned enterprises. This targeted approach underscores ADC's dedication to building wealth and encouraging reinvestment within the community, ultimately contributing to a more vibrant economic landscape in Minnesota's African communities.
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.
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.
- Investment Income: $6,345
- Program Service Revenue: $661,014
- Gross Receipts: $4,002,961
Assets and Liabilities:
- Total Assets: $17,752,149
- Total Liabilities: $9,032,449
- Net Assets: $8,719,700
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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) 333-4772Principal Officer
Nasibu Sareva
Main Address
1931 5TH STREET SOUTH, MINNEAPOLIS, MN, 55454
Website
www.adcminnesota.orgNTEE Category
Code: P40 - Human services
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