Overview
What is African Economic Development Solutions?
African Economic Development Solutions (AEDS) is a nonprofit organization based in St. Paul, Minnesota. With a focus on empowering African immigrants and marginalized communities, AEDS provides business development training and small business consulting services, equipping 1,286 clients in 2022 with essential business skills. The program offers classes, workshops, field work, and one-on-one sessions, and provides consulting in areas such as licensing, finance, accounting, and growth strategies. AEDS also offers micro-loans and COVID-19 grants to help launch businesses and provides housing and financial literacy workshops to disadvantaged families. Additionally, AEDS engages with thousands through virtual events to build local economy and leadership capacity. AEDS aims to build wealth within African immigrant communities in the Twin Cities and contribute to the region's vibrant economy. (120 words)
Official website here: www.aeds-mn.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86% (Three-Star out of Four Star rating)
African Economic Development Solutions has received a solid Three-Star rating from Charity Navigator, indicating a strong performance in accountability and finance. The organization excels in governance, with an independent board comprising entirely of independent members, and has high scores in areas such as conflict of interest policies and financial documentation. Their effective management of resources is reflected in a robust program expense ratio and fundraising efficiency.
The organization's financial stability is notable, with a favorable liabilities to assets ratio, showcasing a responsible approach to financial management. Additionally, the measures in place for maintaining transparency and accountability, including policies for whistleblowing and document retention, reinforce their commitment to ethical operations.
While the ratings highlight significant strengths, the overall score of 86% suggests there may be areas for improvement. Continued focus on enhancing program effectiveness and transparency could help elevate their standing further, ensuring they are able to maximize their impact in the community they serve.
This AI summary has been generated from information found on Charity Navigator.
Is African Economic Development Solutions legitimate?
African Economic Development Solutions is a legitimate nonprofit organization registered as a 501(c)(3) entity. African Economic Development Solutions 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $737,832
For more financial information, click here
Official website here: www.aeds-mn.org
What is the mission statement of African Economic Development Solutions?
African Economic Development Solutions (AEDS) is dedicated to fostering wealth within African immigrant communities by engaging in economic development activities. Their mission is to uplift these communities, helping them rise out of poverty, and contribute positively to the local economy. AEDS operates within the Twin Cities metropolitan area, offering business development training and small business consulting services to over 1,200 clients annually. This program equips entrepreneurs of color with essential business skills, providing classes, workshops, fieldwork, and one-on-one sessions. AEDS also offers microloans to help launch businesses and COVID-19 grants to businesses and malls. Furthermore, AEDS provides housing and financial literacy workshops to assist disadvantaged families in making informed decisions and achieving their financial goals. In addition, they engage with the community through events such as the Little Africa Annual Festival and National African Leadership Conference, connecting with approximately 10,000 people each year.
Official website here: www.aeds-mn.org
Who is the CEO of African Economic Development Solutions?
Gene Gelgelu is the President & Ceo of African Economic Development Solutions. The CEO's salary of African Economic Development Solutions is $114,114 and their total compensation is $130,014.
Official website here: www.aeds-mn.org
What is the revenue of African Economic Development Solutions?
African Economic Development Solutions's revenue in 2022 was $3,784,754.
Official website here: www.aeds-mn.org
Who are the executives of African Economic Development Solutions and what are their salaries?
The average compensation at African Economic Development Solutions during 2022 was $46,114. There are 16 employees at African Economic Development Solutions.
Here are 9 key members and their salaries (African Economic Development Solutions's CEO's salary is $114,114 and their total compensation is $130,014):
- Compensation: $114,114
- Related: $0
- Other: $15,900
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.aeds-mn.org
Where can I find the form 990 for African Economic Development Solutions?
African Economic Development Solutions's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.aeds-mn.org
Learn more at the official website: www.aeds-mn.org
Mission Statement of African Economic Development Solutions
African Economic Development Solutions (AEDS) is an organization committed to building wealth within African immigrant communities in the Twin Cities area through economic development activities. Their mission is to contribute to and benefit from the region's vibrant economy while lifting immigrant communities out of poverty. AEDS achieves this by providing business development training and small business consulting services to African immigrants and members of other marginalized communities. This program equips them with essential business skills, offering classes, workshops, fieldwork, and one-on-one sessions. AEDS also provides business consulting in areas such as licensing and lease review, finance, and accounting services, helping entrepreneurs of color craft effective growth strategies and organizational structures. Additionally, AEDS offers micro loans and COVID-19 grants to businesses and malls, aiding in the launch of new ventures.
Furthermore, AEDS provides a Homeownership and Financial Literacy Workshop Program, serving disadvantaged families and first-time homebuyers. Housing counselors review finances, credit reports, and provide information on current mortgage loan programs, including down payment and closing cost assistance. Workshops assist individuals or families in making informed financial decisions and achieving financial goals. In 2022, AEDS engaged with an estimated 10,000 people through their Virtual Little Africa Annual Festival and National African Leadership Conference events. This program aims to engage with artists and communities to build local economies through arts and to develop leadership capacity in the community.
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Impact
July, 2024
African Economic Development Solutions is making a tangible impact by providing business development training and small business consulting services to African immigrants and other marginalized communities in the Twin Cities and greater Minnesota. In 2022, they served 1286 clients through their programs, equipping individuals with essential business skills needed for success as entrepreneurs of color. Additionally, they provided housing counseling and financial literacy workshops to 114 families, helping them navigate complex financial decisions and achieve homeownership. Through their engagement initiatives like the virtual Little African Annual Festival and National African Leadership Conference, they reached an estimated 10,000 people, contributing to local economic development and building leadership capacity within the community.
This information is meant to be a general summary of African Economic Development Solutions. 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.
- Program Service Revenue: $228,986
- Gross Receipts: $3,784,754
Assets and Liabilities:
- Total Assets: $6,521,701
- Total Liabilities: $2,122,221
- Net Assets: $4,399,480
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM FEES
Revenue
$189,862
LOAN INCOME
Revenue
$39,124
Organization Details
Founding Year
2008
Phone
(651) 646-9411Principal Officer
Gene Gelgelu
Main Address
1821 UNIVERSITY AVENUE WEST S145, ST PAUL, MN, 55104
Website
www.aeds-mn.orgNTEE Category
Code: B60 - Education
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