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Nonprofit · EIN 20-0553370

AFRICAN DEVELOPMENT CENTER

Tax-exempt · MINNEAPOLIS, MN 55454

Financials

$5.2M$1.7M2023$4.6M$1.8M2024
Revenue Expenses · by fiscal year end
Financials of AFRICAN DEVELOPMENT CENTER by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$4,603,972$1,839,252$2,764,720$24,797,186$9,795,253$15,001,933
December 31, 2023990$5,205,910$1,688,397$3,517,513$21,723,388$9,486,175$12,237,213
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$3,057,277
of which government grants
$2,435,568
Program service revenue
$1,434,968
Investment income
$111,727
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$367,805
Other salaries and wages
$452,925
Salaries, compensation and benefits (total)
$906,599
Professional fundraising fees
$0
Legal fees
$46,579
Accounting fees
$88,846
Occupancy
$211,965
Travel
$96,961
Depreciation
$5,828
Program services (functional)
$1,619,958
Management and general (functional)
$169,547
Fundraising (functional)
$49,747

Balance sheet and other

Total assets, start of year
$21,723,388
Total assets, end of year
$24,797,186
Total liabilities, end of year
$9,795,253
Net assets, end of year
$15,001,933
Land, buildings and equipment
$43,081
Net assets without donor restrictions
$14,991,933
Net assets with donor restrictions
$10,000
Gross receipts
$4,603,972
Employees
11
Volunteers
40
Year formed
2002
State of legal domicile
MN

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
NASIBU SAREVACEO
Officer
50$201,711$28,881
FELICIA RAVELOMANATSOACFO
Officer
50$123,725$13,488
JO ANN VANOBOARD PRESIDENT
Trustee or director, Officer
1$0$0
LEAH MTEGHABOARD SECRETARY
Trustee or director, Officer
1$0$0
UBAH ALI JAMADIRECTOR
Trustee or director
1$0$0
DAIKA ISMAILDIRECTOR
Trustee or director
1$0$0
MIKE STINSONDIRECTOR
Trustee or director
1$0$0
KAADE WALLACEDIRECTOR
Trustee or director
1$0$0
EDWIN MIGIRODIRECTOR
Trustee or director
1$0$0
BRUCE W NORDINDIRECTOR
Trustee or director
1$0$0
DAMON JENKINSDIRECTOR
Trustee or director
1$0$0
SCOTT BROPHYDIRECTOR
Trustee or director
1$0$0
SEAN WOLDDIRECTOR
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 13 people
NameTitleHours / weekCompensationOther / benefits
NASIBU SAREVACEO
Officer
50$174,811$27,461
FELICIA RAVELOMANATSOACFO
Officer
50$115,040$10,555
JO ANN VANOBOARD PRESIDENT
Trustee or director, Officer
1$0$0
LEAH MTEGHABOARD SECRETARY
Trustee or director, Officer
1$0$0
UBAH ALI JAMADIRECTOR
Trustee or director
1$0$0
DAIKA ISMAILDIRECTOR
Trustee or director
1$0$0
MIKE STINSONDIRECTOR
Trustee or director
1$0$0
KAADE WALLACEDIRECTOR
Trustee or director
1$0$0
EDWIN MIGIRODIRECTOR
Trustee or director
1$0$0
BRUCE W NORDINDIRECTOR
Trustee or director
1$0$0
DAMON JENKINSDIRECTOR
Trustee or director
1$0$0
SCOTT BROPHYDIRECTOR
Trustee or director
1$0$0
SEAN WOLDDIRECTOR
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
1931 S 5TH ST, MINNEAPOLIS, MN 55454-1257
In care of
% HUSSEIN SAMATAR
Principal officer (990 for 2024)
NASIBU SAREVA, 1931 5TH STREET SOUTH, MINNEAPOLIS, MN 55454
Signed the 990
NASIBU SAREVA, CEO
Phone
(612) 333-4772
Return prepared by
CLIFTONLARSONALLEN LLP

Mission

GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA

990 for the year ended December 31, 2024

Program accomplishments

  • ADC'S CULTURALLY COMPETENT BUSINESS DEVELOPMENT SERVICES AND ITS PARTNERSHIPS WITH CRUCIAL FUNDING SOURCES HAVE DIRECTLY CONTRIBUTED TO THE SURGE IN AFRICAN-OWNED BUSINESSES THROUGHOUT MINNESOTA. IN ADDITION TO ONGOING TECHNICAL ASSISTANCE, ADC HAS AN ENTREPRENEURIAL TRAINING CLASS FOR CLIENTS LOOKING TO START A COMPLETELY NEW BUSINESS. ADC MADE 74 LOANS IN 2024 WITH A TOTAL APPROVED LOAN AMOUNT OF $7,439,029 AND THEY LEVERAGED OVER $10 MILLION. FROM OUR 2024 LOANS, 178.5 JOBS HAVE BEEN RETAINED AND 133 NEW JOBS HAVE BEEN CREATED. THE GREAT MAJORITY OF THESE LOANS AND JOBS CREATED AND RETAINED ARE BLACK-OWNED AND OPERATED SMALL BUSINESSES. 96% OF OUR LOAN DOLLARS WENT TO BLACK-OWNED BUSINESSES AND 47% WENT TO WOMEN-OWNED BUSINESSES.
    Expenses $1,619,958 · revenue $1,434,968

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
20-0553370
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2004
Accounting year ends
December
Files
Form 990 or 990-EZ
Category (NTEE)
Human services (P40)
Assets (IRS master file)
$24,797,186
Income (IRS master file)
$4,603,972

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$4,603,972$1,839,252$24,797,186XML
990December 2023$5,205,910$1,688,397$21,723,388XML
990December 2022$4,002,961$2,168,783$17,752,149IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 20-0553370).

Questions about AFRICAN DEVELOPMENT CENTER

What is the EIN of AFRICAN DEVELOPMENT CENTER?
The employer identification number (EIN) of AFRICAN DEVELOPMENT CENTER is 20-0553370.
Is AFRICAN DEVELOPMENT CENTER tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2004.
Are donations to AFRICAN DEVELOPMENT CENTER tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does AFRICAN DEVELOPMENT CENTER file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of AFRICAN DEVELOPMENT CENTER due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did AFRICAN DEVELOPMENT CENTER last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of AFRICAN DEVELOPMENT CENTER?
The 990 for the year ended December 31, 2024 names NASIBU SAREVA.
Who are the officers and directors of AFRICAN DEVELOPMENT CENTER?
The 990 for the year ended December 31, 2024 lists 13 people; 2 received compensation from the organization, the highest $201,711 (NASIBU SAREVA, CEO).
How much revenue does AFRICAN DEVELOPMENT CENTER have?
On its 990 for the year ended December 31, 2024 it reported revenue of $4,603,972, expenses of $1,839,252 and total assets of $24,797,186 at year end.

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